Document:

Exhibt 10.1

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (“Agreement”) is made and entered into, and is effective, as of May ___, 2014 (the “Effective Date”)
by and between Trade Street Residential, Inc., a Maryland corporation (the “Company”), and _____________________ (the
“Indemnitee”).

 

WHEREAS, the Articles
of Restatement of the Company (the “Charter”) and the Third Amended and Restated Bylaws of the Company (the “Bylaws”)
and the provisions of the Maryland General Corporation Law (the “MGCL”) provide for indemnification by the Company
of its directors and officers as provided therein, and the Indemnitee has been serving and continues to serve as a director of
the Company partly in reliance on such provision;

 

WHEREAS, to provide
the Indemnitee with additional contractual assurance of protection against personal liability in connection with certain proceedings
described below, the Company desires to enter into this Agreement;

 

WHEREAS, the MGCL expressly
recognizes that the indemnification provisions of Section 2-418 of the MGCL are not exclusive of any other right to which
a person seeking indemnification may be entitled under the Charter or the Bylaws, a resolution of stockholders or directors, an
agreement or otherwise, and this Agreement is being entered into pursuant to and in furtherance of the Charter and the Bylaws,
as permitted by the MGCL and as authorized by the Charter and the Board of Directors of the Company (the “Board”);
and

 

WHEREAS, to induce
the Indemnitee to provide services to the Company as a member of the Board and in consideration of the Indemnitee’s so serving,
and to provide the Indemnitee with specific contractual assurance that indemnification will be available to the Indemnitee regardless
of, among other things, any amendment to or revocation of the Charter or the Bylaws, or any acquisition transaction relating to
the Company, the Company desires to indemnify the Indemnitee and to make arrangements pursuant to which Indemnitee may be advanced
or reimbursed expenses incurred by the Indemnitee in certain proceedings described below, according to the terms and conditions
set forth below.

 

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

 

SECTION 1.
Definitions. For purposes of this Agreement:

 

		(a)	“Change in Control” means the first of the following events to occur after the
Effective Date:

 

(i) 
any “person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) or group of persons, together with its “affiliates” (as defined in Rule 12b-2 under
the Exchange Act), but excluding (A) the Company or any of its subsidiaries, (B) any employee benefit plan of the Company
or (C) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company, after the date hereof becomes, directly or indirectly, the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing more than fifteen percent (15%) of
the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors
(not including in the securities beneficially owned by such person securities acquired directly from the Company);

 

(ii) 
a majority of the Board shall consist of individuals who are not Continuing Directors. For purposes hereof, “Continuing Directors”
means, as of any date of determination, (A) an individual who on the date two years prior to such determination date was a
member of the Board, or (B) any new director whose nomination for election by the Company’s stockholders was approved
by a vote of a majority of the directors then still in office who either were directors on the Effective Date or whose nomination
for election was previously so approved (it being understood that each member of the Board on the Effective Date shall be considered
a Continuing Director);

 

    	 

    	 

    

 

(iii) 
the consummation of a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other
corporation or entity regardless of which entity is the survivor, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of
the voting securities of the Company, such surviving entity or any parent thereof outstanding immediately after such merger or
consolidation;

 

(iv)  the
stockholders of the Company approve a plan of complete liquidation or winding-up of the Company, or there is consummated an agreement
for the sale or disposition by the Company of assets comprising more than eighty percent (80%) of the total value of all of the
Company’s assets; or

 

(v)  the
occurrence of any transaction or series of transactions deemed by the Board, in good faith, to constitute a change in control of
the Company.

 

Notwithstanding the
foregoing, (1) a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any
transaction or series of integrated transactions immediately following which the holders of the outstanding voting securities of
the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate
ownership of the outstanding voting securities of an entity which owns all or substantially all of the assets of the Company immediately
following such transaction or series of transactions, and (2) a “Change in Control” shall not occur for purposes of
this Agreement as a result of any primary or secondary offering of Company voting securities to the general public pursuant to
a registration statement that has been declared effective by the United States Securities and Exchange Commission.

