Document:

Exhibit

EXHIBIT 10.1
BRT REALTY TRUST
AMENDED AND RESTATED 2016 INCENTIVE PLAN
SECTION 1
EFFECTIVE DATE AND PURPOSE
1.1 Effective Date. This Plan shall become effective upon approval by the shareholders of the Trust (as defined), as and to the extent required by the listing requirements of the New York Stock Exchange and Section 162(m) of the Code (as defined).
1.2 Purpose of the Plan. The Plan is designed to motivate, retain and attract Participants (as defined) of experience and ability and to further the financial success of the Trust by aligning the interests of Participants through the ownership of Shares (as defined) with the interests of the Trust’s shareholders.
SECTION 2
DEFINITIONS
The following terms shall have the following meanings (whether used in the singular or plural) unless a different meaning is plainly required by the context:
“1934 Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the 1934 Act or a regulation thereunder shall include any regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
“Affiliate” or “Affiliates” has the meaning ascribed to such term by Rule 501 promulgated under the Securities Act of 1933, as amended. 
“Award” means, individually or collectively, a grant under the Plan of Nonqualified Stock Options, Incentive Stock Options, Restricted Stock, Restricted Stock Units, Dividends Equivalent Rights and Performance Share Awards.
“Award Agreement” means either (1) the written agreement setting forth the terms and provisions applicable to each Award granted under the Plan or (2) a statement (including an electronic communication) issued by the Trust to a Participant describing the terms and provisions of such Award.
“Board” or “Board of Trustees” means the Board of Trustees of the Trust, or any analogous governing body of any successor to the Trust.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations thereunder.
“Committee” means the Compensation Committee of the Board or the committee of the Board appointed to administer the Plan.
“Dividend Equivalent Right” means an Award entitling the Participant to receive an amount of cash equal to the cash distributions that would have been paid on the Shares specified in the Award to which such Dividend Equivalent Right relates, as if such Shares had been issued to and held by the Participant holding such Dividend Equivalent Right as of the grant date (or if otherwise determined by the Committee, the beginning of the Performance Cycle) of the Award to which the Dividend Equivalent Rights relates through the vesting date of such award.  A Dividend Equivalent Right may be granted hereunder to any Participant only in tandem with an Award of RSU’s or a Performance Based Award (other than an Award of Restricted Stock or Options).  The terms and conditions of Dividend Equivalent Rights shall be specified in the Award Agreement which shall provide that such Dividend Equivalent Right, except to the extent otherwise provided in the related Award Agreement, shall (i) not be sold, transferred, gifted, bequeathed, pledged, assigned, or otherwise alienated or hypothecated, voluntarily or involuntarily, until the end of the applicable Period of Restriction and the satisfaction, in whole or in part, of any applicable Performance Goals within the applicable Performance Cycle, and (ii) be settled upon settlement or payment of, or lapse of restrictions on, the Award to which it relates, and such Dividend Equivalent Right shall expire or be forfeited or annulled under the same condition as such Award.
 “Disability” or “Disabled” means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

“Exercise Price” means the price at which a Share may be purchased by a Participant pursuant to the exercise of an Option.
“Fair Market Value” means, as of any given date, (i) the closing sales price of the Shares on any national securities exchange on which the Shares are listed; (ii) the closing sales price if the Shares are listed on the OTCBB or other over the counter market; or (iii) if there is no regular public trading market for such Shares, the fair market value of the Shares as determined by the Committee.
“Grant Date” means, with respect to an Award, the effective date that such Award is granted to a Participant.
“Incentive Stock Option” means an Option to purchase Shares which is designated as an Incentive Stock Option and is intended to meet the requirements of Section 422 of the Code.
“Non-management Trustee” means a Trustee who, in the applicable calendar year, was not compensated, directly or indirectly, by the Trust, any Subsidiary or any of their Affiliates, other than compensation for service as a Trustee or as a member of any committee of the Board.
“Nonqualified Stock Option” means an Option to purchase Shares which is not an Incentive Stock Option.
“Option” means an Incentive Stock Option or a Nonqualified Stock Option.
“Participant” means an officer, employee, Trustee or consultant of the Trust or any of its Subsidiaries who has been granted an Award under the Plan.
“Performance-Based Award” means any Restricted Stock Award, Restricted Stock Unit, Option or Performance Share Award granted to a Participant that qualifies as “performance based compensation” under Section 162(m) of the Code.
“Performance Criteria” shall mean any, a combination of, or all of the following: (i) pre-tax income, (ii) after-tax income, (iii) net income (meaning net income as reflected in the Trust’s financial reports for the applicable period), (iv) operating income (including net operating income), (v) cash flow, cash flow from operations, free cash flow and any one or more of the foregoing, (vi) return on any one or more of equity, invested capital and assets, (vii) funds available for distribution, (viii) occupancy rate at any one or more of the Trust’s or its Subsidiaries’ properties, (ix) total shareholder return, (x) funds from operations (“FFO”), as computed in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc., (xi) adjusted FFO (i.e., adjusting FFO to give effect to any one or more of the following: property acquisition costs, straight-line rent, amortization of lease intangibles, lease termination fee income, amortization of restricted stock or other non-cash compensation expense, amortization and/or write-off of deferred financing costs and debt prepayment costs),(xii) stock appreciation (meaning an increase in the price or value of the Shares after the date of grant of an award and during the applicable period), (xiii) revenues, (xiv) assets, (xv) earnings before any one or more of the following items: interest, taxes, impairment charges, depreciation or amortization for the applicable period, as reflected in the Trust’s financial reports for the applicable period, (xvi) reduction in expense levels, (xvii) operating cost management and employee productivity, (xviii) strategic business criteria consisting of one or more objectives based on meeting specified revenue, market share, market penetration, geographic business expansion goals, objectively identified project milestones, cost targets and goals relating to acquisition or divestitures; and (xix) achievement of business or operational goals such as market share and/or business development. Performance Criteria need not be the same with respect to all Participants and may be established on an aggregate or per share basis (diluted or undiluted), may be based on performance compared to performance by businesses or indices specified by the Committee, may be compared to any prior period, may be based on a company-wide basis or in respect of any one or more business units, may be measured on an absolute or relative basis, may be adjusted for non-controlling interests, and any one or more of the foregoing. All calculations and financial accounting matters relevant to this Plan shall be determined in accordance with GAAP, except as otherwise directed by the Committee.
“Performance Cycle” means one or more periods of time which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participants right to and the payment of a Restricted Stock Award, Restricted Stock Unit, Option or Performance Share Award. Each such period shall not be less then twelve months.
“Performance Goals” means for a Performance Cycle, the specific goals established by the Committee for a Performance Cycle based upon the Performance Criteria.

“Period of Restriction” means the period during which an Award granted hereunder is subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of Performance Goals or the occurrence of other events as determined by the Committee.
“Plan” means the BRT Realty Trust 2016 Incentive Plan, as set forth in this instrument, and as hereafter amended from time to time.
“Restricted Stock” means an Award of Shares, the grant, issuance, retention and/or vesting of which is subject to such conditions as are expressed in the Award Agreement and as contemplated herein.
“Restricted Stock Unit” or “RSU” means an Award of a right to receive one Share, the grant, issuance, retention and/or vesting of which is subject to such conditions as are expressed in the Award Agreement and as contemplated herein.
“Retirement” means (i) a Trustee who has attained the age of 65 years who resigns or retires from the Board or does not stand for re-election to the Board and has served continuously as a Trustee of the Trust for not less than six consecutive years, and (ii) an officer or employee of, or consultant to, the Trust who has attained the age of 65 years who resigns or retires from the Trust or one of its Subsidiaries and has served in any such capacity with the Trust or one of its Subsidiaries for not less than ten consecutive years at the time of retirement or resignation, provided that such Participant has not acted in a manner during the period of his relationship with the Trust or any of its Subsidiaries which has been harmful to the business or reputation of the Trust. A determination as to whether a “retiree” acted in a manner which has been harmful to the business or reputation of the Trust shall be made by the Committee, whose determination shall be conclusive and binding in all respects on the Participant and the Trust.
“Shares” or “Beneficial Shares” means the shares of beneficial interest, $3.00 par value, of the Trust, or any other security of the Trust determined by the Committee pursuant to Section 5.3.
“Subsidiary” means (i) a corporation, association or other business entity of which 50% or more of the total combined voting power of all classes of capital stock is owned, directly or indirectly, by the Trust or by one or more Subsidiaries of the Trust or by the Trust and one or more Subsidiaries of the Trust, (ii) any partnership or limited liability company of which 50% or more of the capital and profit interests is owned, directly or indirectly, by the Trust or by one or more Subsidiaries of the Trust or by the Trust and one or more Subsidiaries of the Trust, or (iii) any other entity not described in clauses (i) or (ii) above of which 50% or more of the ownership and the power, pursuant to a written contract or agreement, to direct the policies and management or the financial and the other affairs thereof, are owned or controlled by the Trust or by one or more Subsidiaries of the Trust or by the Trust and one or more Subsidiaries of the Trust.
“Trust” means BRT Realty Trust, a Massachusetts business trust, or any successor thereto (including any entity that is a successor issuer in accordance with Rule 12g-3 under the 1934 Act and Rule 414 under the Securities Act of 1933, as amended).
SECTION 3
ELIGIBILITY
3.1 Participants. Awards may be granted in the discretion of the Committee to officers, employees, Trustees and consultants of the Trust and its Subsidiaries.
3.2 Non-Uniformity. Awards granted hereunder need not be uniform among eligible Participants and may reflect distinctions based on title, compensation, responsibility or any other factor the Committee deems appropriate.
SECTION 4
ADMINISTRATION
4.1 The Committee. The Plan will be administered by the Committee, which, to the extent deemed necessary by the Board, will consist of two or more persons who satisfy the requirements for a “non-employee director” under Rule 16b-3 promulgated under the 1934 Act and/or the requirements for an “outside director” under section 162(m) of the Code. The members of the Committee shall be appointed from time to time by, and shall serve at the pleasure of, the Board of Trustees. In the absence of such appointment, the Board of Trustees shall serve as the Committee and shall have all of the responsibilities, duties, and authority of the Committee set forth herein.
4.2 Authority of the Committee. Subject to applicable law, the Committee shall have the exclusive authority to administer and construe the Plan in accordance with its provisions. The Committee’s authority shall include, without 

