Document:

Exhibit 10.5

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (“Agreement”)
is made and entered into as of the _____ day of _________, 2015, by and between RiverBanc Multifamily Investors, Inc., a Maryland
corporation (the “Company”), and ________________________ (“Indemnitee”).

 

WHEREAS, at the request of the Company,
Indemnitee currently serves as [a director] [and] [an officer] of the Company and may, therefore, be subjected to claims,
suits or proceedings arising as a result of such service;

 

WHEREAS, as an inducement to Indemnitee
to serve or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs
incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and

 

WHEREAS, the parties by this Agreement desire
to set forth their agreement regarding indemnification and advance of expenses;

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Definitions. For purposes
of this Agreement:

 

(a) “Change in Control”
means and includes each of the following:

 

(1) The acquisition, either directly
or indirectly, by any individual, entity or group (within the meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange
Act), of more than 50% of either (i) the then outstanding shares of the Company’s common stock, $0.01 par value per share
(the “Common Stock”), taking into account as outstanding for this purpose such shares of Common Stock issuable upon
the exercise of options or warrants, the conversion of convertible shares or debt, and the exercise of any similar right to acquire
such Common Stock (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control (i) any
acquisition by the Company or any of its subsidiaries or by the Manager or any of its Affiliates, (ii) any acquisition by a trustee
or other fiduciary holding the Company’s securities under an employee benefit plan sponsored or maintained by the Company
or any of its Affiliates, (iii) any acquisition by an underwriter, initial purchaser or placement agent temporarily holding the
Company’s securities pursuant to an offering of such securities or (iv) any acquisition by an entity owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of the then Outstanding Company Common
Stock.

 

    	 

    	 

    

 

(2) Individuals who constitute Incumbent
Directors at the beginning of any two-consecutive-year period, together with any new Incumbent Directors who become members of
the Board during such two-year period, cease to be a majority of the Board at the end of such two-year period.

 

(3) The consummation of a reorganization,
merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company that requires the
approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a
“Business Combination”), in each case, unless following such Business Combination:

 

(i) the individuals and entities
who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business Combination, beneficially
own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of members of the board of directors (or the analogous governing body) of the entity resulting from such
Business Combination (the “Successor Entity”) (or, if applicable, the ultimate parent entity that directly or indirectly
has beneficial ownership of sufficient voting securities to elect a majority of the members of the board of directors (or the analogous
governing body) of the Successor Entity (the “Parent Company”));

 

(ii) no person (other than any
employee benefit plan sponsored or maintained by the Successor Entity or the Parent Company) beneficially owns (within the meaning
of Rule 13d-3 under the Exchange Act), directly or indirectly, more than 50% of the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of members of the board of directors (or the analogous governing body)
of the Parent Company (or, if there is no Parent Company, the Successor Entity); and

 

(iii) at least a majority of the
members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the
Successor Entity) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s
approval of the execution of the initial agreement providing for such Business Combination;

 

(4) The direct or indirect sale,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions,
of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any person that
is not a subsidiary of the Company.

 

    	-2-

    	 

    

 

(b) “Corporate Status”
means the status of a person as a present or former director, officer, employee or agent of the Company or as a director, trustee,
officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in
such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may
be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee
serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation,
partnership, limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or
equity interest is or was owned directly or indirectly by the Company or (2) the management of which is controlled directly or
indirectly by the Company and (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities,
Indemnitee is subject to duties by, or required to perform services for, an employee benefit plan or its participants or beneficiaries,
including as deemed fiduciary thereof.

 

(c) “Disinterested Director”
means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance
of Expenses is sought by Indemnitee.

 

(d) “Effective Date”
means the date set forth in the first paragraph of this Agreement.

 

(e) “Expenses” means
any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness
in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting
from any Proceeding including, without limitation, the premium, security for and other costs relating to any cost bond, supersedeas
bond or other appeal bond or its equivalent.

 

(f) “Incumbent Directors”
means individuals elected to the Board of Directors (either by a specific vote or by approval of the proxy statement of the Company
in which such person is named as a nominee for director without objection to such nomination) and whose election or nomination
for election to the Board of Directors was approved by a vote of at least two-thirds of the directors serving on the Board of Directors
at the time of the election or nomination, as applicable, shall be an Incumbent Director.

 

(g) “Independent Counsel”
means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past
five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other
than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements),
or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance
of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either
the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

    	-3-

    	 

    

 

(h) “Proceeding” means
any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing, claim, demand, discovery request or any other actual, threatened or completed proceeding, whether brought
by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on
or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably
believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered
a Proceeding.

 

Section 2. Services by Indemnitee.
Indemnitee will serve in the capacity or capacities set forth in the first WHEREAS clause above. However, this Agreement shall
not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This
Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

Section 3. General. The Company shall
indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent
permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in
Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect
on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth
in the other sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation
Law (the “MGCL”), including, without limitation, Section 2-418 of the MGCL.

 

Section 4. Standard for Indemnification.
If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the
Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established
that (a) the act or omission of 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, (b) Indemnitee actually received an improper
personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause
to believe that Indemnitee’s conduct was unlawful.

 

 

    	-4-

    	 

    

 

Section 5. Certain Limits on Indemnification.
 Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

 

(a) indemnification hereunder
if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding
not subject to further appeal, to be liable to the Company;

 

(b) indemnification hereunder
if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable on the basis that
personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving
action in the Indemnitee’s Corporate Status; or

 

(c) indemnification or advance
of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification
under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the
Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or
of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide
otherwise.

 

Section 6. Court-Ordered Indemnification.
Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and
such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:

 

(a) if such court determines that
Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which
case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 

(b) if such court determines that
Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee
(i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt
of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall
deem proper without regard to any limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the
MGCL.

 

Section 7. Indemnification for Expenses
of an Indemnitee Who is Wholly or Partially Successful. Notwithstanding any other provision of this Agreement, and without
limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a
party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of
such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under
this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7 and, without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be
deemed to be a successful result as to such claim, issue or matter.