 

(b) “Corporate
Status” means the status of a person as a present or former director, officer, employee or agent of the Company or of
any predecessor or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other
foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
for which such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting
the circumstances in which the Indemnitee may be serving at the request of the Company, service by the Indemnitee shall be deemed
to be at the request of the Company if the Indemnitee serves or served as a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise of which (i) a majority of the voting power or equity interest is owned directly or indirectly
by the Company, or (ii) the management is controlled, directly or indirectly, by means of voting power or contract, by the
Company or another entity so controlled by the Company.

 

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

 

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

 

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

 

(f) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law as applicable
to Maryland and neither is, nor in the past five years has been, retained to represent: (i) the Company or the Indemnitee
in any matter material to either such party, or (ii) any other party to or participant or witness in the Proceeding giving
rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s
rights under this Agreement. If a Change in Control has not occurred, Independent Counsel shall be selected by the Board, with
the approval of the Indemnitee, which approval will not be unreasonably withheld. If a Change in Control has occurred, Independent
Counsel shall be selected by the Indemnitee, with the approval of the Board, which approval will not be unreasonably withheld.

 

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(g) “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other proceeding (whether brought by or in the right of the Company or otherwise and whether
civil, criminal, administrative or investigative), including any appeal therefrom, except one (i) known to the Indemnitee before
the Effective Date and (ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing
by the Company and the Indemnitee. If the Indemnitee reasonably believes that a particular situation may lead to or culminate in
the institution of a Proceeding, such situation shall also be considered a “Proceeding.”

 

SECTION 2.
Services by the Indemnitee. The Indemnitee will serve as a director of the Company. However, this Agreement shall not
impose any independent obligation on the Indemnitee or the Company to continue the Indemnitee’s service to the Company beyond
any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

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

 

SECTION 4.
Rights to Indemnification. Except as otherwise provided by Section 13, if, by reason of the Indemnitee’s
Corporate Status, the Indemnitee was, is, or is threatened to be made, a party to any Proceeding, the Indemnitee shall be indemnified
by the Company against all judgments, penalties, fines and amounts paid in settlement and all reasonable Expenses actually incurred
by the Indemnitee or on the Indemnitee’s behalf in connection with such Proceeding, unless it is established, by clear and
convincing evidence, that (i) the act or omission of the Indemnitee was material to the matter(s) giving rise to the Proceeding
and (A) was committed in bad faith or (B) was the result of active and deliberate dishonesty; (ii) the Indemnitee
actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal Proceeding,
the Indemnitee had reasonable cause to believe that the act or omission was unlawful.

 

SECTION 5.
Indemnification of Expenses of a Witness. Notwithstanding any other provision of this Agreement, if the Indemnitee is
or may be, by reason of the Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding
to which the Indemnitee is not a party, the Indemnitee shall be paid or reimbursed all Expenses actually and reasonably incurred
by the Indemnitee or on the Indemnitee’s behalf in connection therewith within ten (10) days after the receipt by the
Company of a statement or statements requesting such advance or advances from time to time, whether prior to or after final disposition
of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee.

 

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

 

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

 

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(b)  if it determines
that the Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or
not the Indemnitee (i) has met the standards of conduct set forth in the Agreement or in Section 2-418(b) of the MGCL
or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the
court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by
or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c)
of the MGCL shall be limited to Expenses actually and reasonably incurred by him or on his behalf in connection with a Proceeding.

