Document:

Exhibit
4.3

 

DESCRIPTION
OF SECURITIES

 

General

 

In
this Exhibit 4.3, “we”, “us”, “our”, “MREIC” or “the Company”, refers to
Monmouth Real Estate Investment Corporation, together with its predecessors and subsidiaries, unless the context requires otherwise.

 

Our
authorized stock consists of 526,600,000 shares, classified as 300,000,000 shares of common stock, par value $0.01 per share, 200,000,000
shares of excess stock, par value $0.01 per share, and 26,600,000 shares of 6.125% Series C Cumulative Redeemable Preferred Stock, par
value $.01 per share, or Series C Preferred Stock. The excess stock is intended to, among other purposes, assist us in preserving our
status as a REIT under the Code. See “—Restrictions on Ownership and Transfer.” Under the Maryland General Corporation
Law (the “MGCL”) and our charter, a majority of our entire board of directors has the power, without action by our common
stockholders, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series
that we have the authority to issue. Our board of directors is also authorized under the MGCL and our charter to classify and reclassify
any unissued shares of our stock into other classes or series of stock. Before we issue shares of each class or series, our board of
directors is required by the MGCL and our charter to set, subject to restrictions in our charter on ownership and transfer of our stock,
the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications
and terms and conditions of redemption for each class or series. Under Maryland law, stockholders generally are not liable for a corporation’s
debts or obligations.

 

As
of September 30, 2021, 98,333,416 shares of common stock were issued and outstanding, no shares of excess stock were issued and outstanding,
and 21,985,616 shares of Series C Preferred Stock were issued and outstanding.

 

Common
Stock

 

The
shares of common stock have no preferences, conversion, sinking fund, redemption (except with respect to shares of excess stock, described
above) or preemptive rights to subscribe for any of our securities.

 

Subject
to the provisions of our charter regarding restrictions on transfer and ownership of our stock and the terms of any other class or series
of our stock, our common stockholders will have one vote per share on all matters submitted to a vote of our common stockholders, including
the election of directors. Except as provided with respect to any other class or series of stock (including the Series C Preferred Stock),
the holders of our common stock will possess the exclusive voting power.

 

There
is generally no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding shares
of our common stock generally can elect all of the directors then standing for election, and the holders of the remaining shares of our
common stock, if any, will not be able to elect any directors, except as otherwise provided by the terms of any other class or series
of our stock, including the Series C Preferred Stock.

 

Subject
to any preferential rights granted to any class or series of our stock (including the Series C Preferred Stock), and to the provisions
of our charter regarding restrictions on ownership and transfer of our stock, holders of our common stock will be entitled to receive
dividends or other distributions if, as and when declared by us out of funds legally available for dividends or other distributions to
stockholders. Subject to the provisions of our charter regarding restrictions on ownership and transfer of our stock, all shares of our
common stock have equal distribution rights. In the event of the liquidation, dissolution or winding up of the affairs of our company,
after payment of, or adequate provision for, all of our known debts and liabilities and after payment of any preferential amounts to
any class of preferred stock which may be outstanding (including the Series C Preferred Stock), holders of our common stock will be entitled
to share ratably in all assets that we may legally distribute to our stockholders.

 

    	 

     

    

 

Our
common stock is traded on the NYSE under the symbol “MNR.” The transfer agent and registrar for our common stock is American
Stock Transfer & Trust Company.

 

6.125%
Series C Cumulative Redeemable Preferred Stock.

 

Ranking.
The Series C Preferred Stock ranks, with respect to the payment of dividends and the distribution of assets upon our liquidation,
dissolution or winding up:

 

	 	(1)	senior
    to all classes and series of our common stock and to all other stock issued by us the terms of which expressly provide that such
    securities rank junior to the Series C Preferred Stock with respect to payment of dividends and the distribution of assets upon our
    liquidation, dissolution or winding up;
	 	 	 
	 	(2)	on
    a parity with any class or series of stock that may be classified by our board of directors in the future the terms of which specifically
    provide that such class or series ranks on a parity with the Series C Preferred Stock with respect to payments of dividends and the
    distribution of assets upon our liquidation, dissolution or winding up;
	 	 	 
	 	(3)	junior
    to any class or series of stock that may be classified by our board of directors in the future the terms of which specifically provide
    that such class or series ranks senior to the Series C Preferred Stock with respect to payment of dividends and the distribution
    of assets upon our liquidation, dissolution or winding up; and
	 	 	 
	 	(4)	effectively
    junior to all of our existing and future indebtedness (including any future indebtedness that may be convertible to common stock
    or preferred stock) and the indebtedness of our existing subsidiaries and any future subsidiaries.

 

Dividends.
Holders of Series C Preferred Stock are entitled to receive, when, as and if authorized by our board of directors and declared by
us, out of funds legally available for the payment of dividends, cumulative cash dividends in the amount of $1.53125 per share, which
is equivalent to 6.125% of the $25.00 liquidation preference per share, per year. Dividends on the Series C Preferred Stock are payable
quarterly in arrears in the amount of $0.3828125 on the 15th day of September, December, March and June (each, a “dividend payment
date”) to holders of record as of the close of business on the applicable record date; except that, if any dividend payment date
is not a business day, as defined in the articles supplementary setting forth the terms of the Series C Preferred Stock, then the dividend
which would otherwise have been payable on that dividend payment date may be paid or set aside for payment on the next succeeding business
day and no interest, additional dividends or other sums will accrue on the amount so payable for the period from that dividend payment
date to the next succeeding business day.

 

Any
dividend payable on the Series C Preferred Stock for any partial dividend period will be computed on the basis of a 360-day year consisting
of twelve 30-day months. Dividends are payable to holders of record of Series C Preferred Stock as they appear in the transfer agent’s
records at the close of business on the applicable record date, which will be the date that our board of directors designates as the
record date for the payment of a dividend that is not more than 31 nor fewer than ten days before the applicable dividend payment date.

 

    	2

     

    

 

Our
board of directors will not authorize, and we will not pay or set apart for payment, any dividend on the Series C Preferred Stock at
any time that:

 

	 	●	the
    terms and conditions of any of our agreements, including any agreement relating to our indebtedness, prohibit such authorization,
    payment or setting apart for payment;
	 	 	 
	 	●	the
    terms and conditions of any of our agreements, including any agreement relating to our indebtedness, provide that such authorization,
    payment or setting apart for payment would constitute a breach of, or a default under, such agreement; or
	 	 	 
	 	●	the
    law restricts or prohibits the authorization, payment or setting apart for payment.

 

Notwithstanding
the foregoing, dividends on the Series C Preferred Stock will accumulate whether or not:

 

	 	●	the
    terms and conditions of any law or any of our agreements, including any agreement relating to our indebtedness, prohibit the current
    payment of dividends on the Series C Preferred Stock;
	 	 	 
	 	●	we
    have earnings;
	 	 	 
	 	●	there
    are funds legally available for the payment of the dividends; or
	 	 	 
	 	●	the
    dividends are declared by us.

 

No
interest, or sum in lieu of interest, will be payable in respect of any accumulated and unpaid dividends on the Series C Preferred Stock
which may be in arrears, and holders of the Series C Preferred Stock will not be entitled to any dividends in excess of full cumulative
dividends described above. Any dividend payment made on the Series C Preferred Stock will first be credited against the earliest accumulated
but unpaid dividend due with respect to such shares which remains payable.

 

Except
as described below, we will not declare or pay or set aside for payment any dividends or declare or make any other distribution of cash
or other property on or with respect to our common stock or any other class or series of stock that ranks junior to or on a parity with
the Series C Preferred Stock with respect to the payment of dividends or redeem, purchase or otherwise acquire for any consideration,
or make any funds available for a sinking fund for the redemption of, any shares of common stock or any other class or series of stock
that ranks junior to or on a parity with the Series C Preferred Stock with respect to the payment of dividends, unless we also have paid
in cash full cumulative dividends on the Series C Preferred Stock for all past dividend periods.

 

Except
as described below, if we do not declare and either pay in cash, or set aside a sum sufficient for payment of, full cumulative dividends
on the Series C Preferred Stock and any other class or series of stock that ranks on a parity, with respect to the payment of dividends,
with the Series C Preferred Stock, any amount which we declare as a dividend will be allocated pro rata to the holders of Series C Preferred
Stock and each such other class or series of stock, so that the amount of dividends declared for each share of Series C Preferred Stock
and for each share of such other class or series of stock is proportionate to the accumulated and unpaid dividends on those shares (which
shall not include any amount in respect of unpaid dividends on such other class or series of stock for prior Series C dividend periods
if such other class or series of stock does not have a cumulative dividend).

 

    	3

     

    

 

Notwithstanding
the foregoing restrictions, and regardless of whether we have paid full cumulative dividends on the Series C Preferred Stock or any other
class or series of our stock that ranks on a parity with the Series C Preferred Stock with respect to the payment of dividends for any
dividend period, we will not be prohibited or limited from:

 

	 	●	paying
    dividends on any shares of our stock in shares of our common stock or any other class or series of our stock ranking junior to the
    Series C Preferred Stock as to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding
    up;
	 	 	 
	 	●	converting
    or exchanging any shares of our stock for shares of our common stock or any other class or series of our stock ranking junior to
    the Series C Preferred Stock as to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding
    up;
	 	 	 
	 	●	redeeming,
    purchasing or otherwise acquiring any shares of our stock pursuant to the provisions of our charter relating to the restrictions
    upon ownership and transfer of stock or permitting us to redeem shares of our stock to assist us in preserving our status as a REIT;
    or
	 	 	 
	 	●	purchasing
    or acquiring shares of Series C Preferred Stock or shares of any other class or series of our stock ranking on a parity with the
    Series C Preferred Stock with respect to the payment of dividends and the distribution of assets upon our liquidation, dissolution
    or winding up pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares of Series C Preferred
    Stock.