 

    	-5-

    	 

    

 

Section 8. Advance of Expenses for Indemnitee.
If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the
Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder,
advance all Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding. The Company shall make such advance
within ten days after the receipt by the Company of a statement or statements requesting such advance from time to time, whether
prior to or after final disposition of such Proceeding and may be in the form of, in the reasonable discretion of the Indemnitee
(but without duplication) (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance of funds
to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of
such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or
be preceded or accompanied by a written affirmation by Indemnitee and a written undertaking by or on behalf of Indemnitee, in substantially
the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of
the execution thereof. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in
the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section
8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s
financial ability to repay such advanced Expenses and without any requirement to post security therefor.

 

Section 9. Indemnification and Advance
of Expenses as a Witness or Other Participant. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding,
whether instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be advanced and
indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith
within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from
time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence
the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide
an undertaking and affirmation substantially in the form attached hereto as Exhibit A.

 

Section 10.Procedure for Determination
of Entitlement to Indemnification.

 

(a) To obtain indemnification under this
Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information
as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee
is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee
deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee
shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has
requested indemnification.

 

    	-6-

    	 

    

 

(b) Upon written request by Indemnitee for
indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by Independent Counsel,
in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall
be selected by the Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which
approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by a majority vote of the
Disinterested Directors or, by the majority vote of a group of Disinterested Directors designated by the Disinterested Directors
to make the determination, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii)
of the MGCL and approved by the Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel,
in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by the Board
of Directors, by the stockholders of the Company, other than directors or officers who are parties to the Proceeding. If it is
so determined that Indemnitee is entitled to indemnification, the Company shall make payment to Indemnitee within ten days after
such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary or appropriate to such determination in the discretion of the Board of Directors or Independent Counsel if
retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

 

(c) The Company shall pay the reasonable
fees and expenses of Independent Counsel, if one is appointed.

 

Section 11.Presumptions and Effect
of Certain Proceedings.

 

(a) In making any determination with respect
to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee
is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
Section 10(a) of this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the
making of any determination contrary to that presumption.

 

(b) The termination of any Proceeding or
of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its
equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the
requisite standard of conduct described herein for indemnification.

 

(c) The knowledge and/or actions, or failure
to act, of any other director, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager,
managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining
any other right to indemnification under this Agreement.

 

    	-7-

    	 

    

 

Section 12. Remedies of Indemnitee.

 

(a) If (i) a determination is made
pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance
of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days
after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section
of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been made that
Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the
State of Maryland, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant
to the Commercial Arbitration Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification
or advance of Expenses. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days
following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided,
however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under
Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws
rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication
or award in arbitration.

 

(b) In any judicial proceeding or arbitration
commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses,
as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification
or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12,
Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final
determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have
been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound
by all of the provisions of this Agreement.

 

(c) If a determination shall have been made
pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by
such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification that was not disclosed in connection with the determination.

 

    	-8-

    	 

    

 

(d) In the event that Indemnitee is successful
in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights
under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall
be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication
or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part
but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial
adjudication or arbitration shall be appropriately prorated.

 

(e) Interest shall be paid by the Company
to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the
Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either
the tenth day after the date on which the Company was requested to advance Expenses in accordance with Sections 8 or 9 of this
Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement
to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee
by the Company.

 

Section 13. Defense of the Underlying
Proceeding.

 

(a) Indemnitee shall notify the Company
promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating
to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with
such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure to
give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee,
to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding
or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the
Company is thereby actually so prejudiced.

 

(b) Subject to the provisions of the last
sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right to defend Indemnitee in any
Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any
such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above.
The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent
to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission
of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability
in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would
impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding
brought by Indemnitee under Section 12 of this Agreement.

 

    	-9-

    	 

    

 

(c) Notwithstanding the provisions of Section
13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee
reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld
or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent
with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved
by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or
potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense
of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense
of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that
the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding
to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right
to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably
withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in
connection with any such matter.

 

Section 14. Non-Exclusivity; Survival
of Rights; Subrogation.

 

(a) The rights
of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution
of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. Unless
consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement
or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken
or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless
of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal.
No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall
be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment
of any other right or remedy.

  

(b) In the event of any payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary
to enable the Company to bring suit to enforce such rights.

 

    	-10-

    	 

    

 

Section 15. Insurance.

 

(a) The Company will use its reasonable
best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of
Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of Indemnitee’s
Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for
any claims made against Indemnitee by reason of Indemnitee’s Corporate Status. In the event of a Change in Control, the Company
shall maintain in force any and all directors and officers liability insurance policies that were maintained by the Company immediately
prior to the Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker
in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer the same policy and an expiring
policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement
insurance carrier is necessary to obtain a policy substantially comparable in scope and amount, such insurance carrier shall have
an AM Best rating that is the same or better than the AM Best rating of the existing insurance carrier; provided, further, however,
in no event shall the Company be required to expend in the aggregate in excess of 250% of the annual premium or premiums paid by
the Company for directors and officers liability insurance in effect on the date of the Change in Control. In the event that 250%
of the annual premium paid by the Company for such existing directors and officers liability insurance is insufficient for such
coverage, the Company shall spend up to that amount to purchase such lesser coverage as may be obtained with such amount.

 

(b) Without in any way limiting any other
obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee which would otherwise be
indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate
of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage
of any insurance referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not in any
way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein,
and the execution and delivery of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights
or obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of
a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures
set forth in the respective policies.

 

(c) The Indemnitee shall cooperate with
the Company or any insurance carrier of the Company with respect to any Proceeding.

 

Section 16. Coordination of Payments.
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable
as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.

 

    	-11-

    	 

    

 

Section 17. Contribution. If the
indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason,
other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, in
respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to
the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall
pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts
paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment,
and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

 

Section 18. Reports to Stockholders.
To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification
of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with
the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or
advance of Expenses or prior to such meeting.

