Document:

Exhibit 10.3

 

VOTING AGREEMENT

 

by and between

 

Xpresspa
group, inc.

 

and

 

the
stockholder party hereto

 

Dated as of March 19, 2020

 

    1

     

    

 

VOTING
AGREEMENT

 

This Voting Agreement
(this “Agreement”) is entered into as of March 19, 2020, between XpresSpa Group, Inc. (the “Company”),
and the undersigned stockholder (the “Stockholder”).

 

WHEREAS, as of the date
hereof, the Stockholder is the sole record and beneficial owner of, and has the sole power to vote (or to direct the voting of)
the number of shares of common stock, par value $0.01 per share (the “Common Shares”), of the Company set forth
opposite the Stockholder’s name on Schedule I hereto (such Common Shares, together with any other shares of the Company
that are acquired by the Stockholder after the date hereof, the “Subject Shares”);

 

WHEREAS, the Company
and certain purchasers (each, a “Purchaser” and together, the “Purchasers”) entered into
a Securities Purchase Agreement, dated as of March 19, 2020 (as amended from time to time, the “Purchase Agreement”),
pursuant to which the Purchasers have agreed to purchase, and the Company has agreed to sell, an aggregate of $1,500,000 in Common
Shares of the Company;

 

WHEREAS, the Company
and certain additional investors entered into an Exchange Agreement, dated as of March 19, 2020 (as amended from time to time,
the “Exchange Agreement”), pursuant to which such investors have agreed to exchange certain warrants held by such investor
for shares of Common Stock pursuant to the terms of the Exchange Agreement;

 

WHEREAS, the consummation
of the transactions contemplated by the Exchange Agreement requires (i) the affirmative vote of the majority of the votes cast
at a duly called meeting of the holders of a majority in voting power of the Company’s voting stock entitled to vote thereon
pursuant to Nasdaq Listing Rule 5635(d) and (ii) the affirmative vote of the majority of the shares of Common Stock outstanding
on the record date to increase the Company’s authorized shares;

 

WHEREAS, the Company
and the Stockholder have agreed that the voting power of the Subject Shares will be subject to the restrictions set forth in this
Agreement from the date hereof through the date on which this Agreement is terminated in accordance with its terms (such period,
the “Voting Period”);

 

WHEREAS, the Company
and the Stockholder have agreed that the Stockholder will not transfer the Subject Shares from the date hereof through the earlier
of (a) the initial record date set for the matters specified in Section 2.1 hereof or (b) March 31, 2020 (such period, the “Restricted
Period”); and

 

WHEREAS, as an inducement
to each Purchaser’s willingness to enter into the Purchase Agreement and the Exchange Agreement and consummate the transactions
contemplated thereby, transactions from which the Stockholder believes it will each derive substantial benefits through its ownership
interests in the Company, the Stockholder is entering into this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, the parties agree as
follows:

 

ARTICLE
I

 

DEFINITIONS

 

Section
1.1     Capitalized Terms. For purposes of this Agreement, capitalized terms used and not
defined herein shall have the respective meanings ascribed to them in the Purchase Agreement or Exchange Agreement, as applicable.

 

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ARTICLE
II

 

VOTING
AGREEMENT

 

Section
2.1     Agreement to Vote. Each Stockholder hereby agrees that, during the Voting Period,
such Stockholder shall, if a meeting of stockholders of the Company is held, appear at the meeting, in person or by proxy, and
vote (or cause to be voted), and if an action is to be taken by written consent in lieu of a meeting, provide a written consent,
in respect of all its Subject Shares, in each case (i) in favor of (A) any proposal to adopt and approve or reapprove the Purchase
Agreement, the Exchange Agreement and the transactions contemplated thereby and (B) waiving any notice requirements applicable
to the Purchase Agreement, the Exchange Agreement or any of the transactions contemplated thereby pursuant to the Company’s
organizational documents or applicable law, and (ii) against (X) any action or agreement that would reasonably be expected to prevent
or materially delay the consummation of the transactions contemplated by the Purchase Agreement and the Exchange Agreement and
(Y) any action, proposal, transaction or agreement that is intended or would result in a breach in any material respect of any
covenant, representation or warranty or any other obligation or agreement of the Company under the Purchase Agreement or Exchange
Agreement or the Stockholder under this Agreement.

 

Section
2.2     Grant of Irrevocable Proxy. If requested by the Company, each Stockholder shall appoint
a designee selected by the Company, as such Stockholder’s proxy, with full power of substitution and resubstitution, to
vote during the Voting Period with respect to any and all of the Subject Shares on the matters and in the manner specified in
Section 2.1. Each Stockholder shall take all further action or execute such other instruments as may be necessary to effectuate
the intent of any such proxy. Each Stockholder affirms that any irrevocable proxy given by it with respect to the Purchase Agreement,
the Exchange Agreement and the transactions contemplated thereby shall be given to the Company’s designee by such Stockholder
to secure the performance of the obligations of such Stockholder under this Agreement. It is agreed that the Company’s designee
(and its officers on behalf of the Company) will use the irrevocable proxy that may be granted by the Stockholder only in accordance
with applicable law and that, to the extent the Company’s designee (and its officers on behalf of the Company) uses any
such irrevocable proxy, it will only vote the Subject Shares subject to such irrevocable proxy with respect to the matters specified
in, and in accordance with the provisions of, Section 2.1.

 

Section
2.3     Nature of Irrevocable Proxy. Any proxy granted pursuant to Section 2.2 to
the Company’s designee by a Stockholder shall be irrevocable during the term of this Agreement, shall be deemed to be coupled
with an interest sufficient in law to support an irrevocable proxy and shall revoke any and all prior proxies or powers of attorney
granted by such Stockholder and no subsequent proxy or power of attorney shall be given or written consent executed (and if given
or executed, shall not be effective) by such Stockholder with respect thereto. Any proxy that may be granted hereunder shall terminate
upon the termination of this Agreement, but shall survive the death or incapacity of such Stockholder and any obligation of such
Stockholder under this Agreement shall be binding upon the heirs, personal representatives and successors of such Stockholder.

