Document:

Exhibit 10.3

 

FORM OF SHARED SERVICES
AGREEMENT

 

This Shared Services Agreement (this “Agreement”)
is entered into as of                        ,
2019 by and between Hertz Group Realty Trust, Inc., a Maryland corporation (the “Company”), Hertz Group Realty
Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and Hertz Investment
Group, LLC, a Delaware limited liability company (together with its permitted assignees, “Hertz Investment”).

 

WHEREAS, the Company is a newly organized
Maryland corporation formed to own and operate office buildings across the United States;

 

WHEREAS, substantially
all of the assets of the Company will be held by, and substantially all of the operations of the Company will be conducted through,
the Operating Partnership, either directly or through its subsidiaries, and the Company will be the sole general partner of the
Operating Partnership; and

 

WHEREAS, Hertz Investment has agreed to
provide the Company and the Operating Partnership with certain personnel, services and resources as provided in this Agreement.

 

NOW THEREFORE, IN CONSIDERATION OF THE
MUTUAL AGREEMENTS HEREIN SET FORTH, THE PARTIES HERETO AGREE AS FOLLOWS:

 

1.   
       Services.

 

(a)          Hertz
Investment hereby agrees to provide the Company and the Operating Partnership with certain personnel, services and resources, including
(i) a chief executive officer, (ii) a president, (iii) an executive vice president and chief financial officer, and (iv) an executive vice president and general counsel.
Such positions are collectively referred to as the “Executive Team” throughout this Agreement.

 

(b)          The
Executive Team will perform (or cause to be performed) such services and activities relating to the assets and operations of the
Company and the Operating Partnership as may be appropriate, including, without limitation:

 

(i)          engaging
and supervising independent contractors that provide services relating to the Company, including, but not limited to, investment
banking, legal or regulatory advisory, tax advisory, accounting advisory, securities brokerage, and other financial and consulting
services as necessary (it being understood that the board of directors of the Company (the “Board of Directors”)
and its audit committee shall retain authority to determine the Company’s independent public accountant and that the independent
directors and any committee of the Board of Directors shall retain the authority to hire its or their own attorneys or other advisors);

 

(ii)         administering
bookkeeping and accounting functions as are required for the management and operation of the Company and the Operating Partnership,
contracting for audits and preparing or causing to be prepared such periodic reports and filings as may be required by any governmental
authority in connection with the ordinary conduct of the business of the Company and the Operating Partnership, and otherwise advising
and assisting the Company and the Operating Partnership with their compliance with applicable legal and regulatory requirements,
including, where applicable and without limitation, periodic reports, returns or statements required under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), the Internal Revenue Code (the “Code”) and
any regulations or rulings thereunder, the securities and tax statutes of any jurisdiction in which the Company and the Operating
Partnership are obligated to file such reports, or the rules and regulations promulgated under any of the foregoing (it being understood
that the Board of Directors and its audit committee shall retain authority to determine the Company’s independent public
accountant and that the independent directors and any committee of the Board of Directors shall retain the authority to hire its
or their own attorneys or other advisors);

 

     

     

    

 

(iii)        advising
and assisting in the preparation and filing of all offering documents, registration statements, prospectuses, periodic reports,
proxies and other forms or documents filed with the U.S. Securities and Exchange Commission or the Israel Securities Authority
or any state or local securities regulators, including any applicable stock exchanges;

 

(iv)        causing
the Company and the Operating Partnership to retain qualified accountants and legal counsel, as applicable, to assist in developing
appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and
compliance with the provisions of the Code applicable to real estate investment trusts (“REITs”) (it being understood
that the Board of Directors and its audit committee shall retain authority to determine the Company’s independent public
accountant and that the independent directors and any committee of the Board of Directors shall retain the authority to hire its
or their own attorneys or other advisors);

 

(v)         taking
all necessary actions to enable the Company and the Operating Partnership to make required tax filings and reports, including soliciting
stockholders for required information to the extent required by the provisions of the Code applicable to REITs;

 

(vi)        counseling
the Company regarding the maintenance of its status as a REIT and monitoring compliance with the various REIT qualification tests
and other rules set out in the Code and Treasury regulations thereunder;

 

(vii)       counseling
the Company regarding the maintenance of its exemption from the Investment Company Act and monitoring compliance with the requirements
for maintaining an exemption from the Investment Company Act;

 

(viii)      communicating
with investors and analysts as required to satisfy reporting or other requirements of any governing body or exchange on which the
Company’s or the Operating Partnership’s securities are traded, and to maintain effective relations with such investors
and analysists;

 

(ix)         causing
the Company and the Operating Partnership to qualify to do business in all applicable jurisdictions and to obtain and maintain
all appropriate licenses;

 

(x)          handling
and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or
negotiations) in which the Company and the Operating Partnership may be involved, or to which the Company and the Operating Partnership
may be subject arising out of the Company’s and the Operating Partnership’s day-to-day operations, subject to such
limitations or parameters as may be imposed from time to time by the Board of Directors;

 

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(xi)         using
commercially reasonable efforts to cause the Company and the Operating Partnership to comply with all applicable laws and regulations
in all material respects; and

 

(xii)        such
other matters as may be necessary from time to time.

 

(c)          The
Executive Team shall devote such of their time to performing the services listed in (i) through (xii) above as is reasonably necessary
and appropriate.

 

2.     
     Term. The term of this Agreement shall commence on the date of the consummation
of the initial public offering of the Company (the “IPO”) and shall be in effect until the date that is
five years after the date of the consummation of the IPO (the “Original Term”). Unless this Agreement is
terminated pursuant to Section 3 below, the Original Term (and each Renewal Term (as defined below)) shall renew and be
extended for an additional five-year period (each such term, a “Renewal Term”).

 

3.      
    Termination.

 

(a)          Termination
by the Company and the Operating Partnership.

 

(A)         Without
Cause. The Company and the Operating Partnership may terminate this Agreement upon 30-day prior written notice to Hertz Investment
if a majority of the independent directors of the Company determines that such termination is in the best interests of the Company
and the Operating Partnership.

