Document:

Exhibit

Exhibit 10.8 

WAIVER AND ACKNOWLEDGMENT
This WAIVER AND ACKNOWLEDGMENT (this “Waiver”) is entered into on June 25, 2018 by and between HRB Professional Resources LLC (the “Company”), H&R Block, Inc., a Missouri corporation and the indirect parent corporation of the Company (“Block”), and Jeffrey J. Jones II, the President and Chief Executive Officer of Block (“Executive”).
WHEREAS, the Company, Block, and Executive are parties to that certain Employment Agreement dated as of August 21, 2017 (the “Employment Agreement”) which sets out the terms of Executive’s compensation, including Executive’s eligibility for an annual cash bonus under the H&R Block Executive Performance Plan (the “Executive Performance Plan”) with a maximum bonus equal to 200% of the Executive’s target bonus; 
WHEREAS, in connection with investments planned for fiscal year 2019 as a part of Block’s multi-year strategic plan, the Compensation Committee (the “Committee”) of the Board of Directors of Block intends to approve a limitation on the maximum annual short term incentive for fiscal year 2019 for all executives participating in the Executive Performance Plan of 150% of their target bonuses, with any amounts earned over target payable in restricted share units granted under the H&R Block, Inc. 2018 Long Term Incentive Plan; and 
WHEREAS, to evidence his full support of the annual short term incentive structure for executives participating in the Executive Performance Plan, including the limitation described in the foregoing clause, Executive wishes to waive his right to be eligible for a maximum cash bonus equal to 200% of his target bonus under Section 3(c) of the Employment Agreement. 
NOW THEREFORE, Executive, the Company, and Block hereby agree as follows:
1.Executive hereby expressly (a) voluntarily waives his rights to eligibility for a maximum cash bonus of 200% of his target bonus for fiscal year 2019 and agrees that, for fiscal year 2019, his maximum short term incentive bonus shall be equal to 150% of his target bonus, with any amounts earned over target payable in restricted share units on the terms determined by the Committee; and (b) agrees that the creation of and payments under such annual incentive structure shall not constitute a breach by the Company or Block of the Employment Agreement and shall not give Executive a right to terminate employment due to Good Reason (as defined in the Employment Agreement).

2.The Employment Agreement shall not otherwise be affected by this Waiver. 

IN WITNESS WHEREOF, the parties hereto have executed this Waiver.
EXECUTIVE

/s/ Jeffrey J. Jones II            
Jeffrey J. Jones II
AGREED TO BY:

H&R BLOCK, INC.                    HRB PROFESSIONAL RESOURCES, LLC

                                                
/s/ Tiffany S. Monroe                    /s/ Tiffany S. Monroe                
Tiffany S. Monroe                     Tiffany S. Monroe
Chief People Officer                    Chief People OfficerExhibit 10.1

 

CONTRIBUTION
AGREEMENT

 

Between

 

TALON
OP, L.P.

 

And

 

First
Capital Real ESTATE OPERATING PARTNERSHIP L.P.

 

Serenity
Bay

Goat
Head Hill

Island
of Antiqua

 

Dated
as of August 31, 2018

 

     

     

    

 

Table
of Contents

 

	1.	CONTRIBUTION	1
	 	 	 
	2.	CONTRIBUTION CONSIDERATION; UNITS; TAX MATTERS	1
	 	 	 
	3.	CLOSING	3
	 	 	 
	4.	PAYMENT OF THE CONTRIBUTION PRICE	3
	 	 	 
	5.	CONTRIBUTOR’S DELIVERIES	4
	 	 	 
	6.	INSPECTION PERIOD	4
	 	 	 
	7.	UCC MATTERS	5
	 	 	 
	8.	REPRESENTATIONS AND WARRANTIES	5
	 	 	 
	9.	ADDITIONAL CONDITIONS PRECEDENT TO CLOSING	6
	 	 	 
	10.	[INTENTIONALLY OMITTED	6
	 	 	 
	11.	CLOSING DELIVERIES	6
	 	 	 
	12.	SUCCESSORS AND ASSIGNS	7
	 	 	 
	13.	NOTICES	7
	 	 	 
	14.	BENEFIT	7
	 	 	 
	15.	MISCELLANEOUS	8

 

     

     

    

 

CONTRIBUTION
AGREEMENT

 

THIS
CONTRIBUTION AGREEMENT is made and entered into as of this August 31, 2018, (the “Contract Date”), by
and between First Capital Real Estate OPERATING PARTNERSHIP LP, a Delaware
Limited Partnership (“Contributor”), and Talon OP, L.P., a
Minnesota limited partnership (“Acquiror”).

