Document:

Exhibit 10.13

 

FIRST
AMENDMENT TO AMENDED AND RESTATED MEZZANINE LOAN AND SECURITY AGREEMENT AND REAFFIRMATION OF GUARANTEES AND ENVIRONMENTAL INDEMNITY

 

THIS
FIRST AMENDMENT TO AMENDED AND RESTATED MEZZANINE LOAN AND SECURITY AGREEMENT, OMNIBUS AMENDMENT TO LOAN DOCUMENTS AND REAFFIRMATION
OF GUARANTEES AND ENVIRONMENTAL INDEMNITY (this “Amendment and Reaffirmation”) is made as of February 14,
2022 (the “Effective Date”), by and among STWD 2021-FL2, LTD., an exempted company with limited liability
under the laws of the Cayman Islands, as successor-in-interest to Initial Lender (defined below) (in such capacity, together with its
successors and assigns, “Lender”), 1350 S DIXIE MEZZ BORROWER LLC, a Delaware limited liability company
(“Borrower”), STWD 2021-FL2, LTD., an exempted company with limited liability under the laws of the
Cayman Islands, as successor-in-interest to Starwood Property Mortgage Sub-12-A, L.L.C., a Delaware limited liability company, as administrative
agent for the Lenders (in such capacity, together with its successors and assigns, “Administrative Agent”),
and CHARLES D. NOLAN, JR., an individual (“Guarantor”).

 

RECITALS:

 

A. Pursuant
to that certain Amended and Restated Mezzanine Loan and Security Agreement dated as of November 19, 2021 (the “Original
Loan Agreement”; the Original Loan Agreement, as amended by this Amendment and Reaffirmation, and as the same may be further
amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Loan Agreement”),
by and among Borrower, Starwood Property Mortgage Sub-12-A, L.L.C., a Delaware limited liability company (together with its successors
and assigns, “Initial Lender”), the other Lenders (as defined in the Original Loan Agreement) a party thereto,
and Administrative Agent, the Lenders made a loan to Borrower in the maximum principal amount of $33,750,000 (the “Original
Loan”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Original Loan Agreement,
as amended and modified by this Amendment and Reaffirmation.

 

B. The
parties hereto desire to (i) amend the Original Loan Agreement and (ii) reaffirm the obligations of Guarantor under the Guarantees and
the Environmental Indemnity.

 

NOW
THEREFORE, in consideration of the foregoing and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby consent and agree as follows:

 

AGREEMENT:

 

1. Amendments
to Loan Agreement. The Original Loan Agreement is hereby amended as follows:

 

(a) The
following definition in Section 1.1 of the Original Loan Agreement is hereby deleted in its entirety and the following corresponding
definitions are substituted therefor:

 

“F&B
Management Agreement” means (i) that certain Food and Beverage Management Agreement, dated as of March 1, 2021, by and
between Mortgage Borrower and F&B Manager, as assigned pursuant to that certain Assignment, Assumption and Amendment of Food and
Beverage Management Agreement, dated as of February 14, 2022, by and between Mortgage Borrower and Hotel Lessee, and (ii) any replacement
food and beverage management agreements hereafter entered into by Mortgage Borrower or Hotel Lessee with a Qualified Manager for the
operation of one or more restaurants in the Project, as each of the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time in accordance with the terms hereof.

 

     

     

    

 

(b) Section 1.1
of the Original Loan Agreement is amended by adding the following new defined term:

 

“NRI
Real Token” shall mean NRI Real Token Inc., a Maryland corporation.

 

“REIT
Compliance Distributions” shall have the meaning set forth in Section 7.3(l) hereof.

 

(c) The
Original Loan Agreement is hereby amended by amending and restated Section 7.3(l) thereof in its entirety as follows:

 