 

(B)         For
Cause. The Company and the Operating Partnership may terminate this Agreement upon 60-day prior written notice to Hertz Investment
if (1) there is a commencement of any proceeding relating to Hertz Investment’s bankruptcy or insolvency, including an order
for relief in an involuntary bankruptcy case or Hertz Investment authorizing or filing a voluntary bankruptcy petition, and such
proceeding or order remains in force or unstayed for a period of 30 days, (2) Hertz Investment dissolves as an entity, (3) subject
to a verdict by a court of competent jurisdiction and after the exhaustion of all appeals, Hertz Investment is found to have committed
fraud against the Company or the Operating Partnership, misappropriated or embezzled funds of the Company or the Operating Partnership,
or acted in a manner constituting bad faith, willful misconduct or gross negligence in the performance of its duties under this
Agreement; provided, however, that if any of the actions or omissions described in this clause (3) are caused by an employee and/or
officer of Hertz Investment or one of its affiliates and Hertz Investment takes appropriate action against such person and cures
the damage caused by such actions or omissions within 30 days of Hertz Investment’s actual knowledge of its commission or
omission, the Company and the Operating Partnership shall not have the right to terminate this Agreement pursuant to this clause
(3), or (4) there is a Change in Control of Hertz Investment (as defined below), effective immediately concurrently with or within
90 days following such Change in Control.

 

“Change
in Control” means the occurrence of a transaction or series of transactions whereby any “person” or related “group”
of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than any affiliate
of Hertz Investment) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange
Act) of securities of Hertz Investment possessing more than fifty percent (50%) of the total combined voting power of Hertz Investment’s
securities outstanding immediately after such acquisition.

 

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(b)          Termination
by Hertz Investment. Hertz Investment may terminate this Agreement upon 60-day prior written notice to the Company and the
Operating Partnership in the event that the Company or the Operating Partnership, as applicable, defaults in the performance or
observance of any material term, condition or covenant contained in this Agreement and such default continues for a period of 30
days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period.

 

4.    
      Fees and Expenses.

 

(a)          For
its performance of the services to be rendered hereunder, Hertz Investment shall receive an annual service fee, payable monthly,
in the amount of (i) $500,000 if Total Asset Value (as defined below) is less than $3.0 billion; (ii) $750,000 if Total Asset Value
is equal to or higher than $3.0 billion and less than $3.5 billion, and (iii) $1,000,000 if Total Asset Value is equal to or higher
than $3.5 billion.

 

“Total Asset Value”
means the carrying value of total assets of the Company and the Operating Partnership (on a consolidated basis) presented on a
fair value basis in accordance with International Financial Reporting Standards and based on the Company’s most recent quarterly
financial statements.

 

(b)          The
Company and the Operating Partnership shall pay all of their expenses and shall reimburse Hertz Investment for documented expenses
incurred on their behalf, which include the expenses in Section 4(c) and Section 4(d) below (collectively, the “Expenses”).

 

(c)          The
Company’s and the Operating Partnership’s shall reimburse Hertz Investment monthly for their allocable share of the
compensation paid by Hertz Investment to its personnel serving the Company and the Operating Partnership, including the Executive
Team. The Company’s and the Operating Partnership’s share of such out-of-pocket costs shall be based upon commercially
reasonable estimates of the percentage of time devoted by such personnel of Hertz Investment and its affiliates to the Company’s
and the Operating Partnership’s affairs. Hertz Investment shall provide the Company and the Operating Partnership with such
information as the Company and the Operating Partnership may reasonably request to support the determination of the Company’s
and the Operating Partnership’s share of such costs.

 

(d)          The
Company and the Operating Partnership shall reimburse Hertz Investment monthly for (i) their pro rata portion of rent, telephone,
utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of Hertz Investment and its
affiliates required for the operations of the Company, the Operating Partnership and their subsidiaries, and (ii) the costs of any legal, accounting, auditing, tax planning and tax return preparation and consulting
services, investor relations expenses and other professional services incurred by Hertz Investment or its affiliates on behalf of the Company, the Operating Partnership and their subsidiaries. These expenses will be
allocated between Hertz Investment, on the one hand, and the Company and the Operating Partnership, on the other hand, based on
the ratio of the Company’s and the Operating Partnership’s proportion of net assets compared to all remaining net assets
managed or held by Hertz Investment as calculated at each quarter end. Hertz Investment and the Company and the Operating Partnership
will modify this allocation methodology, subject to the approval of the independent directors of the Board of Directors, if the
allocation becomes inequitable.

 

(e)          Hertz
Investment may, at its option, elect not to seek reimbursement for certain expenses during a given period, which determination
shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.

 

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(f)          The
provisions of this Section 4 shall survive the expiration or earlier termination of this Agreement to the extent such Expenses
have previously been incurred or are incurred in connection with such expiration or termination.

 

(g)          Hertz
Investment shall prepare a statement documenting the Expenses incurred by Hertz Investment during each calendar month, and shall
deliver such statement to the Company and the Operating Partnership within [10] days after the end of each calendar month. Such
Expenses shall be reimbursed by the Company and the Operating Partnership on the fifth business day immediately following the date
of delivery of such statement.

 

(h)          The
provisions of this Section 4 shall survive the expiration or earlier termination of this Agreement.

 

5.    
      Standard of Care. Hertz Investment and each Executive Officer shall use,
and shall cause each of its applicable subsidiaries and affiliates to use, its commercially reasonable efforts in the
timely provision of the services to be rendered hereunder, exercising the same degree of care, priority and diligence as it
exercises in performing the same or similar services for itself, and shall cooperate with the Company and the Operating
Partnership in connection with the provision of such services. The parties will consult with each other in good faith, as
required, with respect to the furnishing of, and payment for, special or additional services, extraordinary items and the
like.

 

6.   
       Confidential Information. Hertz Investment acknowledges that the
information and knowledge obtained in the course of its performance of the services to be rendered hereunder (collectively,
the “Confidential Information”) are of a confidential nature. Hertz Investment shall, and shall ensure
that its employees, use commercially reasonable efforts to take all actions necessary and appropriate to preserve the
confidentiality of the Confidential Information and prevent (i) the disclosure of the Confidential Information to any person
other than employees or agents of Hertz Investment who have a need to know of such Confidential Information in order to
perform their duties hereunder; and (ii) the use of the Confidential Information other than in connection with
the performance of its duties hereunder.

 

7.      
    Limitation on Liability; Indemnification.

 

(a)          Hertz
Investment assumes no responsibility under this Agreement other than to render the services called for under this Agreement in
good faith. In performing their duties under this Agreement, Hertz Investment and the Executive Team shall be entitled to rely
reasonably on qualified experts hired by them. Hertz Investment, its members, advisors, officers and employees will not be liable
to the Company or the Operating Partnership, to the Board of Directors, the Company’s stockholders or the Operating Partnership’s
partners for any acts or omissions by Hertz Investment, its affiliates, members, advisors, officers or employees, pursuant to or
in accordance with this Agreement, except by reason of acts constituting bad faith, willful misconduct or gross negligence. The
Company and the Operating Partnership shall, to the full extent lawful, reimburse, indemnify and hold Hertz Investment, its affiliates,
members, advisors, officers and employees, sub-advisers and each other person, if any, controlling Hertz Investment (each, an “Indemnified
Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any
nature whatsoever (including attorneys’ fees) (collectively, “Losses”) in respect of or arising from any
acts or omissions of such Indemnified Party made in good faith in the performance of Hertz Investment’s duties under this
Agreement and not constituting such Indemnified Party’s bad faith, willful misconduct or gross negligence.