 

If,
for any taxable year, we elect to designate as “capital gain dividends” (as defined in Section 857 of the Code) a portion,
which we refer to as the Capital Gains Amount, of the dividends not in excess of our earnings and profits that are paid or made available
for such taxable year to the holders of all classes and series of stock, or the total dividends, then the portion of the Capital Gains
Amount that will be allocable to the holders of the Series C Preferred Stock will be the Capital Gains Amount multiplied by a fraction,
the numerator of which will be the total dividends (within the meaning of the Code) paid or made available to the holders of the Series
C Preferred Stock for the year and the denominator of which will be the total dividends.

 

Liquidation
Preference. Upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of the then-outstanding
shares of Series C Preferred Stock will be entitled to be paid out of our assets legally available for distribution to our stockholders,
subject to the payment of or provision for our debts and other liabilities and the preferential rights of the holders of any class or
series of stock that we may issue ranking senior to the Series C Preferred Stock with respect to the distribution of assets upon our
liquidation, dissolution or winding up, a liquidation preference of $25.00 per share plus an amount equal to any accumulated and unpaid
dividends thereon (whether or not declared) to, but not including, the date of payment, before any distribution or payment may be made
to holders of our common stock or any other class or series of our stock ranking junior to the Series C Preferred Stock with respect
to distributions upon our liquidation, dissolution or winding up. If, upon our voluntary or involuntary liquidation, dissolution or winding
up, our available assets are insufficient to pay the full amount of the liquidating distributions on all outstanding shares of Series
C Preferred Stock and the corresponding amounts payable on all outstanding shares of each other class or series of our stock ranking
on a parity with the Series C Preferred Stock in the distribution of assets upon our liquidation, dissolution or winding up, then the
holders of Series C Preferred Stock and each such other class or series of stock ranking on a parity with the Series C Preferred Stock
as to rights upon our liquidation, dissolution and winding up will share ratably in any distribution of assets in proportion to the full
liquidating distributions to which they would otherwise be respectively entitled. Holders of the Series C Preferred Stock will be entitled
to notice of any voluntary or involuntary liquidation, dissolution or winding up no fewer than 30 days and no more than 60 days before
the first payment date of any such liquidating distribution. After payment of the full amount of the liquidating distributions to which
they are entitled, the holders of the Series C Preferred Stock will have no right or claim to any of our remaining assets. Our consolidation,
merger or conversion with or into any other entity or the sale, lease, transfer or conveyance of all or substantially all of our property
or business will not be deemed to constitute our liquidation, dissolution or winding up.

 

    	4

     

    

 

In
determining whether a distribution (other than upon voluntary or involuntary dissolution) by dividend, redemption or other acquisition
of shares of our stock or otherwise is permitted under the MGCL, amounts that would be needed, if we were to be dissolved at the time
of the distribution, to satisfy the preferential rights upon dissolution of the holders of the Series C Preferred Stock will not be added
to our total liabilities.

 

Optional
Redemption. We may redeem any or all of the outstanding shares of Series C Preferred Stock at any time for a cash redemption price
per share equal to $25.00, plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the redemption
date (unless the redemption date is after a record date set for the payment of a dividend on the Series C Preferred Stock and on or before
the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in the redemption
price), without interest, upon the giving of notice, as provided below, if our board of directors determines that such redemption is
necessary to assist us in preserving our status as a REIT.

 

In
addition, we have the option to redeem the Series C Preferred Stock, in whole or in part, from time to time, for a cash redemption price
per share equal to $25.00, plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the redemption
date (unless the redemption date is after a record date set for the payment of a dividend on the Series C Preferred Stock and on or before
the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in the redemption
price), without interest, upon the giving of notice, as provided below.

 

Special
Optional Redemption. At any time when both (i) the Series C Preferred Stock is not listed on the NYSE, the NYSE American or the NASDAQ,
or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or the NASDAQ, and (ii) we
are not subject to the reporting requirements of the Exchange Act, and any shares of Series C Preferred Stock are outstanding (which
we refer to collectively as a Delisting Event), we will have the option to redeem the Series C Preferred Stock, in whole or in part,
within 90 days after the date of the Delisting Event, for a cash redemption price per share equal to $25.00, plus any accumulated and
unpaid dividends thereon (whether or not declared) to, but not including, the redemption date (unless the redemption date is after a
record date set for the payment of a dividend on the Series C Preferred Stock and on or before the corresponding dividend payment date,
in which case the amount of such accrued and unpaid dividend will not be included in the redemption price), without interest, upon the
giving of notice, as provided below.

 

Upon
the occurrence of a Change of Control (as defined below), we will have the option to redeem the Series C Preferred Stock, in whole or
in part, within 120 days after the first date on which such Change of Control occurred, for a cash redemption price per share equal to
$25.00 plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the redemption date (unless
the redemption date is after a record date set for the payment of a dividend on the Series C Preferred Stock and on or before the corresponding
dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in the redemption price), without
interest, upon the giving of notice, as provided below.

 

    	5

     

    

 

A
“Change of Control” occurs when, after the original issuance of the Series C Preferred Stock, the following have occurred
and are continuing:

 

	 	●	the
    acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Exchange
    Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases,
    mergers or other acquisition transactions, of shares of our stock entitling that person to exercise more than 50% of the total voting
    power of all outstanding shares of our stock entitled to vote generally in the election of directors (and such a person will be deemed
    to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable
    or is exercisable only upon the occurrence of a subsequent condition); and
	 	 	 
	 	●	after
    the closing of any transaction referred to in the bullet point above, neither we nor the acquiring or surviving entity (or, if in
    connection with such transaction holders of common stock receive consideration consisting of common equity securities of another
    entity, such other entity) has a class of common securities (or American Depository Receipts representing such securities) listed
    on the NYSE, the NYSE American or the NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE,
    the NYSE American or the NASDAQ.

 

If,
before the date fixed for conversion of Series C Preferred Stock in connection with a Delisting Event or Change of Control, as described
more fully below, we provide notice of redemption of shares of Series C Preferred Stock (whether pursuant to our optional redemption
right or our special optional redemption rights), holders of such shares of Series C Preferred Stock will not be entitled to convert
their shares as described below under “– Conversion Rights.”

 

Procedures
for Redemption. We will mail to the address of a record holder, as shown on our share transfer books, a notice of redemption no less
than 30 days nor more than 60 days before the redemption date and before the date fixed for conversion as described under “–
Conversion Rights” below. In addition to any information required by law or the rules of any exchange on which the Series C Preferred
Stock is listed, quoted or admitted to trading, each notice must state the following:

 

	 	●	the
    date for redemption, or the redemption date;
	 	 	 
	 	●	the
    redemption price;
	 	 	 
	 	●	the
    total number of shares of Series C Preferred Stock to be redeemed (and, if fewer than all shares held by any holder are to be redeemed,
    the number of shares to be redeemed from such holder);
	 	 	 
	 	●	the
    place or places where the shares of Series C Preferred Stock are to be surrendered for payment, together with the certificates, if
    any, representing such shares (duly endorsed for transfer) and any other documents or procedures that we require in connection with
    such redemption;
	 	 	 
	 	●	if
    Series C Preferred Stock is being redeemed pursuant to our special optional redemption right, that the Series C Preferred Stock is
    being redeemed in connection with the occurrence of a Delisting Event or a Change of Control, as applicable, and, if in connection
    with the occurrence of a Change of Control, a brief description of the transaction or transactions constituting such Change or Control;
	 	 	 
	 	●	if
    a Delisting Event or Change of Control has occurred, that holders of the shares of Series C Preferred Stock to which the notice relates
    will not be entitled to tender such shares for conversion in connection with the Delisting Event or Change of Control, as applicable,
    and each share of Series C Preferred Stock tendered for conversion that is selected, before the date fixed for such conversion, for
    redemption will be redeemed on the related redemption date instead of converted on the applicable conversion date; and
	 	 	 
	 	●	that
    dividends on the shares of Series C Preferred Stock designated for redemption will cease to accumulate on the redemption date.

 

    	6

     

    

 

A
failure to give such notice or any defect in the notice or in its mailing will not affect the sufficiency of notice or validity of the
proceedings for redemption of shares of Series C Preferred Stock called for redemption except as to the holder to whom notice was defective
or not given. A redemption notice that has been mailed in the manner provided above will be presumed to be given on the date it is mailed
whether or not the stockholder receives the redemption notice. The redemption price of the shares of Series C Preferred Stock to be redeemed
will then be paid to or on the order of the person whose name appears in our stock ledger as the record owner of such shares.

 

If
we have given a notice of redemption, we have set aside the funds necessary for the redemption of the shares of Series C Preferred Stock
called and we have given irrevocable instructions to pay the redemption price and all accumulated and unpaid dividends payable on the
applicable redemption date, then, from and after the redemption date:

 

	 	●	all
    dividends on the shares of Series C Preferred Stock designated for redemption in the notice will cease to accumulate;
	 	 	 
	 	●	all
    rights of the holders of the shares of Series C Preferred Stock designated for redemption will cease and terminate, except the right
    to receive the redemption price (including all accumulated and unpaid dividends up to, but not including, the redemption date, that
    are payable in connection with the payment of the redemption price), without interest;
	 	 	 
	 	●	the
    shares of Series C Preferred Stock designated for redemption may not thereafter be transferred except with our consent; and
	 	 	 
	 	●	the
    shares of Series C Preferred Stock designated for redemption will not be outstanding for any purpose whatsoever.

