Document:

Filed by Avantafile.com - Mobile Infrastructure Corporation - Exhibit 99.2

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”)
is entered into as of August 23, 2022 (the “Amendment Effective Date”) among
Mobile Infrastructure Corporation, a Maryland corporation formerly known as The
Parking REIT, Inc. (the “Company”), Mobile Infra Operating Partnership,
L.P., a Maryland limited partnership formerly known as MVP REIT II Operating
Partnership, LP (the “Operating Partnership”), and Stephanie Hogue (the
“Executive”).  Capitalized
terms used but not otherwise defined in this Amendment shall have the
respective meanings ascribed to such terms under the Agreement (as hereinafter
defined).

 

WHEREAS, the Company, Operating Partnership and Executive are
parties to that certain Employment Agreement, entered into as of August 25, 2021
(the “Agreement”);

 

WHEREAS, pursuant to Section 10(h) of the Agreement,
amendments to the Agreement are required to be effected pursuant to a writing
executed by the Company, the Operating Partnership and the Executive; and

 

WHEREAS, the Company, the Operating Partnership and the Executive
desire to amend the Agreement as provided herein.

 

NOW, THEREFORE, in consideration of the Executive’s
continued employment with the Company, and for other good and valuable
consideration, the Executive, the Company and the Operating Partnership hereby
amend and modify the Agreement as follows:

 

1.         Section 2(b)(iii) of the Agreement.  The first sentence of Section 2(b)(iii) of
the Agreement is hereby deleted in its entirety and replaced with the
following:

 

“For each
calendar year during the Employment Period, commencing with calendar year 2022,
Executive shall be eligible to receive an annual award of restricted stock in
the REIT (each, an “Award”) with a target value equal to not more than the number
of Shares obtained by dividing (x) $1,000,000 by (y) the Fair Market Value on
the applicable grant date.”

 

2.         Section
2(b)(iv) of the Agreement.  Section
2(b)(iv) of the Agreement is hereby amended by adding the following sentence at
the end thereof:

 

                        “In satisfaction of the foregoing, the
REIT has granted to the Executive 102,128 LTIP Units of the Operating
Partnership, subject to vesting requirements as described in the LTIP Unit
Award Agreement dated August 23, 2022.”

 

3.         Section
2(b)(x) of the Agreement. The Agreement is hereby amended by adding the
following Section 2(b)(x):

 

                        “(x)      Form of Awards. The parties acknowledge
that the Compensation Committee shall have the discretion, in consultation with
the Company’s legal and financial advisors and the Executive, to award any
compensation set forth in this Section 2(b) of the Agreement in shares of the
REIT or in limited partnership units of the Operating Partnership, including
LTIP Units and Performance Units (each as defined in the Partnership
Agreement).”

 

4.         Section
9(b) of the Agreement.  Section 9(b)
of the Agreement is hereby deleted in its entirety and replaced with the
following:

1

                        “Change
in Control” means a “change in control” as defined in the MVP REIT II,
Inc. 2015 Incentive Plan (as may be amended from time to time), or any
successor plan thereto; provided, however,
that in no event shall the merger of the REIT with or into Mobile
Infrastructure Trust, a Maryland real estate investment trust, constitute a
“Change in Control”.”

 

5.         Full
Force and Effect.  Except as
expressly modified by this Amendment, all of the terms, covenants, agreements,
conditions and other provisions of the Agreement shall remain in full force and
effect in accordance with their respective terms.  As used in the Agreement, the terms “this
Agreement,” “herein,” “hereinafter,” “hereto,” and words of similar import
shall mean and refer to, from and after the date of this Amendment, unless the
context requires otherwise, the Agreement as amended by this Amendment. 

 

6.         Governing Law.  This Amendment shall be governed by and
construed in accordance with the internal laws of the State of Ohio, without
giving effect to its principles or rules of conflict of laws.

 

7.         Counterparts.  This Amendment may be executed in one or more
counterparts (including by means of facsimile or PDF), each of which shall be
deemed an original but all of which together will constitute one and the same
instrument.

 

[Remainder of
the Page Intentionally Blank.]

 

  

 

 

 

 2

IN
WITNESS WHEREOF, the Company, the Operating Partnership and the Executive have
executed this Amendment as of the day and year first written above.

	 	COMPANY:
 
MOBILE INFRASTRUCTURE CORPORATION
 
 
 
By:                                                                   
Name: Manuel Chavez 
Title:    Chief Executive Officer
 
 
OPERATING PARTNERSHIP:
 
MOBILE INFRA OPERATING PARTNERSHIP, L.P.
 