 

Section 19. Duration of Agreement; Binding
Effect.

 

(a) This Agreement shall continue
until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director, officer, employee
or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or
agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request
of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights
of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

(b) The indemnification and advance
of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto
and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be
a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure
to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal
representatives.

 

(c) The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all
or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to
Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

    	-12-

    	 

    

 

(d) The Company and Indemnitee
agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of
proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee
may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual
damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded
from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific
performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without
the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that, in the absence of
a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of
such a bond or undertaking.

 

Section 20. Severability. If any
provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid,
illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby
and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed
to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to
the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph
or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

Section 21. Counterparts. This Agreement
may be executed in one or more counterparts, (delivery of which may be by facsimile, or via e-mail as a portable document format
(.pdf) or other electronic format), each of which will be deemed to be an original and it will not be necessary in making proof
of this agreement or the terms of this Agreement to produce or account for more than one such counterpart. One such counterpart
signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

 

Section 22. Headings. The headings
of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof.

 

Section 23. Modification and Waiver.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.

 

    	-13-

    	 

    

 

Section 24. Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such
delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on
which it is so mailed:

 

(a) If to Indemnitee, to the address
set forth on the signature page hereto.

 

(b) If to the Company, to:

 

RiverBanc Multifamily Investors, Inc. 

227 West Trade Street 

Suite 900 

Charlotte, North Carolina 28202

  

or to such other address as may have been furnished in writing
to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

  

Section 25. Governing Law. This Agreement
shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts
of laws rules.

 

[SIGNATURE PAGE FOLLOWS]

 

    	-14-

    	 

    

 

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

 

	 	COMPANY:
	 	 	 
	 	RIVERBANC MULTIFAMILY INVESTORS, INC.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	Name:
	 	Address:

 

    	-15-

    	 

    

 

EXHIBIT A

 

AFFIRMATION
AND UNDERTAKING TO REPAY EXPENSES ADVANCED

 

To: The Board of Directors of RiverBanc Multifamily Investors,
Inc.

 

Re: Affirmation and Undertaking

 

Ladies and Gentlemen:

 

This Affirmation and Undertaking is being
provided pursuant to that certain Indemnification Agreement dated the _____ day of ______________, 20____, by and between RiverBanc
Multifamily Investors, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding]
(the “Proceeding”).

 

Terms used herein and not otherwise defined
shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding by reason
of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief
that at all times, insofar as I was involved as [a director] [and] [an officer] of the Company, in any of
the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did
not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had
no reasonable cause to believe that any act or omission by me was unlawful.

 

In consideration of the advance by the Company
for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in
connection with the Proceeding, it is established that (1) an act or omission by me 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 or (2) I
actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding,
I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced
Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

 

IN WITNESS WHEREOF, I have executed this
Affirmation and Undertaking on this ___ day of ____________________, 20____.

 

	 	Name:Exhibit 10.6

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT, dated as of          , 2015, is entered into by and among RiverBanc Multifamily
Investors, Inc., a Maryland corporation (the “Company”), RiverBanc LLC, a North Carolina limited liability company
(the “Manager”), and the persons listed on Schedule A hereto (each, a “Contributor”
and, collectively, the “Contributors”).

 

WHEREAS, each Contributor
has agreed to contribute certain assets to the Company in exchange for an aggregate of            
shares of Common Stock (the “Contributor Shares”) pursuant to the Contribution Agreements, each dated as of
        , 2015, between the Company and the respective Contributors.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

Section 1. Certain Definitions.

 

In addition to the
terms defined elsewhere in this Agreement, the following terms, as used herein, shall have the following meanings:

 

“Affiliate”
of any Person means any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, such Person. The term “control” (including the terms “controlled by”
and “under common control with”) as used with respect to any Person means the possession, directly or indirectly through
one or more intermediaries, of the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or otherwise.

 

“Agreement”
means this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or schedules
to any of the foregoing, and shall refer to this Registration Rights Agreement as the same may be in effect at the time such reference
becomes operative.

 

“Business
Day” means any day other than Saturday, Sunday or a day on which commercial banks in New York, New York are directed
or permitted to be closed.

 

“Common Stock”
means common stock, par value $0.01 per share, of the Company.

 

“Contributors”
has the meaning set forth in the Recitals.

 

“Contributor
Shares” has the meaning set forth in the Recitals.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

    	 

    	 

    

 

“Holder”
means, individually, (i) each Contributor, as a holder of record of Registrable Common Stock, and (ii) any direct or indirect
transferee of such Registrable Common Stock from any Contributor(s). For purposes of this Agreement, the Company may deem and treat
the registered holder of Registrable Common Stock as the Holder and absolute owner thereof, and the Company shall not be affected
by any notice to the contrary.

 

“IPO”
means the Company’s initial Underwritten Offering, as defined below.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, incorporated organization,
association, corporation, institution, public benefit corporation, government (whether federal, state, county, city, municipal
or otherwise, including, without limitation, any instrumentality, division, agency, body or department thereof) or any other entity.

 

“Prospectus”
means the prospectus or prospectuses included in any Registration Statement (including, without limitation, any prospectus subject
to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to
Rule 434 under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Common Stock covered by such Registration Statement and by all other amendments and
supplements to the prospectus, including post-effective amendments and all material incorporated by reference or deemed to be incorporated
by reference in such prospectus or prospectuses and any prospectus wrapper used in connection with such prospectus or prospectuses.

 

“Registrable
Common Stock” means the Contributor Shares, in each case, upon original issuance thereof and at all times subsequent
thereto, including upon the transfer thereof by the original Holder or any subsequent Holder and any securities issued in respect
of such securities by reason of or in connection with any exchange for or replacement of such securities or any stock dividend,
stock distribution, stock split, purchase in any rights offering or in connection with any combination of shares, recapitalization,
merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the
Common Stock, until, in the case of any such securities the earliest to occur of (i) the date on which it has been effectively
registered pursuant to the Securities Act and disposed of in accordance with the Registration Statement relating to it, or (ii) the
date on which it is distributed to the public by a Holder pursuant to Rule 144 promulgated by the SEC pursuant to the Securities
Act.