“(l) Distributions.
Make any distributions to or for the benefit of any of its partners or members or its or their respective Affiliates, other than
(i) payments under Affiliate Agreements permitted under Section 7.3(s) (which agreements were expressly approved by
Administrative Agent after disclosure to Administrative Agent of such Affiliate’s fees), (ii)  cash distributions from
Mortgage Borrower to Borrower to the extent permitted hereunder to satisfy the portion of Aggregate Debt Service payable under the
Loan, and any other disbursements by Mortgage Administrative Agent to Administrative Agent pursuant to the terms of the Loan
Documents or the Mortgage Loan Documents, (iii) distributions of final Advances made from (x) the TI/LC Allocation pursuant to Section
4.2(b), (y) the Hotel Unit Work Allocation pursuant to Section 4.3(b) and (z) the Interest/OpEx Allocation pursuant to Section
4.4.5(c), and (iv) distributions reasonably necessary to enable NRI Real Token to (A) maintain its qualification for federal
income tax purposes and for state income and franchise tax purposes as a real estate investment trust, (B) avoid the imposition of
corporate income and excise taxes on undistributed income, in the case of the foregoing clauses (A) and (B), not to exceed One
Hundred Fifty Thousand and 00/Dollars ($150,000) per annum in the aggregate, and (C) allow for distributions to holders of preferred
shares in NRI Real Token in amounts per annum not to exceed $13,200 (the distributions described in the foregoing clauses (A)
through (C), collectively, “REIT Compliance Distributions”; provided, however, that (1)
Borrower or Mortgage Borrower may at any time redeem preferred shares in NRI Real Token for the amount of $110,000 plus any accrued
and unpaid dividend with funds other than Excess Cash Flow, (2) in the event that (I) the establishment of a cash management system
pursuant to and in accordance with Section 5.1.1(c) shall have occurred and (I) the limitations on REIT Compliance Distributions set
forth in the foregoing clauses (A)-(C) shall be insufficient to permit NRI Real Token to satisfy its federal income tax distribution
requirements and obligations (taking into account the provisions of Rev. Proc. 2017-45, which permits up to eighty percent (80%) of
such distribution requirements to be satisfied with stock and any other similar revenue procedure that may be available to NRI Real
Token that permits more than eighty percent (80%) of such distribution requirements to be satisfied with stock), then, upon the
written request of Borrower, Administrative Agent shall consider in good faith, after receipt of evidence satisfactory to
Administrative Agent that NRI Real Token’s REIT taxable income is materially higher than the REIT taxable income projections
provided to Administrative Agent on or about the Effective Date, permitting the disbursement of additional funds from the Excess
Cash Flow Reserve Account solely for the payment of REIT Compliance Distributions described in clauses (A) and (B) above in such
amounts as may be necessary to permit NRI Real Token to satisfy its federal income tax distribution requirements and obligations,
and (3) any REIT Compliance Distributions permitted hereunder shall be prorated with respect to any taxable year in which the Loan
is repaid in full prior to the last day of such taxable year.”

 

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(d) The
Original Loan Agreement is hereby amended by amending and restated Section 17.6 thereof in its entirety as follows:

 

“17.6 Excess
Cash Flow Reserve Account. From and after the establishment of a cash management system pursuant to and in accordance with Section
5.1.1(c), all Excess Cash Flow shall be collected by Administrative Agent for the ratable benefit of the Lenders in the excess
cash flow reserve account established pursuant to Section 5.1.1(c) and all such amounts shall be held by Administrative Agent
as additional security for the Loan (the account in which such amounts are held, the “Excess Cash Flow Reserve
Account”) and shall be applied in accordance with the terms hereof. Upon the occurrence of a Cash Management
Termination Event with respect to any Cash Management Period, any amounts remaining in the Excess Cash Flow Reserve Account shall be
released to Borrower. If an Event of Default has occurred and remains outstanding, then Administrative Agent shall apply such funds
as determined by Administrative Agent. Any Excess Cash Flow remaining on deposit in the Excess Cash Flow Reserve Account upon the
satisfaction in full of the Debt (exclusive of any indemnification or other obligations which are expressly stated in any of the
Loan Documents to survive the satisfaction of the Note(s) in full, shall be disbursed to Borrower. Notwithstanding anything to the
contrary contained herein, (a) provided no Event of Default exists, upon written request from Borrower from time to time,
Administrative Agent shall disburse amounts on deposit in the Excess Cash Flow Reserve Account to Borrower for the payment of REIT
Compliance Distributions, and (b) other than amounts disbursed to Borrower pursuant to the foregoing clause (a), Borrower shall not
be entitled to receive any disbursements of amounts on deposit in the Excess Cash Flow Reserve Account as long as any portions of
the TI/LC Allocation, the Hotel Unit Work Allocation and/or the Interest/OpEx Allocation remain to be advanced by Lenders
hereunder.”

 

(e) All
references in the Original Loan Agreement to “this Agreement” shall be deemed to be references to the Original Loan Agreement
as amended by this Amendment and Reaffirmation.