By: Mobile Infrastructure Corporation, its general partner
 
By:                                                                   
Name: Manuel Chavez 
Title:    Chief Executive Officer
 
EXECUTIVE:                                                           
 
                                                                       
Stephanie Hogue

 

 3Filed by Avantafile.com - Mobile Infrastructure Corporation - Exhibit 99.3

MOBILE INFRASTRUCTURE CORPORATION
AND 

MOBILE INFRA OPERATING
PARTNERSHIP, L.P. 

LTIP UNIT AGREEMENT

 

In consideration of the mutual
agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Mobile Infra
Operating Partnership, L.P., a Maryland limited partnership (the “Partnership”),
hereby issues to [______] (the “Participant”), as of August 23,
2022, an award (the “Award”) of LTIP Units pursuant to the terms
of this LTIP Unit Agreement (this “Agreement”). The LTIP Units
constitute Profits Interest Units as defined below.

 

ARTICLE I.

DEFINITIONS

 

The capitalized terms below shall
have the following meanings for purposes of this Agreement. Capitalized terms
that are used but not defined herein shall have the meanings given to them in
the Partnership Agreement or in the Employment Agreement (as defined below).

 

 1.1.         
“Administrator” All LTIP Unit Awards made
hereunder shall be administered by the Compensation Committee of the
Board.  The Administrator may from time
to time adopt any rules or procedures it deems necessary or desirable for the
proper and efficient administration of Awards, consistent with the terms
hereof.  The Administrator’s
determinations and interpretations with respect to an Award hereunder and this
Agreement shall be final and binding on all parties.

 

 1.2.         
“Board” shall mean the Board of Directors
of the Company.

 

 1.3.         
“Company” shall mean Mobile
Infrastructure Corporation, a Maryland corporation.

 

 1.4.         
“Employee” shall mean any officer or
other employee (within the meaning of Section 3401(c) of the Code) of the
Company or any Affiliate.

 

 1.5.         
“Employment
Agreement” shall mean the Participant’s Employment Agreement with the
Company, the Partnership or any Affiliate as may be amended from time to time.

 

 1.6.         
“Grant
Date” has the meaning set forth in Section 2.1(a).   

 

 1.7.         
“Partnership Agreement” means the Third
Amended and Restated Agreement of Limited Partnership of the Partnership, as
amended from time to time.

 

 1.8.         
“Profits
Interest Unit” means, to the extent authorized by the Partnership
Agreement, a unit of the Partnership that is granted pursuant to this Agreement
and is intended to constitute a “profits interest” within the meaning of
Revenue Procedure 93-27, 1993-2 C.B. 343 and Revenue Procedure 2001-43, 2001-2
C.B. 191.

	 	1	 

ARTICLE II.

TERMS OF AWARD

 

            This
Award represents the right to receive and vest in a number of LTIP Units
subject to the vesting, payment, forfeiture, and other terms and conditions set
forth in this Agreement and the Partnership Agreement.

 

 2.1.         
Issuance of LTIP Units.

 

(a)               
Issuance of Award. The Partnership hereby issues
to the Participant [·] LTIP Units, effective as of August 23, 2022 (the “Grant
Date”) subject to the vesting and other terms and conditions of this
Agreement and the Partnership Agreement. This Award is issued pursuant to the
Partnership Agreement and in consideration of the Participant’s agreement to
provide services to or for the benefit of the Partnership. If not already a
Partner, the Partnership hereby admits the Participant as a Partner of the
Partnership on the terms and conditions set forth herein and in the Partnership
Agreement. The Partnership and the Participant acknowledge and agree that the LTIP
Units are hereby issued to the Participant for the performance of services to
or for the benefit of the Partnership in his or her capacity as a Partner or in
anticipation of the Participant becoming a Partner. Upon receipt of the Award,
the Participant shall, automatically and without further action on his or her
part, be deemed to be a party to, signatory of, and bound by the Partnership
Agreement. At the request of the Partnership, the Participant shall execute the
Partnership Agreement or a joinder or counterpart signature page thereto. The
Participant acknowledges that the Partnership may from time-to-time issue or
cancel (or otherwise modify) LTIP Units and/or other equity interests in accordance
with the terms of the Partnership Agreement. The Award shall have the rights,
voting powers, restrictions, limitations as to distributions, qualifications
and terms and conditions of redemption and conversion set forth herein and in
the Partnership Agreement.