 

ARTICLE
III

 

COVENANTS

 

Section
3.1     Subject Shares.

 

(a)       Each
Stockholder agrees that during the Restricted Period, it shall not, and shall not commit or agree to, without the
Company’s prior written consent, (i) directly or indirectly, whether by merger, consolidation or otherwise, offer
for sale, sell (including short sales), transfer, tender, pledge, encumber, assign or otherwise dispose of (including by gift
or by operation of law) (collectively, a “Transfer”), or enter into any contract, option, derivative,
hedging or other agreement or arrangement or understanding (including any profit-sharing arrangement, through the granting of
any proxies or powers of attorney, in connection with a voting trust or voting agreement or by operation of Law) with respect
to, or consent to or permit, a Transfer of, any or all of the Subject Shares or any interest therein or (ii) take any action
inconsistent with this Agreement, the Purchase Agreement, the Exchange Agreement or the transactions contemplated hereby or
thereby (including by granting of any proxy or power of attorney with respect to the Subject Shares (other than the proxy
contemplated by Section 2.2) or agreeing to divest itself of the voting power with respect to its Subject Shares or
vote its Subject Shares on any matter in a manner that would be inconsistent with its obligations under this Agreement).
Notwithstanding the foregoing, this Section 3(a) shall not prohibit a Transfer of the Subject Shares by the Stockholder to an
Affiliate of the Stockholder; provided, that a Transfer referred to in this sentence shall be permitted only if, as a
precondition to such Transfer, the transferee agrees in a writing, reasonably satisfactory in form and substance to the
Company, to be bound by all of the terms of this Agreement. Each Stockholder agrees that any Transfer of Subject Shares not
permitted hereby shall be null and void and that any such prohibited Transfer shall be enjoined. If any involuntary transfer
of any Subject Shares covered hereby shall occur (including, but not limited to, a sale by any Stockholder’s trustee in
bankruptcy, or a sale to a purchaser at any creditor’s or court sale), the transferee (which term, as used herein,
shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold such Subject
Shares subject to all of the restrictions, liabilities and rights under this Agreement, which shall continue in full force
and effect.

 

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(b)       In
the event of a stock dividend or distribution, or any change in the Subject Shares by reason of any stock dividend or distribution,
split-up, recapitalization, combination, conversion, exchange of shares or the like, the term “Subject Shares” shall
be deemed to refer to and include the Subject Shares as well as all such stock dividends and distributions and any securities into
which or for which any or all of the Subject Shares may be changed or exchanged or which are received in such transaction. Each
Stockholder further agrees that, in the event such Stockholder purchases or otherwise acquires beneficial or record ownership of
or an interest in, or acquires the right to vote or share in the voting of, any additional Common Shares, in each case after the
execution of this Agreement, then any such additional Common Shares shall be subject to the terms of this Agreement, including
all covenants, agreements, obligations, representations and warranties set forth herein as if those additional shares were owned
by such Stockholder on the date of this Agreement.

 

Section
3.2     Capacity. All agreements and understandings made herein shall be made solely in
each Stockholder’s capacity as a holder of the Subject Shares and not in any other capacity. For the avoidance of doubt,
notwithstanding anything to the contrary in this Agreement, the parties acknowledge that if a Stockholder has a nominee or Affiliate
on the Company’s board of directors (the “Board”), the parties agree that (i) such nominee or Affiliate
of such Stockholder on the Board (each, a “Stockholder Designee”) shall be free to act in his/her capacity as
a director of the Company solely in accordance with his/her duties to the Company and its stockholders, (ii) nothing herein shall
prohibit or restrict any Stockholder Designee from taking any action (or omitting to take any action) in facilitation of the exercise
of his/her fiduciary duties pursuant to and in accordance with the Purchase Agreement or otherwise and (iii) no action taken by
a Stockholder Designee or the omission by a Stockholder Designee to take any action, acting in his or her capacity as a director
of the Company, shall be deemed to be a breach by such Stockholder of this Agreement..

 

Section
3.3     [Reserved]

 

Section
3.4     Communications. During the Voting Period, each Stockholder shall not, and shall
use its commercially reasonable efforts to cause its representatives, if any, not to, make any press release, public announcement
or other public communication that criticizes or disparages this Agreement, the Purchase Agreement, the Exchange Agreement or any
of the transactions contemplated hereby and thereby, without the prior written consent of the Company, provided that the foregoing
shall not limit or affect any actions taken by such Stockholder that would be permitted to be taken by the Company pursuant to
the terms of the Purchase Agreement or Exchange Agreement, or any Affiliate of such Stockholder who is a director, officer or employee
of the Company from taking any action in his or her capacity as a director, officer or employee of the Company, including making
any filings with the SEC in connection with the Purchase Agreement, the Exchange Agreement or any of the transactions contemplated
thereby. Each Stockholder hereby consents to and authorizes the publication and disclosure by the Company in any publicly filed
documents relating to the Purchase Agreement, the Exchange Agreement or the transactions contemplated thereby of: (a) such Stockholder’s
identity; (b) such Stockholder’s ownership of the Subject Shares; and (c) the nature of such Stockholder’s commitments,
arrangements and understandings under this Agreement, and any other information that the Company reasonably determines to be necessary
in any SEC disclosure document in connection with the Purchase Agreement, the Exchange Agreement or any transactions contemplated
thereby.

 

Section
3.5     Voting Trusts. Each Stockholder agrees that it will not, nor will it permit any
entity under its control to, deposit any of its Subject Shares in a voting trust or subject any of its Subject Shares to any arrangement
with respect to the voting of such Subject Shares other than as provided herein.