 

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(b)          Hertz
Investment shall, to the full extent lawful, reimburse, indemnify and hold the Company and the Operating Partnership, the Company’s
shareholders, the Operating Partnership’s partners, and their respective directors, officers and employees, and each other
person, if any, controlling the Company or the Operating Partnership, harmless of and from any and all Losses in respect of or
arising from any acts or omissions of Hertz Investment constituting bad faith, willful misconduct or gross negligence.

 

8.      
    Assignment.

 

(a)          This
Agreement shall terminate automatically in the event of its assignment, in whole or in part, by Hertz Investment, unless such assignment
is consented to in writing by the Company and the Operating Partnership with the consent of a majority of the independent directors
of the Company. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as Hertz Investment
is bound. Hertz Investment shall not be liable for errors or omissions of any other successor under this Agreement arising from
and after any such assignment. In the case of any assignment, the assignee shall execute and deliver to the Company and the Operating
Partnership a counterpart of this Agreement naming the assignee as such under this Agreement. This Agreement shall not be assigned
by the Company or the Operating Partnership without the prior written consent of Hertz Investment.

 

(b)          Notwithstanding
any provision of this Agreement, Hertz Investment may subcontract or assign any or all of its responsibilities under Section 1
to any of its affiliates in accordance with the terms of this Agreement, and the Company and the Operating Partnership hereby consent
to any such assignment or subcontracting. In addition, provided that Hertz Investment provides prior written notice to the Company
and the Operating Partnership for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation
or other transfer of any amounts payable to Hertz Investment under this Agreement.

 

9.    
      Additional Documents. From time to time after execution of this Agreement,
the parties hereto will, without additional consideration, execute and deliver such further documents and take such further
action as may be reasonably requested by any other party hereto in order to carry out the purposes of this Agreement.

 

10.         No
Joint Venture. Nothing in this Agreement shall be construed to make the Company, the Operating Partnership and Hertz Investment
partners or joint venturers or impose any liability as such on either of them.

 

11.         Release
of Money and Other Property Upon Written Request. Hertz Investment agrees that any money or other property of the Company,
the Operating Partnership or a subsidiary thereof held by Hertz Investment under this Agreement shall be held by Hertz Investment
as custodian for the Company, the Operating Partnership or such subsidiary, and Hertz Investment’s records shall be appropriately
marked clearly to reflect the ownership of such money or other property by the Company, the Operating Partnership or such subsidiary.
Upon the receipt by Hertz Investment of a written request signed by a duly authorized officer of the Company or the Operating Partnership
requesting Hertz Investment to release to the Company, the Operating Partnership or any subsidiary thereof, as applicable, any
money or other property then held by Hertz Investment for the account of the Company, the Operating Partnership or any such subsidiary
under this Agreement, Hertz Investment shall release such money or other property to the Company, the Operating Partnership or
any such subsidiary, as applicable, within a reasonable period of time, but in no event later than 30 days following such request.
Hertz Investment shall not be liable to the Company, the Operating Partnership or any subsidiary thereof for any acts performed,
or omissions to act, by the Company or any Subsidiary in connection with the money or other property released to the Company, the
Operating Partnership or any subsidiary thereof in accordance with the first sentence of this Section 11.

 

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12.         Notices.
Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted
under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against
receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile
transmission or email against answerback, (iv) delivery by registered or certified mail, postage prepaid, return receipt requested,
addressed as set forth below:

 

If to the Company or the Operating
Partnership:

 

Hertz Group Realty Trust, Inc.

21860 Burbank Boulevard, Suite
300

South Woodland Hills, California
91367

Attention: General Counsel

 

If to Hertz Investment:

 

Hertz Investment Group, LLC

21860 Burbank Boulevard, Suite
300

South Woodland Hills, California
91367

Attention: General Counsel

 

Either party may alter
the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the
provisions of this Section 12 for the giving of notice.

 

13.         Binding
Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement.

 

14.         Entire
Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express
terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the
terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing executed by both parties.

 

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15.         Arbitration.

 

(a)          Any
disputes, claims or controversies arising out of or relating to this Agreement, the provision of services by Hertz Investment pursuant
to this Agreement or the transactions contemplated hereby, including any disputes, claims or controversies brought by or on behalf
of the Company, the Operating Partnership or Hertz Investment or any holder of equity interests (which, for purposes of this Section
15, shall mean any holder of record or any beneficial owner of equity interests or any former holder of record or beneficial owner
of equity interests) of the Company, the Operating Partnership or Hertz Investment, either on his, her or its own behalf, on behalf
of the Company, the Operating Partnership or Hertz Investment or on behalf of any series or class of equity interests of the Company,
the Operating Partnership or Hertz Investment or holders of any equity interests of the Company, the Operating Partnership or Hertz
Investment against the Company, the Operating Partnership or Hertz Investment or any of their respective directors, partners, members,
officers, advisors (including Hertz Investment or its successor), agents or employees, including any disputes, claims or controversies
relating to the meaning, interpretation, effect, validity, performance or enforcement of this Agreement, including this arbitration
agreement or the governing documents of the Company, the Operating Partnership or Hertz Investment (all of which are referred to
as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any party to such
Dispute or Disputes, be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the
“Rules”) of the American Arbitration Association (“AAA”) then in effect, except as those
Rules may be modified in this Section 15. For the avoidance of doubt, and not as a limitation, Disputes are intended to include
derivative actions against the directors, partners, members, officers or advisors of the Company, the Operating Partnership or
Hertz Investment and class actions by a holder of equity interests against those individuals or entities and the Company, the Operating
Partnership or Hertz Investment. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one
party against another party.