 

The
holders of shares of Series C Preferred Stock as of the close of business on a record date fixed for the payment of a dividend on the
Series C Preferred Stock will be entitled to receive such dividend on the corresponding payment date, notwithstanding the redemption
of the Series C Preferred Stock between such record date and the corresponding payment date.

 

If
less than all of the outstanding shares of Series C Preferred Stock are to be redeemed pursuant to either the optional redemption right
or the special optional redemption rights discussed above (except for redemption necessary to assist us in preserving our status as a
REIT), the shares of Series C Preferred Stock to be redeemed will be determined pro rata (as nearly as practicable without creating fractional
shares) or by lot. If the redemption is to be by lot, and if, as a result of the redemption, any holder of Series C Preferred Stock would
own, or be deemed by virtue of certain attribution provisions of the Code to own, in excess of 9.8% in value or in number of shares (whichever
is more restrictive) of our issued and outstanding stock (which includes the Series C Preferred Stock but does not include any shares
of excess stock), or violate any other restriction or limitation of our stock set forth in our charter, then, except as otherwise permitted
in our charter, we will redeem the requisite number of shares of Series C Preferred Stock of that holder such that the holder will not
own or be deemed by virtue of certain attribution provisions of the Code to own, subsequent to the redemption, in excess of 9.8% in value
or in number of shares (whichever is more restrictive) of our issued and outstanding stock or violate any other restriction or limitation
of our stock set forth in our charter.

 

    	7

     

    

 

Notwithstanding
the foregoing, unless full cumulative dividends on all outstanding shares of Series C Preferred Stock have been or contemporaneously
are paid, or declared and set apart for payment, for all past dividend periods, no shares of Series C Preferred Stock may be redeemed
unless all outstanding shares of Series C Preferred Stock are simultaneously redeemed, and we will not purchase or otherwise acquire
directly or indirectly any Series C Preferred Stock, except by (i) conversion or exchange for shares of our common stock or any other
class or series of our stock ranking junior to the Series C Preferred Stock as to the payment of dividends and the distribution of assets
upon our liquidation, dissolution or winding up, (ii) redemption, purchase or other acquisition of shares of stock pursuant to the provisions
of our charter relating to the restrictions on ownership and transfer of our stock, or (iii) purchase or other acquisition of shares
of the Series C Preferred Stock or shares of any other class or series of our stock ranking on a parity with the Series C Preferred Stock
with respect to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up pursuant to a
purchase or exchange offer made on the same terms to holders of all outstanding shares of Series C Preferred Stock.

 

All
shares of the Series C Preferred Stock that we redeem or repurchase will be retired and restored to the status of authorized but unissued
shares of common stock, without designation as to class or series.

 

Conversion
Rights. Upon the occurrence of a Delisting Event or a Change of Control, unless, before the date fixed for such conversion, we provide
notice of redemption of such shares of Series C Preferred Stock as described above under “- Optional Redemption” or “–
Special Optional Redemption” and subject to the restrictions on ownership and transfer of our stock set forth in our charter, then,
unless holders of the Series C Preferred Stock will receive the Alternative Form Consideration as described below, each holder of Series
C Preferred Stock will have the right to convert all or part of the Series C Preferred Stock held by such holder into a number of shares
of common stock per share of Series C Preferred Stock to be so converted, or the Common Share Conversion Consideration, equal to the
lesser of:

 

	 	●	the
    quotient obtained, which we refer to as the Conversion Rate, by dividing (i) the sum of $25.00 plus the amount of any accumulated
    and unpaid dividends thereon (whether or not declared) to, but not including, the applicable date fixed for conversion (unless the
    applicable conversion date is after a record date set for the payment of a dividend on the Series C Preferred Stock and on or before
    the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in this
    sum), by (ii) the Common Share Price (as defined below); and
	 	 	 
	 	●	3.41997,
    the Share Cap, subject to certain adjustments described below.

 

The
“Common Share Price” for any Change of Control will be (i) if the consideration to be received in the Change of Control by
holders of shares of common stock is solely cash, the amount of cash consideration per share of common stock, and (ii) if the consideration
to be received in the Change of Control by holders of shares of common stock is other than solely cash, the average of the closing sales
price per share of common stock on the NYSE, the NYSE American or the NASDAQ, or an exchange or quotation system that is a successor
to the NYSE, the NYSE American or the NASDAQ, for the ten consecutive trading days immediately preceding, but not including, the effective
date of the Change of Control. The “Common Share Price” for any Delisting Event will be the average of the closing sale prices
per share of common stock on the NYSE, the NYSE American or the NASDAQ, or an exchange or quotation system that is a successor to the
NYSE, the NYSE American or the NASDAQ, for the ten consecutive trading days immediately preceding, but not including, the effective date
of the Delisting Event.

 

    	8

     

    

 

The
Share Cap will be subject to pro rata adjustments for any stock splits (including those effected pursuant to a distribution of common
stock), subdivisions or combinations with respect to our common stock as follows: the adjusted Share Cap as the result of such an event
will be the number of shares of common stock that is equivalent to the product of (i) the Share Cap in effect immediately before such
event multiplied by (ii) a fraction, the numerator of which is the number of shares of common stock outstanding after giving effect to
such event and the denominator of which is the number of shares of common stock outstanding immediately before such event.

 

In
the case of a Delisting Event or Change of Control pursuant to, or in connection with, which shares of common stock will be converted
into cash, securities or other property or assets (including any combination thereof), or the Alternative Form Consideration, a holder
of shares of Series C Preferred Stock will receive upon conversion of a share of Series C Preferred Stock the kind and amount of Alternative
Form Consideration which such holder would have owned or been entitled to receive had such holder held a number of shares of common stock
equal to the Common Share Conversion Consideration immediately before the effective time of the Delisting Event or Change of Control.

 

If
the holders of shares of common stock have the opportunity to elect the form of consideration to be received in connection with the Delisting
Event or Change of Control, the form of consideration that holders of the Series C Preferred Stock will receive will be in the form of
consideration elected by the holders of a plurality of the shares of common stock held by stockholders who participate in the election
and will be subject to any limitations to which all holders of shares of common stock are subject, including, without limitation, pro
rata reductions applicable to any portion of the consideration payable in connection with the Delisting Event or Change of Control.

 

We
will not issue fractional shares of common stock upon the conversion of the Series C Preferred Stock. Instead, we will pay the cash value
of any such fractional share based on the Common Share Price.

 

Within
15 days after the occurrence of a Delisting Event or Change of Control, we will provide to holders of record of outstanding shares of
Series C Preferred Stock, at the addresses for such holders shown on our share transfer books, a notice of the occurrence of the Delisting
Event or Change of Control. This notice will state the following:

 

	 	●	the
    events constituting the Delisting Event or Change of Control;
	 	 	 
	 	●	the
    date of the Delisting Event or Change of Control;
	 	 	 
	 	●	the
    last date on which the holders of shares of Series C Preferred Stock may exercise their conversion rights in connection with the
    Delisting Event or Change of Control, as applicable;
	 	 	 
	 	●	the
    method and period for calculating the Common Share Price;
	 	 	 
	 	●	the
    date fixed for conversion in connection with the Delisting Event or Change of Control, or the conversion date, which will be a business
    day fixed by our board of directors that is not fewer than 20 and not more than 35 days after the date of the notice;
	 	 	 
	 	●	that
    if, before the applicable conversion date, we provide notice of our election to redeem all or any portion of the shares of Series
    C Preferred Stock, holders of the Series C Preferred Stock will not be able to convert the shares of Series C Preferred Stock so
    called for redemption, and such shares of Series C Preferred Stock will be redeemed on the related redemption date, even if they
    have already been tendered for conversion in connection with the Delisting Event or Change of Control, as applicable;

 

    	9

     

    

 

	 	●	if
    applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series C Preferred Stock
    converted;
	 	 	 
	 	●	the
    name and address of the paying agent and the conversion agent; and
	 	 	 
	 	●	the
    procedures that the holders of shares of Series C Preferred Stock must follow to exercise their conversion rights in connection with
    the Delisting Event or Change of Control, as applicable.

 

A
failure to give such notice or any defect in the notice or in its mailing will not affect the sufficiency of the notice or validity of
the proceedings for conversion of shares of Series C Preferred Stock in connection with a Delisting Event or Change of Control, as applicable,
except as to the holder to whom notice was defective or not given. A notice that has been mailed in the manner provided herein will be
presumed to be given on the date it is mailed whether or not the stockholder receives such notice.

 

We
will issue a press release for publication on the Dow Jones & Company, Inc., Business Wire, PR Newswire or Bloomberg Business News
(or, if these organizations are not in existence at the time of issuance of the press release, such other news or press organization
as is reasonably calculated to broadly disseminate the relevant information to the public) containing the information stated in such
a notice, and post such a notice on our website, in any event before the opening of business on the first business day after any date
on which we provide the notice described above to the holders of record of Series C Preferred Stock.

 

To
exercise conversion rights in connection with a Delisting Event or Change of Control, as applicable, a holder of record of Series C Preferred
Stock will be required to deliver, on or before the close of business on the applicable conversion date, the certificates, if any, representing
any certificated shares of Series C Preferred Stock to be converted, duly endorsed for transfer, together with a completed written conversion
notice and any other documents we reasonably require in connection with such conversion, to our conversion agent. The conversion notice
must state:

 

	 	●	the
    relevant conversion date; and
	 	 	 
	 	●	the
    number of shares of Series C Preferred Stock to be converted.

 

A
holder of Series C Preferred Stock may withdraw any notice of exercise of such holder’s conversion rights in connection with a
Delisting Event or Change of Control, as applicable, in whole or in part, by a written notice of withdrawal delivered to our conversion
agent before the close of business on the business day before the applicable conversion date. The notice of withdrawal must state:

 

	 	●	the
    number of withdrawn shares of Series C Preferred Stock;
	 	 	 
	 	●	if
    certificated shares of Series C Preferred Stock have been tendered for conversion and withdrawn, the certificate numbers of the withdrawn
    certificated shares of Series C Preferred Stock; and
	 	 	 
	 	●	the
    number of shares of Series C Preferred Stock, if any, which remain subject to the conversion notice.