 

 2.2.         
Vesting of Award.

 

(a)               
General. Except as otherwise provided in
this Agreement, this grant of LTIP Units shall vest in full only upon the
occurrence of a Liquidity Event prior to August 25, 2024, provided that Participant
remains continuously employed with the Company, the Partnership or an Affiliate
on the date of the Liquidity Event, unless the Participant is terminated by the
Company, the Partnership and such Affiliate without Cause or resigns for Good
Reason within one hundred and eighty (180) days of a Liquidity Event, in which
case, the LTIP Units shall vest in full upon such Liquidity Event.  None of the LTIP Units shall vest unless
these conditions have been met, including, for the avoidance of doubt, upon a
Qualifying Termination prior to a Liquidity Event.

 

 2.3.         
Distributions. LTIP Units shall be treated as
“LTIP Units” under the Partnership Agreement. As of the Grant Date and in
accordance with Section 18.4 of the Partnership Agreement, the LTIP Units shall
be entitled to the full distribution payable on Common Units outstanding, which
may be made from time to time (if applicable, assuming the LTIP Units were held
for the entire period to which such distributions relate). All distributions
paid with respect to the LTIP Units shall be fully vested and non-forfeitable
when paid whether the underlying LTIP Units are vested or unvested.  At the Administrator’s discretion,
distributions may be paid in the form of additional LTIP Units.

	 	2	 

 2.4.         
Forfeiture. 
The LTIP Units that have not yet vested pursuant
to Section 2.2(a) shall be forfeited automatically without further action or
notice on the part of the Company, the Partnership or the Participant and
without payment of consideration therefor if the conditions of Section 2.2(a)
have not been satisfied, which forfeiture shall include without limitation, any
rights or interest in Unvested LTIP Units (other than any distributions
previously made pursuant to Section 18.4 of the Partnership Agreement and
Section 2.3 hereof).

 

ARTICLE III.

LTIP UNITS AND PARTNERSHIP AGREEMENT

 

 3.1.         
LTIP Units Subject to Partnership Agreement; Transfer
Restrictions.

 

(a)               
The Award and the LTIP Units are subject to the terms
of the Partnership Agreement, including, without limitation, the restrictions
on Transfer of Partnership Interests (including, without limitation, LTIP
Units) set forth in Articles 11 and 18 of the Partnership Agreement. Any
permitted transferee of the Award or the LTIP Units shall take such Award or LTIP
Units subject to the terms of this Agreement and the Partnership
Agreement.  Any such permitted transferee
must, upon the request of the Partnership, agree to be bound by the Partnership
Agreement and this Agreement, and shall execute the same and such other
documents and perform such further acts in connection with the same at the
Partnership’s or the Company’s request, and must agree to such other waivers,
limitations, and restrictions as the Partnership or the Company may reasonably
require.  Any Transfer of the Award or LTIP
Units which is not made in compliance with the terms of the Partnership
Agreement and this Agreement shall be null and void and of no further force or
effect.

 

(b)              
Without the consent of the Administrator (which it may
give or withhold in its sole discretion), the Participant shall not Transfer any
Unvested LTIP Units or any portion of the Award attributable to such Unvested LTIP
Units (or any securities into which such Unvested LTIP Units are converted or
exchanged), other than by will or pursuant to applicable laws of descent and
distribution (the “Transfer Restrictions”); provided,
however, that the Transfer Restrictions shall not apply to any Transfer of
Unvested LTIP Units or of the Award to the Partnership or the Company.

 

 3.2.         
Covenants, Representations and Warranties. The
Participant hereby represents, warrants, covenants, acknowledges, and agrees on
behalf of the Participant and his or her spouse, if applicable, that:

 

(a)               
Investment. 
The Participant is holding the Award and the LTIP Units for the
Participant’s own account, and not for the account of any other Person.  The Participant is holding the Award and the LTIP
Units for investment purposes and not with a view to distribution or resale
thereof except in compliance with applicable laws regulating securities.

	 	3	 

(b)              
Relation to the Partnership. The Participant is
presently an Employee or is otherwise providing services to or for the benefit
of the Company, the Partnership or an Affiliate, and in such capacity has
become personally familiar with the business of the Partnership.

 

(c)               
Access to Information. The Participant has had
the opportunity to ask questions of, and to receive answers from, the
Partnership with respect to the terms and conditions of the transactions
contemplated hereby and with respect to the business, affairs, financial
conditions, and results of operations of the Partnership.