 

SECTION 7.
Partial Indemnity Required. If Indemnitee is entitled under any provision of this Agreement to indemnification or advancement
by the Company for a portion of sums, losses or Expenses related to a Proceeding but not for the total amount thereof, the Company
shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

SECTION 8.
Contribution. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid
to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions
of Section 5, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined
in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless
Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties,
and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to
such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

 

SECTION 9.
Advancement of Expenses. Except as otherwise provided in Section 13, the Company shall, without requiring a preliminary
determination of the Indemnitee’s ultimate entitlement to indemnification hereunder, advance, pay or reimburse all Expenses
reasonably incurred by or on behalf of the Indemnitee in connection with any Proceeding to which the Indemnitee is, or is threatened
to be made, a party by reason of the Indemnitee’s Corporate Status, in advance of the final disposition of such Proceeding,
from time to time and as incurred, within ten (10) days after the receipt by the Company of a statement or statements from
the Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.
Such statement or statements shall include satisfactory evidence and documentation as to the amount of such Expenses and shall
be preceded or accompanied by (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that
he has met the standard of conduct necessary for indemnification by the Company, as authorized by the MGCL and this Agreement and
(ii) a written undertaking, in substantially the form attached hereto as Exhibit A or in such form as may be required
under applicable law as in effect at the time of the execution thereof, by or on behalf of the Indemnitee to repay the portion
of any Expenses advanced relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established,
by clear and convincing evidence, that the Indemnitee has not met such standard of conduct and is therefore not entitled to be
indemnified against such Expenses. The Indemnitee’s written certification together with a copy of the statement paid or to
be paid by the Indemnitee shall constitute satisfactory evidence as to the amount of such Expenses. To the extent that Expenses
advanced to the Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated
on a reasonable and proportionate basis. The undertaking required by this Section 9 shall be an unlimited general obligation
by or on behalf of the Indemnitee and shall be accepted without reference to the Indemnitee’s financial ability to repay
such advanced Expenses and without any requirement to post security therefor. Advances shall be unsecured and interest free. Such
advances are deemed to be an obligation of the Company to the Indemnitee hereunder, and shall in no event be deemed a personal
loan.

 

SECTION 10.
Procedure for Determining Entitlement to Indemnification.

 

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

 

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(b)  Upon written
request by the Indemnitee for indemnification pursuant to Section 10(a) of this Agreement, a determination, if required
by applicable law, with respect to the Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if
a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
to the Indemnitee, which Independent Counsel shall be selected by the Indemnitee and approved by the Board in accordance with Section 2-418(e)(2)(ii)
of the MGCL, which approval will not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by
the Board by a majority vote of a quorum consisting of Disinterested Directors, or, if such a quorum cannot be obtained, then by
a majority vote of a duly authorized committee of the Board consisting solely of one or more Disinterested Directors, (B) if
Independent Counsel has been selected by the Board in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by
the Indemnitee, which approval shall not be unreasonably withheld, by Independent Counsel in a written opinion to the Board, a
copy of which shall be delivered to the Indemnitee, or (C) if so directed by a majority of the members of the Board, by the stockholders
of the Company. If, with regard to Section 8 of this Agreement, such a determination is not permitted by law or, in the case
of a determination to be made pursuant to Section 10(b)(ii), if by a majority vote a quorum of Disinterested Directors so
directs, such determination shall be made by an appropriate court of the State of Maryland or the court in which the Proceeding
giving rise to the claim for indemnification is brought. If it is so determined that the Indemnitee is entitled to indemnification
or contribution, payment to the Indemnitee shall be made within ten (10) days after such determination. The Indemnitee shall
cooperate with the person, persons or entity making such determination with respect to the Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary
to such determination in the discretion of the Board or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b).
All reasonable Expenses actually incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and
the Company shall indemnify and hold the Indemnitee harmless therefrom. The Company shall pay the fees and expenses of Independent
Counsel, if one is appointed.

 

SECTION 11.
Presumptions and Effect of Certain Proceedings.

 

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

 

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

 

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

 

SECTION 12.
Remedies of Indemnitee.

 

(a)  If (i) a
determination is made pursuant to Section 10 of this Agreement that the Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement, (iii) no
determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within sixty (60)
days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant
to Section 7 of this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment
of indemnification or contribution pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not
made within ten (10) days after a determination has been made that the Indemnitee is entitled to indemnification, the Indemnitee
shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent
jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively, the Indemnitee, at his option,
may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American
Arbitration Association. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules)
shall apply to any such arbitration. The Company shall not oppose the Indemnitee’s right to seek any such adjudication or
award in arbitration.