 

1.             CONTRIBUTION.
Contributor agrees to contribute and convey to Acquiror, and Acquiror agrees to accept and assume from Contributor, for the Contribution
Consideration (as defined below) and on the terms and conditions set forth in this Agreement, all of such Contributor’s
rights, title and interest in and to Goat Head Hill and Dutchman’s Bay, Island of Antiqua (“Project”)
including, without limitation, the specific items as follows:

 

1.1.         All
of Contributor’s rights, title and interest in and to that certain Memorandum of Agreement between Brown McLennon and Contributor
and the government of Antigua and Barbuda regarding the development of hotels on the properties known as Dutchman’s Bay
and Goat Head Hill on Antigua dated July 28, 2015. Further to be included will be the First Amendment to Memorandum of Agreement
(“MOA”).

 

1.2.         All
of Contributor’s right, title and interest in and to that certain Amended and Restate Agreement dated February 16, 2018,
which amends and restates that certain agreement dated April 13, 2017, by and between Brown McLennon Company Limited and Contributor.

 

1.3.         All
of Contributor’s right, title and interest in and to a 100% ownership interest in Goat Head Hill Resort Development Ltd
and Dutchman’s Bay an Antigua and Barbuda Corporation (“Goat Head Interests”).

 

1.4.         All
of Contributor’s right, title and interest in and to 100% of the ownership interests in First Capital Holding Company Ltd,
an Antigua and Barbuda Corporation (“First Capital Interests”).

 

1.5.         Any
other property, personal or real, of Contributor which in anyway relates to the Goat Head Hill Project and Dutchman’s Bay.

 

2.             CONTRIBUTION
CONSIDERATION; UNITS; TAX MATTERS.

 

2.1.         General.
The sole general partner of Acquiror is Talon Real Estate Holding Corp. (“Talon Holding”). Talon Holding is
a publicly-traded real estate holding corporation, but is not a real estate investment trust. Acquiror may, in its sole and absolute
discretion, direct Contributor to convey the ownership interests and Project to one or more Affiliates (as defined below) of Talon
Holding, and hereby directs Contributor to convey the Project to an entity to be formed, Talon Antigua , a Delaware Limited Liability
Company (“Subsidiary”), a special purpose entity wholly-owned by Acquiror.

 

2.2.         Contribution
Consideration. The consideration to be paid to Contributor by Acquiror for the Project (the “Contribution Consideration”)
shall consist of LP Units (as defined below) having an aggregate value of $30,000,000.00.

 

2.3.         Units.

 

2.3.1.       The
Total LP Unit Amount shall be paid by the Acquiror’s delivery of Partnership Units (as that term is defined in the Partnership
Agreement, as defined below) in the Acquiror (the “LP Units”). The Total
LP Unit Amount and the allocation thereof shall be set forth in the LP Unit Schedule (as defined below). The LP Units shall be
redeemable for shares of common stock of Talon Holding (“Stock”) or cash
(or a combination thereof) in accordance with the redemption procedures described in the Partnership Agreement. Contributor acknowledges
that the LP Units are certificated and that, therefore, the issuance of the LP Units shall be evidenced by updating the Acquiror’s
LP Unit register, which shall be completed at Closing (the “Amendment”).

 

    1 

     

    

 

2.3.2.       The
Acquiror will deliver to Contributor, at Closing and thereafter, as provided in Section 4, the LP Units issued in the name of
Contributor.