 

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ARTICLE
IV

 

REPRESENTATIONS
AND WARRANTIES OF STOCKHOLDER

 

The Stockholder hereby
represents and warrants to the Company as follows:

 

Section
4.1     Due Authorization, etc. Such Stockholder is an entity duly organized, validly existing
and in good standing under the laws of its State of organization. Such Stockholder has all necessary power and authority to execute
and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby by such Stockholder have been duly authorized by all necessary action
on the part of such Stockholder and no other proceedings on the part of such Stockholder are necessary to authorize this Agreement,
or to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by such Stockholder
and (assuming the due authorization, execution and delivery by the Company) constitutes a valid and binding obligation of such
Stockholder, enforceable against such Stockholder in accordance with its terms.

 

Section
4.2     Ownership of Shares. Schedule I hereto sets forth opposite such Stockholder’s
name the Common Shares over which such Stockholder has record and beneficial ownership as of the date hereof. As of the date hereof,
such Stockholder is the lawful owner of the Common Shares denoted as being owned by such Stockholder on Schedule I hereto,
has the sole power to vote or cause to be voted such Common Shares and the sole power to dispose of or cause to be disposed such
Common Shares. Such Stockholder has good and valid title to the Common Shares denoted as being owned by such Stockholder on Schedule
I hereto.

 

Section
4.3     No Conflicts. Except as contemplated by the Purchase Agreement or the Exchange Agreement
and for the applicable requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
(a) no filing with any governmental entity is necessary for the execution of this Agreement by such Stockholder and (b) none of
the execution and delivery of this Agreement by such Stockholder, the consummation by such Stockholder of the transactions contemplated
hereby or compliance by such Stockholder with any of the provisions hereof shall (i) conflict with or result in any breach of any
of the organizational documents of such Stockholder, (ii) result in, or give rise to, a violation or breach of or a default under
any of the terms of any contract to which such Stockholder is a party or by which such Stockholder or any of the Subject Shares
or its assets may be bound, or (iii) violate any law, except for any of the foregoing as would not reasonably be expected to impair
such Stockholder’s ability to perform any of its obligations under this Agreement.

 

Section
4.4     Finder’s Fees. No investment banker, broker, finder or other intermediary
is entitled to a fee or commission from the Company in respect of this Agreement based upon any contract made by or on behalf of
such Stockholder, solely in such Stockholder’s capacity as a stockholder of the Company.

 

Section
4.5     No Litigation. As of the date of this Agreement, there is no Proceeding pending
or, to the knowledge of such Stockholder, threatened against such Stockholder that would reasonably be expected to impair the ability
of such Stockholder to perform its obligations hereunder or consummate the transactions contemplated hereby.

 

ARTICLE
V

 

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The Company hereby represents
and warrants to the Stockholder as follows:

 

Section
5.1     Due Organization, etc. The Company is a corporation duly organized under the laws
of its State of organization. The Company has all necessary corporate power and authority to execute and deliver this Agreement
and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby by the Company have been duly authorized by all necessary action on the part of the Company and
no other proceedings on the part of the Company are necessary to authorize this Agreement, or to consummate the transactions contemplated
hereby. This Agreement has been duly executed and delivered by the Company and (assuming the due authorization, execution and delivery
by each of the Stockholder Parties) constitutes a valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms.

 

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Section
5.2     No Conflicts. Except as contemplated by the Purchase Agreement or the Exchange Agreement
and for the applicable requirements of the Exchange Act, (a) no filing with any Governmental Entity, and no authorization, consent
or approval of any other person is necessary for the execution of this Agreement by the Company and (b) none of the execution and
delivery of this Agreement by the Company, the consummation by the Company of the transactions contemplated hereby or compliance
by the Company with any of the provisions hereof shall (i) conflict with or result in any breach of the organizational documents
of the Company, (ii) result in, or give rise to, a violation or breach of or a default under any of the terms of any contract to
which the Company is a party or by which the Company or any of its assets may be bound or (iii) violate any law, except for any
of the foregoing as would not reasonably be expected to impair the Company’s ability to perform its obligations under this
Agreement.

 

ARTICLE
VI

 

TERMINATION

 

Section
6.1     Termination. This Agreement shall automatically terminate, and neither the Company
nor the Stockholder shall have any rights or obligations hereunder and this Agreement shall become null and void and have no effect
upon the earliest to occur of: (a) the mutual written consent of the Company and the Stockholder, (b) the Closing under the Exchange
Agreement, or (c) the termination of the Exchange Agreement in accordance with its terms. The parties acknowledge that upon termination
of this Agreement as permitted under and in accordance with the terms of this Article VI, no party to this Agreement shall
have the right to recover any claim with respect to any losses suffered by such party in connection with such termination, except
that, subject to Section 7.11, the termination of this Agreement shall not relieve either party to this Agreement from liability
for such party’s intentional breach of any terms of this Agreement. Notwithstanding anything to the contrary herein, the
provisions of this Article VI and Article VII shall survive the termination of this Agreement. Notwithstanding anything
contained herein to the contrary, nothing in this Agreement shall be deemed to constitute a waiver, modification or amendment to
any rights or remedies any party may have under the Purchase Agreement or the Exchange Agreement.

 

ARTICLE
VII

 

MISCELLANEOUS

 

Section
7.1     Further Actions. Subject to the terms and conditions
set forth in this Agreement, the Stockholder agrees to take any and all actions and to do all
things reasonably necessary or appropriate to effectuate this Agreement.

 

Section
7.2     Fees and Expenses. Except as otherwise specifically provided herein or in the Purchase
Agreement or the Exchange Agreement, each party shall bear its own expenses in connection with this Agreement and the transactions
contemplated hereby. Notwithstanding the foregoing, in the event that a closing occurs under the Purchase Agreement, the Company
shall reimburse the Stockholder for up to $25,000 of documented expenses incurred by the Stockholder in connection with the negotiation
of this Agreement, the Purchase Agreement, the Exchange Agreement and the transactions contemplated hereby and thereby.