 

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(b)  In any judicial
proceeding or arbitration commenced pursuant to this Section 12, the Indemnitee shall be presumed to be entitled to indemnification
or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that the Indemnitee
is not entitled to indemnification or advance of Expenses, as the case may be. If the Indemnitee commences a judicial proceeding
or arbitration pursuant to this Section 12, the Indemnitee shall not be required to reimburse the Company for any advances
pursuant to Section 9 of this Agreement until a final determination is made with respect to the Indemnitee’s entitlement
to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not
prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

 

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

 

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

 

(e)  Interest
shall be paid by the Company to the Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial
Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay under this Section 12
for the period commencing with the date on which the Indemnitee requests indemnification, reimbursement or advance of any Expenses
and ending on the date such payment is made to the Indemnitee by the Company.

 

SECTION 13.
Exceptions to Right of Indemnification or Advancement of Expenses. Notwithstanding any other provision herein to the
contrary, the Indemnitee shall not be entitled pursuant to this Agreement to:

 

(a)  indemnification
or advancement of Expenses with respect to any Proceeding brought by the Indemnitee, unless (i) the Proceeding is brought
to enforce indemnification or advancement of Expenses under this Agreement, and then only to the extent in accordance with and
as authorized by Section 12 of this Agreement or (ii) the charter or Bylaws of the Company, a resolution of the stockholders
entitled to vote generally in the election of directors or of the Board or an agreement approved by the Board to which the Company
is a party expressly provide otherwise;

 

(b)indemnification
or advancement of Expenses to the extent prohibited by Maryland law, except as set forth in Section 6 of this Agreement;

 

(c)indemnification
or advancement of Expenses on account of any suit in which judgment is rendered against Indemnitee for disgorgement of profits
made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934, as amended; or

 

(d)indemnification
for amounts paid in settlement of any Proceeding without the Company’s prior written consent, which shall not be unreasonably
withheld.

 

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SECTION 14.
Defense of the Underlying Proceeding.

 

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

 

(b)  Subject to
the provisions of the last sentence of this Section 14(b) and of Section 14(c) below, the Company shall have the right to defend
the Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify
the Indemnitee of any such decision to defend within fifteen (15) calendar days following receipt of notice of any such Proceeding
under Section 14(a) above. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such
counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently
incurred by the Indemnitee with respect to the same Proceeding. The Company shall not, without the prior written consent of the
Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against the Indemnitee or
enter into any settlement or compromise which (i) includes an admission of fault of the Indemnitee, (ii) does not include,
as an unconditional term thereof, the full release of the Indemnitee from all liability in respect of such Proceeding, which release
shall be in form and substance satisfactory to the Indemnitee, or (iii) would impose any Expense, judgment, fine, penalty
or limitation on the Indemnitee. This Section 14(b) shall not apply to a Proceeding brought by the Indemnitee under Section 12
above.

 

(c)  Notwithstanding
the provisions of Section 14(b) above, if at any time during the pendency of a Proceeding to which the Indemnitee is a party by
reason of the Indemnitee’s Corporate Status, (i) the Indemnitee reasonably concludes, based upon an opinion of counsel
approved by the Company, which approval shall not be unreasonably withheld, that he may have separate defenses or counterclaims
to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) the Indemnitee
reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld,
that an actual or apparent conflict of interest or potential conflict of interest exists between the Indemnitee and the Company,
or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, the Indemnitee shall be entitled
to be represented by separate legal counsel of the Indemnitee’s choice, subject to the prior approval of the Company, which
shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its
obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement
void or unenforceable, or institutes any Proceeding to deny or to recover from the Indemnitee the benefits intended to be provided
to the Indemnitee hereunder, the Indemnitee shall have the right to retain counsel of the Indemnitee’s choice, subject to
the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 12(d)),
to represent the Indemnitee in connection with any such matter.