limitation, the power to (a) determine persons eligible for Awards, (b) prescribe the terms and conditions of the Awards, (c) construe and interpret the Plan, the Awards and any Award Agreement, (d) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith and (e) establish, interpret, amend or revoke any such rules. With respect to any Award that is intended to qualify as “performance-based compensation” within the meaning of section 162(m) of the Code, the Committee shall have no discretion to increase the amount of compensation that otherwise would be due upon attainment of a Performance Goal, although the Committee may have discretion to deny an Award or to adjust downward the compensation payable pursuant to an Award, as the Committee determines in its sole judgment. The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or any part of its authority and powers under the Plan to one or more officers of the Trust to the extent permitted by law.
4.3 Decisions Binding. All determinations and decisions made by the Committee and any of its delegatees pursuant to Section 4.2 shall be final, conclusive and binding on all persons, and shall be given the maximum deference permitted by law.
4.4 Limitation on Awards Granted to Non-Management Trustees. The maximum number of Shares issuable pursuant to Awards that may be granted to a Non-Management Trustee in any calendar year shall not exceed 10,000 Shares.
SECTION 5
SHARES SUBJECT TO THE PLAN
5.1 Number of Shares. Subject to adjustment as provided in Section 5.3, the total number of Shares available for grant under the Plan shall not exceed 600,000 Shares. The Shares available for issuance under the Plan shall be authorized but unissued Shares of the Trust.
5.2 Lapsed Awards. Unless determined otherwise by the Committee, Shares related to Awards that are forfeited, cancelled, terminated or expire unexercised, shall be available for grant under the Plan. Shares that are tendered by a Participant to the Trust in connection with the exercise of an Award, withheld from issuance in connection with a Participant’s payment of tax withholding liability, or settled in such other manner so that a portion or all of the Shares included in an Award are not issued to a Participant shall not be available for grant under the Plan.
5.3 Adjustments in Awards and Authorized Shares. In the event of a stock dividend or stock split, the number of Shares subject to the Plan, outstanding Awards and the numerical amounts set forth in Sections 5.1, 6.1, 7.1 and 8.1 shall automatically be adjusted proportionally to prevent the dilution or diminution of such Awards, except to the extent directed otherwise by the Committee. In the event of a merger, reorganization, consolidation, recapitalization, separation, liquidation, combination or other similar change in the structure of the Trust affecting the Shares, the Committee shall adjust the number and class of Shares which may be delivered under the Plan, the number, class and price of Shares subject to outstanding Awards, and the numerical limits of Sections 5.1, 6.1, 7.1 and 8.1 in such manner as the Committee shall determine to be advisable or appropriate to prevent the dilution or diminution of such Awards. Any such numerical limitations shall be subject to adjustment under this Section only to the extent such adjustment will not affect the status of any Award intended to qualify as “performance-based compensation” under section 162(m) of the Code or the ability to grant or the qualification of Incentive Stock Options under the Plan.
5.4 Restrictions on Transferability. The Committee may impose such restrictions on any Award, Award of Shares or Shares acquired pursuant to an Award as it deems advisable or appropriate, including, but not limited to, restrictions related to applicable Federal securities laws, the requirements of any national securities exchange or system upon which Shares are then listed or traded, and any blue sky or state securities laws.
SECTION 6
STOCK OPTIONS
6.1 Grant of Options. Subject to the terms and provisions of the Plan, Options may be granted to Participants at any time and from time to time as determined by the Committee. The Committee shall determine the number of Shares subject to each Option. The Committee may grant Incentive Stock Options, Nonqualified Stock Options, or any combination thereof. Except to the extent such Awards are intended to qualify as Performance Based Awards, the maximum aggregate number of Shares underlying Options granted in any one calendar year to an individual Participant shall be 50,000.
6.2 Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify the Exercise Price, the expiration date of the Option, the number of Shares to which the Option pertains, whether the Option is 

intended to be an Incentive Stock Option or a Nonqualified Stock Option, any conditions on exercise of the Option and such other terms and conditions as the Committee shall determine, including terms regarding forfeiture of Awards or continued exercisability of Awards in the event of termination of employment by the Participant.
6.3 Exercise Price. The Exercise Price for each Option shall be determined by the Committee and shall be provided in each Award Agreement; provided, however, the Exercise Price for each Option may not be less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date. In the case of an Incentive Stock Option, the Exercise Price shall be not less than one hundred ten percent (110%) of the Fair Market Value of a Share if the Participant (together with persons whose stock ownership is attributed to the Participant pursuant to section 424(d) of the Code) owns on the Grant Date stock possessing more than 10% of the total combined voting power of all classes of stock of the Trust or any of its Subsidiaries.
6.4 Expiration of Options. Except as provided in Section 6.7(c) regarding Incentive Stock Options, each Option shall terminate upon the earliest to occur of (i) the date(s) for termination of the Option set forth in the Award Agreement or (ii) the expiration of ten (10) years from the Grant Date. Subject to such limits, the Committee shall provide in each Award Agreement when each Option expires and becomes un-exercisable. The Committee may not, after an Option is granted, extend the maximum term of the Option.
6.5 Exercisability of Options. Options granted under the Plan shall be exercisable, in whole or in part, at such times and be subject to such restrictions and conditions as the Committee shall determine. After an Option is granted, the Committee may accelerate or waive any condition constituting a substantial risk of forfeiture applicable to the Option. Notwithstanding the foregoing, the Committee shall not act in a manner that would cause a grant that is intended to be “performance-based compensation” under Code Section 162(m) to fail to be performance-based.
6.6 Payment. Options shall be exercised by a Participant’s delivery of a written notice of exercise to the Secretary of the Trust (or his or her designee), setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. Upon the exercise of an Option, the Exercise Price shall be payable to the Trust in full in cash or its equivalent. The Committee may permit exercise (a) by the Participant tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Exercise Price, (b) the Participant tendering a combination of cash and previously acquired Shares equal to total Exercise Price (the Shares tendered being valued at Fair Market Value at the time of exercise), or (c) by any other means which the Committee determines to provide legal consideration for the Shares, and to be consistent with the purposes of the Plan. As soon as practicable after receipt of a written notification of exercise and full payment for the Shares purchased, the Trust shall deliver, or cause to be delivered, to the Participant, evidence of such Participant’s ownership of such Shares. No right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares as to which the Option has been exercised until the records of the Trust or its transfer agent reflect the issuance of such Shares. No adjustment will be made for a dividend or other rights for which a record date is established prior to the date the records of the Trust or its transfer agent reflect the issuance of the Shares upon exercise of the Options. 
6.7 Certain Additional Provisions for Incentive Stock Options.
(a) Exercisability. The aggregate Fair Market Value (determined on the Grant Date(s)) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Trust, any parent and its Subsidiaries) shall not exceed $100,000. The portion of the Option which is in excess of the $100,000 limitation shall be treated as a Non-Qualified Option pursuant to Section 422(d)(1) of the Code.
(b) Trust and Subsidiaries Only. Incentive Stock Options may be granted only to Participants who are officers or employees of the Trust or a Subsidiary on the Grant Date.
(c) Expiration. No Incentive Stock Option may be exercised after the expiration of ten (10) years from the Grant Date. In the case of an Incentive Stock Option that is granted to a Participant who (together with persons whose stock ownership is attributed to the Participant pursuant to Section 424(d) of the Code) owns on the Grant Date stock possessing more than 10% of the total combined voting power of all classes of stock of the Trust or any of its Subsidiaries, the term of such Incentive Stock Option shall be no more than five years from the Grant Date.
6.8 Restriction on Transfer. Except as otherwise determined by the Committee and set forth in the Award Agreement, no Option may be transferred, gifted, pledged, assigned, or otherwise alienated or hypothecated, voluntarily or involuntarily. Upon the death or Disability of a Participant, an Option may be exercised by the duly appointed personal representative of the deceased Participant or in the event of a Disability by the Participant or the 