 

(b)          There
shall be three (3) arbitrators. If there are only two (2) parties to the Dispute, each party shall select one (1) arbitrator within
fifteen (15) days after receipt by respondent of a copy of the demand for arbitration. The arbitrators may be affiliated or interested
persons of the parties. If there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents,
on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one (1)
arbitrator within fifteen (15) days after receipt of the demand for arbitration. The arbitrators may be affiliated or interested
persons of the claimants or the respondents, as the case may be. If either a claimant (or all claimants) or a respondent (or all
respondents) fail(s) to timely select an arbitrator then the party (or parties) who has selected an arbitrator may request AAA
to provide a list of three (3) proposed arbitrators in accordance with the Rules (each of whom shall be neutral, impartial and
unaffiliated with any party) and the party (or parties) that failed to timely appoint an arbitrator shall have ten (10) days from
the date AAA provides the list to select one (1) of the three (3) arbitrators proposed by AAA. If the party (or parties) fail(s)
to select the second (2nd) arbitrator by that time, the party (or parties) who have appointed the first (1st) arbitrator shall
then have ten (10) days to select one (1) of the three (3) arbitrators proposed by AAA to be the second (2nd) arbitrator; and,
if he/they should fail to select the second (2nd) arbitrator by such time, AAA shall select, within fifteen (15) days thereafter,
one (1) of the three (3) arbitrators it had proposed as the second (2nd) arbitrator. The two (2) arbitrators so appointed shall
jointly appoint the third (3rd) and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within
fifteen (15) days of the appointment of the second (2nd) arbitrator. If the third (3rd) arbitrator has not been appointed within
the time limit specified herein, then AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator
shall be appointed by AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number
of strikes, excluding strikes for cause.

 

(c)          The
place of arbitration shall be Los Angeles, California, unless otherwise agreed by the parties.

 

(d)          There
shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.
For the avoidance of doubt, it is intended that there shall be no depositions and no other discovery other than limited documentary
discovery as described in the preceding sentence.

 

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(e)          In
rendering an award or decision (the “Award”), the arbitrators shall be required to follow the laws of the State
of Maryland. Any arbitration proceedings or award rendered hereunder and the validity, effect and interpretation of this arbitration
agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq. The Award shall be in writing and shall state
the findings of fact and conclusions of law on which it is based. Any monetary award shall be made and payable in U.S. dollars
free of any tax, deduction or offset. Subject to Section 15(g), each party against which the Award assesses a monetary obligation
shall pay that obligation on or before the thirtieth (30th) day following the date of the Award or such other date as the Award
may provide.

 

(f)          Except
to the extent expressly provided by this Agreement or as otherwise agreed by the parties thereto, each party involved in a Dispute
shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would
include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class action, award
any portion of the Company’s, the Operating Partnership’s or Hertz Investment’s, as applicable, award to the
claimant or the claimant’s attorneys. Each party (or, if there are more than two (2) parties to the Dispute, all claimants,
on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected
arbitrator and the parties (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand) shall equally bear the costs and expenses of the third (3rd) appointed arbitrator.

 

(g)          Notwithstanding
any language to the contrary in this Agreement, the Award, including but not limited to, any interim Award, may be appealed pursuant
to the AAA’s Optional Appellate Arbitration Rules (“Appellate Rules”). The Award shall not be considered
final until after the time for filing the notice of appeal pursuant to the Appellate Rules has expired. Appeals must be initiated
within thirty (30) days of receipt of the Award by filing a notice of appeal with any AAA office. Following the appeal process,
the decision rendered by the appeal tribunal may be entered in any court having jurisdiction thereof. For the avoidance of doubt,
and despite any contrary provision of the Appellate Rules, this Section 15(g) shall apply to any appeal pursuant to this Section
15 and the appeal tribunal shall not render an award that would include shifting of any costs or expenses (including attorneys’
fees) of any party.

 

(h)          Following
the expiration of the time for filing the notice of appeal, or the conclusion of the appeal process set forth in Section 15(g),
the Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between those parties
relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators. Judgment upon
the Award may be entered in any court having jurisdiction. To the fullest extent permitted by law, no application or appeal to
any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or
with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award
issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any court
of competent jurisdiction.

 

(i)          This
Section 15 is intended to benefit and be enforceable by the Company, the Operating Partnership, Hertz Investment and their respective
holders of equity interests, directors, partners, members, officers, advisors (including Hertz Investment or its successor), agents
or employees, and their respective successors and assigns and shall be binding upon the Company, the Operating Partnership, Hertz
Investment and their respective holders of equity interests, and be in addition to, and not in substitution for, any other rights
to indemnification or contribution that such individuals or entities may have by contract or otherwise.

 

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Section 16.         Controlling
Law. This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed
by and construed, interpreted and enforced in accordance with the laws of the State of New York, notwithstanding any New York or
other conflict-of-law provisions to the contrary.

 

Section 17.         Indulgences;
No Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any
right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted
to have granted such waiver.

 

Section 18.         Titles
Not to Affect Interpretation. The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only,
and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement.

 

Section 19.         Execution
in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This
Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories.

 

Section 20.         Provisions
Separable. The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected
or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable
in whole or in part.

 

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

 

	Hertz Group Realty Trust, Inc.
	 	 
	By:	 
	 	Name:
	 	Title:
	 
	Hertz Group Realty Operating Partnership, LP
	 
	By:	Hertz Group Realty Trust, Inc.,
	 	its general partner
	 	 
	By:	 
	 	Name:
	 	Title:
	 
	Hertz Investment Group, LLC
	 	 
	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Shared Services Agreement]Exhibit 10.4

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT, dated as of [ · ],
2019, is entered into by and among Hertz Group Realty Trust, Inc., a Maryland corporation (the “Company”), Hertz
Group Realty Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and the
holders listed on Schedule I hereto (each, an “Initial Holder” and, collectively, the “Initial Holders”).

 

RECITALS

 

WHEREAS, in connection with the initial
public offering of the Company’s common stock, no par value per share (the “Common Stock”), the Company
and the Operating Partnership have concurrently engaged in certain formation transactions (the “Formation Transactions”)
pursuant to which the Initial Holders have concurrently received, in exchange for their (or certain related parties’) respective
interests in the entities participating in the Formation Transactions units of limited partnership interest in the Operating Partnership
(“OP Units”);

 

WHEREAS, the Company, the Operating Partnership
and Hertz Group REIT Advisor, LLC, a Delaware limited liability company (the “Advisor”), have entered into that certain
Advisory Agreement, dated as of July 23, 2019, as further amended and restated, that contemplates the issuance from time to time
of equity awards to the Advisor or its affiliates, including its employees, officers, consultants, non-employee directors or representatives
of the Advisor, and/or the issuance from time to time of long term incentive units of the Operating Partnership that may be exchanged
from time to time, subject to the terms and conditions set forth in the Partnership Agreement (as defined below), into OP Units;

 

WHEREAS, pursuant to the Partnership Agreement,
OP Units will be redeemable for cash or, at the Operating Partnership’s option, exchangeable for shares of Common Stock upon
the terms and subject to the conditions contained therein; and

 

WHEREAS, the Company has agreed to grant
to the Initial Holders, and to their respective permitted assignees and transferees, the registration rights set forth in Article
II hereof.