 

2.3.3.       For
purposes of determining the number of LP Units to be delivered in satisfaction of payment of the Total LP Unit Amount, the Total
LP Unit Amount shall be divided by a “Unit Price”, which shall be equal to
Two and 50/100 Dollars ($2.50). 

 

The
LP Unit Schedule shall reflect the Unit Price.

 

2.3.4.       Contributor
has delivered to Acquiror, and has caused its members (“Interest Holders”)
to deliver to Acquiror, or to any otherparty designated by Acquiror, a completed questionnaire and representation letter (in substantially
the form set forth in Exhibit _, the “Investor Materials”)
providing, among other things, information concerning each Contributor’s, each Interest Holder’s and Contributor’s
status as an accredited investor (“Accredited Investor”), as such term is
defined in Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
and shall provide or cause to be provided to Acquiror, or to any other party designated by Acquiror, such other information and
documentation as may reasonably be requested by Acquiror in furtherance of the issuance of the LP Units as contemplated hereby.
Notwithstanding anything contained in this Agreement to the contrary, in the event that, in the reasonable opinion of Acquiror,
based on advice of its securities counsel, (y) the proposed issuance of LP Units hereunder might not qualify for the exemption
from the registration requirements of Section 5 of the Securities Act, or (z) the proposed issuance of LP Units hereunder would
violate any applicable federal or state securities laws, rules or regulations, or agreements to which Talon Holding or the Acquiror
is privy, or any tax related or other legal rules, agreements or constraints applicable to Talon Holding or the Acquiror, Acquiror
shall so advise Contributor, in writing (the “Regulatory Violation Notice”).
In the event a Regulatory Violation Notice is delivered, this Agreement shall terminate and no party shall have any further liability
hereunder except (i) as otherwise expressly set forth in this Agreement and (ii) to the extent a breach of this Agreement gives
rise to, or becomes the basis for, the Regulatory Violation Notice.

 

2.3.5.       Contributor
hereby covenants and agrees that it shall deliver or shall cause its members to deliver to Acquiror, or to any other party designated
by Acquiror, any documentation that may be required under the Partnership Agreement or any charter document of Talon Holding,
and such other information and documentation as may reasonably be requested by Acquiror, at such time as any LP Units are redeemed
for shares of Stock (“Conversion Shares”). The preceding covenant shall survive
the Closing and shall not merge into any of the conveyancing documents delivered at Closing.

 

2.3.6.       The
parties acknowledge that Contributor intends to treat the transfer of the Property in exchange for LP Units (the “Exchange”)
as a tax-free partnership contribution pursuant to Section 721 of the Internal Revenue Code of 1986, as amended (the “Code”).
Acquiror and Talon Holding shall cooperate in all reasonable respects with Contributor to effectuate such Exchange; provided,
however, that:

 

(i)
The provisions of this Section 2.3.6 shall survive the Closing and shall not merge into any conveyancing documents delivered
at Closing.

 

    2 

     

    

 

2.4.         Partnership
Agreement; Other Informational Materials. For purposes hereof, the term “Partnership Agreement” shall mean
the Acquiror’s Limited Partnership Agreement dated as of June 7, 2013, as may be amended from time to time. Contributor
hereby acknowledges and agrees that the ownership of LP Units by it and its rights and obligations as a limited partner of the
Acquiror (including, without limitation, their right to transfer, encumber, pledge and exchange LP Units) shall be subject to
all of the express limitations, terms, provisions and restrictions set forth in this Agreement and in the Partnership Agreement.
In that regard, Contributor hereby covenants and agrees that, at Closing, it shall execute any and all documentation reasonably
required by the Acquiror and Talon Holding to formally memorialize the foregoing (collectively, the “Partnership Agreement
Adoption Materials”). Contributor acknowledges that it has received and reviewed, prior to the Closing Date, the following
(the “Disclosure Materials”): (i) Talon Holding’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016, (ii) the Partnership Agreement. Contributor acknowledges that it: (x) has had an opportunity to obtain and
review each document incorporated by reference into the Disclosure Materials; (y) has had an opportunity to conduct a due diligence
review of the affairs of the Acquiror and Talon Holding; and (z) has been afforded the opportunity to ask questions of, and receive
additional information from, Talon Holding and Acquiror regarding Talon Holding and the Acquiror.