 

“Registration
Statement” means any registration statement of the Company filed with the SEC under the Securities Act which covers any
of the Registrable Common Stock pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements
to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference or
deemed to be incorporated by reference in such Registration Statement.

 

“Rule 415”
means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar Rule or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect
as such rule.

 

    	2

    	 

    

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Shelf Registration
Statement” means a registration statement on Form S-3 under the Securities Act (or any successor form thereto) providing
for the resale by the Holders from time to time pursuant to Rule 415 of any and all Registrable Common Stock.

 

“Underwritten
Registration” or “Underwritten Offering” means an offering pursuant to a registration statement filed
under the Securities Act in which securities of the Company are sold to underwriters for reoffering to the public.

 

Section 2. Registrations.

 

(a) Right to Demand
Registration.

 

(i) At any
time following the first anniversary of the consummation of the IPO and prior to the date on which the Company first files a Shelf
Registration Statement pursuant to Section 2(b) hereof, the Holders of not less than an aggregate of 200,000 shares of Registrable
Common Stock (“Initiating Holders”) may request registration under the Securities Act of all or part of the
Registrable Common Stock (a “Demand Registration”); provided, however, that neither Kevin Donlon,
Donlon Family LLC or their successors and assigns, shall have the right to request any Demand Registration hereunder.  Within
ten (10) Business Days after receipt of any such request for a Demand Registration by Initiating Holders, the Company shall
give written notice of such request to all other Holders of Registrable Common Stock, and shall include in such registration all
such Registrable Common Stock with respect to which the Company has received written requests for inclusion therein within twenty
(20) Business Days after the receipt of the Company’s notice. As soon as practicable after the Company has received any such
request for a Demand Registration, the Company shall file with the SEC the Registration Statement relating thereto.

 

(ii) After
any Demand Registration that has been filed with the SEC pursuant to clause (i) of this Section 2(a) has been declared
effective by the SEC, the Company shall use its reasonable best efforts to keep such Demand Registration effective until either
(i) a Shelf Registration Statement has been declared effective by the Commission, in accordance with Section 2(b) hereof, or (ii)
none of the shares of Common Stock covered by the Demand Registration are Registrable Common Stock.

 

(b) Mandatory Shelf
Registration. As soon as practicable after the date on which the Company first becomes eligible to register the resale of securities
of the Company pursuant to Form S-3 under the Securities Act, but no later than thirty (30) days after such date unless required
to be postponed pursuant to Section 2(c) hereof, the Company shall file with the SEC a Shelf Registration Statement (the “Mandatory
Shelf Registration”) with respect to all then Registrable Common Stock (the “Shelf Holders”). The
Company shall use its reasonable best efforts to (i) cause such Mandatory Shelf Registration to be declared effective by the
SEC as soon as practicable after the initial filing of such Mandatory Shelf Registration and (ii) maintain the effectiveness
of such Mandatory Shelf Registration Statement, and a current prospectus relating thereto, until the earliest to occur of (i) the
date on which all Registrable Common Stock included in such Mandatory Shelf Registration has been disposed of in accordance with
such Mandatory Shelf Registration Statement (or a Piggyback Registration as described in Section 2(e) hereof), or (ii) the
date on which it is distributed to the public by a Holder pursuant to Rule 144 promulgated by the SEC pursuant to the Securities
Act.

 

    	3

    	 

    

 

(c) Certain Timing
Restrictions on Demand Registrations and the Mandatory Shelf Registration. The Company may, no more than one time in any twelve-month
period, postpone or withdraw for up to sixty (60) days the filing or the effectiveness of a Registration Statement for a Demand
Registration or the Mandatory Shelf Registration if, based on the good faith judgment of the Company’s board of directors,
such postponement or withdrawal is necessary in order to avoid premature disclosure of a matter the Company’s board of directors
has determined would not be in the best interest of the Company to be disclosed at such time; provided, however,
that in no event shall the Company withdraw a Registration Statement after such Registration Statement has been declared effective;
and provided, further, however, that upon any such determination by the Company’s board of directors,
the Initiating Holders requesting such Demand Registration shall be entitled to withdraw such request. The Company shall provide
written notice to the Initiating Holders requesting such Demand Registration of (i) any postponement or withdrawal of the
filing or effectiveness of a Registration Statement pursuant to this Section 2(c), (ii) the Company’s decision to file
or seek effectiveness of such Registration Statement following such withdrawal or postponement and (iii) the effectiveness
of such Registration Statement.

 

(d) Underwritten
Offerings. If any of the Registrable Common Stock covered by a Demand Registration or the Mandatory Shelf Registration is to
be sold in an Underwritten Offering, the Initiating Holders in the case of a Demand Registration, or the Shelf Holders in the case
of the Mandatory Shelf Registration, shall have the right to select the managing underwriter(s) to administer the offering
subject to the approval of the Company, which approval shall not be unreasonably withheld. Notwithstanding the foregoing, in no
event shall the Company be obligated to effect more than one (1) Underwritten Offering hereunder in any single six (6) month
period, with the first such period measured from the date of the first such offering and ending on the same date during the six
(6) months following such offering, whether or not a Business Day.