duly appointed committee of the Disabled Participant to the extent the Option was exercisable on the date of death or the date of Disability and shall be exercisable for a period of six months from the date of death or the date of Disability. Upon Retirement of a Participant an Option may be exercised to the extent it was exercisable on the effective date of the Retirement and shall be exercisable for a period of six months from the effective date of such Retirement.
6.9 Repricing of Options. Without shareholder approval, (i) the Trust will not reprice, replace or regrant an outstanding Option either in connection with the cancellation of such Option or by amending an Award Agreement to lower the exercise price of such Option, and (ii) the Trust will not cancel outstanding Options in exchange for cash or other Awards.
6.10 Voting Rights. A Participant shall have no voting rights with respect to any Options granted hereunder.
SECTION 7
RESTRICTED STOCK AND RESTRICTED STOCK UNITS
7.1 Grant of Restricted Stock and Restricted Stock Units. Subject to the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock and/or Restricted Stock Units to Participants in such amounts as the Committee shall determine. The Committee shall determine the number of Shares and/or RSU’s to be granted to each Participant and the time when each Award shall be granted. Except to the extent such Awards are intended to qualify as Performance Based Awards, no more than 100,000 Shares of each of Restricted Stock and Shares underlying Restricted Stock Units may be granted to any individual Participant in any one calendar year.
7.2 Restricted Stock and RSU Agreements. Each Award of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement that shall specify the Period of Restriction, the number of Shares of Restricted Stock granted, the number of Shares subject to a Restricted Stock Unit, any applicable Performance Goals and Performance Cycle, and such other terms and conditions as the Committee shall determine, including terms regarding forfeiture of Awards in the event of termination of employment by the Participant or termination of the Participant’s relationship with the Trust as a Trustee or consultant.
7.3 Transferability. Except as otherwise determined by the Committee and set forth in the Award Agreement, Shares of Restricted Stock and Restricted Stock Units (including Shares underlying RSU’s) may not be sold, transferred, gifted, bequeathed, pledged, assigned, or otherwise alienated or hypothecated, voluntarily or involuntarily, until the end of the applicable Period of Restriction and the satisfaction, in whole or in part, of any applicable Performance Goals within the applicable Performance Cycle. Except as otherwise determined by the Committee and set forth in the Award Agreement, in the event of the death, Disability or Retirement of a Participant, all unvested Restricted Stock and unvested RSU’s shall not vest on the date of death or Disability or the effective date of Retirement. Without shareholder approval, the Trust will not, except as otherwise provided for in the Plan, repurchase outstanding unvested Restricted Stock or unvested RSU’s in exchange for cash or accelerate the vesting of outstanding unvested Shares of Restricted Stock or RSU’s. 
7.4 Other Restrictions. The Committee may impose such other restrictions on Shares of Restricted Stock and Restricted Stock Units (including Shares underlying RSU’s) as it may deem advisable or appropriate in accordance with this Section 7.4.
(a) General Restrictions. The Committee may set one or more restrictions based upon (a) the achievement of specific Performance Goals, (b) applicable Federal or state securities laws, (c) time-based restrictions, or (d) any other restrictions determined by the Committee.
(b) Section 162(m) Performance Restrictions. For purposes of qualifying grants of Restricted Stock and/or RSUs as “performance-based compensation” under Section 162(m) of the Code, the Committee, in its sole discretion, may set restrictions based upon the achievement of Performance Goals. The Performance Goals shall be set by the Committee on or before the latest date permissible to enable the Restricted Stock and/or RSUs to qualify as “performance-based compensation” under section 162(m) of the Code. In granting Restricted Stock and/or RSUs that are intended to qualify under section 162(m) of the Code, the Committee shall follow any procedures determined by it in its sole discretion from time to time to be necessary, advisable or appropriate to ensure qualification of the Restricted Stock and/or RSUs under section 162(m) of the Code.

(c) Methods of Implementing Restrictions. The Committee may take such action as it, in its sole discretion, deems appropriate to give notice to the Participant of, and implement, the restrictions imposed pursuant to Section 7. 
7.5 Removal of Restrictions. After the end of the Period of Restriction, the Shares shall be freely transferable by the Participant, subject to any other restrictions on transfer (including without limitation, limitations imposed pursuant to the Trust’s organizational documents) which may apply to such Shares. Notwithstanding the foregoing, the Committee shall not act in a manner that would cause a grant that is intended to be “performance-based compensation” under Code Section 162(m) to fail to be performance-based.
7.6 Voting Rights. Except as otherwise determined by the Committee and set forth in the Award Agreement, Participants holding (a) Shares of Restricted Stock shall have voting rights during the Period of Restriction and (b) Restricted Stock Units shall not have voting rights during the Period of Restriction.
7.7 Dividends and Other Distributions. Except as otherwise determined by the Committee and set forth in the Award Agreement, Participants holding (a) Shares of Restricted Stock shall be entitled to receive all dividends and other distributions paid with respect to the Shares during the Period of Restriction and (b) except to the extent a Dividend Equivalent Right is granted in tandem with an RSU,  RSUs shall not be entitled to receive any dividends or other distributions paid with respect to the underlying Shares during the Period of Restriction.
SECTION 8
PERFORMANCE-BASED AWARDS
8.1 Performance-Based Awards. Participants selected by the Committee may be granted one or more Performance Awards in the form of Options, Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights or Performance Share Awards payable upon the attainment of Performance Goals that are established by the Committee and related to one or more of the Performance Criteria, in each case on a specified date or dates or over a Performance Cycle determined by the Committee. A Performance Cycle shall be at least one year. The Committee in its sole discretion shall determine whether an Award is to qualify as “performance based compensation” under Section 162(m) of the Code. The Committee in its sole discretion shall determine Awards that are based on Performance Goals but are not intended to quality as “performance based compensation” under Section 162(m). The Committee shall define the manner of calculating the Performance Criteria it selects to use for any Performance Cycle. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Trust performance or the performance of an individual. The Committee, in its discretion, may adjust or modify the calculation of Performance Goals for such Performance Cycle in order to prevent the dilution or enlargement of the rights of an individual (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development, (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Trust, or the financial statements of the Trust, or (iii) in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions; provided however, that the Committee may not exercise such discretion in a manner that would increase the Performance-Based Award granted to a Participant. Each Performance-Based Award shall comply with the provisions set forth below. Performance Awards, other than Dividend Equivalent Rights, shall be paid in Shares.
(a) Grant of Performance-Based Awards. With respect to each Performance-Based Award granted to a Participant, if intended by the Committee to qualify as “performance based compensation” under Section 162(m) of the Code, the Committee shall select, within the first 90 days of a Performance Cycle the Performance Criteria for such grant, and the Performance Goals with respect to each Performance Criterion (including a threshold level of performance below which no amount will become payable with respect to such Award). Each Performance-Based Award will specify the amount payable, or the formula for determining the amount payable, upon achievement of the various applicable performance targets. The Performance Criteria established by the Committee may be (but need not be) different for each Performance Cycle and different Performance Goals may be applicable to Performance-Based Awards to different Participants.
(b) Payment of Performance-Based Awards. Following the completion of a Performance Cycle, the Committee shall meet to review and certify in writing whether, and to what extent, the Performance Goals for the Performance Cycle have been achieved and, if so, to calculate and certify in writing the amount of the Performance-Based Awards earned for the Performance Cycle. The Committee shall then determine the actual size of each Participant’s Performance-Based Award, and, in doing so, may reduce or eliminate the amount of the Performance-Based Award for a Participant if, in its sole judgment, such reduction or elimination is appropriate.