 

    	10

     

    

 

Notwithstanding
the foregoing, if the Series C Preferred Stock is held in global form, the conversion notice and/or the notice of withdrawal, as applicable,
must comply with applicable procedures of DTC.

 

Shares
of Series C Preferred Stock as to which the holder’s conversion right has been properly exercised and for which the conversion
notice has not been properly withdrawn will be converted into the applicable form of consideration on the applicable conversion date
unless, before the applicable conversion date, we provide notice of our election to redeem such shares of Series C Preferred Stock, whether
pursuant to our optional redemption right or our special optional redemption rights. If we elect to redeem shares of Series C Preferred
Stock that would otherwise be converted into the applicable form of consideration on a conversion date, such shares of Series C Preferred
Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the redemption
price for such shares.

 

We
will deliver amounts owed upon conversion no later than the third business day after the applicable conversion date.

 

In
connection with the exercise of conversion rights in connection with any Delisting Event or Change of Control, we will comply with all
U.S. federal and state securities laws and stock exchange rules in connection with any conversion of shares of Series C Preferred Stock
into shares of common stock. Notwithstanding any other provision of the terms of the Series C Preferred Stock, no holder of Series C
Preferred Stock will be entitled to convert such Series C Preferred Stock into shares of common stock to the extent that receipt of such
shares of common stock would cause such holder (or any other person) to violate the restrictions on ownership and transfer of our stock
contained in our charter. See “—Restrictions on Ownership and Transfer.”

 

The
conversion and redemption features of the Series C Preferred Stock may make it more difficult for a party to take over our company or
discourage a party from taking over our company.

 

Except
as provided above in connection with a Delisting Event or Change of Control, the Series C Preferred Stock is not convertible into or
exchangeable for any other property or securities, except that shares of Series C Preferred Stock may be exchanged for shares of our
excess stock pursuant to the provisions of our charter relating to restrictions on ownership and transfer of our stock.

 

Voting
Rights. Except as described below, holders of Series C Preferred Stock will generally have no voting rights. On any matter in which
the Series C Preferred Stock may vote (as expressly provided in our charter), each share of Series C Preferred Stock shall be entitled
to cast one vote.

 

If
dividends on the Series C Preferred Stock are in arrears, whether or not declared, for six or more quarterly dividend periods, whether
or not these quarterly dividend periods are consecutive, the holders of the Series C Preferred Stock and the holders of all other classes
and series of our preferred stock ranking on a parity with the Series C Preferred Stock with respect to the payment of dividends and
the distribution of assets upon our liquidation, dissolution or winding up, upon which like voting rights have been conferred and are
exercisable, or voting preferred stock, and with which the holders of Series C Preferred Stock are entitled to vote together as a single
class, voting together as a single class, will have the exclusive power to elect two additional directors, or the preferred directors,
to serve on our board of directors, until all dividends accumulated on the outstanding shares of Series C Preferred Stock for all past
dividend periods and the then-current dividend period shall have been fully paid. Unless the number of our directors has previously been
increased pursuant to the terms of any class or series of voting preferred stock with which the holders of the Series C Preferred Stock
are entitled to vote together as a single class in the election of preferred directors (and has not subsequently been decreased), the
number of our directors will automatically increase by two at such time as holders of the Series C Preferred Stock become entitled to
vote in the election of preferred directors. Unless shares of voting preferred stock remain outstanding and entitled to vote in the election
of preferred directors, the term of office of preferred directors will terminate, and the number of our directors will automatically
decrease by two, when all accumulated dividends on the Series C Preferred Stock for all past dividend periods and the then-current dividend
period have been fully paid. If the right of holders of the Series C Preferred Stock to elect the preferred directors terminates after
the record date for the determination of holders of shares of Series C Preferred Stock entitled to vote in any election of preferred
directors but before the closing of the polls in such election, holders of the Series C Preferred Stock outstanding as of such record
date will not be entitled to vote in such election of preferred directors. The right of the holders of the Series C Preferred Stock to
elect preferred directors will again vest if and whenever dividends are in arrears for six quarterly periods, as described above. In
no event will the holders of the Series C Preferred Stock be entitled to nominate or elect an individual as a preferred director, and
no individual shall be qualified to be nominated for election or to serve as a preferred director, if the individual’s service
as a director would cause us to fail to satisfy a requirement relating to director independence of any national securities exchange on
which any class or series of our stock is listed or quoted.

 

    	11

     

    

 

At
any time that holders of Series C Preferred Stock have the right to elect preferred directors, but such preferred directors have not
been elected, we must call a special meeting of our stockholders for the purpose of electing preferred directors upon the written request
of the holders of record of at least 10% of the outstanding shares of the Series C Preferred Stock and any other class or series of voting
preferred stock with which the holders of the Series C Preferred Stock are entitled to vote together as a single class in the election
of preferred directors, unless such request is received fewer than 90 days before the date fixed for the next annual or special meeting
of our stockholders, in which case, the election of preferred directions will be held at the earlier of the next annual or special meeting
of our stockholders. The preferred directors will be elected by a plurality of the votes cast in the election of preferred directors,
and each preferred director will serve until the next annual meeting of our stockholders and until his or her successor is duly elected
and qualifies, or until such preferred director’s term of office terminates as described above. Preferred directors will not be
classified with respect to the terms for which they hold office. Any preferred director elected by the holders of the Series C Preferred
Stock and any class or series of voting preferred stock may be removed, with or without cause, by a vote of the holders of record of
a majority of the outstanding shares of Series C Preferred Stock and all classes and series of voting preferred stock then entitled to
vote in the election of preferred directors, voting together as a single class. Holders of common stock will not be entitled to vote
in the election or removal of preferred directors.

 

So
long as any shares of Series C Preferred Stock are outstanding, the approval of the holders of at least two-thirds of the outstanding
shares of Series C Preferred Stock and any equally-affected class or series of voting preferred stock with which the holders of Series
C Preferred Stock are entitled to vote as a single class on such matters (voting together as a single class), is required:

 

	 	●	to
    authorize, create or issue, or increase the authorized or issued amount of, any class or series of stock ranking senior to the Series
    C Preferred Stock with respect to the payment of dividends or the distribution of assets upon our liquidation, dissolution or winding
    up, the reclassification of any of our authorized stock into any such senior stock or the creation, authorization or issuance of
    any obligation or security convertible or exchangeable into or evidencing the right to purchase any such senior stock; or
	 	 	 
	 	●	except
    as described below, to amend, alter or repeal any provision of our charter, including the articles supplementary setting forth the
    terms of the Series C Preferred Stock, whether by merger, consolidation, transfer or conveyance of all or substantially all of our
    assets or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power of the Series C Preferred
    Stock.

 

    	12

     

    

 

The
following actions will not materially and adversely affect any right, preference, privilege or voting power of the Series C Preferred
Stock, and the holders of the Series C Preferred Stock will not be entitled to vote on:

 

	 	●	any
    increase in the number of authorized or issued shares of common stock, excess stock or preferred stock without further designation
    as to class or series, or the creation or issuance of any class or series of our stock ranking junior or on a parity with the Series
    C Preferred Stock with respect to the payment of dividends and the distribution of assets upon our liquidation, dissolution or winding
    up; or
	 	 	 
	 	●	any
    amendment, alteration or repeal of any provision of our charter, including the articles supplementary setting forth the terms of
    the Series C Preferred Stock, as a result of a merger, consolidation, transfer or conveyance of all or substantially all of our assets
    or other business combination, if (i) the Series C Preferred Stock (or the securities into which the Series C Preferred Stock has
    been converted in any successor person or entity to us) remains outstanding with the terms thereof unchanged in all material respects
    or is exchanged for securities of the successor person or entity with substantially identical rights (taking into account that, upon
    the occurrence of such an event, we may not be the surviving entity) or (ii) if the holders of the Series C Preferred Stock receive
    in connection with such event an amount of cash per share of Series C Preferred Stock equal to the liquidation preference of $25.00
    plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the date of such event (unless
    such date of such event is after a record date set for the payment of a dividend on the Series C Preferred Stock and before the corresponding
    dividend payment date, in which case the amount of such accrued and unpaid dividend will not be included in such sum).

 

The
voting provisions above will not apply if, at or before the time when the act with respect to which the vote would otherwise be required
would occur, we have duly redeemed or called for redemption upon proper notice and sufficient funds, in cash, shall have been deposited
in trust to effect such redemption of all outstanding shares of Series C Preferred Stock.

 

No
Maturity, Sinking Fund, Mandatory Redemption or Preemptive Rights. The Series C Preferred Stock has no stated maturity date, will
not be subject to any sinking fund or mandatory redemption provisions and will have no preemptive rights to subscribe for any of our
securities.

 

Ownership
Limits and Restrictions on Transfer. In order to assist us in maintaining our qualification as a REIT, ownership by any person of
our outstanding stock, including the Series C Preferred Stock, is restricted under our charter. Any certificates representing shares
of Series C Preferred Stock will include a legend regarding restrictions on transfer. For further information regarding restrictions
on ownership and transfer of the Series C Preferred Stock, see “Restrictions on Ownership and Transfer”.