 

(d)              
Registration. The Participant understands that
the LTIP Units have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”), and the LTIP Units cannot be
transferred by the Participant unless such transfer is registered under the
Securities Act or an exemption from such registration is available. The
Partnership has made no agreements, covenants or undertakings whatsoever to
register the transfer of the LTIP Units under the Securities Act. The
Partnership has made no representations, warranties, or covenants whatsoever as
to whether any exemption from the Securities Act, including, without
limitation, any exemption for limited sales in routine brokers’ transactions
pursuant to Rule 144 of the Securities Act, will be available. If an exemption
under Rule 144 is available at all, it will not be available until at least six
months from issuance of the Award, and then, not unless the terms and
conditions of Rule 144 have been satisfied in full to the satisfaction of the
Partnership in its sole and absolute discretion.

 

(e)               
Public Trading. None of the Partnership’s
securities are presently publicly traded, and the Partnership has made no
representations, covenants or agreements as to whether there will be a public
market for any of its securities.

 

(f)               
Tax Advice. The Partnership has made no
warranties or representations to the Participant with respect to the income tax
consequences of the transactions contemplated by this Agreement (including,
without limitation, with respect to the decision of whether to make an election
under Section 83(b) of the Code), and the Participant is in no manner relying
on the Partnership or its representatives for an assessment of such tax
consequences. Participant hereby recognizes that the Internal Revenue Service
has proposed regulations under Sections 83 and 704 of the Code that may affect
the proper treatment of the LTIP Units for federal income tax purposes.  In the event that those proposed regulations
are finalized, the Participant hereby agrees to cooperate with the Partnership
in amending this Agreement and the Partnership Agreement, and to take such
other action as may be required to conform to such regulations. Participant
hereby further recognizes that the U.S. Congress is considering legislation
that would change the federal tax consequences of owning and disposing of LTIP
Units.  The Participant is advised to
consult with his or her own tax advisor with respect to such tax consequences
and his or her ownership of the LTIP Units.

 

 3.3.         
Capital Account. The Participant shall make no
contribution of capital to the Partnership in connection with the Award and, as
a result, the Participant’s Capital Account balance in the Partnership
immediately after his or her receipt of the LTIP Units shall be equal to zero,
unless the Participant was a Partner in
the Partnership prior to such issuance, in which case the Participant’s Capital
Account balance shall not be increased as a result of his or her receipt of the
LTIP Units.

	 	4	 

 3.4.         
Section 83(b) Election. The Participant
covenants that the Participant shall make a timely election under Section 83(b)
of the Code (and any comparable election in the state of the Participant’s
residence) with respect to the LTIP Units covered by the Award, and the
Partnership hereby consents to the making of such election(s).  In connection with such election, the
Participant shall promptly provide a copy of such election to the Partnership.  Instructions for completing an election under
Section 83(b) of the Code and a form of election under Section 83(b) of the
Code are attached hereto as Exhibit A.  The Participant represents that the
Participant has consulted any tax advisor(s) that the Participant deems
advisable in connection with the filing of an election under Section 83(b) of
the Code and similar state tax provisions. 
The Participant acknowledges that it is the Participant’s sole
responsibility, and not the Company’s or the Partnership’s, to timely file an
election under Section 83(b) of the Code (and any comparable state election),
even if the Participant requests that the Company or the Partnership, or any
representative of the Company or the Partnership, make such filing on the
Participant’s behalf. The Participant should consult his or her tax advisor to
determine if there is a comparable election to file in the state of his or her
residence.

 

 3.5.         
Ownership Information. The Participant hereby
covenants that so long as the Participant holds any LTIP Units, at the request
of the Partnership, the Participant shall disclose to the Partnership in
writing such information relating to the Participant’s ownership of the LTIP
Units as the Partnership reasonably believes to be necessary or desirable to
ascertain in order to comply with the Code or the requirements of any other
appropriate taxing authority.

 

 3.6.         
Execution and Return of Documents and Certificates.
At the Company’s or the Partnership’s request, the Participant hereby agrees to
promptly execute, deliver and return to the Partnership any and all documents
or certificates that the Company or the Partnership deems necessary or
desirable to effectuate the cancellation and forfeiture of the Unvested LTIP
Units and the portion of the Award attributable to the Unvested LTIP Units,
and/or to effectuate the transfer or surrender of such Unvested LTIP Units and
portion of the Award to the Partnership.