 

Section
7.3     Amendments, Waivers, etc. This Agreement
may not be amended except by an instrument in writing signed by the parties hereto and specifically referencing this Agreement.
At any time during the Voting Period, any party hereto may (a) for the benefit of the other parties hereto extend the time for
the performance of any of the obligations or other acts of the other parties hereto, (b) waive any inaccuracies in the representations
and warranties contained herein or in any document delivered pursuant hereto, and (c) subject to the requirements of applicable
law, waive compliance with any of the agreements or conditions contained herein. Any such extension or waiver shall be valid if
set forth in an instrument in writing signed by the party or parties to be bound thereby and specifically referencing this Agreement.
The failure of any party to assert any rights or remedies shall not constitute a waiver of such rights or remedies.

 

Section
7.4     Notices. All notices and other communications hereunder shall be in writing and
shall be deemed given if delivered personally, sent via electronic mail (with confirmation), mailed by registered or certified
mail (return receipt requested) or delivered by an express courier (with confirmation) to the Parties at the following addresses
(or at such other address for a party as may be specified by like notice):

 

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If to the Company: XpresSpa Group, Inc., 254
West 31st Street, 11th Floor, New York, New York 10001, Attn: Douglas Satzman, Chief Executive Officer, E-mail: dsatzman@xpresspa.com,
with a copy by electronic mail only to (which shall not constitute notice): Daniel Bagliebter, Esq., 666 Third Avenue, New York,
New York 10017, E-mail: dabagliebter@mintz.com.

 

If to Stockholder: At the address set forth
next to the name of Stockholder on the signature pages hereto.

 

Section
7.5     Headings. The headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement..

 

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

 

Section
7.7     Entire Agreement; Assignment. This Agreement constitutes the entire agreement, and
supersedes all other prior agreements and understandings, both written and oral, between the parties, or any of them, with respect
to the subject matter hereof. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned
by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties,
except that without consent, the Company may assign all or any of its rights and obligations hereunder to any of its Subsidiaries
or Affiliates that assume the rights and obligations of the Company under the Purchase Agreement and the Exchange Agreement. Subject
to the preceding two sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties
hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary set forth herein, each Stockholder
agrees that this Agreement and the obligations hereunder shall not be binding upon any Person to which record or beneficial ownership
of such Stockholder’s Subject Shares shall pass, whether by operation or law or otherwise, including such Stockholder’s
heirs, guardians, administrators or successors and assigns, after the end of the Restricted Period (it being understood that any
proxy delivered pursuant to Section 2.2 shall remain in effect in accordance with Section 2.3).

 

Section
7.8     Parties in Interest. This Agreement shall be binding upon and inure solely to the
benefit of each party hereto, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other
Person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement, including the right to rely
upon the representations and warranties set forth herein. The representations and warranties in this Agreement are the product
of negotiations among the parties hereto and are for the sole benefit of the parties hereto. Any inaccuracies in such representations
and warranties are subject to waiver by the parties hereto in accordance with Section 7.3 without notice or liability to
any other person. In some instances, the representations and warranties in this Agreement may represent an allocation among the
parties hereto of risks associated with particular matters regardless of the knowledge of any of the parties hereto. Consequently,
Persons other than the parties hereto may not rely upon the representations and warranties in this Agreement as characterizations
of actual facts or circumstances as of the date of this Agreement or as of any other date (except the Company solely with respect
to Section 3.4 hereof).

 

Section
7.9     Interpretation. When a reference is made in this Agreement to an Article or
Section, such reference shall be to an Article or Section of this Agreement unless otherwise indicated. Whenever the words
 “include,” “includes” or “including” are used in this Agreement, they shall be deemed to
be followed by the words “without limitation.” The words “hereof,” “herein” and
 “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement. All terms defined in this Agreement shall have the defined meanings when
used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions
contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein
or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time
amended, modified or supplemented in accordance with the terms hereof, including (in the case of agreements or instruments)
by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all
attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and
assigns. Each of the parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question
of intent or interpretation arises, this Agreement must be construed as if drafted by all the parties and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this
Agreement. This Agreement shall be construed without regard to any presumption or rule requiring construction or
interpretation against the party drafting or causing any instrument to be drafted.

 

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Section
7.10     Governing Law. THIS AGREEMENT AND ALL QUESTIONS RELATING TO THE INTERPRETATION
OR ENFORCEMENT OF THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED
BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT
THAT SUCH PRINCIPLES WOULD DIRECT A MATTER TO ANOTHER JURISDICTION.

 

Section
7.11     Specific Performance. Each Stockholder acknowledges
that any breach of this Agreement would give rise to irreparable harm for which monetary damages would not be an adequate remedy
and the Company shall be entitled to a decree of specific performance and to temporary, preliminary and permanent injunctive relief
to prevent breaches or threatened breaches of any of the provisions of this Agreement, without the necessity of proving the inadequacy
of monetary damages as a remedy, which shall be the sole and exclusive remedy for any such breach. Notwithstanding anything contained
herein to the contrary, nothing in this Agreement shall be deemed to constitute a waiver, modification or amendment to any rights
or remedies any party may have under the Purchase Agreement or the Exchange Agreement.