 

NOW, THEREFORE, in consideration of the
premises and the mutual agreements herein contained, and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

SECTION 1.1 Definitions. In addition
to the definitions set forth above, the following terms, as used herein, have the following meanings:

 

“Affiliate” of any Person
means any other Person directly or indirectly controlling or controlled by or under common control with such Person. For the purposes
of this definition, “control” when used with respect to any Person, means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

 

“Agreement” means this
Registration Rights Agreement, as it may be amended, supplemented or restated from time to time.

 

“Articles
of Amendment” means the Articles of Amendment and Restatement of the Company as filed with the State Department of Assessments
and Taxation of Maryland on [ · ],
2019, as the same may be amended, modified or restated from time to time.

 

“Business Day” means
any day except a Saturday, Sunday or other day on which commercial banks in The City of New York are authorized by law to close.

 

“Commission” means the
Securities and Exchange Commission.

 

“Demand Registration”
means a Demand Registration as defined in Section 2.2.

 

“End of Suspension Notice”
means an End of Suspension Notice as defined in Section 2.4.

 

     

     

    

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchangeable OP Units”
means OP Units which may be redeemable for cash or, at the Operating Partnership’s option, exchangeable for shares of Common
Stock pursuant to Section 8.5 of the Partnership Agreement (without regard to any limitations on the exercise of such exchange
right as a result of the Ownership Limit Provisions).

 

“Holder” means (a) any
Initial Holder who is the record or beneficial owner of any Registrable Security or (b) any assignee or transferee of such Registrable
Security (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure
on any loans secured by such Registrable Securities) to the extent (i) permitted under the Partnership Agreement or the Articles
of Amendment, as applicable and (ii) such assignee or transferee agrees in writing to be bound by all the provisions hereof, unless
such Registrable Security is acquired in a public distribution pursuant to a registration statement under the Securities Act or
pursuant to transactions exempt from registration under the Securities Act where securities sold in such transaction may be resold
without subsequent registration under the Securities Act.

 

“Initial Filing Date”
means an Initial Filing Date as defined in Section 2.1(a).

 

“Initial Public Offering”
means the offering of the Company’s Common Stock pursuant to the Form S-11 Registration Statement (No. 333-232401) filed
by the Company with the Commission under the Securities Act.

 

“Indemnified Party” means
an Indemnified Party as defined in Section 2.9.

 

“Indemnifying Party”
means an Indemnifying Party as defined in Section 2.9.

 

“Inspector” means an
Inspector as defined in Section 2.5.

 

“Market Value” means,
with respect to the Common Stock, the average of the daily market prices for the 10 consecutive trading days immediately preceding
the date of a written request for registration pursuant to Section 2.2(a). The market price for each such trading day shall be:
(a) if the Common Stock is listed or admitted to trading on any securities exchange, the closing price, regular way, on such day,
or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, in either case as reported
in the principal consolidated transaction reporting system, (b) if the Common Stock is not listed or admitted to trading on any
securities exchange, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing
bid and asked prices on such day, as reported by a reliable quotation source designated by the Company or (c) if the Common Stock
is not listed or admitted to trading on any securities exchange and no such last reported sale price or closing bid and asked prices
are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source
designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked
prices, as so reported, on the most recent day (not more than 10 days prior to the date in question) for which prices have been
so reported; provided that if there are no bid and asked prices reported during the 10 days prior to the date in question,
the Market Value of the Common Stock shall be determined by the board of directors of the Company acting in good faith on the basis
of such quotations and other information as it considers, in its reasonable judgment, appropriate.

 

“Notice and Questionnaire”
means a written notice, substantially in the form attached as Exhibit A, delivered by a Holder to the Company (i) notifying
the Company of such Holder’s desire to include Registrable Securities held by it in a Shelf Registration Statement, (ii)
containing all information about such Holder required to be included in such Shelf Registration Statement in accordance with applicable
law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor
rule thereto, and (iii) pursuant to which such Holder agrees to be bound by the terms and conditions hereof.

 

“Ownership Limit Provisions”
mean the various provisions of the Articles of Amendment set forth in Article VI thereof restricting the transfer and ownership
of Common Stock by Persons to specified percentages of the outstanding Common Stock.

 

“Partnership Agreement”
means the Agreement of Limited Partnership of the Operating Partnership dated as of July 23, 2019, as the same may be amended,
modified or restated from time to time.

 

“Person” means an individual
or a corporation, partnership, limited liability company, association, trust, or any other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.

 

“Records” means Records
as defined in Section 2.5.

 

    2

     

    

 

“Registrable Securities”
means shares of Common Stock at any time owned, either of record or beneficially, by any Holder and (a) received by such Holder
in connection with the Formation Transactions or (b) issued or issuable upon exchange of Exchangeable OP Units received by such
Holder in the Formation Transactions (including, without limitation, Common Stock issuable upon exchange of Exchangeable OP Units)
and, in the case of (a) and (b), any additional Common Stock issued as a dividend, distribution, substitution or exchange for,
upon any stock split, reverse stock split, recapitalization, combination or similar event, or in respect of such shares until (i)
a registration statement covering such shares has been declared effective by the Commission and such shares have been disposed
of pursuant to such effective registration statement, (ii) such shares have been disposed of pursuant to Rule 144, (iii) all such
shares may be disposed of by such Holder in one transaction pursuant to Rule 144 without being subject to volume and manner of
sale restrictions, or (iv) such shares have been otherwise transferred in a transaction that constitutes a sale thereof under the
Securities Act, the Company has delivered to the Holder’s transferee a new certificate or other evidence of ownership for
such shares not bearing the Securities Act restricted stock legend and such shares may be resold or otherwise transferred by such
transferee without subsequent registration under the Securities Act.

 

“Registration Expenses”
means Registration Expenses as defined in Section 2.6.

 

“Requested Shares” means
Requested Shares as defined in Section 2.1.

 

“Rule 144” means Rule
144 promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated
by the Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Selling Holder” means
a Holder who is selling Registrable Securities pursuant to a registration statement under the Securities Act pursuant to the terms
hereof.

 

“Shelf Registration Statement”
means a Shelf Registration Statement as defined in Section 2.1.

 

“Suspension Event” means
a Suspension Event as defined in Section 2.4.

 

“Suspension Notice” means
a Suspension Notice as defined in Section 2.4.

 

“Underwriter” means a
securities dealer who purchases any Registrable Securities as principal and not as part of such dealer’s market-making activities.

 

ARTICLE II

REGISTRATION RIGHTS

 

SECTION 2.1 Shelf Registration.