 

2. Reaffirmation
of Guarantees and Environmental Indemnity. Guarantor hereby: (i) acknowledges and consents to the execution and delivery
of this Amendment and Reaffirmation; (ii) ratifies and confirms all of the terms, covenants, conditions and obligations contained
in the Recourse Guaranty, the Payment Guaranty, the Carry Guaranty and the Environmental Indemnity (each as amended pursuant to this
Amendment and Reaffirmation) (collectively, the “Guarantor Documents”); (iii) reaffirms the continuing
validity of the Guarantor Documents and that Guarantor’s obligations and rights under the Guarantor Documents are and shall remain
in full force and effect and enforceable in accordance with their respective terms, and there are no claims, counterclaims, offsets,
defenses, defaults or events which, with the passage of time or giving of notice, would constitute a default with respect to any of the
Guarantor Documents; (iv) acknowledges and agrees that Administrative Agent’s and Lender’s request for Guarantor’s
consent to the execution and delivery of this Amendment and Reaffirmation shall not be construed as requiring consent by Guarantor to
any future modification or amendment of any documents or instruments pertaining to Borrower’s obligations to Administrative Agent
and/or the Lenders; (v) acknowledges and agrees that it has had the opportunity to review this Amendment and Reaffirmation, and
all other documents, instruments and agreements executed by Borrower in connection with the modifications contemplated hereby and thereby
and is entering into this Amendment and Reaffirmation with full knowledge of each of the foregoing and (vi)  waives any and all
rights of subrogation, reimbursement, indemnity, contribution or any other claim arising from the existence or performance of the Guarantor
Documents which Guarantor may now or hereafter have against Borrower or any other person (or their respective properties) directly or
contingently liable for the obligations of Borrower until such time as the Loan has been paid and satisfied in full and all obligations
owed to the Lenders under the Loan Documents have been fully performed, subject in all events, to the terms of the Guarantor Documents
(including, without limitation, Sections 1.9 and 6.15 of each of the Recourse Guaranty, the Payment Guaranty and the Carry Guaranty).

 

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3. Borrower’s
Reaffirmation. Borrower represents, warrants and covenants to Administrative Agent and the Lenders that the Loan Documents
to which Borrower is a party (as modified by this Amendment and Reaffirmation) are in full force and effect and enforceable in accordance
with their respective terms, and there are no claims, counterclaims, offsets, defenses, defaults or events which, with the passage of
time or giving of notice, would constitute a default with respect to the Loan Documents or the obligations evidenced thereby.

 

4. Authority.
Each party hereto represents and warrants that such party is (a) authorized to enter into this Amendment and Reaffirmation and (b) has
obtained all necessary consents, if any, needed to enter into this Amendment and Reaffirmation.

 

5. Payment
of Transaction Expenses. Borrower shall pay the reasonable out-of-pocket costs and expenses incurred by Administrative Agent
and the Lenders in connection with the transactions contemplated herein or otherwise outstanding as of the date hereof (collectively,
the “Transaction Expenses”), including reasonable legal fees and disbursements of Administrative Agent and
Lenders’ counsel, any recording costs, taxes, and other charges, costs and fees actually incurred by Administrative Agent and Lenders
in connection with the preparation, negotiation, execution and delivery of this Amendment and Reaffirmation.

 

6. Acknowledgment
of Debt Owed.  The parties hereto acknowledge and agree that as of the Effective Date, the outstanding principal balance of
the Loan is $31,777,513.79 and the principal amount of $1,972,486.21 remains available to be advanced under the Loan.

 