(c) Maximum Award Payable. The maximum Performance-Based Award payable to any one Participant under the Plan for a Performance Cycle is 100,000 Shares (subject to adjustment as provided in Section 5.3 hereof).
SECTION 9
AMENDMENT, TERMINATION, AND DURATION
9.1 Amendment, Suspension, or Termination. The Board, in its sole discretion, may amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason; provided, however, that if and to the extent required by law or to maintain the Plan’s compliance with the Code, the rules of any national securities exchange (if applicable), or any other applicable law, any such amendment shall be subject to shareholder approval; and further provided, that without shareholder approval, no amendment shall permit the repricing, replacing or regranting of an Option in connection with the cancellation of such Option or by amending an Award Agreement to lower the exercise price of such Option or the cancellation of any Award in exchange for cash. The amendment, suspension or termination of the Plan shall not, without the consent of the Participant, alter or impair any rights or obligations under any Award theretofore granted to such Participant. No Award may be granted during any period of suspension or after termination of the Plan.
9.2 Duration of the Plan. The Plan shall become effective in accordance with Section 1.1, and subject to Section 9.1 shall remain in effect until the tenth anniversary of the effective date of the Plan.
SECTION 10
TAX WITHHOLDING
10.1 Withholding Requirements. Prior to the delivery of any Shares pursuant to an Award (or the exercise thereof), the Trust shall have the power and the right to deduct or withhold from any amounts due to the Participant from the Trust, or require a Participant to remit to the Trust, an amount sufficient to satisfy Federal, state and local taxes (including the Participant’s FICA obligation) required or appropriate to be withheld with respect to such Award (or the exercise or vesting thereof).
10.2 Withholding Arrangements. The Trust, pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part, by (a) electing to have the Trust withhold otherwise deliverable Shares, or (b) delivering to the Trust, Shares then owned by the Participant. The amount of the withholding requirement shall be deemed to include any amount that the Trust agrees may be withheld at the time any such election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered shall be determined as of the date that the taxes are required to be withheld.
SECTION 11
CHANGE IN CONTROL
11.1 Change in Control. For purposes of the Plan, a Change in Control means any of the following:
(a) the acquisition (other than from the Trust) in one or more transactions by any person (as such term is used in Section 13(d) of the 1934 Act) of the beneficial ownership (within the meaning of Rule 13d-3 under the 1934 Act) of 25% or more of (i) the then outstanding Shares or (ii) the combined voting power of the then outstanding securities of the Trust entitled to vote generally in the election of Trustees (the “Trust Voting Stock”), provided however the provision of this Section 11.1(a) is not applicable to acquisitions made individually, or as a group by Fredric H. Gould, Matthew J. Gould and Jeffrey A. Gould, and their respective spouses, lineal descendants and affiliates;
(b) individuals who, as of the date of the Award, constitute the Board of Trustees (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Trustee subsequent to the date of such Award whose election, or nomination for election by the Trust’s shareholders, was approved by a vote of at least a majority of the Trustees then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in the Rules of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

(c) the closing of a sale or other conveyance of all or substantially all of the assets of the Trust; or
(d) the effective time of any merger, share exchange, consolidation, or other business combination involving the Trust if immediately after such transaction persons who hold a majority of the outstanding voting securities entitled to vote generally in the election of Trustees of the surviving entity (or the entity owning 100% of such surviving entity) are not persons who, immediately prior to such transaction, held the Trust’s voting Shares.
11.2 Effect of Change of Control. On the effective date of any Change in Control, unless the applicable Award Agreement provides otherwise: (i) in the case of an Option, each such outstanding Option shall become exercisable in full in respect of the aggregate number of Shares covered thereby; and (ii) in the case of Restricted Stock, Restricted Stock Units, Dividend Equivalent Rights and Performance Share Awards, the Period of Restriction applicable to each such Award shall be deemed to have expired. Notwithstanding the foregoing, unless otherwise provided in the applicable Award Agreement, the Committee may, in its discretion, determine that any or all outstanding Awards of any or all types granted pursuant to the Plan will not become exercisable on an accelerated basis nor will the Restriction Period expire in connection with a Change of Control if effective provision has been made for the taking of such action which, in the opinion of the Committee, is equitable and appropriate to substitute a new Award for such Award or for the assumption of such Award and to make such new or assumed Award, as nearly as may be practicable, equivalent to the old Award (before giving effect to any acceleration of the exercisability or the expiration of the Restriction Period), taking into account, to the extent applicable, the kind and amount of securities, cash, or other assets into or for which the Shares may be changed, converted, or exchanged in connection with such Change of Control.
SECTION 12
MISCELLANEOUS
12.1 Deferrals. To the extent consistent with the requirements of section 409A of the Code, the Committee may provide in an Award Agreement or another document that a Participant is permitted or required to defer receipt of the delivery of Shares that would otherwise be due to such Participant under an Award. Any such deferral shall be subject to such rules and procedures as shall be determined by the Committee.
12.2 Termination for Cause. If a Participant’s employment or relationship with the Trust or a Subsidiary shall be terminated for cause by the Trust or such Subsidiary during the Restriction Period or prior to the exercise of any Option (for these purposes, cause shall have the meaning ascribed thereto in any employment agreement or Award Agreement to which such Participant is a party or, in the absence thereof, shall include, but not be limited to, insubordination, dishonesty, incompetence, moral turpitude, the refusal to perform his duties and responsibilities for any reason (other than illness or incapacity) and other misconduct of any kind, as determined by the Committee, then, (i) all Options shall immediately terminate and (ii) such Participant’s rights to all Restricted Stock, RSU’s and Performance Share Awards shall be forfeited immediately.
12.3 Section 162(m). Notwithstanding anything to the contrary herein or in an Award Agreement, an Award that is intended to qualify as “performance based compensation” under Section 162(m) of the Code, shall not vest in whole or in part in the event of the Participant’s Retirement, involuntary termination or if the Participant terminates his or her relationship with the Trust, except to the extent (a) the Performance Goal’s shall be achieved within the Performance Cycle or (b) otherwise permitted under Section 162(m) of the Code.
12.4 No Effect on Employment or Service. Nothing in the Plan, any Award or any Award Agreement, and no action of the Committee, shall confer or be construed to confer on any Participant any right to continue in the employ or service of the Trust or any Subsidiary or shall interfere with or limit in any way the right of the Trust or any Subsidiary to terminate any Participant’s employment or service at any time, with or without cause. Employment with the Trust or any Subsidiary is on an at-will basis only, unless otherwise provided by an applicable employment or service agreement between the Participant and the Trust or any Subsidiary, as the case may be.
12.5 Successors. All obligations of the Trust under the Plan, with respect to Awards granted hereunder, shall be binding on any successor to the Trust, whether the existence of such successor is the result of a direct or indirect merger, consolidation or otherwise, or the purchase of all or substantially all of the business or assets of the Trust.
12.6 No Rights as Shareholder. Except to the limited extent provided in Sections 7.6 and 7.7, no Participant (nor any beneficiary thereof) shall have any of the rights or privileges of a shareholder of the Trust with respect to any Shares issuable pursuant to an Award (or the exercise or vesting thereof), unless and until the issuance of such Shares shall have been recorded on the records of the Trust or its transfer agents or registrars. 

12.7 Uncertificated Shares. Notwithstanding any provision of the Plan to the contrary, the ownership of Shares issued under the Plan may be evidenced in such a manner as the Committee, in its sole discretion, deems appropriate, including by book-entry or direct registration (including transaction advices) or the issuance of one or more share certificates, and to the extent that the Plan, applicable law or the Trust’s organizational documents, require or contemplate the imposition of a legend or other notation on one or more certificates evidencing Shares or an Award, the Committee shall have the sole discretion to determine the manner in which such legend or notation is implemented.
12.8 Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, or Awards, or other property shall be issued or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated.
12.9 Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.
12.10 Requirements of Law; Claw-Back Policies. The grant of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required from time to time, and shall be subject to the applicable provisions of any claw-back policy implemented by the Trust, whether implemented prior to or after the grant of such Award, including without limitation, any claw-back policy adopted to comply with the requirements of applicable law (including the requirements of a national securities exchange).
12.11 Securities Law Compliance. To the extent any provision of the Plan, Award Agreement or action by the Committee fails to comply with any applicable federal or state securities law, it shall be deemed null and void, to the extent permitted by law and deemed advisable or appropriate by the Committee.
12.12 Real Estate Investment Trust. No Award shall be granted or awarded and, with respect to any Award granted under the Plan, such Award shall not vest, be exercisable or be settled, to the extent that the grant, vesting, exercise or settlement of such Award could cause the Participant or any other person to be in violation of any restrictions on ownership and transfer of the Trust’s securities set forth in its declaration of trust or other governing instrument or organizational documents, as amended and in effect from time to time, or if, in the discretion of the Committee, the grant, vesting, exercise or settlement of such award could otherwise impair the Trust’s status as a real estate investment trust under the Code.
12.13 Governing Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Commonwealth of Massachusetts.
12.14 Captions. Captions are provided herein for convenience of reference only, and shall not serve as a basis for interpretation or construction of the Plan.SEC Exhibit

Membership Interest Purchase Agreement

by and among
TRB Newark Assemblage llc and TRB Newark TRS llc,
collectively as Seller

and

RBH Partners III, LLC, as Buyer

dated as of
February __, 2016

TABLE OF CONTENTS

	
			
	 
	 
	Page
  No.