 

2.5.         Transfer
Requirements. Contributor may sell, transfer, assign, pledge or encumber, or otherwise convey any or all of the LP Units delivered
to it. Contributor acknowledges that it is familiar with the provisions of Rule 144 under the Securities Act
of 1933 and acknowledges and agrees that without registration of the Conversion Shares, the Conversion Shares generally may not
be sold for at least six months following conversion. The provisions of this Section 2.5 shall survive the Closing and shall not
merge into any of the conveyancing documents delivered at Closing.

 

2.6           Whenever
the Acquiror proposes to register any of its equity securities under the Securities Act other than pursuant to (i) the Acquiror
initial Public Offering (if the applicable underwriters request that only securities owned by the Acquiror be included in such
offering), (ii) in connection with a registration, the primary purpose of which is to register debt securities, (i.e., in connection
with a so-called “equity kicker”) or (iii) pursuant to a registration statement on Form S-1, S-3, S-4 or S-8 or any
similar or successor form and the registration form to be used may be used for the registration of Registerable Securities (a
“Piggyback Registration”), the Acquiror will give prompt written notice to all holders of LP Units, issued
in connection to this transaction, of its intention to effect such a registration and will include in such registration (and in
all related registrations or qualifications under blue sky laws or in compliance with other registration requirements and in any
related underwriting) all common shares with respect to which the Acquiror has received written requests for inclusion therein
within twenty (20) days after the receipt of the Acquiror notice.

 

3.             CLOSING.
The contribution of the Project and delivery of OP Units contemplated herein shall be
consummated at a closing (“Closing”) to take place on a date no later than September 30th, 2018.
The date on which the Closing occurs shall be referred to herein as the “Closing Date”. The Closing shall be
effective as of 12:01 a.m. Eastern Time on the Closing Date. Notwithstanding the foregoing, the risk of loss of all or any portion
of the Project shall be borne by Contributor up to and including the actual time of the Closing, and thereafter by Acquiror.

 

4.             Payment
of the Contribution Price.

 

4.1.         The
Contribution Price should be paid as follows:

 

    3 

     

    

 

4.1.1.       Ten
Million Dollars ($10,000,000.00) in the form of Four Million (4,000,000) Talon LP Units upon signing, Assignment of Agreements
and Assignment of all ownership interest in Goat Head Hill and First Capital Development.

 

4.1.2.       On
the one (1) year anniversary of the Closing Date, Ten Million Dollars ($10,000,000.00) in the form of Four Million (4,000,000)
Talon LP Units..

 

4.1.3.       On
the two (2) year anniversary of the Closing Date, Ten Million Dollars ($10,000,000.00) in the form of Four Million (4,000,000)
Talon LP Units.

 

4.2.         Notwithstanding
anything contained in this Section 4 and this Agreement to the contrary, Acquiror, in its sole discretion, shall have the right
to discontinue the Project at any time and no further sums (or LP Units) shall be due and owing Contributor. Contributor shall,
however, have the right to retain all Talon LP Units received on or prior to termination by Acquiror.

 

5.             CONTRIBUTOR’S
DELIVERIES. Subsequent to the Contract Date, Contributor shall make available to Acquiror, to the extent specifically
requested in writing by Acquiror and in Contributor’s possession and control, copies of all documents, contracts, information,
Records (as defined below) and exhibits pertinent to the transaction that is the subject of this Agreement, including, but not
limited to, the documents listed as “Contributor’s Deliveries” on Exhibit A. As used herein,
“Records” means all books, records, tax returns, correspondence, financial data, and all other documents and
matters, public or private, maintained by Contributor or its agents, relating to receipts and expenditures pertaining to the Project
for the three most recent full calendar years and the current calendar year and all contracts, and all other documents and matters,
public or private, maintained by Contributor or its agents, relating to operations of the Project.