 

Information
Rights. During any period during which we are not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act
and any shares of Series C Preferred Stock are outstanding, we will (i) transmit by mail or other permissible means under the Exchange
Act to all holders of Series C Preferred Stock as their names and addresses appear in our record books and without cost to such holders,
copies of the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that we would have been required
to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act if we were subject thereto (other than any exhibits that would
have been required) within 15 days after the respective dates by which we would have been required to file such reports with the SEC
if we were subject to Section 13 or 15(d) of the Exchange Act, in each case, based on the dates on which we would be required to file
such periodic reports if we were an “accelerated filer” within the meaning of the Exchange Act, and (ii) within 15 days after
written request, supply copies of such reports to any prospective holder of the Series C Preferred Stock

 

    	13

     

    

 

Listing;
Transfer Agent; Distributions Disbursing Agent. Our Series C Preferred Stock is traded on the NYSE under the symbol “MNRprC.”
The registrar, transfer agent and distributions disbursing agent for the Series C Preferred Stock is American Stock Transfer & Trust
Company.

 

Restrictions
on Ownership and Transfer

 

To
qualify as a REIT under the Code, we must satisfy a number of statutory requirements, including a requirement that no more than 50% in
value of our outstanding shares of stock may be owned, actually or constructively, by five or fewer individuals (as defined by the Code
to include certain entities) during the last half of a taxable year. In addition, if we, or an actual or constructive owner of 10% or
more of us, actually or constructively owns 10% or more of a tenant of ours (or a tenant of any partnership in which we are a partner),
the rent we receive (either directly or through any such partnership) from such tenant will not be qualifying income for purposes of
the REIT gross income tests of the Code. Our stock must also be beneficially owned by 100 or more persons during at least 335 days of
a taxable year of twelve months or during a proportionate part of a shorter taxable year.

 

Our
charter prohibits any transfer of shares of our stock or any other change in our capital structure that would result in:

 

	 	●	any
    person directly or indirectly acquiring beneficial ownership of more than 9.8%, in value or number of shares, whichever is more restrictive,
    of the outstanding shares of our stock (other than shares of excess stock);
	 	 	 
	 	●	outstanding
    shares of our stock (other than shares of excess stock) being constructively or beneficially owned by fewer than 100 persons;
	 	 	 
	 	●	our
    being “closely held” within the meaning of Section 856 of the Code; or
	 	 	 
	 	●	our
    otherwise failing to qualify as a REIT under the Code.

 

We
refer to these restrictions, collectively, as the “ownership limits.” Subject to certain limitations, our board of directors
may, in its sole discretion, exempt one or more persons from the ownership limits, on such terms and subject to such conditions as our
board of directors may require, including a ruling from the Internal Revenue Service or an opinion of counsel that such exemption will
not cause us to fail to qualify as a REIT.

 

    	14

     

    

 

Our
charter requires that any person who acquires or attempts to acquire shares of our stock (other than shares of excess stock) in violation
of the ownership limits give immediate, or in the event of a proposed or attempted transfer, at least 15 days’ prior, written notice
to us. If any person attempts to transfer shares of our stock, or attempts to cause any other event to occur that would result in a violation
of the ownership limits, then:

 

	 	●	any
    proposed transfer will be void ab initio, the purported transferee of such shares will acquire no interest in the shares and the
    shares that were subject to the attempted transfer or other event will, effective as of the close of business on the business day
    before the date of the attempted transfer or other event, automatically, without action by us or any other person, be converted into
    and exchanged for an equal number of shares of excess stock;
	 	 	 
	 	●	we
    may redeem any shares of excess stock and, before the attempted transfer or other event that results in a conversion into and exchange
    for shares of excess stock, any shares of our stock of any other class or series that are attempted to be owned or transferred in
    violation of the ownership limits, at a price equal to the lesser of the price per share paid in the attempted transfer or other
    event that violated the ownership limits and the last reported sale price of shares of such class of our stock on the NYSE on the
    day we give notice of redemption or, if shares of such class of our stock are not then traded on the NYSE, the market price of such
    shares determined in accordance with our charter; and
	 	 	 
	 	●	our
    board of directors may take any action it deems advisable to refuse to give effect to, or to prevent, any such attempted transfer
    or other event.

 

Shares
of excess stock will be held in book entry form in the name of a trustee appointed by us to hold the shares for the benefit of one or
more charitable beneficiaries appointed by us and a beneficiary designated by the purported transferee, which we refer to as the designated
beneficiary, whose ownership of the shares of our stock that were converted into and exchanged for shares of excess stock does not violate
the ownership limits. The purported transferee may not receive consideration in exchange for designating the designated beneficiary in
an amount that exceeds the price per share that the purported transferee paid for the shares of our stock converted into and exchanged
for shares of excess stock or, if the purported transferee did not give value for such shares, the market price of the shares on the
date of the purported transfer or other event resulting in the conversion and exchange. Any excess amounts received by the purported
transferee as consideration for designating the designated beneficiary must be paid to the trustee for the benefit of the charitable
beneficiary. Upon the written designation of a designated beneficiary and the waiver by us of our right to redeem the shares of excess
stock, the trustee will transfer the shares of excess stock to the designated beneficiary and, upon such transfer, the shares of excess
stock will automatically be converted into and exchanged for the same number and class or series of shares of our stock as were converted
into and exchanged for such shares of excess stock. Shares of excess stock are not otherwise transferable. If the purported transferee
attempts to transfer shares of our stock before discovering that the shares have been converted into and exchanged for shares of excess
stock, the shares will be deemed to have been sold on behalf of the trust, and any amount received by the purported transferee in excess
of what the purported transferee would have been entitled to receive as consideration for designating a designated beneficiary will be
paid to the trustee on demand.

 

Holders
of shares of excess stock are not entitled to vote on any matter submitted to a vote at a meeting of our stockholders. Upon the voluntary
or involuntary liquidation, dissolution or winding up of the affairs of our company, the trustee must distribute to the designated beneficiary
any amounts received as distributions on the shares of excess stock that do not exceed the price per share paid by the purported transferee
in the transaction that created the violation or, if the purported transferee did not give value for such shares, the market price of
the shares of our stock that were converted into and exchanged for shares of excess stock, on the date of the purported transfer or other
event that resulted in such conversion and exchange. Any amount received upon the voluntary or involuntary liquidation, dissolution or
winding up of the affairs of our company not payable to the designated beneficiary, and any other dividends or distributions paid on
shares of excess stock, will be distributed by the trustee to the charitable beneficiary.

 

    	15

     

    

 

Every
holder of more than 5% of the number or value of outstanding shares of our stock must give written notice to us stating the name and
address of such owner, the number of shares of stock beneficially or constructively owned and a description of the manner in which the
shares are owned. Our board of directors may, in its sole and absolute discretion, exempt certain persons from the ownership limitations
contained in our charter if ownership of shares of stock by such persons would not disqualify us as a REIT under the Code.

 

The
Board of Directors

 

Our
board of directors is currently comprised of thirteen directors. Our charter and bylaws provide that the board may alter the number of
directors to a number not more than 15 or less than three. Our charter provides that the directors shall be divided, as evenly as possible,
into three classes, with approximately one-third of the directors elected by the stockholders annually. Each director will serve for
a three year term and until his or her successor is duly elected and has qualified. Holders of shares will have no right to cumulative
voting in the election of directors. Our directors are elected by a plurality of the votes cast; however, our Corporate Governance Guidelines
require that a director will offer to resign if the director receives a greater number of votes “withheld” than votes “for”
such election in an uncontested election of directors.

 

Business
Combinations

 

Under
the Maryland Business Combination Act, business combinations between a Maryland corporation and an interested stockholder or an affiliate
of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an
interested stockholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in
the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

 

	 	●	any
    person who beneficially owns 10% or more of the voting power of the corporation’s shares; or
	 	 	 
	 	●	an
    affiliate or associate of the corporation who, at any time within the two-year period before the date in question, was the beneficial
    owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.

 

A
person is not an interested stockholder under the statute if the board of directors approves in advance the transaction by which the
person otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide
that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

 

After
the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be
recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

 

	 	●	80%
    of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
	 	 	 
	 	●	two-thirds
    of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder
    with whom or with whose affiliate the business combination is to be effected or shares held by an affiliate or associate of the interested
    stockholder.

 

    	16

     

    

 

These
supermajority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under
the MGCL, for their shares of common stock in the form of cash or other consideration in the same form as previously paid by the interested
stockholder for its shares.

 

The
MGCL permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before
the time that the interested stockholder becomes an interested stockholder. Pursuant to the act, our charter exempts any business combination
between us and UMH Properties, Inc., or UMH. Consequently, the five-year prohibition and the supermajority vote requirements will not
apply to business combinations between us and UMH.

 

Control
Share Acquisitions

 

The
provisions of the Maryland Control Share Acquisition Act provide that a holder of control shares of a Maryland corporation acquired in
a control share acquisition has no voting rights with respect to those shares except to the extent approved by a vote of two-thirds of
the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by directors who are employees of the corporation
are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other
shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power
(except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one
of the following ranges of voting power:

 

	 	●	one-tenth
    or more but less than one-third;
	 	 	 
	 	●	one-third
    or more but less than a majority; or
	 	 	 
	 	●	majority
    or more of all voting power.

 

Control
shares do not include shares that the acquiring person is then entitled to vote as a result of having previously obtained stockholder
approval or shares acquired directly from the corporation. A control share acquisition means, subject to certain exceptions, the acquisition
of issued and outstanding control shares.

 

A
person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special
meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling
of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting.
If no request for a meeting is made, the corporation may itself present the question at any stockholders’ meeting.

 

If
voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by
the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have
previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations. Fair
value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share
acquisition by the acquiror or, if a meeting of stockholders at which the voting rights of the shares are considered and not approved,
as of the date of that meeting. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled
to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares
as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquiror in the control share
acquisition.