	ARTICLE I PURCHASE AND SALE.......................................................................................
	1

	Section 1.01
	Purchase and Sale................................................................................................................
	1

	Section 1.02
	Purchase Price.....................................................................................................................
	1

	Section 1.03
	Closing................................................................................................................................
	2

	Section 1.04
	Transfer Taxes.....................................................................................................................
	2

	ARTICLE II REPRESENTATIONS AND WARRANTIES OF SELLER.................................
	2

	Section 2.01
	Organization and Authority of Seller; Enforceability.........................................................
	2

	Section 2.02
	No conflicts; Consents........................................................................................................
	3

	Section 2.03
	Legal Proceedings...............................................................................................................
	3

	Section 2.04
	Intentionally Omitted..........................................................................................................
	3

	Section 2.05
	Ownership of Membership Interests...................................................................................
	3

	Section 2.06
	OFAC..................................................................................................................................
	4

	Section 2.07
	Brokers................................................................................................................................
	4

	Section 2.08
	Non-foreign Status..............................................................................................................
	4

	Section 2.09
	Intentionally Omitted..........................................................................................................
	4

	Section 2.10
	Limitation on Seller's Representations and Warranties.......................................................
	4

	ARTICLE III REPRESENTATIONS AND WARRANTIES OF BUYER.................................
	5

	Section 3.01
	Organization and Authority of Buyer and the Company; Enforceability............................
	5

	Section 3.02
	No conflicts; Consents........................................................................................................
	5

	Section 3.03
	Investment Purpose.............................................................................................................
	6

	Section 3.04
	Brokers................................................................................................................................
	6

	Section 3.05
	Legal Proceedings...............................................................................................................
	6

	Section 3.06
	OFAC..................................................................................................................................
	6

	Section 3.07
	Buyer's Acknowledgement..................................................................................................
	7

	Section 3.08
	Guaranties...........................................................................................................................
	7

	ARTICLE IV CLOSING DELIVERIES....................................................................................
	8

	Section 4.01
	Seller's Deliveries................................................................................................................
	8

	Section 4.02
	Buyer's Deliveries...............................................................................................................
	8

	ARTICLE V TAX AND REPORTING MATTERS
	9

	Section 5.01
	Allocation of Company Income and Loss..........................................................................
	9

	Section 5.02
	Section 754 Election...........................................................................................................
	9

	Section 5.03
	Reporting Cooperation........................................................................................................
	9

	Section 5.04
	Tax Covenants.....................................................................................................................
	10

	Section 5.05
	Seller REIT Status...............................................................................................................
	11

	 
	 
	 

	 
	 
	 

i

	
			
	 
	 
	Page
  No.

	ARTICLE VI INDEMNIFICATION
	12

	Section 6.01
	Survival of Representations and Covenants........................................................................
	12

	Section 6.02
	Indemnification By Seller...................................................................................................
	12

	Section 6.03
	Indemnification by Buyer and the Company......................................................................
	12

	Section 6.04
	Cumulative Remedies.........................................................................................................
	13

	ARTICLE VII MISCELLANEOUS
	13

	Section 7.01
	Expenses..............................................................................................................................
	13

	Section 7.02
	Further Assurances..............................................................................................................
	13

	Section 7.03
	Notices................................................................................................................................
	14

	Section 7.04
	Headings..............................................................................................................................
	15

	Section 7.05
	Severability..........................................................................................................................
	15

	Section 7.06
	Entire Agreement................................................................................................................
	15

	Section 7.07
	Successors and Assigns.......................................................................................................
	15

	Section 7.08
	No Third-Party Beneficiaries..............................................................................................
	15

	Section 7.09
	Amendment and Modification............................................................................................
	16

	Section 7.10
	Waiver.................................................................................................................................
	16

	Section 7.11
	Governing Law....................................................................................................................
	16

	Section 7.12
	Submission to Jurisdiction..................................................................................................
	16

	Section 7.13
	Waiver of Jury Trial............................................................................................................
	16

	Section 7.14
	Specific Performance..........................................................................................................
	16

	Section 7.15
	Counterparts........................................................................................................................
	17

	Section 7.16
	Non-Recourse......................................................................................................................
	17

	 
	 
	 

ii

EXHIBIT 10.2
Membership Interest Purchase Agreement
This Membership Interest Purchase Agreement (this "Agreement"), dated as of February 23, 2016, is entered into between TRB Newark Assemblage LLC, a New York limited liability company (“TRB”) and TRB Newark TRS LLC, a Delaware limited liability company (“TRB REIT”, and together with TRB, collectively, “Seller”) and, RBH Partners III, LLC a Delaware limited liability company (“Buyer”) and is joined in by RBH-TRB Newark Holdings, LLC, a New York limited liability company (the “Company”) and GS-RBH Newark Holdings, LLC, a Delaware limited liability company (“Indemnitor”). 
RECITALS
WHEREAS, Seller owns a 50.10% membership interest (the “Membership Interests”) in the Company; 

WHEREAS, TRB owns a 0.01% membership interest (the “East Mezz Membership Interests”) in RBH-TRB East Mezz LLC, a Delaware limited liability company (“East Mezz”) and a 0.01% membership interest (the “Project A QALICB Membership Interests” and together with the, East Mezz Membership Interests, collectively, the “Sliver Interests”) in Teachers Village Project A QALICB Urban Renewal Entity, LLC, a New Jersey limited liability company (“Project A QALICB”); and

WHEREAS, Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Membership Interests and the Sliver Interests, subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1
Purchase and Sale

Section 1.01  Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing (as defined herein), Seller shall sell to Buyer, and Buyer shall purchase from Seller, all of Seller's right, title and interest in and to the Membership Interests and the Sliver Interests, in each case free and clear of any mortgage, pledge, lien, charge, security interest, claim or other encumbrance, subject, however, to Section 2.10 ("Encumbrance"), for the consideration specified in Section 1.02. 

Section 1.02    Purchase Price.  The aggregate purchase price for the Membership Interests and the Sliver Interests shall be Sixteen Million Nine Hundred Nineteen Thousand Six Hundred Sixty Five and 91/100 Dollars ($16,919,665.91) (the "Purchase Price"). Buyer shall pay the Purchase Price to Seller at the closing in cash, by wire transfer of immediately available funds in accordance with the wire transfer instructions set forth in Schedule 1.02 attached hereto.  The Purchase Price shall be allocated between the two entities comprising Seller in proportion to their respective interests in the Company (i.e., 99.98% ($16,916,281.98) to TRB and 0.02% ($3,383.93) to TRB REIT).

1

Section 1.03Closing.  The closing of the transactions contemplated by this Agreement (the "Closing") shall take place simultaneously with the execution of this Agreement on the date of this Agreement (the "Closing Date") at the offices of Hunton & Williams LLP, 200 Park Avenue, 52nd Floor, New York, NY 10166-0005. The consummation of the transactions contemplated by this Agreement shall be deemed to occur at 12:01 a.m. on the Closing Date.

Section 1.04Transfer Taxes.  Buyer shall pay, and shall reimburse Seller for any amounts paid by Seller in respect of, any and all sales, use or transfer taxes, documentary charges, recording fees or similar taxes, charges, fees or expenses (including, without limitation, the NJ Controlling Interest Transfer Tax), if any, that become due and payable as a result of the transactions contemplated by this Agreement, and Buyer and the Company (jointly and severally) shall indemnify and hold Seller harmless from and against any and all liabilities (including reasonable attorneys fees) resulting from the failure by Buyer to timely make such payments.  The provisions of this Section 1.04 shall survive the Closing. 

ARTICLE II
REPRESENTATIONS AND WARRANTIES OF SELLER
Seller represents and warrants to Buyer that the statements contained in this Article II are true and correct as of the date hereof. For purposes of this Article II, "Seller's knowledge," "knowledge of Seller" and any similar phrases shall mean the actual knowledge of any director or officer of Seller.
Section 2.01    Organization and Authority of Seller; Enforceability.  TRB is a limited liability company duly organized, validly existing and in good standing under the laws of the state of New York.  TRB REIT is a limited liability company duly organized, validly existing and in good standing under the laws of the state of Delaware.  Seller has full limited liability company power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement and the documents to be delivered hereunder have been duly authorized, executed and delivered by Seller, and (assuming due authorization, execution and delivery by Buyer, the Company and Indemnitor) this Agreement and the documents to be delivered hereunder constitute legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms.

Section 2.02    No Conflicts; Consents.  The execution, delivery and performance by Seller of this Agreement and the documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the articles of organization or certificate of formation (as applicable), LLC agreement or other organizational documents of Seller; (b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Seller; (c) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any benefit under any contract or other instrument to which Seller is a party; or (d) result in the creation or imposition of any Encumbrance on the Membership Interests or the Sliver Interests.  
Section 2.03  Legal Proceedings.  There is no claim, action, suit, proceeding or governmental investigation ("Action") of any nature pending or, to Seller's knowledge, threatened against or by Seller (a) to Seller's knowledge, relating to or affecting Seller’s title to the Membership Interests or the Sliver Interests; or (b) that challenges or seeks to prevent, enjoin or otherwise delay the transactions 

2

contemplated by this Agreement.  To Seller’s knowledge, no event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.  Seller is not insolvent and has not made a general assignment for the benefit of creditors, filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition in bankruptcy or suffered the filing of any involuntary petition by any of its creditors, suffered the appointment of a receiver to take possession of all, or substantially all, of its assets, suffered the attachment or other judicial seizure of all, or substantially all, of its assets, admitted in writing its inability to pay its debts as they come due or made an offer of settlement, extension or composition to its creditors generally.

Section 2.04    Intentionally Omitted.
 
Section 2.05    Ownership of Membership Interests.  Seller is the sole legal, beneficial, record and equitable owner of the Membership Interests and the Sliver Interests, free and clear of all Encumbrances whatsoever.  To Seller's knowledge, there is no tax deficiency, interest or penalty or other assessment against the Membership Interests or the Sliver Interests, which has not been paid and there is no pending audit or inquiry from any federal, state or local tax authority relating to Seller which reasonably may be expected to result in a tax deficiency, interest, penalty or other assessment against the Membership Interests and the Sliver Interests.