 

(a)       
Preparation and Filing of Shelf Registration Statement. On or before the tenth Business Day of the first calendar month
after the 12-month anniversary of the effectiveness of the Form S-11 Registration Statement (No. 333- 232401) related to the Initial
Public Offering (the “Initial Filing Date”), the Company shall prepare and file a “shelf” registration
statement with respect to the resale of all of the Registrable Securities on an appropriate form for the offering and subsequent
resale thereof (which form shall be Form S-3, if the Company is then eligible to use such form), to be made on a delayed or continuous
basis pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”) and shall use its commercially
reasonable efforts to cause the Shelf Registration Statement to be declared effective on or as soon as practicable thereafter and
to keep such Shelf Registration Statement continuously effective for a period ending when all Common Stock covered by the Shelf
Registration Statement are no longer Registrable Securities.

 

At least 20 Business Days prior to the anticipated
effective date of the Shelf Registration Statement, the Company shall request each Holder to complete and execute a Notice and
Questionnaires. At the time the Shelf Registration Statement is declared effective, the Company shall notify the Holders in writing
of the effectiveness of the Shelf Registration Statement and each Holder that has delivered a duly completed and executed Notice
and Questionnaire to the Company on or prior to the date five Business Days prior to such time of effectiveness (or such shorter
period as may be agreed to by the Company) shall be named as a selling securityholder in the Shelf Registration Statement and the
related prospectus in such a manner as to permit such Holder to deliver such prospectus to purchasers of Registrable Securities
in accordance with applicable law. If required by applicable law, subject to the terms and conditions hereof, after effectiveness
of the Shelf Registration Statement, the Company shall file a supplement to such prospectus or amendment to the Shelf Registration
Statement not less frequently than once a quarter as necessary to name as selling securityholders therein any Holders that provide
to the Company a duly completed and executed Notice and Questionnaire and shall use reasonable efforts to cause any post-effective
amendment to such Shelf Registration Statement filed for such purpose to be declared effective by the Commission as promptly as
reasonably practicable after the filing thereof.

 

    3

     

    

 

(b)       
Underwritten Shelf Registration. If the Holders of a majority of shares of the Registrable Securities then registered pursuant
to the Shelf Registration Statement so elect by written notice to the Company, an offering of such Registrable Securities pursuant
to such Shelf Registration Statement may be in the form of an underwritten offering; provided that the Registrable Securities requested
to be registered in such underwritten offering (the “Requested Shares”) shall either (i) have a Market Value of at
least $10 million on the date of such request or (ii) represent all remaining Registrable Securities held by the Holders of the
Requested Shares on the date of such request. The Company shall not be obligated to effect more than two (2) underwritten offerings
pursuant to the Shelf Registration Statement in any twelve (12)-month period. The Company shall select the Underwriter or Underwriters
to serve as book-running manager or managers in connection with any such offering and any additional investment banks and managers
to be used in connection with the offering, provided, however, that the book-running manager(s) shall be reasonably acceptable
to the Holders of a majority of shares of the Registrable Securities to be included in such underwritten offering; provided,
further, that the book-running manager(s) for the Company’s initial public offering of Common Stock shall be acceptable
to the Holders for purposes of this Section 2.1(b).

 

(c)       
Filing of Additional Registration Statements. The Company shall prepare and file such additional registration statements
as necessary use its reasonable efforts to cause such additional registration statements to be declared effective by the Commission
so that a registration statement remains continuously effective with respect to resales of Registrable Securities as of and for
the periods required under Section 2.1(a) hereof, such subsequent registration statements to constitute a Shelf Registration Statement
hereunder.

 

SECTION 2.2 Demand Registration.

 

(a)       
Request for Registration. In the event that the Company fails to file a Shelf Registration Statement by the Initial Filing
Date, or if filed fails to maintain the effectiveness of such Shelf Registration Statement, Holders of Registrable Securities may
make a written request for registration under the Securities Act of all or part of their Registrable Securities (a “Demand
Registration”); provided, that, following the Initial Filing Date, if and so long as a Shelf Registration Statement
is on file and effective and then usable by the Holders of Registrable Securities, then the Company shall have no obligation to
effect a Demand Registration pursuant to this Section 2.2(a); and provided further, that the number of shares of Registrable
Securities proposed to be sold by the Holders making such written request for a Demand Registration shall either (i) have a Market
Value of at least $10 million on the date of such request or (ii) shall represent all remaining Registrable Securities held by
such Holders making the demand on the date of such request. The number of Demand Registrations which may be made pursuant to this
Section 2.2(a) shall be unlimited; provided that the Company shall not be obligated to effect more than two (2) Demand Registrations
in any twelve (12)-month period. Any request for a Demand Registration will specify the number of shares of Registrable Securities
proposed to be sold and will also specify the intended method of disposition thereof. Within 10 days after receipt of such request,
the Company will give written notice of such registration request to all other Holders of the Registrable Securities and include
in such registration all such Registrable Securities with respect to which the Company has received written requests for inclusion
therein within 20 Business Days after the receipt by the applicable Holder of the Company’s notice. Each such request will
also specify the number of shares of Registrable Securities to be registered and the intended method of disposition thereof.

 

(b)       
Effective Registration. A registration will not count as a Demand Registration until it has become effective.

 

(c)       
Selling Holders Become Party to Agreement. Each Holder acknowledges that by asserting or participating in its registration
rights pursuant to this Agreement, such Holder may become a Selling Holder and thereby will be deemed a party to this Agreement
and will be bound by each of its terms.

 

(d)       
Underwritten Demand Registrations. If the Holders of a majority of shares of the Registrable Securities to be registered
in a Demand Registration so elect by written notice to the Company, the offering of such Registrable Securities pursuant to such
Demand Registration shall be in the form of an underwritten offering. The Company shall select the Underwriter or Underwriters
to serve as book-running manager or managers in connection with any such Demand Registration and any additional investment banks
and managers to be used in connection with the offering, provided, however, that the book-running manager(s) shall
be reasonably acceptable to the Holders of a majority of shares of the Registrable Securities to be included in such underwritten
offering; provided, further, that the book-running manager(s) for the Company’s initial public offering of
Common Stock shall be acceptable to the Holders. Any request for an underwritten offering hereunder shall be made to the Company
in accordance with the notice provisions of this Agreement.