 

SECTION 15.
Non-Exclusivity; Survival of Rights; Subrogation.

 

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

 

    	7

    	 

    

 

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

 

(c)  The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable hereunder
if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy maintained by
the Company, contract, agreement or otherwise.

 

SECTION 16.
Insurance. For so long as the Indemnitee serves as an officer or director and for a period thereafter so long as the
Indemnitee remains subject to liability under applicable statutes of limitations, the Company will use its reasonable best efforts
to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board, with the advice
of counsel, covering the Indemnitee or any claim made against the Indemnitee by reason of his Corporate Status and covering the
Company for any indemnification or advance of Expenses made by the Company to the Indemnitee for any claims made against the Indemnitee
by reason of his Corporate Status. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify
the Indemnitee for any payment by the Indemnitee arising out of the amount of any deductible or retention and the amount of any
excess of the aggregate of all judgments, penalties, fines, settlements and Expenses actually and reasonably incurred by the Indemnitee
in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase, establishment
and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or the Indemnitee
under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and the
Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies. If
the Company receives from the Indemnitee any notice of the commencement of a Proceeding, the Company shall give prompt notice of
the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the policy. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable
as a result of such Proceeding in accordance with the terms of such policy.

 

SECTION 17.
Duration of Agreement; Binding Effect.

 

(a)  This Agreement
shall continue until and terminate on the latest of (i) the date that Indemnitee shall have ceased to have Corporate Status,
(ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto
and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement), and (iii) the date the Company has satisfied
all of its obligations that arose under this Agreement prior to the dates described in clauses (i) and (ii) hereof.

 

(b)  The indemnification
and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties
hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), shall continue as to any Indemnitee whose Corporate
Status has ceased and shall inure to the benefit of the Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

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

 

    	8

    	 

    

 

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

 

SECTION 18.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any section, paragraph or sentence of this Agreement containing any such provision held to
be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall
be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion
of any section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

SECTION 19.
Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed
by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

 

SECTION 20.
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed
to constitute part of this Agreement or to affect the construction thereof.

 

SECTION 21. Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

SECTION 22.
Mutual Acknowledgement. Both the Company and the Indemnitee acknowledge that in certain instances federal law or public
policy may prohibit the company from indemnifying the Indemnitee under this Agreement or otherwise. The Indemnitee understands
and acknowledges that the Company shall not be required to provide indemnification or advance Expenses in violation of applicable
law.

 

SECTION 23.
Notice to the Company’s Stockholders. To the extent required by the MGCL, the Company shall report in writing
to its stockholders the payment of any amounts for indemnification of, or advancement of Expenses to, the Indemnitee under this
Agreement arising out of a Proceeding by or in the right of the Company, with the notice of the meeting of stockholders of the
Company next following the date of the payment of any such indemnification or advancement of Expenses or prior to the meeting.

 

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

 

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

 

    	9

    	 

    

 

	 	 	 	 
	 	 	 	Trade Street Residential, Inc.

19950 Country Club Drive

Suite 800

Aventura, Florida  33180

Attn: Chief Executive Officer

 

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

 

SECTION 25.
Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of Maryland, without regard to its conflicts of laws rules.

 

SECTION 26.
Consent to Jurisdiction. The Company and the Indemnitee each hereby irrevocably consent to jurisdiction and venue of
the courts of the State of New York (which courts shall apply Maryland law) for all purposes in connection with any Proceeding
which arises out of or relates to this Agreement and agree that any Proceeding instituted under this Agreement shall be commenced,
prosecuted and contained only in the courts of the State of New York (including any federal courts therein). THE COMPANY AND
INDEMNITEE HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

 

SECTION 27.
Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

 

 

[Remainder of page left intentionally blank;
signature page follows]

 

 

    	10

    	 

    

 

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

 

 

	 	TRADE STREET RESIDENTIAL, INC.
	 	 