7. Claims
or Defenses; Release. Borrower and Guarantor, on behalf of themselves, each of their respective successors and assigns, and
each of their Affiliates, acknowledge and agree that, as of the date hereof, they have no defenses, counterclaims, offsets, cross-complaints,
causes of action, rights, claims or demands of any kind or nature whatsoever against Administrative Agent, any Lender, any loan participant,
any servicer or any of their respective Affiliates, including, without limitation, any usury or lender liability claims or defenses,
arising out of the Loan or the Loan Documents or, in connection with the Loan or this Amendment and Reaffirmation. Each of Borrower and
Guarantor further acknowledge that to the extent that any claim as described above should in fact exist on the date hereof, including,
without limitation, any usury or lender liability claim or defense, it is hereby fully, finally and irrevocably released by Borrower
and Guarantor. Moreover and notwithstanding anything to the contrary contained herein or in any of the Loan Documents, in consideration
of the execution and delivery of this Amendment and Reaffirmation, the Borrower Parties, on behalf of themselves and their respective
successors and assigns, hereby fully, forever and irrevocably release, discharge and acquit the Released Parties (as defined below) of
and from any and all rights, claims, demands, obligations, liabilities, indebtedness, breaches of contract, breaches of duty or any relationship,
acts, omissions, misfeasance, malfeasance, cause or causes of action, debts, sums of money, accounts, compensations, contracts, controversies,
promises, damages, costs, losses and expenses of every type, kind, nature, description or character, and irrespective of how, why by
reason of what facts, whether heretofore or now existing or that could, might, or may be claimed to exist, of whatever kind or name,
whether known or unknown, suspected or unsuspected, liquidated or unliquidated, claimed or unclaimed, whether based on contract, tort,
breach of any duty, or other legal or equitable theory of recovery, each as though fully set forth herein at length that in any way arise
from the Loan, or the administration thereof, the Loan Documents, or the collateral for the Loan, as well as any action or inaction of
the Released Parties or any of them with respect to the Loan or the administration thereof. As used herein, the term “Released
Parties” means Administrative Agent, each Lender and their respective past and present affiliates and participants, and
their respective past and present constituent members, partners, participants, officers, directors, servicers, agents, attorneys (including
their external counsel), accountants, and employees of each and all of the foregoing entities, and their respective successors, heirs
and assigns. Each of the Borrower Parties acknowledge and agree that factual matters now unknown to them may have given or may hereafter
give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are presently unknown,
unanticipated and unsuspected for the period prior to the date hereof, and the Borrower Parties further agree, represent and warrant
that the waivers and releases herein have been negotiated and agreed upon in light of that realization and that the Borrower Parties
nevertheless hereby intend to release, discharge and acquit the Released Parties from any such unknown causes of action, claims, demands,
debts, controversies, damages, costs, losses and expenses.

 

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8. Conditions
Precedent to Effective Date. The terms and provisions of this Amendment and Reaffirmation shall be deemed effective from and
after the Effective Date subject to the satisfaction of each of the following conditions precedent:

 

(a) Loan
Documents. Administrative Agent shall have received and approved a fully executed original of this Amendment and Reaffirmation.

 

(b) Expenses.
Borrower shall have paid all of the Transaction Expenses.

 

9. Governing
Law. This Amendment and Reaffirmation shall be governed in accordance with the terms and provisions of Section 20.3
of the Loan Agreement.

 

10. Conflicts
or Inconsistencies. This Amendment and Reaffirmation is entered into pursuant to and subject to the terms set forth in the
Loan Agreement. In the event of a conflict or inconsistency between the terms set forth in this Amendment and Reaffirmation and the Loan
Agreement, the terms of this Amendment and Reaffirmation shall control.

 

11. Severability.
Wherever possible, each provision of this Amendment and Reaffirmation shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Amendment and Reaffirmation shall be prohibited by or invalid under applicable law,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Amendment and Reaffirmation.

 

12. Counterparts.
This Amendment and Reaffirmation may be executed in multiple counterparts, each of which shall constitute an original, but all of which
shall constitute one document. Signatures delivered by email (in.pdf format) shall be considered binding with the same force and effect
as original signatures.

 

13. Successors
and Assigns. This Amendment and Reaffirmation shall inure to the benefit of and shall be binding on the parties hereto and
their respective successors and assigns.

 

14. Amendments.
This Amendment and Reaffirmation may not be modified, amended, waived, changed or terminated orally, but only by an agreement in writing
signed by the party against whom the enforcement of the modification, amendment, waiver, change or termination is sought.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment and Reaffirmation to be duly executed by their duly authorized representatives,
all as of the day and year first above written.

 

	 	BORROWER:
	 	 
	 	1350 S DIXIE MEZZ BORROWER LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Brent M. Reynolds
	 	 	Brent M. Reynolds
	 	 	Authorized Representative

 

[Signatures
Continue on Following Page]

 

     

     

    

 

	 	LENDER:
	 	 
	 	STWD 2021-FL2, LTD., an exempted company
	 	with limited liability under the laws of the Cayman Islands,
	 	 
	 	By: STWD Investment Management, LLC, as Collateral Manager
	 	 
	 	By:	/s/ Farid Maluf
	 		Name:	 Farid Maluf
	 		Title: 	Vice President

 

	 	ADMINISTRATIVE AGENT:
	 	 	 
	 	STWD 2021-FL2, LTD., an exempted company
	 	with limited liability under the laws of the Cayman Islands,
	 	 