 

6.             INSPECTION
PERIOD.

 

6.1.         Acquiror
shall have until the Closing Date to review and approval of Contributor’s Deliveries and Records. Notwithstanding anything
contained herein to the contrary, in the event Acquiror does not approve of the Project, Records and Contributor’s Deliveries,
Acquiror shall have the absolute right to terminate this Agreement.

 

6.2.         Confidentiality.
Each party agrees to maintain in confidence, and not to disclose (and shall cause its affiliates, employees and equity holders
to maintain in confidence, and not to disclose) to any person or entity, the information contained in this Agreement or pertaining
to the transaction contemplated hereby and the information and data furnished or made available by Contributor to Acquiror, its
agents and representatives in connection with Acquiror’s investigation of the Project and the transactions contemplated
by this Agreement; provided, however, that each party, its agents and representatives may disclose such information and data (i)
to such party’s accountants, attorneys, existing or prospective lenders, investment bankers, accountants, underwriters,
ratings agencies, partners, consultants and other advisors in connection with the transactions contemplated by this Agreement
(collectively, “Representatives”) to the extent that such Representatives reasonably need to know (in the disclosing
party’s reasonable discretion) such information and data in order to assist, and perform services on behalf of, the disclosing
party; and (ii) to the extent required by any applicable statute, law, regulation or Governmental Authority. In the event the
transactions contemplated by this Agreement shall not be consummated, such confidentiality shall be maintained indefinitely. Acquiror
and Contributor shall also have the right to issue a press release upon the consummation of the transactions described in this
Agreement.

 

    4 

     

    

 

6.3.       Return
of Documents. If Acquiror fails to close the transaction which is the subject matter of this Agreement for any reason, Acquiror
shall return all documents supplied to Acquiror by Contributor.

 

7.             UCC
MATTERS.

 

7.1.         UCC
Searches. Prior to Closing, Acquiror may obtain current searches of all Uniform Commercial Code financing statements filed
with the applicable Secretary of State, or the appropriate county official, against Contributor, Contributor’s affiliates
involved in the operation of the Project and the management agents for the Project.

 

8.             REPRESENTATIONS
AND WARRANTIES.

 

8.1.       Contributor.
Contributor represents and warrants to Acquiror that the following matters are substantially true in all material respects as
of the Contract Date and shall be substantially true in all material respects as of the Closing Date.

 

8.1.1.       Assistance;
Performance. Contributor agrees to perform all obligations pursuant to the MOA prior to Closing and to assist Acquiror in
the performance of all obligations related to the Project after Closing.

 

8.1.2.       Investment
Representation. Contributor represents that its LP Units are being acquired by it with the present intention of holding such
LP Units for purposes of investment, and not with a view towards sale or any other distribution. Contributor recognizes that it
may be required to bear the economic risk of an investment in the LP Units for an indefinite period of time. Contributor is an
Accredited Investor. Contributor has such knowledge and experience in financial and business matters so as to be fully capable
of evaluating the merits and risks of an investment in the LP Units. Contributor has been furnished with the informational materials
described herein (collectively, the “Informational Materials”), and has read
and reviewed the Informational Materials and understands the contents thereof.

 

8.1.3.       No
Competition. After Closing, Contributor, on behalf of Contributor and its affiliates, agrees that, for a period of ten (10)
years, to refrain from any involvement with any other projects on the islands of Antiqua and Barbuda.

 

8.2.         Acquiror.
If applicable, Acquiror represents and warrants to Contributor that the following matters are true as of the Contract Date and
shall be true as of the Closing Date:

 

8.2.1.       Acquiror
has been at all times, and presently intends to continue to be, classified as a partnership or a publicly traded partnership taxable
as a partnership for federal income tax purposes and not an association taxable as a corporation or a publicly traded partnership
taxable as a corporation.

 

8.2.2.       The
execution and delivery of this Agreement by Acquiror the performance of this Agreement by Acquiror, has been duly authorized by
Acquiror, and this Agreement is binding and enforceable against it in accordance with its terms except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or
affecting the enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies.