 

    4

     

    

 

SECTION 2.3 Reduction of Offering.
Notwithstanding anything contained herein, if the managing Underwriter or Underwriters of an underwritten offering pursuant to
a Shelf Registration Statement or a Demand Registration advise in writing to the Company and the Holders of the Registrable Securities
included in such offering that the size of the offering that the Holders and such other persons intend to make is such that the
success of the offering would be adversely affected by inclusion of the Registrable Securities requested to be included, then the
number of Common Stock to be offered for the account of Holders, the Company and such other persons, respectively, shall be reduced
pro rata (according to the number of Common Stock included in such registration statement) to the extent necessary to reduce the
total number of Common Stock to be included in such offering to the number of Common Stock recommended by such managing Underwriter(s).

 

SECTION 2.4 Black-Out Periods.

 

(a)       
Notwithstanding the provisions of Sections 2.1(a), 2.1(b), 2.2(a), and 2.2(d), the Company shall be permitted to postpone the filing
of any Shelf Registration Statement or any registration statement filed in connection with a Demand Registration, and from time
to time to require the Holders not to sell Registrable Securities under any Shelf Registration Statement or other registration
statement or to suspend the effectiveness thereof, for such times as the Company reasonably may determine upon the advice of counsel
is necessary and advisable (but in no event shall the Company be entitled to exercise such right for more than an aggregate of
ninety (90) days in any rolling twelve (12)-month period commencing on the consummation date of the Initial Public Offering), if
any of the following events shall occur (each such circumstance a “Suspension Event”): (i) a majority of the
board of directors of the Company reasonably determines in good faith and based on the advice of counsel that (A) the offer or
sale of any Registrable Securities would materially impede, delay or interfere with any proposed financing, offer or sale of securities,
acquisition, corporate reorganization or other material transaction involving the Company, (B) the sale of Registrable Securities
pursuant to such Shelf Registration Statement or other registration statement would require disclosure of non-public material information
not otherwise required to be disclosed under applicable law and the Company has a bona fide business purpose for preserving the
confidentiality of such information or (C)(x) the Company has a bona fide business purpose for preserving the confidentiality of
a material transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate
such a material transaction or (z) such a material transaction renders the Company unable to comply with Commission requirements,
in each case under circumstances that would make it impractical or inadvisable to cause the Shelf Registration Statement or other
registration statement (or such filings) to become effective or to promptly amend or supplement the Shelf Registration Statement
or other registration statement on a post-effective basis, as applicable; or (ii) a majority of the board of directors of the Company
determines in good faith, upon the advice of counsel, that it is in the Company’s best interest or it is required by law,
rule or regulation to supplement the Shelf Registration Statement or other registration statement or file a post-effective amendment
to such Shelf Registration Statement or other registration statement in order to ensure that the prospectus included in the Shelf
Registration Statement or other registration statement (1) contains the information required by the form on which such Shelf Registration
Statement or other registration statement was filed or (2) discloses any facts or events arising after the effective date of the
Shelf Registration Statement or other registration statement (or of the most recent post-effective amendment) that, individually
or in the aggregate, represents a fundamental change in the information set forth therein. Upon the occurrence of any such suspension,
the Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement or such other registration
statement to become effective or to promptly amend or supplement the Shelf Registration Statement or such other registration statement
on a post effective basis or to take such action as is necessary to permit resumed use of the Shelf Registration Statement or other
registration statement or filing thereof as soon as reasonably practicable following the end of the applicable Suspension Event
and its effect.

 

The Company will provide written notice
(a “Suspension Notice”) to the Holders of the occurrence of any Suspension Event. Upon receipt of a Suspension
Notice, each Holder agrees that it will (i) immediately discontinue offers and sales of the Registrable Securities under the Shelf
Registration Statement or other registration statement and (ii) maintain the confidentiality of any information included in the
Suspension Notice unless otherwise required by law or subpoena. The Holders may recommence effecting offers and sales of the Registrable
Securities pursuant to the Shelf Registration Statement or other registration statement (or such filings) following further written
notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall
be given by the Company to the Holders promptly following the conclusion of any Suspension Event and its effect (and in any event
within the time periods set forth in the preceding paragraph); provided that the Holders agree that they will only effect
such offers and sales pursuant to any supplemental or amended prospectus that has been provided to them by the Company pursuant
to Section 2.4(b).

 

(b)       
Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice with respect to any Shelf Registration
Statement or other registration statement pursuant to Section 2.4(a), the Company agrees that it shall extend the period of time
during which such Shelf Registration Statement or other registration statement shall be maintained effective (including the period
referred to in Section 2.5(a) hereof) by the number of days during the period from the date of receipt by the Holders of the Suspension
Notice to and including the date of receipt by the Holders of the End of Suspension Notice and promptly provide copies of the supplemented
or amended prospectus necessary to resume offers and sales, with respect to each Suspension Event; provided, that such period
of time shall not be extended beyond the date that the Common Stock covered by such Shelf Registration Statement or other registration
statement are no longer Registrable Securities.

 

    5

     

    

 

SECTION 2.5 Registration Procedures;
Filings; Information. Subject to Section 2.4 hereof, in connection with any Shelf Registration Statement under Section 2.1,
any Demand Registration under Section 2.2 hereof or any other registration of Registrable Securities pursuant to this Agreement,
the Company will use its commercially reasonable efforts to effect the registration and the sale of such Registrable Securities
in accordance with the intended method of disposition thereof as promptly as practicable, and in connection with any such request:

 

(a)       
The Company will as promptly as practicable prepare and file with the Commission a registration statement on any form for which
the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale
of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use
its commercially reasonable efforts to cause such filed registration statement to become and remain effective (i) in the case of
a Shelf Registration Statement, for the period described in Section 2.1 and (ii) in the case of a Demand Registration, for a period
of not less than 270 days from the effective date of such registration statement, subject in each case to Section 2.4.

 

(b)       
The Company will, if requested, prior to filing a registration statement or prospectus or any amendment or supplement thereto,
furnish, without charge, to each Selling Holder and each Underwriter, if any, of the Registrable Securities covered by such registration
statement copies of such registration statement as proposed to be filed, and thereafter furnish, without charge, to such Selling
Holder and Underwriter, if any, such number of conformed copies of such registration statement, each amendment and supplement thereto
(and upon request, all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration
statement (including each preliminary prospectus) and such other documents as such Selling Holder or Underwriter may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by such Selling Holder.

 

(c)       
After the filing of the registration statement, the Company will promptly notify each Selling Holder of Registrable Securities
covered by such registration statement of any stop order issued or threatened by the Commission and take all reasonable actions
required to prevent the entry of such stop order or to remove it if entered.