 

 3.7.         
Taxes.  The
Partnership and the Participant intend that (a) the LTIP Units be treated as a
“profits interest” as defined in Internal Revenue Service Revenue Procedure
93-27, as clarified by Revenue Procedure 2001-43, (b) the issuance of such
units not be a taxable event to the Partnership or the Participant as provided
in such revenue procedure, and (c) the Partnership Agreement and this Agreement
be interpreted consistently with such intent. 
In furtherance of such intent, effective immediately prior to the issuance
of the LTIP Units, the Partnership may revalue all Partnership assets to their
respective gross fair market values, and make the resulting adjustments to the
Capital Accounts of the Partners, in each case as set forth in the Partnership
Agreement.  The Company, the Partnership
or any Affiliate may withhold from the Participant’s wages, or require the
Participant to pay to such entity, any applicable withholding or employment
taxes resulting from the issuance of the Award hereunder, from the vesting or lapse
of any restrictions imposed on, or payment with respect to, the Award, or from
the ownership or disposition of the LTIP Units.

 

 3.8.         
Remedies. 
The Participant shall be liable to the Partnership for all costs and
damages, including incidental and consequential damages, resulting from a
disposition of the Award or the LTIP Units in violation of the provisions of
this Agreement or the Partnership Agreement. 
Without limiting the generality of the foregoing, the Participant agrees
that the Partnership shall be entitled to obtain specific performance of the
obligations of the Participant under this Agreement and the Partnership
Agreement and immediate injunctive relief in the event any action or proceeding
is brought in equity to enforce the same. The Participant hereby waives any
claim or defense that there is an adequate remedy at law available to the
Partnership in connection with the same.

	 	5	 

 3.9.         
Restrictive Legends.  Certificates evidencing the LTIP Units, to
the extent such certificates are issued, may bear such restrictive legends as
the Partnership and/or the Partnership’s counsel may deem necessary or
advisable under applicable law or pursuant to this Agreement, including,
without limitation, the following legends or any legends similar thereto:

 

“The securities represented
hereby have not been registered under the Securities Act of 1933, as amended
(the “Securities Act”).  Any transfer of
such securities will be invalid unless a Registration Statement under the
Securities Act is in effect as to such transfer or in the opinion of counsel
for Mobile Infra Operating Partnership, L.P. (the “Partnership”) such
registration is unnecessary in order for such transfer to comply with the
Securities Act.”

 

“The securities represented
hereby are subject to forfeiture, transferability and other restrictions as set
forth in (i) a written agreement with the Partnership and (ii) the  Third Amended and Restated Agreement of
Limited Partnership of the Partnership, in each case, as has been and as may in
the future be amended (or amended and restated) from time to time, and such
securities may not be sold or otherwise transferred except pursuant to the
provisions of such documents.”

 

 3.10.     
Restrictions on Public Sale by the Participant.  To the extent not inconsistent with
applicable law, the Participant agrees not to effect any sale or distribution
of the LTIP Units or any similar security of the Company or the Partnership, or
any securities convertible into or exchangeable or exercisable for such
securities, including a sale pursuant to Rule 144 under the Securities Act,
during the 14 days prior to, and for a period of up to 90 days beginning on,
the date of the pricing of any public or private debt or equity securities
offering by the Company or the Partnership (except as part of such offering),
if and to the extent requested in writing by the Partnership or the Company in
the case of a non-underwritten public or private offering or if and to the
extent requested in writing by the managing underwriter or underwriters (or
initial purchaser or initial purchasers, as the case may be) and consented to
by the Partnership or the Company, which consent may be given or withheld in
the Partnership’s or the Company’s sole and absolute discretion, in the case of
an underwritten public or private offering (such agreement to be in the form of
a lock-up agreement provided by the Company, the Partnership, the managing
underwriter or underwriters, or the initial purchaser or initial purchasers, as
the case may be).

 

ARTICLE IV.
MISCELLANEOUS

 

 4.1.         
Adjustments. In the event that the Administrator
determines that any acquisition or disposition of any portfolio property by the
Company and/or its Affiliates, any dividend or other distribution (whether in
the form of cash, common stock, other securities, or other property), the
change or exchange of REIT Shares for a different number or kind of shares or
other securities of the Company by reason of any recapitalization,
reclassification, share split, share dividend, combination, or division,
merger, consolidation, or similar transaction, any unusual or nonrecurring
transactions or events affecting the Company or the financial statements of the
Company, or changes in applicable laws, or changes in generally accepted
accounting principles applicable to, or the accounting policies used by, the
Company occur, such that an adjustment, including a substitution of other
awards or otherwise, is determined by the Administrator to be appropriate in
order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available with respect to the Awards, then the
Administrator may in good faith and in such manner as it may deem equitable,
adjust the Award to reflect the effect or projected effect of such
transaction(s) or event(s).