 

(e) Piggyback Registration.
(i) If, at any time that a Demand Registration could be requested by any Holders, the Company proposes to file a registration statement
on Form S-11 or such other form under the Securities Act providing for the public offering of shares of Common Stock (a “Follow-On
Registration Statement”), the Company shall notify each Holder and their direct and indirect transferees to the extent
they hold Registrable Common Stock of the filing (including notifying each such Holder of the identity of the managing underwriters
of such public offering), within five (5) Business Days after such filing, and afford each Holder an opportunity to include
in such Follow-On Registration Statement all or any part of the Registrable Common Stock then held by such Holder. Each Holder desiring
to include in any such Follow-On Registration Statement all or part of the Registrable Common Stock held by such Holder shall,
within five (5) days after delivery of the above-described notice by the Company, so notify the Company in writing, and in such
notice shall inform the Company of the number of Registrable Common Stock such Holder wishes to include in such Follow-On Registration
Statement. Any election by any such Holder to include any Registrable Common Stock in such Follow-On Registration Statement will
not affect the inclusion of such Registrable Common Stock in the Mandatory Shelf Registration Statement or a Demand Registration
unless such Registrable Common Stock has been sold under the Follow-On Registration Statement. Notwithstanding anything to the
contrary set forth in this Section 2(e), neither Kevin Donlon, Donlon Family LLC or their successors and assigns shall have the
right to include in any such Follow-On Registration Statement all or any part of the Registrable Common Stock then held by such
Holder.

 

    	4

    	 

    

 

(ii) At any
time, the Company shall have the right to terminate or withdraw any Follow-On Registration Statement referred to in this Section
2(e) whether or not any Holder has elected to include Registrable Common Stock in such registration; provided, however,
the Company must provide each Holder that elected to include any Registrable Common Stock in such Follow-On Registration Statement
prompt written notice of such termination.

 

(iii) The
right of any such Holder’s Registrable Common Stock to be included in any Follow-On Registration Statement pursuant to this
Section 2(e) shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of
such Holder’s Registrable Common Stock in the Underwritten Offering to the extent provided herein. All Holders proposing
to distribute their Registrable Common Stock through such Underwritten Offering shall enter into an underwriting agreement in customary
form with the managing underwriters selected for such underwriting and complete and execute any questionnaires, powers of attorney,
indemnities, securities escrow agreements and other documents reasonably required under the terms of such underwriting, and furnish
to the Company such information in writing as the Company may reasonably request for inclusion in the Registration Statement; provided,
however, that no Holder shall be required to make any representations or warranties to or agreements with the Company or
the underwriters other than representations, warranties or agreements as are customary and reasonably requested by the underwriters.
Notwithstanding any other provision of this Agreement, if the managing underwriters of such Underwritten Offering determine in
good faith that marketing factors require a limitation on the number of shares to be included, then the managing underwriters may
exclude shares (including Registrable Common Stock) from the Follow-On Registration Statement and the Underwritten Offering and
any shares of Common Stock included in the Follow-On Registration Statement and the Underwritten Offering shall be allocated, first,
to the Company, and second, to each of the Holders requesting inclusion of their Registrable Common Stock in such Follow-On Registration
Statement on a pro rata basis based on the total number of Registrable Common Stock then held by each such Holder which is requesting
inclusion. If any Holder disapproves of the terms of any Underwritten Offering, such Holder may elect to withdraw therefrom by
written notice to the Company and the underwriter, delivered at least ten (10) Business Days prior to the effective date of
the Follow-On Registration Statement, provided, that if, in the opinion of counsel for the Company, such withdrawal
would necessitate a re-circulation of the Prospectus to investors, such Holder shall be required to deliver such written notice
at least twenty (20) Business Days prior to the effective date of the Follow-On Registration Statement. Any Registrable Common
Stock excluded or withdrawn from such Underwritten Offering shall be excluded and withdrawn from the Follow-On Registration Statement.

 

    	5

    	 

    

 

(iv) By electing
to include Registrable Common Stock in the Follow-On Registration Statement, each such electing Holder shall be deemed to have
agreed not to effect any sale or distribution of securities of the Company of the same or similar class or classes of the securities
included in the Follow-On Registration Statement, other than the Registrable Common Stock proposed to be sold pursuant to the Follow-On
Registration Statement, for a period of thirty (30) days following the effective date of the Follow-On Registration Statement.

 

Section 3. Limitations on Subsequent Registration
Rights.

 

From and after the
date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least 662⁄3% of the Registrable
Common Stock and their direct and indirect transferees, enter into any agreement with any holder or prospective holder of any securities
of the Company that would allow such holder or prospective holder to (i) include such securities in any registration unless,
under the terms of such agreement, such holder or prospective holder may include such securities in any such registration statement
filed by the Company only to the extent that the inclusion of such securities will not reduce the number of shares of Registrable
Common Stock of the Holders that are included or (ii) initiate a demand for registration of any securities held by such holder
or prospective holder during any period in which the Registration Statement relating to the Mandatory Shelf Registration is not
effective.

 

Section 4. Registration Procedures.

 

Whenever the Holders
request that any Registrable Common Stock be registered pursuant to this Agreement or the Mandatory Shelf Registration is required
to be provided, the Company shall use its reasonable best efforts to effect and maintain the registration and the sale of such
Registrable Common Stock in accordance with the intended methods of disposition thereof, and pursuant thereto the Company shall
as expeditiously as possible:

 

(a) prepare and file
with the SEC a Registration Statement with respect to such Registrable Common Stock in accordance with the filing requirements
set forth in paragraphs (a) and (b) of Section 2 hereof, subject to Section 2(c) hereof, and use its best efforts
to cause any such Registration Statement to become effective as soon as practicable thereafter; and before filing a Registration
Statement or Prospectus or any amendments or supplements thereto, furnish to the Holders of Registrable Common Stock covered by
such Registration Statement and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including,
if requested by such Holders, documents incorporated by reference in the Prospectus and, if requested by such Holders, the exhibits
incorporated or deemed incorporated by reference, and such Holders shall have the opportunity to object to any information pertaining
to such Holders that is contained therein and the Company will make the corrections reasonably requested by such Holders with respect
to such information prior to filing any Registration Statement or amendment thereto or any Prospectus or any supplement thereto;

 

    	6

    	 

    

 

(b) prepare and file
with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as
may be necessary to keep such Registration Statement effective, in the case of Demand Registration, for a period not less than
one hundred eighty (180) days, or such shorter period as is necessary to complete the distribution of the securities covered by
such Registration Statement and comply with the provisions of the Securities Act with respect to the disposition of all securities
covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers
thereof set forth in such Registration Statement;