 

    5 

     

    

 

8.2.3.       The
LP Units, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement,
will be validly issued, fully paid and nonassessable.

 

9.             ADDITIONAL
CONDITIONS PRECEDENT TO CLOSING.

 

9.1.         Acquiror’s
Conditions Precedent. In addition to the other conditions enumerated in this Agreement, the following shall be additional
Acquiror’s Conditions Precedent:

 

9.1.1.       Pending
Actions. At Closing there shall be no administrative agency, litigation or governmental proceeding of any kind whatsoever,
pending or threatened, that, after Closing, would, in Acquiror’s sole and absolute discretion, materially and adversely
affect the value or marketability of the Project, or the ability of Acquiror to operate any or all of the Project in the manner
it is being operated on the Contract Date.

 

9.1.2.       Representations
and Warranties True. The representations and warranties of Contributor contained in this Agreement shall be true and correct
as of the Closing Date in all respects.

 

9.1.3.       Covenants
Performed. All covenants of Contributor required to be performed on or prior to the Closing Date shall have been performed,
in all material respects.

 

9.1.4.       Development
Agreement Termination. Contributor shall have caused termination of that certain Development Agreement dated September 15,
2015 (“Development Agreement”), by and between UR-FC Contributed Assets,
LLC, a Delaware limited liability company (“Owner”) and First Capital Partners,
LLC, a Nevada limited liability company (“Developer”). Contributor and Acquiror
agree that the Development Agreement is not a part of the Project to be contributed by Contributor, and acquired/assumed by Acquiror.

 

9.2.         Contributor’s
Additional Conditions Precedent. The following shall be additional Contributor’s Conditions Precedent:

 

9.2.1.       Representations
and Warranties. The representations and warranties of Acquiror contained in this Agreement shall be true and correct as of
the Closing Date, in all respects, as though such representations and warranties were made on such date.

 

9.2.2.       Covenants.
All covenants of Acquiror required to be performed on or prior to the Closing Date shall have been performed, in all material
respects.

 

10.           [Intentionally
Omitted.]

 

11.           CLOSING
DELIVERIES.

 

11.1.       Contributor’s.
At Closing (or such other times as may be specified below), Contributor shall deliver or cause to be delivered to Acquiror or
Subsidiary, as applicable, the following, in form and substance acceptable to Acquiror or Subsidiary, as applicable:

 

11.1.1.       Assignment
of Goat Head Interests and First Capital Interests. An Assignment of Ownership Interests, a copy of which is attached as Exhibit
B;

 

11.1.2.       Assignment
of MOA; 

 

11.1.3.       Assignment
of all other agreements and contracts related to the Project; 

 

    6 

     

    

 

11.1.4.       A
Termination of Development Agreement in form and substance acceptable to Acquiror in its sole discretion; and

 

11.1.5.       Original
Documents. To the extent not previously delivered to Acquiror, originals of the Records. 

 

11.2.       Acquiror’s.
As a condition precedent to Contributor’s obligation to close (“Contributor’s Condition Precedent”),
Acquiror or General Partner, as applicable, shall cause to be delivered to Contributor the following, each in form and substance
reasonably acceptable to Contributor, Subsidiary and Acquiror and their respective counsel:

 

Partnership
Agreement. A copy of the Partnership Agreement;

 

11.2.1.       The
LP Units. 

 

12.           SUCCESSORS
AND ASSIGNS. The terms, conditions and covenants of this Agreement shall be binding upon and shal inure to the
benefit of the parties and their respective successors and assigns.

 

13.           NOTICES.
Any notice, demand or request which may be permitted, required or desired to be given in connection therewith shall be given in
writing and directed to Contributor and Acquiror as follows:

 

Acquiror:

 

Talon
OP, L.P.