	 	By:	 
	 	Name:	Richard Ross
	 	Title:	Chief Executive Officer
	 	 	 

 

	 	INDEMNITEE
	 	 
	 	 
	 	 
	 	Name:
	 	Address:

 

 

    	11

    	 

    

 

 

 

EXHIBIT A

FORM OF UNDERTAKING TO REPAY EXPENSES
ADVANCED

 

The Board of Directors of Trade Street
Residential, Inc.

 

     Re:
Undertaking to Repay Expenses Advanced

 

Ladies and Gentlemen:

     

This undertaking is
being provided pursuant to that certain Indemnification Agreement effective as of April ___, 2014, by and between Trade Street
Residential, Inc. (the “Company”) and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant
to which I am entitled to advance of Expenses in connection with [DESCRIPTION OF PROCEEDING] (the “Proceeding”).

 

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

 

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

 

In consideration of
the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with
the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established
that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad
faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit
in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act
or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or
matters in the Proceeding as to which the foregoing findings have been established.

 

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

 

 

WITNESS:

(SEAL)

 

 

 

    	12EXHIBIT 10.1

 

THE SECURITIES REFERENCED HEREIN HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

 

CONVERTIBLE PROMISSORY NOTE

 

	Borrower:	Global Defense & National Security Systems, Inc. 
	 	11921 Freedom Drive, Suite 550
	 	Two Fountain Square
	 	Reston, Virginia
	 	 
	Lender:	Global Defense & National Security Holdings LLC
	 	 
	Principal Amount:	$1,263,263.00

 

1. FOR VALUE RECEIVED, Global Defense & National Security
Systems, Inc. (the “Company”) promises to pay to Global Defense & National Security Holdings LLC (the “Lender”),
at such address as may be provided in writing to the Company, the principal sum of one million two hundred sixty-three thousand
two hundred sixty-three ($1,263,263.00) USD, on a non-interest bearing basis.

 

2. This convertible promissory note (the “Note”)
will be repaid in full on the earlier of (1) July 24, 2015, or (2) immediately following the consummation of the Company’s
initial Business Combination (as defined in the Company’s Amended and Restated Certificate of Incorporation) (the “Business
Combination Trigger”).

 

3. Notwithstanding the foregoing, at the election of the Lender,
upon the Business Combination Trigger, the outstanding principal amount of this Note (the “Conversion Amount”)
shall be converted into the Company’s common stock, par value $0.0001 per share (the “Common Stock”).
The number of shares of Common Stock issued upon such conversion shall be equal to the Conversion Amount divided by the Conversion
Price. “Conversion Price” means the greater of $10.00 per share and the Market Price. “Market Price” means
the average closing price of the Common Stock for thirty (30) trading days prior to the conversion of the Common Stock on the Nasdaq
Capital Market, or if the Common Stock is not then traded thereon, the primary stock market on which the Common Stock is then traded.

 

4. If the Company at any time after the date of issuance of
this Note subdivides (by any split, share dividend, recapitalization, reclassification or otherwise) its shares of Common Stock
into a greater number of shares, the Conversion Price in effect immediately prior to such action will be proportionately reduced.
If the Company at any time after the date of issuance of this Note combines (by combination, reverse stock split, recapitalization
or otherwise) its Common Stock into a lesser number of shares, the Conversion Price in effect immediately prior to such combination
will be proportionately increased. Any adjustment under this Section 4 shall become effective at the close of business on the date
the applicable action becomes effective. All calculations under this Section shall be made by the Company, acting in good faith.

 

    	 

    	 

    

 

5. Any conversion pursuant to this Note shall be deemed to have
been effected as of the close of business on the date on which this Note is surrendered to the Company. At such time as such conversion
has been effected, the rights of Lender under this Note, to the extent of such conversion, shall cease, and Lender shall thereafter
be deemed to have become the holder of record of the shares of Common Stock issued upon such conversion.