 

Section
7.12    Submission to Jurisdiction. The parties hereby irrevocably submit to the exclusive personal
jurisdiction of the Court of Chancery of the State of Delaware, or, if the Chancery Court declines jurisdiction, the United States
District Court for the District of Delaware or the courts of the State of Delaware solely in respect of the interpretation and
enforcement of the provisions of this Agreement and hereby waive, and agree not to assert, as a defense in any action, suit or
proceeding for the interpretation or enforcement hereof, that it is not subject thereto or that such action, suit or proceeding
may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement
may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims relating to such action, suit
or proceeding shall be heard and determined in such courts. The parties hereby consent to and grant any such court jurisdiction
over the person of such parties and, to the extent permitted by law, over the subject matter of such dispute and agree that mailing
of process or other papers in connection with any such action or proceeding in the manner provided in Section 7.4 or in
such other manner as may be permitted by Law shall be valid and sufficient service thereof.

 

Section
7.13     Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH
MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES
THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.13.

 

Section
7.14     Counterparts. This Agreement may be executed in two or more counterparts
(including by facsimile transmission or other means of electronic transmission, such as by electronic mail in
 “pdf” form), each of which shall be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument, and shall become effective when one or more counterparts have been signed by each of the
parties and delivered (by facsimile or otherwise) to the other parties.

 

Section
7.15     Relationship of the Parties. This Agreement has been negotiated on an arm’s
length basis between the parties and is not intended to create a partnership, joint venture or agency relationship between the
parties.

 

[signature page follows]

 

    8

     

    

 

IN WITNESS WHEREOF, The Company and the Stockholder
have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	XPRESSPA GROUP, INC.
	 	 	 
	 	 	 
	 	By:   	 /s/ Douglas Satzman 
	 	 	Name: Douglas Satzman
	 	 	Title: Chief Executive Officer

 

[Signature Page to Voting Agreement]

 

    9

     

    

 

IN WITNESS WHEREOF, the Company and the
Stockholder have caused this Agreement to be duly executed as of the day and year first above written.

	 	MISTRAL SPA HOLDINGS, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Andrew R. Heyer
	 	Name:  	Andrew R. Heyer

 

[Signature Page to Voting Agreement]

 

    10

     

    

 

Schedule I

Ownership of Common Shares

 

	Name and Address of Stockholder	Number of Common Shares 
	
         Mistral Spa Holdings, LLC

        650 Fifth Avenue, Floor 31, New York, NY 10019

         
	6,750,773
	Total:	6,750,773

 

    11Exhibit

EXHIBIT 4.4

DESCRIPTION OF REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
The following is a description of New York City REIT, Inc.’s securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of December 31, 2019 and certain provisions of the Maryland General Corporation Law (the “MGCL”), and our charter and bylaws.  The description is a summary, does not purport to be complete and is subject to and qualified in its entirety by reference to Maryland law and to our charter and bylaws, copies of which are filed as exhibits to our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and are incorporated by reference herein.
As used herein, the terms “Company,” “we,” “our” and “us” refer to New York City REIT, Inc., a Maryland corporation. 
General 
Our charter authorizes us to issue up to 350,000,000 shares of stock, of which 300,000,000 shares are classified as common stock at $0.01 par value per share and 50,000,000 shares are classified as preferred stock at $0.01 par value per share. 
Our board of directors, with the approval of a majority of the entire board and without any action taken by our stockholders, may amend our charter from time to time to increase or decrease the aggregate number of our authorized shares or the number of shares of any class or series that we have authority to issue. Under Maryland law, stockholders are not generally liable for our debts or obligations solely as a result of their status as stockholders. 
The transfer agent for our common stock is Computershare Trust Company, N.A. 
Common Stock 
Subject to any preferential rights of any other class or series of stock and to the provisions of our charter regarding the restrictions on the ownership and transfer of stock, the holders of shares of common stock are entitled to such distributions as may be authorized from time to time by our board of directors out of legally available funds and declared by us and, upon our liquidation, are entitled to receive all assets available for distribution to our stockholders. Upon issuance for full payment in accordance with the terms of this offering, all shares of common stock issued in the offering will be fully paid and nonassessable. Holders of shares of common stock will not have preemptive rights, which means that they will not have an automatic option to purchase any new shares that we issue, or preference, conversion, exchange, sinking fund or redemption rights. Holders of shares of common stock will not have appraisal rights unless our board of directors determines that appraisal rights apply, with respect to all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which holders would otherwise be entitled to exercise appraisal rights. Shares of our common stock have equal distribution, liquidation and other rights.
Preferred Stock
Under our charter, our board of directors, without stockholder approval, is authorized to approve the issuance of shares of preferred stock in one or more classes or series, to establish the number of shares in each class or series and to fix the terms thereof. Our board of directors could authorize the issuance of additional shares of preferred stock with terms and conditions that could have the effect of discouraging a takeover or other transaction that holders of common stock might believe to be in their best interests or in which holders of some, or a majority, of the shares of common stock might receive a premium for their shares over the then market price of such shares of common stock.
 
Some of the rights, preferences, privileges and restrictions of the shares of preferred stock of a class or series may include the following:

 
		
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	distribution rights;

		
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	conversion rights;

		
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	voting rights;

		
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	redemption rights and terms of redemptions; and

		
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	liquidation preferences.

Certain Provisions of the Maryland General Corporation Law and our Charter and Bylaws
Power to Reclassify Shares of Our Stock 

Our board of directors may classify any unissued shares of preferred stock, and reclassify any unissued shares of common stock or any previously classified but unissued shares of preferred stock, into other classes or series of stock, including one or more classes or series of stock that have priority over our common stock with respect to voting rights or distributions or upon liquidation, and authorize us to issue the newly classified shares. Prior to the issuance of shares of each class or series, our board of directors is required by the MGCL and our charter to set, subject to the provisions of our charter regarding the restrictions on ownership and transfer of our stock, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption for each such class or series. These actions can be taken without stockholder approval, unless stockholder approval is required by applicable law, the terms of any other class or series of our stock or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded.
Restrictions on Transfer and Ownership of Stock 
In order for us to qualify as a REIT under the Code, we must meet the following criteria regarding our stockholders’ ownership of our shares:
		
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	five or fewer individuals (as defined in the Code to include specified private foundations, employee benefit plans and trusts and charitable trusts) may not own, directly or indirectly, more than 50% in value of our outstanding shares during the last half of a taxable year, other than our first REIT taxable year; and

		
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	100 or more persons must beneficially own our shares during at least 335 days of a taxable year of twelve months or during a proportionate part of a shorter taxable year, other than our first REIT taxable year.