 

    	17

     

    

 

The
control share acquisition statute does not apply to (a) shares acquired in a merger, consolidation or share exchange if the corporation
is a party to the transaction or (b) acquisitions approved or exempted by the charter or bylaws of the corporation.

 

Our
bylaws contain a provision exempting from the provisions of the Control Share Acquisition Act any and all acquisitions by any person
of shares of our stock. There can be no assurance that our board of directors will not eliminate this provision at any time in the future.

 

Unsolicited
Takeovers Act

 

Subtitle
8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least
three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and
notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions:

 

	 	●	a
    classified board;
	 	 	 
	 	●	a
    two-thirds vote requirement for removing a director;
	 	 	 
	 	●	a
    requirement that the number of directors be fixed only by vote of the directors;
	 	 	 
	 	●	a
    requirement that a vacancy on the board be filled only by the affirmative vote of a majority of the remaining directors in office
    and for the remainder of the full term of the class of directors in which the vacancy occurred; and
	 	 	 
	 	●	a
    requirement for the calling of special meeting of stockholders may occur if a majority of stockholders request such in writing.

 

Through
provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) have a classified board, (b) require a two-thirds vote for
the removal of any director from the board, (c) vest in the board the exclusive power to fix the number of directors and (d) require,
unless called by our president, the chairman of the board or a majority of the board of directors, the request of stockholders entitled
to cast a majority of the votes entitled to be cast at such meeting to call a special meeting of stockholders. We have elected to be
governed by the provision of Subtitle 8 providing that a vacancy on our board of directors may be filled only by the remaining directors,
for the remainder of the full term of the class of directors in which the vacancy occurred.

 

Advance
Notice of Director Nominations and New Business

 

Our
bylaws provide that, with respect to an annual meeting of our stockholders, nominations of individuals for election to our board of directors
and the proposal of business to be considered by stockholders at an annual meeting may be made only (i) by or at the discretion of our
board of directors or a duly authorized committee thereof or (ii) by any stockholder of record as of the date of the notice required
by our bylaws, the record date for the meeting and the meeting date and who has provided the information required pursuant to the advance
notice procedures of the bylaws. With respect to special meetings of our stockholders, only the business specified in the notice of the
meeting may be brought before the meeting. Nominations of individuals for election to our board of directors at a special meeting of
our stockholders may be made only (i) by our board of directors or a duly authorized committee thereof or (ii) provided that directors
or a duly authorized committee thereof will be elected at the meeting, by a stockholder of record as of the date of the notice required
by our bylaws, the record date for the meeting and the meeting date and who has provided the information required pursuant to the advance
notice provisions of the bylaws.

 

    	18

     

    

 

Meetings
of Stockholders

 

Under
our bylaws, annual meetings of stockholders are to be held each year at a date and time as determined by our board of directors. Special
meetings of stockholders may be called only by a majority of the directors then in office, by the chairman of our board of directors
or by the president and must be called by the secretary upon the written request of stockholders entitled to cast a majority of the votes
entitled to be cast at the meeting.

 

Amendment
of Charter and Bylaws

 

Our
charter generally may be amended only if advised by the board of directors and approved by the affirmative vote of stockholders entitled
to cast not less than two-thirds of all the votes entitled to be cast on the matter. Under the MGCL, certain charter amendments may be
effected by the board of directors, without stockholder approval, such as an amendment changing the name of the corporation or an amendment
increasing or decreasing the number of authorized shares of our stock. Our bylaws may be amended only by vote of a majority of the board
of directors.

 

Extraordinary
Transactions

 

We
may merge or consolidate with another entity, convert into another form of entity, engage in a statutory share exchange or sell all or
substantially all of our assets generally only if advised by our board of directors and approved by the affirmative vote of stockholders
entitled to cast not less than two-thirds of all the votes entitled to be cast on the matter. Maryland law also permits a Maryland corporation
to transfer all or substantially all of its assets without the approval of its stockholders to an entity owned, directly or indirectly,
by the corporation. Because our operating assets may be held by our wholly owned subsidiaries, these subsidiaries may be able to merge
or transfer all or substantially all of their assets without the approval of our stockholders.

 

Dissolution

 

Our
dissolution must be advised by a majority of our entire board of directors and approved by the affirmative vote of stockholders entitled
to cast not less than two-thirds of all of the votes entitled to be cast on the matter.

 

Removal
of Directors

 

Our
charter provides that a director may be removed only for cause, as defined in the charter, and only by the affirmative vote of stockholders
entitled to cast not less than two-thirds of the votes entitled to be cast in the election of directors, generally. This provision, when
coupled with the Subtitle 8 election vesting in our board of directors the sole power to fill vacant directorships, precludes stockholders
from removing incumbent directors except for cause and by a substantial affirmative vote and from filling the vacancies created by the
removal with their own nominees.

 

Exclusive
Forum

 

Our
bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland,
or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, will
be the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf, (b) any action asserting a claim of
breach of any duty owed by any of our directors, officers or other employees to us or to our stockholders, (c) any action asserting a
claim against us or any of our directors, officers or other employees arising pursuant to any provision of the MGCL or our charter or
bylaws or (d) any action asserting a claim against us or any of our directors, officers or other employees that is governed by the internal
affairs doctrine.

 

    	19

     

    

 

Indemnification
and Limitations on Liability

 

We
are incorporated under the laws of the State of Maryland. The MGCL permits a Maryland corporation to include in its charter a provision
eliminating the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability
resulting from (i) actual receipt of an improper benefit or profit in money, property or services or (ii) active and deliberate dishonesty
that was established by a final judgment and was material to the cause of action. Our charter contains a provision that eliminates the
liability of our directors and officers to the maximum extent permitted by Maryland law.

 

The
MGCL requires a Maryland corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer
who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a party by reason of
his or her service in that capacity. The MGCL permits a Maryland corporation to indemnify its present and former directors and officers,
among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any
proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (i)
the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad
faith or (b) was the result of active and deliberate dishonesty, (ii) the director or officer actually received an improper personal
benefit in money, property or services or (iii) in the case of any criminal proceeding, the director or officer had reasonable cause
to believe that the act or omission was unlawful.

 

However,
under the MGCL, a Maryland corporation may not indemnify for an adverse judgment in a suit by or on behalf of the corporation or for
a judgment of liability on the basis that personal benefit was improperly received. A court may order indemnification if it determines
that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer did not meet the
prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received. However, indemnification
for an adverse judgment in a suit by or on behalf of the corporation, or for a judgment of liability on the basis that personal benefit
was improperly received, is limited to expenses.

 

In
addition, Maryland law permits a Maryland corporation to advance reasonable expenses to a director or officer upon receipt of (a) a written
affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification
by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the
corporation if it is ultimately determined that the standard of conduct was not met.

 

Our
charter requires us, to the fullest extent permitted by Maryland law as in effect from time to time, to indemnify and advance expenses
to our directors and officers, whether serving us or at our request any other entity, who were or are parties or are threatened to be
made parties to any threatened or actual suit, investigation or other proceeding, including administrative actions, as a result of their
status or actions as directors or officers of us. Our charter authorizes us to provide the same indemnification and advancement of expenses
to our employees and agents.

 

    	20Exhibit
10.1

 

CONSULTING
AGREEMENT

 

THIS
CONSULTING AGREEMENT (the “Agreement”) is made effective this 1st day of October 1, 2021, between Apogee Partners LLC,
a New Jersey limited liability company (the “Consultant”), and Propane Biopharma, Inc., a Delaware corporation (the
“Company”).

 

WHEREAS,
the Company needs certain consulting and advisory services; and

 

WHEREAS,
the Consultant possesses considerable industry knowledge and experience that is valuable to the Company; and

 

WHEREAS,
the Consultant has agreed to perform consulting work for the Company with respect to the services (the “Services”) detailed
in the Term Sheet executed by the parties and attached hereto as Exhibit A (the “Term Sheet”).

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

ARTICLE
1- SCOPE OF WORK.

 

1.1
Services - The Company shall engage the Consultant, and specifically its President, Paul Patrizio, to provide the Services detailed
in the Term Sheet on the terms and conditions that follow.

 

1.2
Time and Availability - The Services shall be performed at such place or places as the Consultant deems reasonable giving due regard
to the needs of the Company’s business. Consultant shall devote such of his time and business efforts to the performance of the
Services as Consultant as set forth in the Term Sheet.

 

1.3
Confidentiality - In order for the Consultant to perform the Services, it may be necessary for the Company to provide the Consultant
with Confidential Information (as defined below) regarding the Company’ s business and products. The Consultant agrees to be bound
by the terms of Article 5 hereof.

 

1.4
Standard of Conduct - In rendering the Services under this Agreement, the Consultant shall conform to high professional standards
of work and business ethics. The Consultant shall not use time, materials, or equipment of the Company without the prior written consent
of the Company.

 

1.5
Outside Services - The Consultant shall not use the service of any other person, entity or organization in the performance of the
Consultant’s duties without the prior written consent of the Company. Should the Company consent to the use by the Consultant of
the services of any other person, entity or organization, no information regarding the Services to be performed under this Agreement
shall be disclosed to that person, entity or organization until such person, entity or organization has executed an agreement to protect
the confidentiality of the Company’s Confidential information (as defined below) and the Company’s absolute and complete
ownership of all right, title and interest in the work performed under this Agreement.

 

1.6
Reports - The Consultant shall, periodically and when specifically requested by the Company, provide the Company with written
reports of his observations and conclusions regarding the Services. Upon the termination of this Agreement, the Consultant shall,
upon the request of Company, prepare a final report of the Consultant’s activities.

 

    	 

     

    

 

ARTICLE
2 - INDEPENDENT CONTRACTOR.