 

6. As soon as is reasonably practicable after a conversion has
been effected, the Company shall deliver to Lender a certificate or certificates representing the number of shares of Common Stock
issuable by reason of such conversion.

 

7. No fractional shares shall be issued upon conversion of this
Note. In lieu thereof, the number of shares to be issued to Lender shall be rounded to the nearest whole share.

 

8. Lender has read the final prospectus of the Company dated
October 24, 2013 (File No. 333-191195) (the “Prospectus”) and understands that the Company has established a
trust fund (the “Trust Fund”) containing the proceeds of the Company’s initial public offering (the “IPO”)
initially in the amount of at least Seventy-Two Million Seven Hundred Ninety-Five Thousand Dollars ($72,795,000) for the benefit
of the Company’s public stockholders and certain other parties (including the underwriters of the IPO) and that the Company
may disburse monies from the Trust Fund, including any proceeds therefrom, only as provided in the Prospectus. Lender agrees that,
notwithstanding any provisions contained in this Note, Lender does not now have, and shall not at any time prior to the closing
of a Business Combination, have, any claim to, or make any claim against, the Trust Fund or any asset contained therein, as a result
of, in connection with or relating in any way to, this Note, and regardless of whether such claim arises based on contract, tort,
equity or any other theory of legal liability. The Lender (for itself and on behalf of its affiliates and direct and indirect subsidiaries
and stockholders, and its and their respective successors and assigns, and any person or entity claiming by or through the Lender)
hereby irrevocably waives any and all rights, titles, interests and claims of any kind that the Lender may have, now or in the
future (in each case, however, prior to the consummation of a Business Combination) as a result of, in connection with or relating
in any way to, this Note, and shall not take any action or suit, make any claim or demand or seek recovery of any liability or
recourse against, the Trust Fund for any reason whatsoever in respect thereof. The Lender agrees and acknowledges that such irrevocable
waiver is material to this Note and specifically relied upon by the Company to induce it to enter into this Note. The Lender further
intends and understands such waiver to be valid, binding and enforceable under applicable law. To the extent that Lender commences
any action or proceeding based upon, as a result of, in connection with or relating in any way to, this Note, which proceeding
seeks, in whole or in part, monetary relief against the Company, Lender hereby acknowledges and agrees that its sole remedy prior
to the consummation of a Business Combination shall be against the Company’s funds held outside of the Trust Fund and that
such claim shall not permit Lender (or any party claiming on Lender’s behalf or in lieu of Lender) to have any claim against
the Trust Fund or any amounts contained therein.

 

    	2

    	 

    

 

9.No part of this Note may be paid prior to maturity without
written consent of the Lender.

 

10.   This Note will be construed in accordance
with and governed by the laws of the State of Delaware.

 

11.   If any term, covenant, condition or provision
of this Note is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that
such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable
and enforceable and the remainder of the provisions of this Note will in no way be affected, impaired or invalidated as a result.

 

10. Any term of this Note may be amended and the observance
of any term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and the Lender.

 

11. All costs, expenses and expenditures including, and without
limitation, the reasonable legal costs incurred by the Lender in enforcing this Note as a result of any default by the Company,
will be added to the principal then outstanding and will immediately be paid by the Company.

 

12. This Note will inure to the benefit of and be binding upon
the respective heirs, executors, administrators, successors and assigns of the Company and the Lender. The Company waives presentment
for payment, notice of non-payment, protest and notice of protest.

 

IN WITNESS WHEREOF, the Company has duly affixed its signature
by a duly authorized officer under seal on this 15th day of May, 2014.

 

SIGNED, SEALED, AND DELIVERED

this 15th day of May, 2014

 

	 	GLOBAL DEFENSE & NATIONAL SECURITY SYSTEMS, INC.
	 	 	 
	 	By:	/s/ Dale R. Davis
	 	 	Name: Dale R. Davis
	 	 	Title: Chief Executive Officer

 

    	3

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