We may prohibit certain acquisitions and transfers of shares so as to ensure our continued qualification as a REIT under the Code. However, there can be no assurance that this prohibition will be effective. Because we believe it is essential for us to continue to qualify as a REIT, among other purposes, our charter provides (subject to certain exceptions) that no person may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 9.8% in value of the aggregate of our outstanding shares of stock or more than 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series of shares of our stock.
Our board of directors, in its sole discretion, may (prospectively or retroactively) waive this ownership limit if evidence satisfactory to our directors, including certain representations and undertakings required by our charter, is presented that such ownership will not then or in the future jeopardize our status as a REIT. Also, these restrictions on transfer and ownership will not apply if our directors determine that it is no longer in our best interests to continue to qualify as a REIT or that compliance is no longer necessary for REIT qualification.
Additionally, our charter prohibits the transfer or ownership of our stock if such transfer or ownership would:

		
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	with respect to transfers only, result in our stock being beneficially owned by fewer than 100 persons, determined without reference to any rules of attribution;

		
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	result in our being “closely held” within the meaning of Code Section 856(h) (regardless of whether the ownership interest is held during the last half of a taxable year);

		
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	result in our owning, directly or indirectly, more than 9.8% of the ownership interests in any tenant or subtenant; or

		
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	otherwise result in our disqualification as a REIT.

Any attempted transfer of our stock which, if effective, would result in our stock being beneficially owned by fewer than 100 persons will be null and void and the proposed transferee will not acquire any rights in such stock. In the event of any attempted transfer of our stock which, if effective, would result in (i) violation of the ownership limit discussed above, (ii) our being “closely held” under Code Section 856(h), (iii) our owning (directly or indirectly) more than 9.8% of the ownership interests in any tenant or subtenant or (iv) our otherwise failing to qualify as a REIT, then the number of shares causing the violation (rounded up to the nearest whole share) will be automatically transferred to a trust for the exclusive benefit of one or more charitable beneficiaries, and the proposed transferee will not acquire any rights in the shares. These shares so transferred to a beneficial trust are referred to as “Excess Securities.” If the transfer of Excess Securities to a beneficial trust would not be effective for any reason to prevent any of the above violations, then the transfer of that number of shares that would otherwise cause the violation will be null and void and the proposed transferee will not acquire any rights in the shares. Excess Securities will remain issued and outstanding shares and will be entitled to the same rights and privileges as all other shares of the same class or series. The trustee of the beneficial trust, as holder of the Excess Securities, will be entitled to receive all dividends and other distributions authorized by our board of directors and declared by us on such securities for the benefit of the charitable beneficiary. Our charter further entitles the trustee of the beneficial trust to exercise all voting rights of the Excess Securities. Subject to Maryland law, the trustee will also have the authority (i) to rescind as void any vote cast by the intended transferee prior to our discovery that the shares have been transferred to the trust and (ii) to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary. However, if we have already taken irreversible corporate action, then the trustee will not have the authority to rescind and recast the vote.
The trustee of the beneficial trust will select a transferee to whom the Excess Securities may be sold as long as such sale does not violate the 9.8% ownership limit or the other restrictions on ownership and transfer. Upon sale of the Excess Securities, the intended transferee (the transferee of the Excess Securities whose ownership would have violated the 9.8% ownership limit or the other restrictions on ownership and transfer) will receive from the trustee of the beneficial trust the lesser of such sale proceeds, or the price per share the intended transferee paid for the Excess Securities (or, in the case of a gift or devise to the intended transferee, the price per share equal to the market value per share on the date of the transfer to the intended transferee). The trustee may reduce the amount payable to the intended transferee by the amount of dividends and other distributions that have been paid to the intended transferee and are owed by the intended transferee to the trustee. The trustee of the beneficial trust will distribute to the charitable beneficiary any amount the trustee receives in excess of the amount to be paid to the intended transferee.
In addition, we have the right to purchase any Excess Securities at the lesser of (i) the price per share paid in the transfer that created the Excess Securities (or, in the case of a devise or gift, the market price at the time of such devise or gift) and (ii) the market price on the date we, or our designee, exercise such right. We may reduce the amount payable to the intended transferee by the amount of dividends and other distributions which have been paid to the intended transferee and are owed by the intended transferee to the trustee. We will have the right to purchase the Excess Securities until the trustee has sold the shares. Upon a sale to us, the interest of the charitable beneficiary in the shares sold will terminate and the trustee will distribute the net proceeds of the sale to the intended transferee.
Any person who (i) acquires or attempts or intends to acquire shares in violation of the foregoing ownership limitations, or (ii) would have owned shares that resulted in a transfer to a charitable trust, is required to 

give us immediate written notice or, in the case of a proposed or intended transaction, 15 days’ written notice. In both cases, such persons must provide to us such other information as we may request in order to determine the effect, if any, of such transfer on our status as a REIT. The foregoing restrictions will continue to apply until our board of directors determines it is no longer in our best interest to continue to qualify as a REIT or that compliance is no longer required for REIT qualification.
Any person who owns more than 5% of the outstanding shares during any taxable year will be asked to deliver written notice stating the name and address of such owner, the number of shares beneficially owned, directly or indirectly, and a description of the manner in which such shares are held.
Number of Directors; Vacancies; Removal 

We presently have four directors. This number may be increased or decreased from time to time pursuant to the bylaws, but may never be less than one or more than fifteen. Our board of directors is divided into three classes of directors serving staggered three-year terms. At each annual meeting, directors of one class are elected to serve until the annual meeting of stockholders held in the third year following the year of their election and until their successors are duly elected and qualify.