Section 2.06    OFAC.  Seller is not, and will not become, a person or entity with whom United States persons or entities are restricted or prohibited from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s specially designated and blocked persons list) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and will not engage in any dealings or transactions or be otherwise associated with such persons or entities.

Section 2.07    Brokers.  No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller. 

Section 2.08    Non-foreign Status.  Seller is not a foreign person as such term is used in Treasury Regulation Section 1.1445-2. 

Section 2.09    Guaranties.  BRT (as hereinafter defined) is the sole member of both TRB or TRB REIT, and BRT has not previously transferred any of its direct ownership interest in either TRB or TRB REIT. 

Section 2.10    Limitation on Seller’s Representations and Warranties.  Except as expressly set forth in this Agreement, Seller has not made and is not making, and hereby specifically disclaims, any warranties or representations of any kind or character, express or implied, with respect to, and Seller shall have no responsibility with respect to, the Membership Interests, the Sliver Interests, the Company or any of the Company’s subsidiaries (including, without limitation, East Mezz and Project A QALICB), or the Company’s or its subsidiaries’ properties, activities, business, affairs, solvency, indebtedness, financial condition, financial or other statements, or any other matters, including without limitation as to (i) matters of title, (ii) environmental matters relating to any property (iii) the condition or use (or potential use) of any property or compliance of any property with any past, present or future federal, state or local ordinances, rules, regulations or laws, (iv) the merchantability of the Membership 

3

Interests, the Sliver Interests or any property or the fitness of any property for any particular purpose, (v) tax consequences, (vi) status of development and/or construction of any properties owned or controlled by the Company or any of its subsidiaries (including, without limitation, East Mezz and Project A QALICB), or whether any such construction is or is anticipated to be completed on time or within budget, or (vii) any matter relating to any agreements of any nature to which the Company or any of its subsidiaries (including, without limitation, East Mezz and Project A QALICB), is a party, including without limitation, any agreements entered into by Seller in connection with any financing obtained by the Company or any of its subsidiaries (including, without limitation, East Mezz and Project A QALICB).  The representations and warranties in this Article II specifically exclude any agreements of any nature to which the Company or any of its subsidiaries (including, without limitation, East Mezz and Project A QALICB), is a party, including without limitation, any agreements entered into by Seller in connection with any financing obtained by the Company or any of its subsidiaries (including, without limitation, East Mezz and Project A QALICB), and notwithstanding anything in this Agreement to the contrary, Seller is not making any representations or warranties to Buyer with regard to any transactions, agreements, actions or other matters to which the Company or its subsidiaries (including, without limitation, East Mezz and Project A QALICB), are a party. 

ARTICLE III
REPRESENTATIONS AND WARRANTIES OF BUYER
Buyer and the Company jointly and severely represent and warrant to Seller that the statements contained in this Article III are true and correct as of the date hereof. For purposes of this Article III, "Buyer's knowledge," "knowledge of Buyer" and any similar phrases shall mean the actual or constructive knowledge of any director or officer of Buyer (including without limitation Ron Beit-Halachmy), after due inquiry. 

Section 3.01    Organization and Authority of Buyer and the Company; Enforceability.  Buyer is a limited liability company duly organized, validly existing and in good standing under the laws of the state of Delaware. The Company is a limited liability company duly organized, validly existing and in good standing under the laws of the state of New York. Buyer and the Company have full limited liability company power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by Buyer and the Company of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of Buyer and the Company. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Buyer and the Company, and (assuming due authorization, execution and delivery by Seller) this Agreement and the documents to be delivered hereunder constitute legal, valid and binding obligations of Buyer and the Company enforceable against Buyer and the Company in accordance with their respective terms.

Section 3.02    No Conflicts; Consents.  The execution, delivery and performance by Buyer and the Company of this Agreement and the documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate of formation, LLC agreement or other organizational documents of Buyer, the Company or any of its subsidiaries (including, without limitation, East Mezz and Project A QALICB); or (b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Buyer, the Company or any of its subsidiaries (including, without limitation, East Mezz and Project 

4

A QALICB). No consent, approval, waiver or authorization is required to be obtained by Buyer or the Company from any person or entity (including any governmental authority and/or the holders of any indebtedness of the Company or its subsidiaries (including, without limitation, East Mezz and Project A QALICB) or which is secured by any of the Company’s or its subsidiaries’ assets or properties) in connection with the execution, delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby, other than any consent, approval, waiver or authorization which has been obtained and which shall be delivered to Seller at Closing.

Section 3.03    Investment Purpose.  Buyer is acquiring the Membership Interests and the Sliver Interests solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Membership Interests and the Sliver Interests are not registered under the Securities Act of 1933, as amended, or any state securities laws, and that the Membership Interests and the Sliver Interests may not be transferred or sold except pursuant to the registration provisions of the Securities Act of 1933, as amended or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable.

Section 3.04    Brokers.  No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer, the Company or any of the Releasors (as defined in Section 4.02(e) below).

Section 3.05    Legal Proceedings.  There is no Action pending or, to Buyer's knowledge, threatened against or by Buyer or the Company or, any of the Company’s subsidiaries that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise or serve as a basis for any such Action.

Section 3.06    OFAC.  Neither Buyer nor the Company is, and no such party will become, a person or entity with whom United States persons or entities are restricted or prohibited from doing business under regulations of OFAC (including those named on OFAC’s specially designated and blocked persons list) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and will not engage in any dealings or transactions or be otherwise associated with such persons or entities. 

Section 3.07    Buyer’s Acknowledgement.  Buyer represents that it and/or its principals are knowledgeable, experienced and sophisticated buyers and developers of real estate and that, except as expressly set forth in this Agreement, Buyer and the Company each acknowledge that the principals of Buyer have, since the formation of the Company, exercised managerial control over all of the Company’s activities and are fully familiar therewith. Buyer acknowledges that it has, independently and without reliance on Seller (except as set forth in the representations in Article II above), relied on its own expertise and made its own financial analysis and appraisal of the business, affairs, solvency, financial condition and other matters with respect to the Company, its affiliates and (including, without limitation, East Mezz and Project A QALICB), and their respective assets and obligations, in making its decision to enter into this Agreement and consummate the transaction that is the subject hereof. 

Section 3.08    Guaranties.  To Buyer's knowledge, neither Seller nor any of its affiliates have entered into any contribution agreements, indemnities or guaranties in connection with Ron Beit Halachmy, the Company, or any of their respective subsidiaries or affiliates (including, without limitation, in connection with any financing transactions which the Company or any of its subsidiaries 

5

or affiliates are or have been a party), other than (1) that certain Guaranty and Indemnification Agreement dated February 3, 2012 by the Company, RBH Partners, LLC, and TRB in favor of U.S. Bank National Association, New Jersey Economic Development Authority and The Prudential Insurance Company of America and that certain Guaranty Agreement dated February 3, 2012 by the Company, RBH Partners, LLC, and TRB in favor of The Prudential Insurance Company of America  (such guaranties referenced in this clause (1), collectively, the “RAB Indemnities and Guaranties”) and (2) that certain Indemnity Agreement dated September 27, 2010, by, between and among Ron Beit Halachmy, Steel Partners, Ltd., Berggruen Holdings Ltd., WBY LLC and BRT Realty Trust, that certain Indemnity Agreement dated September 14, 2012, by, between and among Ron Beit Halachmy, Steel Partners, Ltd., Berggruen Holdings Ltd., Newark Holdings LLC and BRT Realty Trust and that certain Indemnity Agreement dated September 30, 2014, by, between and among Ron Beit Halachmy, Steel Partners, Ltd., Berggruen Holdings Ltd., Newark Holdings LLC and BRT Realty Trust and (such indemnity agreements referenced in this clause (2), collectively, the “BRT Indemnities”).

Section 3.09    Releasor Operating Agreements and RBH Capital Consent.  Buyer has heretofore delivered to Seller true, complete and correct copies of the operating agreements and all amendments thereto of each of the Releasors that is not an individual, as set forth on Schedule 3.09 attached hereto.  There have been no further amendments, modifications or rescissions to such operating agreements as of the date hereof and such operating agreements are currently in full force and effect.  Buyer has heretofore delivered to Seller a true and correct copy of the Written Consent of the Sole Member of RBH Capital LLC, dated as of the date hereof, which Consent is in full force and effect as of the date hereof and which has not been amended, repealed or superseded.

ARTICLE IV
CLOSING DELIVERIES

Section 4.01    Seller's Deliveries.  At the Closing, Seller shall deliver to Buyer the following:

a.The assignments and assumptions of membership interests in the form attached hereto as Exhibits A-1, A-2 and A-3, attached hereto (the “Assignment and Assumptions”), executed by Seller.  

b.The limited liability company operating agreement of GS - RBH Newark Holdings, LLC in the form attached hereto as Exhibit B (the “GS - RBH Agreement”), executed by Seller whereby TRB shall be granted certain economic interests in GS-RBH Newark Holdings, LLC, the entity that shall become the sole member of the Company in conjunction with the consummation of the transaction contemplated hereby.

c.A certificate pursuant to Treasury Regulations Section 1.1445-2(b) that Seller is not a foreign person within the meaning of Section 1445 of the Code.

d.Any transfer tax forms required in connection with the closing of the transactions contemplated hereunder (the “Transfer Tax Forms”), duly executed by Seller and acknowledged (if applicable).

e.All other documents reasonably necessary or appropriate to be executed and delivered by Seller to consummate the transaction contemplated hereby.