 

2.1
Independent Contractor - The Consultant is an independent contractor and is not an employee, partner, or co-venturer of, or in any
other service relationship with, the Company. The Consultant is not authorized to speak for, represent, or obligate the Company in any
manner without the prior express written authorization from an officer of the Company.

 

2.2
Indemnification - The Company agrees to the indemnification and other obligations set forth in Exhibit B attached hereto,
which Exhibit B forms an integral part of this Agreement and is incorporated by reference herein.

 

2.3
Taxes - The Consultant shall be responsible for all taxes arising from compensation as per Section 3.1 below under this Agreement,
and shall be responsible for all payroll taxes and fringe benefits of the Consultant’s employees. Neither federal, nor state,
nor local income tax, nor payroll tax of any kind, shall be withheld or paid by the Company on behalf of the Consultant or its employees.
The Consultant understands that it is required to pay, according to law, the Consultant’s taxes and the Consultant shall, when
requested by the Company, properly document to the Company that any and all federal and state taxes have been paid. All reimbursements
as per Section 3.2 are not and shall not be reported to the IRS as taxable income.

 

2.4
Benefits -The Consultant and the Consultant’s employees will not be eligible for, and shall not participate in, any employee
pension, health, welfare, or other fringe benefit plan, of the Company. No workers’ compensation insurance shall be obtained by
the Company covering the Consultant or the Consultant’ s employees.

 

ARTICLE
3- COMPENSATION FOR CONSULTING SERVICES.

 

3.1
Compensation - In consideration for the Services, the Consultant shall be entitled to receive a monthly cash payment in accordance
with the Term Sheet. In addition, the Consultant shall be entitled to the Equity Payments, Milestone Bonuses and a Success Bonus, all
as set forth in the Term Sheet. The Consultant shall not be entitled to any additional compensation from the Company for any other
services rendered by the Consultant without the express approval of the Company and its Chief Executive Officer.

 

3.2
Reimbursement -The Company agrees to reimburse the Consultant for all actual reasonable and necessary expenditures, which
are directly related to the Services. Expenses will only be reimbursed if the Company had given prior approval of the expenditure. Expenses
incurred by the Consultant will be reimbursed by the Company within thirty (30) days of the Consultant’s proper written request
for reimbursement which includes all proper documentation.

 

ARTICLE
4 - TERM AND TERMINATION.

 

4.1
Term - This Agreement shall be effective as of the date of this Agreement and shall continue in full force and effect for 36 consecutive
months. The Company and the Consultant may negotiate to extend the term of this Agreement and the terms and conditions
under which the relationship shall continue. The Company or Consultant may cancel this agreement on thirty (30) days ‘ notices, as per section 9.9 below.

 

4.2
Responsibility upon Termination - Any equipment provided by the Company to the Consultant in connection with or furtherance of Consultant’s
Services under this Agreement, including, but not limited to, computers, laptops, and personal management tools, shall, immediately upon
the termination of this Agreement, be returned to the Company.

 

4.3
Survival - The provisions of Articles 5, 6, 7 and 8 of this Agreement shall survive the termination of this Agreement and
remain in full force and effect thereafter.

 

    	2

     

    

 

ARTICLE
5 - CONFIDENTIAL INFORMATION.

 

5.1
Obligation of Confidentiality - In performing the Services under this Agreement, the Consultant may be exposed to and will
be required to use certain “Confidential Information” (as hereinafter defined) of the Company. The Consultant agrees
that the Consultant will not and the Consultant ‘s employees, agents or representatives will not, use, directly or indirectly ,
such Confidential Information for any purpose other than providing the Services and will not use for the benefit of any person,
entity or organization other than the Company, or disclose such Confidential Information without the written authorization of the Company,
either during or after the term of this Agreement, for as long as such information retains the characteristics of Confidential Information
..

 

5.2
Definition - “Confidential Information” means information, not generally known, and proprietary to the
Company or to a third party for whom the Company is performing work, including, without limitation, information concerning any patents
or trade secrets, confidential or secret designs, processes, formula, source codes, plans, devices or material , research and
development , proprietary software, analysis, techniques, materials or designs (whether or not patented or patentable), directly or indirectly
useful in any aspect of the business of the Company, any vendor names, customer and supplier lists, databases, management systems
and sales and marketing plans of the Company, any confidential secret development or research work of the Company, or any other confidential
information or proprietary aspects of the business of the Company. All information which Consultant acquires or becomes acquainted with
during the period of this Agreement, whether developed by Consultant or by others, which Consultant has a reasonable basis to believe
to be Confidential Information, or which is treated by the Company as being Confidential Information, shall be presumed to be Confidential
Information. Confidential Information does not include information that (i) is or later becomes available to the
public through no breach of this Agreement by the recipient; (ii) is obtained by the recipient from a third party who had the legal right
to disclose the infom1ation to the recipient; (iii) is already in the possession of the recipient on the date this Agreement becomes
effective; or (iv) is required to be disclosed by law, government regulation, or court order.

 

5.3
Property of the Company - The Consultant agrees that all plans, manuals and specific materials developed by the Consultant on behalf
of the Company in connection with the Services rendered under this Agreement, are and shall remain the exclusive property of the Company.
Promptly upon the expiration or termination of this Agreement, or upon the request of the Company, the Consultant shall return
to the Company all documents and tangible items, including samples, provided to Consultant or created by Consultant for use in
connection with services to be rendered hereunder, including without limitation all Confidential Information, together with all
copies and abstracts thereof.

 

5.4
Intellectual Property - Title to all inventions and discoveries made by the Consultant resulting from the work performed hereunder
shall reside in the Company; title to all inventions and discoveries made by the Company resulting from the research performed hereunder
shall reside in the Company; title to all inventions and discoveries made jointly by the Consultant and Company resulting from the consultancy
hereunder shall reside with the Company solely. The Consultant reserves the right to give notice to the Company and use, apply and profit
from the above if the Company elects not to use or put into practice or outside the store fixture industry. Title to all inventions and
discoveries made by the Consultant prior to this agreement shall reside with the Consultant.

 

    	3

     

    

 

ARTICLE
6-DATA.

 

6.1
Data - All drawings, models, designs, formulas, methods, documents and tangible items prepared for and submitted to the Company
by the Consultant in connection with the services rendered under this Agreement shall belong exclusively to the Company
and shall be deemed to be works made for hire (the “Deliverable Items”). To the extent that any of the Deliverable Items
may not, by operation of law, be works made for hire, the Consultant hereby assigns to the Company the ownership of copyright or mask
work in the Deliverable Items, and the Company shall have the right to obtain and hold in its own name any trademark, copyright,
or mask work registration, and any other registration and similar protection which may be available in the Deliverable
Items. The Consultant agrees to give the Company or its designees all assistance reasonably required to perfect such rights.

 

ARTICLE
7 -NON- SOLICITATION.

 

The
Consultant covenants and agrees that during the term of this Agreement, the Consultant will not, directly or indirectly, through an existing
corporation, unincorporated business, affiliated party, successor employer, or otherwise, solicit, hire for employment or work with,
on a part-time, consulting, advising or any other basis, other than on behalf of the Company, any customer or client of, or any employee
or independent contractor employed by, the Company while the Consultant is performing the Services for the Company.

 

ARTICLE
8 - RIGHT TO INJUNCTIVE RELIEF.

 

The
Consultant acknowledges that the terms of Articles 5, 6, and 7 of this Agreement are reasonably necessary to protect the legitimate interests
of the Company, are reasonable in scope and duration, and are not unduly restrictive . The Consultant further acknowledges that a breach
of any of the terms of Articles 5, 6, or 7 of this Agreement will render irreparable harm to the Company, and that a remedy at
law for breach of the Agreement is inadequate, and that the Company shall therefore be entitled to seek any and all equitable relief,
including, but not limited to, injunctive relief, and to any other remedy that may be available under any applicable law or agreement
between the parties. The Consultant acknowledges that an award of damages to the Company does not preclude a court from ordering
injunctive relief. Both damages and injunctive relief shall be proper modes of relief and are not to be considered as alternative remedies.

 

ARTICLE
9 - GENERAL PROVISIONS.

 

9.1
Construction of Terms- If any provision of this Agreement is held unenforceable by a court of competent jurisdiction, that provision
shall be severed and shall not affect the validity or enforceability of the remaining provisions.

 

9.2
Governing Law - This Agreement shall be governed by and construed in accordance with the internal laws (and not the laws of
conflicts) of the State of New Jersey.

 

9.3
Complete Agreement -This Agreement constitutes the complete agreement and sets forth the entire understanding and agreement
of the parties as to the subject matter of this Agreement and supersedes all prior discussions and understandings in respect to the subject
of this Agreement, whether written or oral.

 

9.4
Jurisdiction and Venue - The parties acknowledge that all of the negotiations, anticipated perfom1ance and execution of this
Agreement occurred or shall occur in the State of New Jersey, and that, therefore, without limiting the jurisdiction or venue of any
other federal or state courts, each of the parties irrevocably and unconditionally (a) agrees that any suit, action or legal proceeding
arising out of or relating to this Agreement may be brought in the state or federal courts of record of the State of New Jersey (b)
consents to the jurisdiction of each such court in any suit, action or proceeding; (c) waives any objection which it may have
to the laying of venue of any such suit, action or proceeding in any of such courts; and (d) agrees that service of any court paper may
be effected on such party by mail, as provided in this Agreement, or in such other manner as may be provided under applicable laws or
court rules in said state.

 

    	4

     

    

 

9.5
Modification - No modification, termination or attempted waiver of this Agreement, or any provision thereof, shall be valid unless
in writing signed by the party against whom the same is sought to be enforced.

 

9.6
Waiver of Breach - The waiver by a party of a breach of any provision of this Agreement by the other party shall not operate or be
construed as a waiver of any other or subsequent breach by the party in breach.