We have elected in our charter to be subject to a provision of Maryland law requiring that, except as otherwise provided in the terms of any class or series of preferred stock, vacancies on our board of directors may be filled only by the remaining directors and that any individual elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until his or her successor is duly elected and qualifies. Any director may resign at any time by delivering his or her notice to the board of directors, the chairman of the board of directors, our chief executive officer or our secretary.

Our charter provides that any or all directors may be removed from office with or without cause by the affirmative vote of the stockholders, subject to the rights of holders of one or more classes or series of preferred stock, entitled to cast a majority of the votes entitled to be cast generally in the election of directors.

Action by Stockholders 
Under the MGCL, common stockholder action can be taken only at an annual or special meeting of stockholders or by unanimous consent in lieu of a meeting (unless the charter provides for a lesser percentage, which our charter does not). These provisions, combined with the requirements of our charter and bylaws regarding the calling of a stockholder-requested special meeting of stockholders discussed below, may have the effect of delaying consideration of a stockholder proposal until the next annual meeting.
Meetings and Special Voting Requirements 
Subject to our charter restrictions on ownership and transfer of our stock and except as may otherwise be specified in our charter, each holder of common stock is entitled at each meeting of stockholders to one vote per share owned by such stockholder on all matters submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of our board of directors, which means that the holders of a majority of shares of our outstanding stock entitled to vote generally in the election of directors can elect all of the directors then standing for election and the holders of the remaining shares of common stock will not be able to elect any directors.
Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, convert, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless declared advisable by its board of directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter provides for approval of these matters by the affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast.

However, our operating assets are held by our subsidiaries and these subsidiaries may be able to merge or sell all or substantially all of their assets without the approval of our stockholders.
Pursuant to our charter and bylaws, an annual meeting of our stockholders for the purpose of the election of directors and the transaction of any business will be held annually on a date and at the time and place set by our board of directors. Special meetings of stockholders to act on any matter that may properly be considered at a meeting of stockholders may be called upon the request of the board of directors, the chairman of the board of directors, the president or the chief executive officer and, subject to the satisfaction of certain procedural requirements, must be called by our secretary upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast on the matter at the meeting. The presence of stockholders entitled to cast at least a majority of all the votes entitled to be cast at such meeting on any matter, either in person or by proxy, will constitute a quorum.
Our board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new bylaws.
No Appraisal Rights 
As permitted by the MGCL, our charter provides that stockholders will not be entitled to exercise appraisal rights unless a majority of our board of directors determines that appraisal rights apply, with respect to all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which stockholders would otherwise be entitled to exercise appraisal rights.
Dissolution
Our dissolution must be declared advisable by a majority of our entire board of directors and approved by the affirmative vote of stockholders entitled to cast not less than a majority of the votes entitled to be cast on such matter.

Business Combinations
Under Maryland law, “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:
		
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	any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock; or

		
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	an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding stock of the corporation.

A person is not an interested stockholder under the statute if the board of directors approved 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 the approval, with any terms and conditions determined by the board of directors.
After the five-year prohibition, any such business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors and approved by the affirmative vote of at least:
		
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	80% of the votes entitled to be cast by holders of outstanding voting stock of the corporation; and

		
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	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 held by an affiliate or associate of the interested stockholder.

These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.
The statute 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 statute, our board of directors has adopted a resolution exempting any business combination with our advisor or any affiliate of our advisor. Consequently, the five-year prohibition and the super-majority vote requirements will not apply to business combinations between us and our advisor or any affiliate of our advisor, including other REITs sponsored by affiliates of our sponsor. As a result, our advisor or any affiliate of our advisor may be able to enter into business combinations with us that may not be in the best interest of our stockholders, without compliance with the super-majority vote requirements and the other provisions of the statute.
Control Share Acquisitions
Maryland law provides that a holder of control shares of a Maryland corporation acquired in a control share acquisition has no voting rights with respect to such shares except to the extent approved by the affirmative vote of stockholders entitled to cast two-thirds of the votes entitled to be cast on the matter, excluding “control shares:”
		
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	owned by the acquiring person;

		
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	owned by our officers; and

		
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	owned by our employees who are also directors.

“Control shares” mean voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer in respect of which the acquirer can exercise or direct the exercise of voting power, would entitle the acquiring person to exercise voting power in electing directors within one of the following ranges of voting power:
		
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	one-tenth or more, but less than one-third of all voting power;

		
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	one-third or more, but less than a majority of all voting power; or

		
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	a majority or more of all voting power.

Control shares do not include shares 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 occurs when, subject to some exceptions, a person directly or indirectly acquires ownership or the power to direct the exercise of voting power (except solely by virtue of a revocable proxy) of issued and outstanding control shares. A person who has made or proposes to make a control share acquisition, upon satisfaction of some specific conditions, including an undertaking to pay expenses, may compel our board of directors to call a special meeting of our stockholders to be held within 50 days of a request to consider the voting rights of the control shares. If no request for a meeting is made, we may present the question at any stockholders’ meeting.
If voting rights for control shares are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement on or before the 10th day after the control share acquisition as required by the statute, then, subject to some conditions and limitations, we may acquire any or all of the control shares (except those for which voting rights have been previously approved) for fair value determined, without regard to the absence of voting rights for the control shares, as of the date of any meeting of stockholders at which the voting rights of such shares are considered and not approved or, if no such meeting is held, as of the date of the last control share 

acquisition by the acquiror. If voting rights for control shares are approved at a stockholder 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 such appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition. The control share acquisition statute does not apply to shares acquired in a merger, consolidation, or share exchange if we are a party to the transaction or to acquisitions approved or exempted by our charter or bylaws.
As permitted by the MGCL, our bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions of our stock by any person. This bylaw provision may be amended or eliminated at any time in the future.
Subtitle 8
Subtitle 8 of Title 3 of the MGCL permits the board of directors of 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:
		
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	a classified board,

		
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	a two-thirds vote requirement for removing a director,

		
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	a requirement that the number of directors be fixed only by vote of the directors,

		
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	a requirement that a vacancy on our board of directors be filled only by 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

		
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	a majority requirement for the calling of a stockholder-requested special meeting of stockholders.