5500
Wayzata Boulevard, Suite 1070

Minneapolis,
Minnesota 55416

Attn:
MG Kaminiski

E-mail:
mgk@talonreit.com

 

 Contributor:

 

First
Capital Real Estate Operating Partnership LP

1407
Broadway

28th
Floor

New
York, NY 10018

Attn:
Suneet Singal

E-mail:
s@firstcapitalre.com

 

Notices
shall be deemed properly delivered and received when and if either (i) personally delivered, including via email; or (ii) on the
first business day after deposit with a commercial overnight courier for delivery on the next business day. Any party may change
its address for delivery of notices by properly notifying the others pursuant to this Section 13.

 

14.           BENEFIT.
This Agreement is for the benefit only of the parties hereto and their successors and assignees as permitted in Section 12 above
and no other person or entity shall be entitled to rely hereon, receive any benefit here from or enforce against any party hereto
any provision hereof.

 

    7 

     

    

 

15.           MISCELLANEOUS.

 

15.1.       Entire
Agreement. This Agreement constitutes the entire understanding between the parties with respect to the transaction contemplated
herein, and all prior or contemporaneous oral agreements, understandings, representations and statements, and all prior written
agreements, understandings, letters of intent and proposals, in each case with respect to the transaction contemplated herein,
are hereby superseded and rendered null and void and of no further force and effect. Neither this Agreement nor any provisions
hereof may be waived, modified, amended, discharged or terminated except by an instrument in writing signed by the party against
which the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then only to the extent
set forth in such instrument.

 

15.2.       Time
of the Essence. Time is of the essence of this Agreement.

 

15.3.       Conditions
Precedent. The waiver of any particular Acquiror’s Condition Precedent or Contributor’s Condition Precedent shall
not constitute the waiver of any other.

 

15.4.       Construction.
This Agreement shall not be construed more strictly against one party than against the other merely by virtue of the fact that
it may have been prepared by counsel for one of the parties, it being recognized that both Contributor and Acquiror have contributed
substantially and materially to the preparation of this Agreement. The headings of various Sections in this Agreement are for
convenience only, and are not to be utilized in construing the content or meaning of the substantive provisions hereof.

 

15.5.       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

15.6.       Partial
Invalidity. The provisions hereof shall be deemed independent and severable, and the invalidity or partial invalidity or enforceability
of any one provision shall not affect the validity of enforceability of any other provision hereof.

 

15.7.       Expenses.
Except and to the extent as otherwise expressly provided to the contrary herein, Acquiror and Contributor shall each bear its
own respective costs and expenses relating to the transactions contemplated hereby, including, without limitation, fees and expenses
of legal counsel or other representatives for the services used, hired or connected with the proposed transactions mentioned above.

 

15.8.       Waiver
of Conditions Precedent. Acquiror and Contributor shall each have the right, in its sole and absolute discretion, to waive
any Condition Precedent for its benefit contained in this Agreement.

 

15.9.       Counterparts.
This Agreement may be executed by electronic or facsimile signature and in any number of identical counterparts, any of which
may contain the signatures of less than all parties, and all of which together shall constitute a single agreement.

 

15.10.    Calculation
of Time Periods. Notwithstanding anything to the contrary contained in this Agreement, any period of time provided for in
this Agreement that is intended to expire on or prior to the Closing Date, but that would extend beyond the Closing Date if permitted
to run its full term, shall be deemed to expire upon Closing.

 

[The
remainder of this page intentionally left blank – signature page follows]

 

    8 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Contribution Agreement on the date first above written.

	 	 	 	 
	 	Contributor:
	 	 	 	 
	 	First
    Capital Real ESTATE OPERATING PARTNERSHIP LP, a Delaware Limited Partnership
	 	 	 	 
	 	By
    Its GENERAL PARTNER First Capital REal estate Trust Incorporated, a Maryland corporation
	 	 
	 	By:	/s/ Suneet
    Singal	 
	 	 	Suneet Singal
	 	 	Chairman and Chief Executive Officer
	 	 	 
	 	ACQUIROR:
	 	 	 
	 	TALON OP, L.P.
	 	 	 
	 	By: Talon Real Estate Holding Corp.,
    its general partner

 

	 	By:	/s/
    MG Kaminski
	 	 	MG Kaminski, CEO

 

     

     

    

 

[Exhibits
and Schedules omitted]

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