	 	By: STWD Investment Management, LLC, as Collateral Manager
	 	 
	 	By:	/s/ Farid Maluf
	 	 	Name:	 Farid Maluf
	 	 	Title:	 Vice President

 

[Signatures
Continue on Following Page]

 

     

     

    

 

	 	GUARANTOR:
	 	 
	 	/s/ Charles D. Nolan, Jr.
	 	CHARLES D. NOLAN, JR.Exhibit 10.14

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (“Agreement”)
is made and entered into as of the _____ day of _________, 2021, by and between NRI Real Token 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 a change in control of the Company occurring after the Effective Date of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or
form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company
is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to
have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding securities entitled
to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors
in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation,
sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors
then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute
less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are
not individuals (A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election
by the Company’s stockholders was approved or recommended (1) by the affirmative vote of at least two-thirds of the directors then
in office who were directors as of the Effective Date or (2) by a committee of the Board consisting of at least two-thirds of the directors
then in office who were directors as of the Effective Date, or, in the case of (1) or (2), whose election or nomination for election was
previously so approved or recommended.

 

     

     

    

 

(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, 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. 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 to, or required to perform services for, an employee benefit plan or its participants or beneficiaries, including as a 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 for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

 

(f) “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.

 

(g) “Proceeding”
means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing, claim, demand or 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.

 

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Section 2. Services by Indemnitee. Indemnitee
serves or 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 service in 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.

 

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 in money, property or services was improperly received in any Proceeding charging improper personal benefit to Indemnitee,
whether or not involving action in Indemnitee’s Corporate Status; or

 

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(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 service in 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.

 

Section 8. Advance of Expenses for Indemnitee.
If, by reason of service in 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 of
incurred Expenses 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, which advance may be in the form of, in the reasonable discretion of 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.

 

    -4-

     

    

 

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 service in 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 or in such form as may be required under applicable law as in effect at
the time of execution thereof.

 

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.

 

(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 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 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.

 

    -5-

     

    

 

(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 (including any court having jurisdiction
over the matter) 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, real estate investment
trust, 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.

 

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.

 

    -6-

     

    

 

(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.

 

(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.

 

    -7-

     

    

 

(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 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 with respect to Indemnitee 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.

 

(c) Notwithstanding
the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of service in 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.

 

    -8-

     

    

 

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) The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided
by Nolan Reynolds International, LLC, a Delaware limited liability company, and certain of its affiliates (collectively, the “NRI
Indemnitors”). The Company hereby agrees (i) that, as between the Company and the NRI Indemnitors, the Company is the indemnitor
of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the NRI Indemnitors to advance Expenses
or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee are secondary), (ii) that the Company shall
be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments,
penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the
charter or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee
may have against the NRI Indemnitors, and (iii) that the Company irrevocably waives, relinquishes and releases the NRI Indemnitors from
any and all claims against the NRI Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The
Company further agrees that no advancement or payment by the NRI Indemnitors on behalf of Indemnitee with respect to any claim for which
Indemnitee has sought indemnification from the Company shall affect the foregoing and the NRI Indemnitors shall have a right of contribution
and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.
The Company and Indemnitee agree that the NRI Indemnitors are express third party beneficiaries of the terms of this Section 14.

 

    -9-

     

    

 

(c) 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.

 

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 service in
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 service in 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 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.

 

    -10-

     

    

 

(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.

 

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, with 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, 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 shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

    -11-

     

    

 

(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.

 

(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 to ascertain, 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, void, illegal or otherwise unenforceable
that is not itself invalid, void, illegal or otherwise 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, void, illegal or otherwise unenforceable, that is not itself invalid, void, illegal
or otherwise 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.

 

    -12-

     

    

 

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.

 

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:

 

NRI Real Token Inc.

2020 Ponce De Leon Blvd., Suite 1104

Coral Gables, Florida 33134

E-mail: [***]

Attention: Brent Reynolds

 

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]

 

    -13-

     

    

 

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

 

	 	NRI REAL TOKEN INC.
	 	 
	 	By: ________________________________
	 	Name:
	 	Title:
	 	 
	 	INDEMNITEE:
	 	 
	 	____________________________________
	 	Name:
	 	Address:

 

    -14-

     

    

 

EXHIBIT A

 

AFFIRMATION AND
UNDERTAKING TO REPAY EXPENSES ADVANCED

 

To: The Board of Directors of NRI Real Token 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 NRI Real Token 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 service
in my Corporate Status. 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: _____________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]