 

(c) furnish to each
seller of Registrable Common Stock (without charge) such number of copies of such Registration Statement, each amendment and supplement
thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus) and such other documents
as such seller may reasonably request in order to facilitate the disposition of the Registrable Common Stock owned by such seller,
and the Company consents to the use of such Prospectus, including each preliminary Prospectus, by Holders of Registrable Common
Stock, in connection with the offering and sale of Registrable Common Stock covered by any such Prospectus;

 

(d) use its reasonable
best efforts to register or qualify such Registrable Common Stock under such other securities or blue sky laws of such jurisdictions
as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable
such seller to consummate the disposition in such jurisdictions of the Registrable Common Stock owned by such seller (provided,
that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify but for this subparagraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent
to general service of process in any such jurisdiction unless the Company is already subject to such service);

 

(e) notify each seller
of such Registrable Common Stock, at any time when a Prospectus relating thereto is required to be delivered under the Securities
Act, of the occurrence of any event as a result of which the Registration Statement, including the Prospectus contained therein,
contains an untrue statement of a material fact or omits any fact required to be stated therein or necessary to make the statements
therein not misleading, and, at the request of any such seller, the Company shall prepare a supplement or amendment to such Registration
Statement so that, as thereafter delivered to the purchasers of such Registrable Common Stock, such Prospectus shall not contain
an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading;

 

(f) in the case of
an Underwritten Offering, (i) enter into such customary agreements (including underwriting agreements in customary form),
(ii) take all such other actions as the Holders of a majority of number of shares of the Registrable Common Stock being sold
or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Common Stock,
including making executive officers of the Company available to participate in, and cause them to cooperate with the underwriters
in connection with, “road-show” and other customary marketing activities (including one-on-one meetings with prospective
purchasers of the Registrable Common Stock), (iii) cause to be delivered to the underwriters and the sellers, if any, opinions
of counsel to the Company in customary form, covering such matters as are customarily covered by opinions for an underwritten public
offering as the underwriters may request and addressed to the underwriters and the sellers and (iv) to the extent requested
by the managing underwriters of any such Underwritten Offering, cause to be delivered to such managing underwriters, customary
lock-up agreements of the Company and its officers and directors, in each case, for a period not to exceed thirty (30) days plus
any extensions necessary to comply with the rules and regulations of the Financial Industry Regulatory Authority, Inc.;

 

    	7

    	 

    

 

(g) subject to receipt
of reasonably acceptable confidentiality agreements, make available, for inspection by a representative of a seller of Registrable
Common Stock, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant
or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties
of the Company, and cause the Company’s officers, directors and independent accountants to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement;

 

(h) to use its reasonable
best efforts to cause all such Registrable Common Stock to be listed on each securities exchange on which securities of the same
class issued by the Company are then listed or, if no such similar securities are then listed, on a national securities exchange
selected by the Company;

 

(i) provide a transfer
agent and registrar for all such Registrable Common Stock and provide a CUSIP number for all such Registrable Common Stock not
later than the effective date of such Registration Statement;

 

(j) if requested, cause
to be delivered, immediately prior to the effectiveness of the Registration Statement (and, in the case of an Underwritten Offering,
at the time of delivery of any Registrable Common Stock sold pursuant thereto), letters from the Company’s independent certified
public accountants addressed to each selling Holder (unless such selling Holder does not provide to such accountants the appropriate
representation letter required by rules governing the accounting profession) and each underwriter, if any, stating that such
accountants are independent public accountants within the meaning of the Securities Act and the applicable rules and regulations
adopted by the SEC thereunder, and otherwise in customary form and covering such financial and accounting matters as are customarily
covered by letters of the independent certified public accountants delivered in connection with primary or secondary underwritten
public offerings, as the case may be;

 

(k) make generally
available to its stockholders a consolidated earnings statement (which need not be audited) for the twelve (12) months (or, if
applicable, such shorter period that the Company has been in existence) beginning after the effective date of a Registration Statement
as soon as reasonably practicable after the end of such period, which earnings statement shall satisfy the requirements of an earnings
statement under Section 11(a) of the Securities Act and Rule 158 thereunder;

 

    	8

    	 

    

 

(l) cooperate with
each selling Holder of Registrable Common Stock and each underwriter participating in the disposition of such Registrable Common
Stock and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc.
and make reasonably available its employees and personnel and otherwise provide reasonable assistance to the underwriters (taking
into account the needs of the Company’s businesses and the requirements of the marketing process) in the marketing of Registrable
Common Stock in any Underwritten Offering;

 

(m) use its reasonable
best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the
suspension of the qualification of any of the Registrable Common Stock for sale in any jurisdiction and, if such an order or suspension
is issued, to use reasonable efforts to obtain the withdrawal of such order or suspension at the earliest possible moment and to
notify each seller of Registrable Common Stock being sold of the issuance of such order and the resolution thereof or its receipt
of actual notice of the initiation or threat of any proceeding for such purpose;

 

(n) promptly notify
each seller of Registrable Common Stock and the underwriter or underwriters, if any:

 

(i) when
the Registration Statement, pre-effective amendment, the Prospectus or any Prospectus supplement or post-effective amendment to
the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when
the same has become effective;

 

(ii) of any
written request by the SEC for amendments or supplements to the Registration Statement or Prospectus;

 

(iii) of
the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop
order suspending the effectiveness of the Registration Statement; and

 

(iv) of the
receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Common Stock
for sale under the applicable securities or blue sky laws of any jurisdiction;

 

(o) at all times after
the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange
Act, the Company shall file all reports and other documents required to be filed by it under the Securities Act and the Exchange
Act and the rules and regulations adopted by the SEC thereunder, and take such further action as any Holders may reasonably
request, all to the extent required to enable such Holders to be eligible to sell Registrable Common Stock pursuant to Rule 144
under the Securities Act (or any similar rule then in effect); and

 

(p) as a condition
to being included in any Registration Statement, the Company may require each seller of Registrable Common Stock as to which any
registration is being effected to furnish to the Company any other information regarding such seller and the distribution of such
securities as the Company may from time to time reasonably request in writing.