	 	6	 

 4.2.         
Section 409A.

 

(a)               
To the extent applicable, this Agreement shall be
interpreted in accordance with Section 409A of the Code and Department of
Treasury regulations and other interpretive guidance issued thereunder,
including without limitation any such regulations or other guidance that may be
issued after the effective date of this
Agreement. Notwithstanding any provision of this Agreement to the contrary, in
the event that following the effective date of this Agreement, the Company or
the Partnership determines that the Award may be subject to Section 409A of the
Code and related Department of Treasury guidance (including such Department of
Treasury guidance as may be issued after the effective date of this Agreement),
the Company or the Partnership may adopt such amendments to this Agreement or
adopt other policies and procedures (including amendments, policies and
procedures with retroactive effect), or take any other actions, that the
Company or the Partnership determines are necessary or appropriate to (a)
exempt the Award from Section 409A of the Code and/or preserve the intended tax
treatment of the benefits provided with respect to the Award, or (b) comply
with the requirements of Section 409A of the Code and related Department of
Treasury guidance; provided, however, that this Section 4.2 shall
not create any obligation on the part of the Company, the Partnership or any
Affiliate to adopt any such amendment, policy or procedure or take any such
other action, and none of the Company, the Partnership or any Affiliate shall
have any obligation to indemnify any person for any taxes imposed under or by
operation of Section 409A of the Code.

 

 4.3.         
Not a Contract of Employment.  Nothing in this Agreement shall confer upon
the Participant any right to continue to serve as an Employee or other service
provider of the Company, the Partnership or any of their Affiliates or shall
interfere with or restrict in any way the rights of the Company, the
Partnership or their Affiliates, which rights are hereby expressly reserved, to
discharge or terminate the services of the Participant at any time for any
reason whatsoever, with or without cause, except to the extent expressly
provided to the contrary in a written agreement between the Company, the
Partnership or an Affiliate, on the one hand, and the Participant on the other.

 

 4.4.         
Governing Law. 
The laws of the State of Maryland shall govern the interpretation,
validity, administration, enforcement and performance of the terms of this
Agreement regardless of the law that might be applied under principles of
conflicts of laws.

 

 4.5.         
Authority of Administrator. The Administrator
shall make all determinations under this Agreement in its sole and absolute
discretion and all interested parties shall be bound by such determinations.

	 	7	 

 4.6.         
Conformity to Securities Laws.  The Participant acknowledges that this
Agreement is intended to conform to the extent necessary with all provisions of
the Securities Act and the Exchange Act, and any and all regulations and rules
promulgated by the Securities and Exchange Commission thereunder, as well as
all applicable state securities laws and regulations. Notwithstanding anything
herein to the contrary, the Award of LTIP Units is made, only in such a manner
as to conform to such laws, rules and regulations.  To the extent permitted by applicable law,
this Agreement shall be deemed amended to the extent necessary to conform to
such laws, rules and regulations.

 

 4.7.         
Amendment, Suspension and Termination.  To the extent permitted by the Partnership
Agreement, this Agreement may be wholly or partially amended or otherwise
modified, suspended, or terminated at any time or from time to time by the
Administrator, provided, however, that, except as may otherwise be
provided by the Partnership Agreement, no amendment, modification, suspension
or termination of this Agreement shall adversely affect the Award in any
material way without the prior written consent of the Participant.

 

 4.8.         
Notices. Notices required or permitted hereunder
shall be given and shall be deemed effectively given upon personal delivery or
upon deposit in the United States mail by certified mail, with postage and fees
prepaid, addressed to the Participant to his or her address shown in the
Company records, and to the Company and the Partnership at their principal
executive office(s).

 

 4.9.         
Successors and Assigns.  The Company and the Partnership may assign
any of their respective rights under this Agreement to single or multiple
assignees, and this Agreement shall inure to the benefit of the successors and
assigns of the Company and the Partnership. 
Subject to the restrictions on transfer herein set forth, this Agreement
shall be binding upon the Participant and his or her heirs, executors,
administrators, successors and assigns.