 

9.7
Successors and Assigns - This Agreement may not be assigned by either party without the prior written consent of the other party;
provided, however, that the Agreement shall be assignable by the Company without the Consultant’s consent in the event the Company
is acquired by or merged into another corporation or business entity. The benefits and obligations of this Agreement shall be binding
upon and inure to the parties hereto, their successors and assigns.

 

9.8 
No Conflict - The Consultant warrants that the Consultant has not previously assumed any obligations inconsistent with those undertaken
by the Consultant under this Agreement.

 

9.9
Notices - Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when
delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt), 48 hours after being deposited
in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s
address as set forth above, or by email.

 

9.10
Counterparts - This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument. Delivery of an executed counterpart of this Agreement via facsimile transmission shall be effective
as delivery of a manually executed counterpart of this Agreement.

 

IN
WITNESS WHEREOF, this Agreement is executed as of the date set forth above.

 

Apogee Partners LLC

 

	By:	/s/ Paul
    Patrizio	 
	Name:
    	Paul
    Patrizio	 
	Title:	President	 
	 	 	 
	Propane
    Biopharma, Inc.	 
	 	 	 
	By:	/s/
    James Nathanielsz	 
	Name:
    	James
    Nathanielsz	 
	Title:	CEO	 

 

    	5

     

    

 

EXHIBIT
A

 

EXECUTED
SUMMARY TERM SHEET

 

    	6

     

    

 

SUMMARY
TERM SHEET

 

	Objective:	This
    Term Sheet shall set forth the basic terms whereby Propane Biopharma, Inc., a Delaware corporation (the “Company”)
    engages the services of Paul Patrizio (“Patrizio”) to assist in the development of the Company’s business and financing
    activities.
	 	 
	Role/Title:	Vice
    Chairman, President, and Interim CFO
	 	 
	Services:	Perform
    the Services as required to fulfill the role and titles set forth above to achieve the objectives mutually agreed to by the parties
    hereto, with an estimated time allocation of 50 hours a month as a Director and Officer (D&O) of the Company, or 25 hours a month
    as a consultant.
	 	 
	D&O:	The
    Company will obtain D&O insurance as a condition of Patrizio assuming D&O roles with the Company.
	 	 
	Term:	3
    years commencing on 10/01/2021, unless terminated before the 3-year anniversary date.
	 	 
	Compensation
    :	Prior
    to D&O: consultant at $7,000 a month
	 	 
	 	Annual
    Salary— $150,000 (plus $1,500/mo. expense allowance)— Can increase upon substantial funding
	 	 
	 	Equity
    — To be issued common shares equal to 1% of the total outstanding shares at the end of each year of service.
	 	 
	 	Milestone
    Bonuses: At Discretion of Board and can be paid in stock or cash.
	 	 
	 	Success
    Bonus : To be issued the number of common shares equal to 7% of the total issued and outstanding fully diluted common shares: of
    the Company a.t the time of a success event such as a NASDAQ Listing or the Sale of the Company in addition to a payment in cash
    of $250,000.
	 	 
	Time
    Commitment:	It
    is understood by the Company that Patrizio has commitments and activities other than to the Company; however, Patrizio will commit
    the necessary time to fulfill the duties required of him as described herein.
	 	 

    	7 

    	 

    

 

	Status:	Patrizio
                                            shall be engaged as an independent contractor if permitted by law and perform his services
                                            through a service entity.

 

	Agreed
    and accepted this 5th day of October 2021 by	 	Agreed
    and accepted this 5th day of October 2021 by
	 	 	 
	PROPANC
    BIOPHARMA, INC.	 	PAUL
    PATRIZIO
	 	 	 	 	 
	 	/s/ James Nathanielsz	 	 	/s/ Paul
    Patrizio
	Name:	James
    Nathanielsz	 	Name:	Paul
    Patrizio
	Title:	CEO	 	Title:	Esq.

 

    	8 

    	 

    

 

EXHIBIT
B

 

Indemnification
Agreement

 

This
Exhibit B is a part of and is incorporated into that certain engagement
agreement (together, the “Agreement”) by and between the Company and the Consultant. Unless otherwise defined herein,
capitalized terms used in this Exhibit B and defined in the letter agreement described above shall have the same meaning when
used in this Exhibit B.

 

The
Company shall indemnify and hold harmless Consultant, any affiliate
of Consultant, and each person, if any, who controls Consultant or such affiliate within the meaning of Section 15 of the Securities
Act of 1933, as amended (the “1933 Act”), or Section 20 of the Securities Exchange Act of 1934, as amended (the “1934
Act”), and each member, director, officer, partner, employee, agent, and counsel of Consultant, of any such affiliate, or of
any such controlling person (each, an “Indemnified Person”) in respect of any and all losses, claims, damages, or
liabilities, joint or several, to which any such Indemnified Person may become subject under any statute, under common law, or otherwise,
and whether or not involving a third party, relating to or arising out of (i) the contents of oral or written information provided by
the Company, its employees or its other agents, which information either the Company or Consultant provides to any actual or potential
buyers, sellers, investors or offerees, (ii) any other action or failure to act by the Company, its employees or its other agents of
Consultant in accordance with and at the Company’s request or with the Company’s consent or (iii) the engagement contemplated
by the Agreement or any transaction or conduct in connection therewith and to reimburse each Indemnified Person as and when incurred
for any legal or any other expenses incurred by such Indemnified Person in connection with investigating or defending against any such
loss, claim, damage, or liability or providing evidence, producing documents, appearing as a witness or taking any other action in respect
thereto (whether or not Consultant is itself a defendant in, or target of, the action, proceeding, or investigation in respect of which
indemnity or reimbursement may be sought and whether or not such action, proceeding, or investigation involves a third party); provided,
however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, or liability is found
in a final judicial determination, not subject to further appeal, to have resulted primarily and directly from the willful misconduct
or gross negligence of an Indemnified Person, in which event any reimbursement or payment previously made to any Indemnified Person in
connection with any such loss, claim, damage, or liability will be returned to the Company. The foregoing indemnity shall be in addition
to any liability that the Company may otherwise have to the Indemnified Persons at common law or otherwise. The indemnity and reimbursement
of expenses provided for in this Paragraph and the contribution rights provided for below are in addition to, and not subject to the
limitations of, any retainer, compensation, and reimbursement of expenses provided for in the Agreement. The Company also agrees that
no Indemnified Person shall have any obligation (whether direct or indirect, in contract. tort. or otherwise) to the Company or any of
its directors. officers. employees. agents. counsel. or controlling persons, arising out of, based upon, or in connection with the matters
specified in the preceding sentence, except for any such obligation for losses, claims, damages, and liabilities that are found in a
final judicial determination, not subject to further appeal, to have resulted primarily and directly from the willful misconduct or gross
negligence of such Indemnified Person and except for the contribution rights provided for below.

 

The
Company shall not be liable for the settlement by any Indemnified Person of any action, proceeding or investigation effected without
its consent, which consent will not be unreasonably or untimely withheld. The Company shall not, without the prior written consent of
Consultant, settle or compromise any action, proceeding or investigation (whether or not Consultant or any other Indemnified Person is
an actual or potential party to such action, proceeding or investigation), or permit a default or consent to the entry of any judgment
with respect thereto. unless such settlement. compromise. default or consent includes. as an unconditional term thereof, the giving by
the party other than the Company thereto of an unconditional general release to all Indemnified Persons from all liability in respect
of such action, proceeding, or investigation.

 

    	9 

    	 

    

 

In
order to provide for just and equitable contribution, if (a) a claim for indemnification pursuant to the Agreement (subject to the limitations
hereof) is made by an Indemnified Person but it is found in a final judicial determination, not subject to further appeal, that such
indemnification may not be enforced in such case, or (b) contribution under the 1933 Act, the 1934 Act or otherwise may be sought by
the Company, Consultant or another Indemnified Person, then the Company on the one hand, and Consultant and the other Indemnified Persons
collectively on the other hand, shall contribute to the losses , claims, damages or liabilities to which they may be subject in either
such case (after contribution from others) in accordance with (i) the relative benefits received by the Company on the one hand and Consultant
on the other hand or (ii) if (but only if) the allocation provided for in clause (i) is for any reason held unenforceable, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company on the
one hand and Consultant on the other hand in connection with the statement, act or omission which resulted in such losses, claims, damages
or liabilities as well as any other relevant equitable considerations. The Company agrees that for the purposes of this paragraph
the relative benefits to the Company and Consultant of any contemplated transaction that is the subject of this Agreement (whether or
not such transaction is consummated) shall be deemed to be in the same proportion that the total value of the consideration paid or issued
or contemplated to be paid or issued in the transaction bears to the fees paid or to be paid to Consultant under the Agreement; provided,
however, that, to the extent permitted by applicable law, in no event shall the Indemnified Persons be required to contribute an
aggregate amount in excess of the aggregate fees actually paid to Consultant under the Agreement. For the purpose of determining
the extent to which Consultant and the Indemnified Persons on the one hand, and the Company on the other hand, have satisfied the respective
obligations to contribute under this Paragraph, amounts paid by each party shall include amounts paid by any person who is an affiliate
or actually or allegedly controls such person, in each case within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found
liable for such fraudulent misrepresentation . The foregoing contribution agreement shall, to the extent permitted by law, supersede
the contribution liabilities of any persons having liability under the 1933 Act, the 1934 Act or otherwise. If the law does not permit
the full amount of the contribution specified in this Paragraph to be made, then the party seeking contribution and each person
who controls such party shall be entitled to contribution hereunder to the fullest extent permitted by law.

 

The
provisions of this Exhibit B shall continue to apply and shall remain in full force and effect regardless of any modification or termination
of the Agreement or the completion of Consultant’s services under the Agreement.

 

    	10

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