We have elected to classify our board of directors under Subtitle 8. We have also elected that, except as may be provided by our board of directors in setting the terms of any class or series of preferred stock, any and all vacancies on our board of directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the directorship in which the vacancy occurred. Through provisions in our charter and bylaws unrelated to Subtitle 8, we already vest in our board of directors the exclusive power to fix the number of directorships.
Tender Offers
Our charter provides that any tender offer made by any person, including any “mini-tender” offer, must comply with most of the provisions of Regulation 14D of the Exchange Act. If the offeror does not comply with the provisions set forth above, such non-complying offeror will be responsible for all of our expenses in connection with that offeror’s noncompliance.
Advance Notice of Director Nominations and New Business
Proposals to elect directors or conduct other business at an annual or special meeting must be brought in accordance with our bylaws. The bylaws provide that any business may be transacted at the annual meeting without being specifically designated in the notice of meeting. However, with respect to special meetings of stockholders, only the business specified in the notice of the special meeting may be brought at that meeting.
Our bylaws also provide that nominations of individuals for election to our board of directors and the proposal of other business may be made at an annual meeting, but only:

		
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	in accordance with the notice of the meeting;

		
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	by or at the direction of our board; or

		
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	by a stockholder who was a stockholder of record at the time of the giving of notice and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with the advance notice procedures set forth in our bylaws.

A notice of a director nomination or stockholder proposal to be considered at an annual meeting must be delivered to our secretary at our principal executive offices:
		
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	not later than 5:00 p.m., Eastern Time, on the 120th day nor earlier than 150 days prior to the first anniversary of the date of release of the proxy statement for the previous year’s annual meeting; or

		
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	if the date of the meeting is advanced or delayed by more than 30 days from the anniversary date or of the previous year’s annual meeting if an annual meeting has not yet been held, not earlier than 150 days prior to the annual meeting or not later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the annual meeting or the tenth day following our first public announcement of the date of such meeting.

Nominations of individuals for election to our board of directors may be made at a special meeting, but only:
		
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	by or at the direction of our board; or

		
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	if the meeting has been called for the purpose of electing directors, by a stockholder who was a stockholder of record at the time of the giving of notice and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice procedures set forth in our bylaws.

A notice of a director nomination to be considered at a special meeting must be delivered to our secretary at our principal executive offices:
		
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	not earlier than 120 days prior to the special meeting; and

		
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	not later than 5:00 p.m., Eastern Time, on the later of either:

		
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	90 days prior to the special meeting; or

		
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	10 days following the day of our first public announcement of the date of the special meeting and the nominees proposed by our board to be elected at the meeting.

Indemnification and Limitation of Directors’ and Officers’ Liability 
Maryland law 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 (1) actual receipt of an improper benefit or profit in money, property or services or (2) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains a provision that eliminates such liability to the maximum extent permitted by Maryland law. This provision does not reduce the exposure of directors and officers to liability under federal or state securities laws, nor does it limit the stockholders’ ability to obtain injunctive relief or other equitable remedies for a violation of a director’s or an officer’s duties to us, although the equitable remedies may not be an effective remedy in some circumstances. 
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 or threatened to be 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 or threatened to be made a party by reason of their service in those or other capacities unless it is established that (1) 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, (2) the director or officer actually received an improper personal benefit in money, property or services, or (3) 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 a director or officer for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a 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 us or in our right, or for a judgment of liability on the basis that personal benefit was improperly received, is limited to expenses. In addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of  (1) 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 (2) 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 appropriate standard of conduct was not met. 
Our charter requires us, to the maximum extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to: 
		
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	any present or former director or officer who is made or threatened to be made a party to or witness in the proceeding by reason of his or her service in that capacity;

		
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	​any individual who, while our director or officer and at our request, serves or has served as a director, officer, member, manager, partner or trustee of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to or witness in the proceeding by reason of his or her service in that capacity; or

		
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	our advisor and its affiliate from and against any claim, liability or expense to which they may become subject or which they may incur by reason of their service as our advisor. 

Our charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of ours in any of the capacities described above and to any employee or agent of us or a predecessor of us. 
We have entered into an indemnification agreement with each of our directors and officers, and certain former directors and officers, providing for indemnification of such directors and officers consistent with the provisions of our charter. The indemnification agreements provide that each indemnitee is entitled to indemnification unless it is established that (1) the act or omission of an indemnitee was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (2) such indemnitee actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, such indemnitee had reasonable cause to believe that his or her conduct was unlawful. The indemnification agreements further limit each indemnitee’s entitlement to indemnification in cases where (1) the proceeding was one by or in the right of us and such indemnitee was adjudged to be liable to us, (2) such indemnitee was adjudged to be liable on the basis that personal benefit was improperly received in any proceeding charging improper personal benefit to such indemnitee or (3) the proceeding was brought by such indemnitee, except in certain circumstances.
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the “Securities Act”) may be permitted to directors, officers or persons controlling us pursuant to the foregoing 

provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

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, shall 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 a duty owed by an director, officer or other employee of our company to our company or to our stockholders, (c) any action asserting a claim pursuant to any provision of the MGCL or our charter or bylaws, or (d) any action asserting a claim governed by the internal affairs doctrine.

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