 

 4.10.     
Limitations Applicable to Section 16 Persons.  Notwithstanding any other provision of the
Partnership Agreement or this Agreement, if the Participant is subject to
Section 16 of the Exchange Act, then the Partnership Agreement, the Award and
this Agreement shall be subject to any additional limitations set forth in any
applicable exemptive rule under Section 16 of the Exchange Act (including any
amendment to Rule 16b-3 of the Exchange Act) that are requirements for the
application of such exemptive rule.  To
the extent permitted by applicable law, this Agreement shall be deemed amended
to the extent necessary to conform to such applicable exemptive rule.

 

 4.11.     
Entire Agreement.  The Partnership Agreement and this Agreement
(including all exhibits and appendices hereto or thereto) constitute the entire
agreement of the parties and supersede in their entirety all prior undertakings
and agreements of the Company, the Partnership and the Participant with respect
to the subject matter hereof.  Without
limiting the generality of the foregoing, the parties acknowledge and agree
that this Agreement embodies their final intent and understanding with respect
to the grant of the Award, and supersedes all previous descriptions,
discussions, agreements or other materials relating to this Award.

	 	8	 

 4.12.     
Clawback. 
This Award shall be subject to any clawback or recoupment policy
currently in effect or as may be adopted by the Company or the Partnership, in
each case, as may be amended from time to time.

 

 4.13.     
Fractional Units. For purposes of this
Agreement, any fractional LTIP Units that vest or become entitled to
distributions pursuant to the Partnership Agreement shall be rounded up or down
to whole LTIP Units as determined by the Administrator in its sole and absolute
discretion.

 

 4.14.     
Survival of Representations and Warranties. The
representations, warranties and covenants contained in Section 3.2 hereof shall
survive the later of the date of execution and delivery of this Agreement and
the issuance of the Award.

 

 4.15.     
Counterparts.  This
Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which
together shall be deemed to be one and the same agreement. Counterparts may be
delivered via facsimile, electronic mail (including .pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, for example,
www.docusign.com) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

By his or her signature and the
Partnership’s and the Company’s signature below, the Participant agrees to be
bound by the terms and conditions of this Agreement.  The Participant has reviewed this Agreement
in its entirety, has had an opportunity to obtain the advice of counsel prior
to executing this Agreement and fully understands all provisions of this
Agreement.  The Participant hereby agrees
to accept as binding, conclusive and final all decisions or interpretations of
the Administrator upon any questions arising under this Agreement.  In addition, by signing below, the Participant
acknowledges that the Administrator, in its sole discretion, may satisfy any
withholding obligations arising under this Agreement (if any) by any method.

 

 

[Signature Page Follows]

	 	9	 

 

	MOBILE INFRASTRUCTURE   
CORPORATION:                                                                             
 
By: ______________________________
 
Name:  _______________________
 
Title:  ____________________________
	PARTICIPANT:
  
 ________________________ 
 
Name:  __________________
 
Address:  _____________________ 

 

MOBILE INFRA OPERATING PARTNERSHIP, L.P.: 

By:  Mobile Infrastructure Corporation,
its

General Partner

 

By: 
_____________________________

 

Name:  ______________________

 

Title: 
___________________________

 

 

 

	 	10	 

EXHIBIT A

 

FORM OF SECTION 83(b) ELECTION AND INSTRUCTIONS

 

            These
instructions are provided to assist you if you choose to make an election under
Section 83(b) of the Internal Revenue Code, as amended, with respect to the LTIP
Units of Mobile Infra Operating Partnership, L.P. transferred to you.  Please consult with your personal tax
advisor as to whether an election of this nature will be in your best interests
in light of your personal tax situation.

 

            The
executed original of the Section 83(b) election must be filed with the Internal
Revenue Service not later than 30 days after the grant
date. PLEASE NOTE:  There is no
remedy for failure to file on time. Follow the steps outlined below to
ensure that the election is mailed and filed correctly and in a timely manner. PLEASE
ALSO NOTE:  If you make the Section 83(b)
election, the election is irrevocable.

 

Complete all of the Section 83(b)
election steps below:

 

1.                 
Complete the Section 83(b) election form (sample form
follows) and make three copies of the signed election form.

 

2.                 
Prepare a cover letter to the Internal Revenue Service
(sample letter included, following election form).