 

    	9

    	 

    

 

Each seller of Registrable Common Stock
agrees by having its stock treated as Registrable Common Stock hereunder that, upon notice of the happening of any event as a result
of which the Prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any material
fact necessary to make the statements therein not misleading (a “Suspension Notice”), such seller will forthwith
discontinue disposition of Registrable Common Stock until such seller is advised in writing by the Company that the use of the
Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 4(e) hereof,
and, if so directed by the Company, such seller, at its option, either will destroy or deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies then in such seller’s possession, of the Prospectus covering such Registrable
Common Stock current at the time of receipt of such notice; provided, however, that such postponement of sales of Registrable Common
Stock by the Holders shall not exceed thirty (30) days in the aggregate in any three-month period or ninety (90) days in the aggregate
in any one year, except as a result of a refusal by the SEC to declare any post-effective amendment to the Registration Statement
effective after the Company has used all commercially reasonable efforts to cause such post-effective amendment to be declared
effective, in which case the Company shall terminate the suspension of the use of the Registration Statement immediately following
the effective date of the post-effective amendment. If the Company shall give any notice to suspend the disposition of Registrable
Common Stock pursuant to a Prospectus, the Company shall extend the period of time during which the Company is required to maintain
the Registration Statement effective pursuant to this Agreement by the number of days during the period from and including the
date of the giving of such notice to and including the date such seller either is advised by the Company that the use of the Prospectus
may be resumed or receives the copies of the supplemented or amended Prospectus. In any event, the Company shall not be entitled
to deliver more than three (3) Suspension Notices in any one year.

 

Section 5. Registration Expenses.

 

(a) All fees and expenses
incident to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration
and filing fees, fees and expenses of compliance with securities or blue sky laws, listing application fees, printing, word processing,
telephone, messenger and delivery expenses, transfer agent’s and registrar’s fees, cost of distributing Prospectuses
in preliminary and final form as well as any supplements thereto, and fees and disbursements of counsel for the Company, one counsel
retained by the Holders of Registrable Common Stock and all independent certified public accountants and other Persons retained
by the Company (all such expenses being herein called “Registration Expenses”) (but not including any underwriting
discounts or commissions attributable to the sale of Registrable Common Stock or fees and expenses of more than one counsel representing
the Holders of Registrable Common Stock, which shall be borne by the Holders), shall be borne by the Company (whether or not any
Registration Statement is declared effective or any of the transactions described herein is consummated). In addition, the Company
shall pay its internal expenses, the expense of any annual audit or quarterly review, the expense of any liability insurance and
the expenses and fees for listing the securities to be registered on each securities exchange on which they are to be listed.

 

(b) In connection with
each registration initiated hereunder, the Company shall reimburse the Holders covered by such registration or sale for the reasonable
fees and disbursements of one law firm chosen by the Holders of a majority of the number of shares of Registrable Common Stock
included in such registration sale.

 

    	10

    	 

    

 

(c) The obligation
of the Company to bear the expenses described in Section 5(a) and to reimburse the Holders for the expenses described in Section
5(b) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn
or suspended, is converted to another form of registration and irrespective of when any of the foregoing shall occur; provided,
however, that Registration Expenses for any Registration Statement withdrawn solely at the request of a Holder of Registrable Common
Stock (unless withdrawn following postponement of filing by the Company in accordance with Section 2 or any supplements or amendments
to a Registration Statement or Prospectus resulting from a misstatement furnished to the Company by a Holder shall be borne by
such Holder.

 

Section 6. Indemnification.

 

(a) The Company shall
indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its officers, directors, managing partners or
members, its investment manager and Affiliates, employees and agents of such Holder, any underwriter (as defined in the Securities
Act) and each Person, if any, who controls such Holder (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) from and against all losses, claims, damages, liabilities, judgments and expenses (including, without limitation,
the reasonable fees and other expenses incurred in connection with any suit, action, investigation or proceeding or any claim asserted)
caused by, arising out of, in connection with or based upon, any untrue or alleged untrue statement of material fact contained
in any Registration Statement, Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the
light of the circumstances under which they were made, not misleading or any violation or alleged violation by the Company of the
Securities Act, the Exchange Act, applicable “blue sky” laws or any rule or regulation promulgated thereunder,
except insofar as the same are made in reliance and in conformity with information relating to such Holder furnished in writing
to the Company by such Holder expressly for use therein or caused by such Holder’s failure to deliver to such Holder’s
immediate purchaser a copy of the Prospectus or any amendments or supplements thereto (if the same was required by applicable law
to be so delivered) after the Company has furnished such Holder with a sufficient number of copies of the same.

 

(b) In connection with
any Registration Statement in which a Holder is or Holders are participating, each such Holder shall furnish to the Company in
writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement
or Prospectus and shall indemnify, to the fullest extent permitted by law, the Company, its officers, directors, Affiliates, and
each Person who “controls” the Company within the meaning of the Securities Act (excluding such Holder itself, if applicable),
against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement
of material fact contained in the Registration Statement, Prospectus or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in the case of
the Prospectus, in the light of the circumstances under which they were made, not misleading, but only to the extent that the same
are made in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder
expressly for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser a copy
of the Prospectus or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after
the Company has furnished such Holder with a sufficient number of copies of the same; provided, however, that the
obligation to indemnify shall be several, not joint and several, among such Holders and the liability of each such Holder shall
be in proportion to and limited to the net amount received by such Holder from the sale of Registrable Common Stock pursuant to
such Registration Statement.