Section 4.02    Buyer's Deliveries.   At the Closing, Buyer shall deliver the following to Seller:

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a.The Purchase Price.

b.The Assignment and Assumptions, executed by Buyer (or its designee).

c.The Transfer Tax Forms, duly executed by Buyer (or its designee) and acknowledged (if applicable).

d.the GS - RBH Agreement, executed by RBH Capital LLC, RBH Partners, LLC and Buyer.
e.A general release in favor of Seller and its affiliates and their respective direct and indirect members, shareholders, partners, managers, officers, directors, trustees and employees executed by Buyer, the Company, East Mezz, Project A QALICB, RBH Partners, LLC, RBH Capital LLC and Ron Beit Halachmy (collectively, the “Releasors”), in the form attached hereto as Exhibit D. 
f.Copies of all consents, approvals, waivers or authorizations from the holders of any indebtedness of the Company or its subsidiaries or which is secured by any of the Company’s or its subsidiaries’ assets or properties which are required in connection with the consummation of the transactions that are the subject of this Agreement.

g.Intentionally omitted.

h.Those certain letters dated as of December 21, 2015, and December 22, 2015, copies of which are attached hereto as Exhibit C, delivered to Seller and/or its counsel from McManimon, Scotland & Baumann, LLC, counsel to the Company, each containing as enclosures true and correct copies of all documents and instruments that, to the actual knowledge (after due inquiry) of the attorneys within such law firm who have been directly involved in representing the Company and/or its subsidiaries and/or affiliates, have been executed by Seller or any of its affiliates (including, without limitation, BRT) in connection with the Company, or any of the Company’s subsidiaries or affiliates (including, without limitation, any transactions which the Company or any of its subsidiaries or affiliates are or have been a party). 

i.All other documents reasonably necessary or appropriate to be executed and delivered by Buyer or the Company to consummate the transaction contemplated hereby.

ARTICLE V
Tax And Reporting Matters

Section 5.01    Allocation of Company Income and Loss.   Buyer shall cause the Company, East Mezz and Project A QALICB to allocate all items of their respective income, gain, loss, deduction or credit attributable to the Membership Interests (or the Sliver Interests, if applicable) for the taxable year of the Closing based on a closing of the books of Company, East Mezz or Project A QALICB, as applicable, as of the Closing Date in accordance with Treasury Regulation Section 1.706-1(c)(2).  This Section 5.01 shall survive the Closing.

Section 5.02    Section 754 Election.  Buyer shall cause each of the Company, East Mezz and Project A QALICB's to make an election under Section 754 of the Code.  This Section 5.02 shall survive the Closing.

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Section 5.03    Reporting Cooperation.  Buyer agrees to assume, from and after the date hereof, all obligations with respect to federal, state and local income tax informational reporting related to the Membership Interests and the Sliver Interests.  Buyer and Seller each agrees to cooperate with the other party(ies) to the extent reasonably necessary to fulfill their obligations with respect to such informational reporting with respect to the Membership Interests and the Sliver Interests.  Buyer and the Company each agree to provide, and cause East Mezz and Project A QALICB to provide, to Seller, promptly upon request and at no cost to Seller, such information (financial and otherwise), to the extent in the possession of or reasonably available to Buyer, the Company, East Mezz or Project A QALICB, as Seller believes in good faith  is necessary or appropriate to comply with the public disclosure duties and responsibilities of any of Seller and/or any of its affiliates, including without limitation, the type of information as the Company and its manager(s), member(s) and/or subsidiaries have provided to Seller and/or its affiliates in the past.  Buyer and the Company, each for itself and on behalf of their respective affiliates (including, without limitation, each of the Releasors and all subsidiaries of the Company), acknowledge that Seller and/or its affiliates are subject to the reporting requirements imposed pursuant to, among other things, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, and that the failure of one of more of Seller and/or its affiliates to comply with such requirements, as a result of any non-compliance with the foregoing covenants by Buyer, the Company, or any of their respective affiliates or subsidiaries, could or may have a material adverse effect on Seller and/or its affiliates.  TIME IS OF THE ESSENCE with respect to all requirements, agreements and obligations set forth in this Section 5.03.  This Section 5.03 shall survive the Closing.

Section 5.04    Tax Covenants.  Without the prior written consent of Seller, which shall not be unreasonably withheld, Buyer and the Company shall not, and shall not permit East Mezz or Project A QALICB, or any of the respective members, managers or subsidiaries of Buyer, the Company, East Mezz or Project A QALICB to, make, change or rescind any tax election, amend any tax return or take any position on any tax return, take any action, omit to take any action or enter into any other transaction that would have the effect of increasing the tax liability or reducing any tax asset of Seller or the Company or any of its subsidiaries (including, without limitation, East Mezz and Project A QALICB), in respect of any taxable period ending on or before the Closing Date (the “Pre-Closing Tax Period”) and, with respect to any taxable period that begins before and ends after the Closing Date (the “Straddle Period”), the portion of such taxable period ending on and including the Closing Date.  Buyer and the Company each agrees that Seller is to have no liability for any tax resulting from any action of Buyer, or from any action of the Company or any of its members, managers or subsidiaries (including, without limitation, East Mezz and Project A QALICB), after the Closing, and Buyer and the Company jointly and severally agree to indemnify and hold harmless Seller and its affiliates against any loss, cost, liability or expense, including reasonable attorneys’ fees, related to any such tax except to the extent Seller has granted its prior written consent as provided above.  Buyer and/or the Company shall prepare, or cause to be prepared, all tax returns required to be filed by the Company and/or its subsidiaries (including, without limitation, East Mezz and Project A QALICB), after the Closing Date with respect to such Pre-Closing Tax Period.  Any such tax return shall be prepared in a manner consistent with past practice (unless otherwise required by law) and without a change of any election or any accounting method and shall be submitted by Buyer (or the Company) to Seller (together with schedules, statements and, to the extent requested by Seller, supporting documentation) at least thirty (30) days prior to the due date (including extensions) of such tax return.  If Seller objects to any item on any such tax return, it shall, within ten (10) days after delivery of such tax return, notify Buyer and the Company in writing that it so objects, specifying with particularity any such item and stating the specific factual or legal basis for any such objection.  If a notice of objection shall be duly delivered, Buyer, the Company and 

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Seller shall negotiate in good faith and use their reasonable best efforts to resolve such items.  If Buyer, Company and Seller are unable to reach such agreement within ten (10) days after receipt by Buyer and the Company of such notice, the disputed items shall be resolved by a nationally recognized accounting firm jointly selected by Seller and the Company (the “Accounting Referee”) and any determination by the Accounting Referee shall be final.  The preparation and filing of any tax return of the Company that does not include a Pre-Closing Tax Period shall be exclusively within the control of Buyer and the Company.  Buyer, the Company and Seller shall provide each other with such cooperation and information as either of them reasonably may request of the other in filing any tax return pursuant to this Section 5.04 or in connection with any audit or other proceeding in respect of taxes of the Company and/or its subsidiaries (including, without limitation, East Mezz and Project A QALICB).  Such cooperation and information shall include providing copies of relevant tax returns or portions thereof, together with schedules, related work papers and documents relating to rulings or other determinations by tax authorities.  This Section 5.04 shall survive for a period of twelve (12) months after the Closing Date.

Section 5.05    Seller REIT Status.   Notwithstanding anything to the contrary set forth herein, Buyer and the Company each hereby acknowledges that each entity comprising Seller is a direct or indirect subsidiary of BRT Realty Trust, a Massachusetts business trust, and any successor and/or assignee thereof (“BRT”), a real estate investment trust within the meaning of Sections 856-859 of the Code (a “REIT”); accordingly, Buyer and the Company shall not, and shall not permit East Mezz or Project A QALICB, or any of the respective members, managers, affiliates or subsidiaries of Buyer, the Company, East Mezz or Project A QALICB to, cause or allow the Company or any of its subsidiaries or affiliates (including, without limitation, East Mezz and Project A QALICB), to take any action, or fail to take action, with respect to any Pre-Closing Tax Period or any Straddle Period, which could result in or contribute to BRT (or any successor REIT) failing to qualify as a REIT.  Buyer and the Company shall promptly inform Seller in writing in the event Buyer, the Company, or any of their respective subsidiaries or affiliates (including, without limitation, East Mezz and Project A QALICB), has any correspondence with any taxing authorities with respect to with respect to any Pre-Closing Tax Period or any Straddle Period, and shall promptly furnish to Seller a true and correct copy of any such correspondence.  This Section 5.05 shall survive the Closing Date.  

ARTICLE VI
INDEMNIFICATION

Section 6.01    Survival of Representations and Covenants.  All representations, warranties, covenants and agreements contained herein and all related rights to indemnification shall survive the Closing.