 

3.                 
Send the cover letter with the originally executed
Section 83(b) election form and one copy via certified mail,
return receipt requested to the Internal Revenue Service at the address of the
Internal Revenue Service where you file your personal tax returns.

 

	 
	•	It
is advisable that you have the package date-stamped at the post office. Enclose
a self-addressed, stamped envelope so that the Internal Revenue Service may
return a date-stamped copy to you. However, your postmarked receipt is your
proof of having timely filed the Section 83(b) election if you do not receive
confirmation from the Internal Revenue Service.

 

4.                 
One copy must be sent to Mobile Infra
Operating Partnership, L.P. for its records.

 

5.                 
Keep one copy for your files and, if required by
applicable law, attach to your federal income tax return for the applicable
calendar year.

 

6.                 
Retain the Internal Revenue Service file stamped copy
(when returned) for your records.

Please consult your personal tax advisor for the address of
the office of the Internal Revenue Service to which you should mail your
election form.

	 	11	 

ELECTION PURSUANT TO SECTION
83(b) OF THE INTERNAL REVENUE CODE

TO INCLUDE IN GROSS INCOME THE EXCESS OVER
THE 

PURCHASE PRICE, IF ANY, OF THE
VALUE OF PROPERTY 

TRANSFERRED IN CONNECTION WITH
SERVICES

 

            The
undersigned hereby elects pursuant to Section 83(b) of the Internal Revenue
Code of 1986, as amended, to include in the undersigned’s gross income for the
taxable year in which the property was transferred the excess (if any) of the
fair market value of the property described below, over the amount the
undersigned paid for such property, if any, and supplies herewith the following
information in accordance with the Treasury regulations promulgated under
Section 83(b):

 

1.                 
The name, address and taxpayer identification (social
security) number of the undersigned, and the taxable year in which this
election is being made, are:

 

TAXPAYER’S
NAME:                                                         

TAXPAYER’S SOCIAL
SECURITY NUMBER: _____________________ 

ADDRESS: 
_____________________________________

TAXABLE YEAR: 
_______________________________

 

2.                 
The property with respect to which the election is made
consists of [______] LTIP Units (the “Units”) of Mobile Infra
Operating Partnership, L.P. (the “Company”), representing an
interest in the future profits, losses and distributions of the Company.

 

3.                 
    The date on which the above
property was transferred to the undersigned was [______].

 

4.                 
The above property is subject to the following
restrictions:  The Units are subject to
forfeiture to the extent unvested upon a termination of service with the
Company and its affiliates under certain circumstances.  These restrictions lapse upon a Liquidity
Event occurring  prior to August 25, 2024
and the satisfaction of certain conditions as set forth in an agreement between
the taxpayer and the Company. In addition, the Units are subject to certain
transfer restrictions pursuant to such agreement and the Third Amended and
Restated Agreement of Limited Partnership of Mobile Infra Operating
Partnership, L.P., as amended (or amended and restated) from time to time,
should the taxpayer wish to transfer the Units.

 

5.                 
The fair market value of the above property at the time
of transfer (determined without regard to any restrictions other than those
which by their terms will never lapse) was $0.

 

6.                 
The amount paid for the above property by the
undersigned was $0.

 

7.                 
The undersigned taxpayer will file this election with
the Internal Revenue Service office with which taxpayer files his or her annual
income tax return not later than 30 days after the date of transfer of the
property. A copy of this election will be furnished to the person for whom the
services were performed, and, if required by applicable law, a copy will be filed
with the income tax return of the undersigned to which this election
relates.  The undersigned is the person
performing the services in connection with which the property was transferred.

	 	12	 

	Date:  ______________________   
	____________________________
Name:

 

VIA
CERTIFIED MAIL 

RETURN RECEIPT REQUESTED

 

Internal Revenue Service

 

______________________________________ 

[Address where taxpayer files
returns]

 

Re:  Election under
Section 83(b) of the Internal Revenue Code of 1986

 

Taxpayer: _______________________________ 

Taxpayer’s Social Security Number:
___________________________ 

Ladies and Gentlemen:

 

Enclosed please find an original
and one copy of an Election under Section 83(b) of the Internal Revenue Code of
1986, as amended, being made by the taxpayer referenced above.  Please acknowledge receipt of the enclosed
materials by stamping the enclosed copy of the Election and returning it to me
in the self-addressed stamped envelope provided herewith.

 

Very
truly yours, 

__________________________

 

Enclosures 

cc:
Mobile Infra Operating Partnership, L.P.

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