 

    	11

    	 

    

 

(c) Any Person entitled
to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks
indemnification and unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified
and indemnifying parties may exist with respect to such claim, such indemnifying party shall assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject
to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably
withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim
shall not be obligated to pay the fees and expenses of more than one counsel total for all parties indemnified by such indemnifying
party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or
equitable defenses available to such indemnified party which are in addition to or may conflict with those available to another
indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from
its obligations hereunder. No indemnifying party shall, without the prior written consent of the indemnified party, consent to
entry of any judgment or enter into any settlement or other compromise (i) which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim
or litigation or (ii) which includes any statement of admission of fault, culpability or failure to act by or on behalf of
such indemnified party.

 

(d) The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of
Registrable Common Stock or the termination of this Agreement.

 

(e) If the indemnification
provided for in or pursuant to this Section 6 is unavailable, unenforceable or insufficient to hold harmless any indemnified Person
in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions
which result in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party on the one hand and of the indemnified party on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the indemnifying party or by the indemnified party, and by each such party’s
respective intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding
anything herein to the contrary, in no event shall the liability of any selling Holder be greater in amount than the amount of
net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been obligated to
pay by way of indemnification if the indemnification provided for under Section 6(a) or  6(b) hereof had been
available under the circumstances.

 

    	12

    	 

    

 

Section 7. Participation in Underwritten
Registrations.

 

No Person may participate
in any registration hereunder that is an Underwritten Offering unless such Person (a) agrees to sell such Person’s securities
on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements
and (b) completes and executes all customary questionnaires, powers of attorney, indemnities, underwriting agreements, opinions,
lock-up agreements and other documents required under the terms of such underwriting arrangements.

 

Section 8. Rule 144.

 

The Company covenants
that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder in accordance with the requirements of the Securities Act and the Exchange Act, and after consummation
of the IPO it will take such further action as any Holder may reasonably request to make available adequate current public information
with respect to the Company meeting the current public information requirements of Rule 144(c) under the Securities Act,
to the extent required to enable such Holder to sell Registrable Common Stock without registration under the Securities Act within
the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended
from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder,
the Company will deliver to such Holder a written statement as to whether it has complied with such information and requirements.

 

Section 9. Miscellaneous.

 

(a) Notices.
All notices, requests and other communications to any party hereto hereunder shall be in writing (including facsimile or similar
writing) and shall be given,

 

If to the Company:

 

RiverBanc Multifamily Investors, Inc.

227 West Trade Street

Suite 900

Charlotte, North Carolina 28202

Attention: Chief Executive Officer

 

    	13

    	 

    

 

If to any Contributor:

 

To the address set forth on Schedule A

 

If to the Manager:

 

RiverBanc LLC

c/oRiverBanc Multifamily Investors, Inc.

227 West Trade Street

Suite 900

Charlotte, North Carolina 28202

Attention: Chief Executive Officer

 

If to a transferee
Holder, to the address of such Holder set forth in the transfer documentation provided to the Company;

 

or such other address
or facsimile number as any such party (or transferee) may hereafter specify for the purpose by notice to the other parties. Each
such notice, request or other communication shall be effective (a) if given by facsimile, when such facsimile is transmitted
to the facsimile number specified in this Section 9(a) and the appropriate facsimile confirmation is received or (b) if
given by any other means, when delivered at the address specified in this Section.

 

(b) No Waivers.
No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof
nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be exclusive, unless otherwise provided by applicable law.

 

(c) Successors and
Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, it being understood that subsequent Holders of the Registrable Common Stock are intended third party beneficiaries
hereof.

 

(d) Governing Law.
This Agreement and the rights and obligations of the parties hereto under this Agreement shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York. Each of the parties hereto irrevocably submits to the exclusive
jurisdiction of the courts of the State of New York and the United States District Court for any district within such state for
the purpose of any action or judgment relating to or arising out of this Agreement or any of the transactions contemplated hereby
and to the laying of venue in such court.

 

(e) Jurisdiction.
Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with,
this Agreement or the transactions contemplated hereby may be brought in any federal or state court located in the County and State
of New York, and each party hereto hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection
which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that
any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any
such suit, action or proceeding may be served on any party hereto anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party hereto agrees that service of process on such party as provided in
Section 9(a) shall be deemed effective service of process on such party.

 

    	14

    	 

    

 

(f) Waiver of Jury
Trial.

 

EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(g) Counterparts;
Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

 

(h) Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter of this Agreement
and supersedes all prior agreements and understandings, both oral and written, between the parties hereto with respect to the transactions
contemplated herein. Other than as expressly provided in this Agreement, no provision of this Agreement or any other agreement
contemplated hereby is intended to confer on any Person other than the parties hereto any rights or remedies.

 

(i) Captions.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

 

(j) Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party or third party beneficiary
hereto. Upon such a determination, the parties and any applicable third party beneficiaries hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner
in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

(k) Amendments.
The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Holders
of 66 2⁄3% of the Registrable Common Stock held by the Contributors and their direct and indirect transferees; provided,
that the consent or agreement of the Company shall be required with regard to any termination, amendment, modification or
supplement of, or waivers or consents to departures from, the terms hereof, which affect the Company’s obligations hereunder.

 

[Signature pages follow.]

 

    	15

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been duly executed by each party hereto as of the date first written above.

	 	 	 	 
	 	RIVERBANC MULTIFAMILY INVESTORS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	RIVERBANC LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTRIBUTORS:
	 	 	 	 
	 	 	NEW YORK MORTGAGE TRUST, INC.
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	 	JMP HOLDING LLC
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	 	DONLON FAMILY LLC
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	16

    	 

    

 

SCHEDULE A

 

CONTRIBUTORS

	 	 
	Contributors	Address
	 	 
	New York Mortgage Trust, Inc. 	275 Madison Avenue
	 	Suite 3200
	 	New York, NY 10016
	 	 
	JMP Holding LLC	600 Montgomery Street
	 	Suite 1100
	 	San Francisco, CA 94111
	 	 
	Donlon Family LLC	c/o Kevin Donlon
	 	227 West Trade Street
	 	Suite 900
	 	Charlotte, NC 28202

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00246-of-00352.parquet"}]]