Section 6.02    Indemnification By Seller.  Seller shall defend, indemnify and hold harmless Buyer, its affiliates and their respective direct and indirect members, shareholders, partners, managers, officers, directors, trustees and employees from and against all claims, judgments, damages, liabilities, settlements, losses, costs and expenses, including reasonable attorneys' fees and disbursements (a "Loss"), arising from or relating to:

a.any inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement or any document to be delivered hereunder; and/or

b.any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement or any document to be delivered hereunder. 

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Section 6.03    Indemnification.  Buyer, the Company and Indemnitor hereby jointly and severely agree to defend, indemnify and hold harmless Seller, its affiliates and their respective direct and indirect members, shareholders, partners, managers, officers, directors, trustees and employees from and against all Losses (the “Indemnification”) arising from or relating to: 

a.any inaccuracy in or breach of any of the representations or warranties of Buyer and/or any of the Releasors contained in this Agreement or any document to be delivered hereunder, provided that Buyer shall have no obligation to provide the Indemnification with respect to the representations and warranties set forth in Section 3.08 above (but the Company and Indemnitor remain fully obligated to provide such Indemnification); and/or 

b.any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer and/or any of the Releasors pursuant to this Agreement or any document to be delivered hereunder; and/or

c.the RAB Indemnities and Guaranties.  

		
	Section 6.04
	Additional Indemnification; Post-Closing Covenants.

a.The Company and Indemnitor hereby jointly and severely agree to defend, indemnify and hold harmless Seller, its affiliates and their respective direct and indirect members, shareholders, partners, managers, officers, directors, trustees and employees from and against all Losses arising from or relating to the Company or any of its subsidiaries (including, without limitation, East Mezz and Project A QALICB), or any of such entities’ properties or business activities, whether created or arising prior to or after the date of this Agreement excluding any Losses attributable solely to the willful misconduct or fraud of Seller or its affiliates.

b.Each of Ron Beit Halachmy, Buyer, the Company and Indemnitor hereby agrees to use its diligent best efforts to cause U.S. Bank National Association, New Jersey Economic Development Authority and The Prudential Insurance Company of America to execute and deliver to Seller releases of Seller, Seller’s affiliates, and each of their respective members, shareholders, partners, managers, officers and directors, from any and all liabilities and obligations under each of the RAB Indemnities and Guaranties in the forms attached hereto as Exhibits E-1 and E-2 (collectively, the “RAB Releases”). 

c.Ron Beit Halachmy, Buyer, the Company and Indemnitor shall not, and shall not permit, until the delivery of the RAB Releases, any direct or indirect subsidiary of any of the foregoing, to take any action to amend any of the RAB Indemnities and Guaranties, or any of the documents or instruments now existing or hereafter executed in connection therewith, including, without limitation, the “Documents” (as such term is defined in any of the RAB Indemnities and Guaranties) other than the RAB Releases.  
 
Section 6.05    Cumulative Remedies.  The rights and remedies provided in this Article VI are cumulative and are in addition to and not in substitution for any other rights and remedies available at law or in equity or otherwise. 

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ARTICLE VII
MISCELLANEOUS

Section 7.01    Expenses.  Except as otherwise provided in Section 1.04, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, provided that all costs and expenses which may be incurred by the Company or its subsidiaries (including, without limitation, East Mezz and Project A QALICB) in connection with or as a result of this Agreement and the transactions contemplated hereby (including but not limited to all costs of obtaining any required consents from any third party) shall be paid by the Company or Buyer  without contribution by Seller.  The provisions of this Section 7.01 shall survive the Closing.

Section 7.02    Further Assurances.  Following the Closing, each of the parties hereto shall, and shall cause their respective affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.  

Section 7.03    Notices.  All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when delivered to the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail of a PDF document if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, provided that a copy of any such notice shall also be simultaneously sent by one of the other methods provided in this Section 7.03; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 7.03): 

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	If to Seller:
	c/o BRT Realty Trust
60 Cutter Mill Road, Suite 303
Great Neck, NY 11021
E-mail: jeffg@brtrealty.com 
Attention: Jeffrey Gould

	with a copy to:
	c/o BRT Realty Trust
60 Cutter Mill Road, Suite 303
Great Neck, NY 11021
E-mail: srosenzweig@gouldlp.com 
Attention: Steven Rosenzweig

	with a copy to:
	Westerman Ball Ederer Miller Zucker & Sharfstein, LLP
1201 RXR Plaza
Uniondale, NY 11556
E-mail: psharfstein@westermanllp.com
Attention:  Philip L. Sharfstein, Esq.

	If to Buyer, the Company, Indemnitor or any Releasor:
	c/o RBH Group, LLC
89 Market Street, 8th Floor
Newark, NJ 07102
Attention: Ron Beit
Email: ron@rbhgrp.com

	with a copy to:
	Hunton & Williams LLP
200 Park Avenue
52nd Floor
New York, NY 10166-0005
Attention:  Laurie A. Grasso, Esq.
Email:  lgrasso@hunton.com

The attorneys for the respective parties are authorized to give notices on behalf of such party.
Section 7.04    Headings.  The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 

Section 7.05    Severability.  If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. 

Section 7.06    Entire Agreement.  This Agreement and the documents to be delivered hereunder constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings and 

12

agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this Agreement and those in documents to be delivered hereunder, the Exhibits, the Schedules, the statements in the body of this Agreement will control. 

Section 7.07    Successors and Assigns. This Agreement may not be assigned without the written consent of the other parties to this Agreement; provided that Buyer shall be entitled to designate RBH Investor II, LLC, an entity wholly owned by Ron Beit-Halachmy, as its designee hereunder, to receive the assignment, as the assignee hereunder, of the Sliver Interests from Seller (it being acknowledged for the avoidance of doubt that Buyer and any such assignee or designee shall thereafter be jointly and severally liable for all of Buyer’s obligations and liabilities hereunder and under any other document executed in connection with the closing contemplated hereunder, and no assignment or designation shall relieve Buyer from its liabilities or obligations hereunder or otherwise). This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns and designees. 

Section 7.08    No Third-Party Beneficiaries.   Except as provided in Articles V and VI, this Agreement is for the sole benefit of the parties hereto and their respective successors, assigns and designees, and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

Section 7.09    Amendment and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.

Section 7.10    Waiver.   No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

Section 7.11    Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

Section 7.12    Submission to Jurisdiction.   Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case located in the city of New York and county of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

Section 7.13    Waiver of Jury Trial.   Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby.

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Section 7.14    Specific Performance.   The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity. Each party hereto (i) agrees that it shall not oppose the granting of such specific performance or relief and (ii) hereby irrevocably waives any requirements for the security or posting of any bond in connection with such relief.

Section 7.15    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 

Section 7.16    Non-Recourse.

a.IN NO EVENT SHALL SELLER’S DIRECT OR INDIRECT PARTNERS, SHAREHOLDERS, MEMBERS, MANAGERS, OWNERS OR ANY OFFICER, DIRECTOR, TRUSTEE, EMPLOYEE, ATTORNEY OR AGENT OF ANY OF THE FOREGOING, HAVE ANY LIABILITY FOR ANY CLAIM, CAUSE OF ACTION OR OTHER LIABILITY ARISING OUT OF OR RELATING TO THIS AGREEMENT, WHETHER BASED ON AGREEMENT, COMMON LAW, STRICT TORT LIABILITY, STATUTE, EQUITY OR OTHERWISE.

b.EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT EXECUTED IN CONNECTION WITH THE CLOSING OF THE TRANSACTION THAT IS THE SUBJECT HEREOF, IN NO EVENT SHALL BUYER’S DIRECT OR INDIRECT PARTNERS, SHAREHOLDERS, MEMBERS, MANAGERS, OWNERS OR ANY OFFICER, DIRECTOR, TRUSTEE, EMPLOYEE, ATTORNEY OR AGENT OF ANY OF THE FOREGOING, HAVE ANY LIABILITY FOR ANY CLAIM, CAUSE OF ACTION OR OTHER LIABILITY ARISING OUT OF OR RELATING TO THIS AGREEMENT, WHETHER BASED ON AGREEMENT, COMMON LAW, STRICT TORT LIABILITY, STATUTE, EQUITY OR OTHERWISE. 

   

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

	
		
	 
	SELLER:

TRB NEWARK ASSEMBLAGE LLC
By: BRT Realty Trust, its Sole Member

	 
	     By_____________________
     Name:
     Title:

	
		
	 
	TRB NEWARK TRS LLC
By: BRT Realty Trust, its Member

	 
	     By_____________________
     Name:
     Title:

	 
	

BUYER:

RBH Partners III, LLC 
By: RBH Investor LLC, its Managing Member

	 
	       By: _____________________
       Name: Ron Beit-Halachmy
       Title: Sole Member

	 
	

THE COMPANY:

RBH-TRB Newark Holdings, LLC
By: RBH Capital, LLC, its Managing Member

	                                                                              By:_____________________
                                                                              Name: Ron Beit-Halachmy
                                                                              Title: Sole Member

15

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