 

(d)       
The Company will use commercially reasonable efforts to (i) register or qualify the Registrable Securities under such other securities
or blue sky laws of such jurisdictions in the United States (where an exemption does not apply) as any Selling Holder or managing
Underwriter or Underwriters, if any, reasonably (in light of such Selling Holder’s intended plan of distribution) requests
and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be
reasonably necessary or advisable to enable such Selling Holder to consummate the disposition of the Registrable Securities owned
by such Selling Holder; provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this paragraph (d), (B) subject itself to taxation in any such jurisdiction
or (C) consent to general service of process in any such jurisdiction.

 

(e)       
The Company will immediately notify each Selling Holder of such Registrable Securities, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of (i) the Company’s receipt of any notification of the suspension
of the qualification of any Registrable Securities covered by a Shelf Registration Statement or such other registration statement
for sale in any jurisdiction or (ii) the occurrence of an event requiring the preparation of a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading and promptly make available to each
Selling Holder any such supplement or amendment.

 

(f)       
The Company will enter into customary agreements (including an underwriting agreement, if any, in customary form) and take such
other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.

 

(g)       
The Company will make available for inspection by any Selling Holder of such Registrable Securities, if such Selling Holder has
or may have a due diligence defense under the Securities Act, any Underwriter participating in any disposition pursuant to such
registration statement and any attorney, accountant or other professional retained by any such Selling Holder or Underwriter (collectively,
the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested
by any Inspector in connection with such registration statement, subject to entry by each such Inspector into a customary confidentiality
agreement or other confidentiality undertaking in a form reasonably acceptable to the Company.

 

    6

     

    

 

(h)       
The Company will furnish to each Selling Holder, if it has or may have a due diligence defense under the Securities Act, and to
each Underwriter, if any, a signed counterpart, addressed to such Selling Holder or Underwriter, of (i) an opinion or opinions
of counsel to the Company and (ii) if eligible under AU 634, a comfort letter or comfort letters from the Company’s independent
public accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters,
as the case may be, as the Holders of a majority of the Registrable Securities included in such offering or the managing Underwriter
or Underwriters therefor reasonably requests.

 

(i)       
The Company will otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission,
and make available to its securityholders, as soon as reasonably practicable, an earnings statement covering a period of 12 months,
beginning within three months after the effective date of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder (or any successor rule
or regulation hereafter adopted by the Commission).

 

(j)       
The Company will use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities
exchange on which similar securities issued by the Company are then listed.

 

(k)       
The Company may require each Selling Holder of Registrable Securities to promptly furnish in writing to the Company such information
regarding such Selling Holder, the Registrable Securities held by it and the intended method of distribution of the Registrable
Securities as the Company may from time to time reasonably request and such other information as may be legally required in connection
with such registration.

 

Each Selling Holder agrees that, upon receipt
of any notice from the Company of the happening of any event of the kind described in Section 2.5(e) hereof, such Selling Holder
will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable
Securities until such Selling Holder’s receipt of written notice from the Company that such disposition may be made and,
in the case of clause (ii) of Section 2.5(e) hereof, copies of the supplemented or amended prospectus contemplated by clause (ii)
of Section 2.5(e) hereof, and, if so directed by the Company, such Selling Holder will deliver to the Company all copies, other
than permanent file copies then in such Selling Holder’s possession, of the most recent prospectus covering such Registrable
Securities at the time of receipt of such notice; provided, however, that in no event shall the Company be permitted to require
the Selling Holders to discontinue disposition of Registrable Securities pursuant to this section for any period that, combined
with any periods during which a Suspension Event has occurred, exceeds the maximum periods set forth in the first sentence of Section
2.4(a). Each Selling Holder of Registrable Securities agrees that it will promptly notify the Company at any time when a prospectus
relating to the registration of such Registrable Securities is required to be delivered under the Securities Act of the happening
of an event as a result of which information previously furnished by such Selling Holder to the Company in writing for inclusion
in such prospectus contains an untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances in which they were made. In the event
the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained
effective (including the period referred to in Section 2.5(a) hereof) by the number of days during the period from and including
the date of the giving of notice pursuant to Section 2.5(e) hereof to the date when the Company shall provide written notice that
such dispositions may be made and, in the case of clause (ii) of Section 2.5(e) hereof, make available to the Selling Holders of
Registrable Securities covered by such registration statement a prospectus supplemented or amended to conform with the requirements
of Section 2.5(e) hereof.

 

SECTION 2.6 Registration Expenses.
In connection with any Shelf Registration Statement or any registration statement filed in connection with a Demand Registration,
the Company shall pay the following registration expenses incurred in connection with the registration hereunder (the “Registration
Expenses”), regardless of whether such registration statement is declared effective by the Commission: (a) all expenses
incurred by the Company in connection with the preparation and distribution of any registration statement and prospectus and all
amendments and supplements thereto, including registration and filing fees, (b) fees and expenses of compliance with securities
or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable
Securities), (c) printing expenses, (d) internal expenses (including, without limitation, all salaries and expenses of its officers
and employees performing legal or accounting duties), (e) the fees and expenses incurred in connection with the listing of the
Registrable Securities, (f) reasonable fees and disbursements of counsel for the Company and customary fees and expenses for independent
certified public accountants retained by the Company (including the expenses of any comfort letters or costs associated with the
delivery by independent certified public accountants of a comfort letter or comfort letters requested pursuant to Section 2.5(h)
hereof), (g) the reasonable fees and expenses of any special experts retained by the Company in connection with such registration;
and (h) the reasonable fees and disbursements of one counsel for all Holders (in addition to local Maryland counsel). Except as
provided in this Section 2.6, the Company shall have no obligation to pay any underwriting or brokerage fees, discounts or commissions
attributable to the sale of Registrable Securities, or any out-of-pocket expenses of the Holders (or the agents who manage their
accounts) (other than the fees of counsel as provided for in clause (h) above) or any taxes relating to the registration or sale
of the Registrable Securities.

 

    7

     

    

 

SECTION 2.7 Indemnification by the Company.
The Company agrees to indemnify and hold harmless each Selling Holder of Registrable Securities, its officers, directors, partners,
members, trustees, employees, affiliates, representatives and agents, and each Person, if any, who controls such Selling Holder
or any such other Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against
any and all losses, claims, damages and liabilities that arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any registration statement or prospectus relating to such Registrable Securities, or
any amendment or supplement thereto, or any preliminary prospectus, or that arise out of or are based upon any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities that
arise out of or are based upon any such untrue statement or omission or alleged untrue statement or omission included in reliance
upon and in conformity with information furnished in writing to the Company by such Selling Holder or on such Selling Holder’s
behalf expressly for inclusion therein. The Company also agrees to indemnify any Underwriters of the Registrable Securities, their
officers and directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Selling Holders provided in
this Section 2.7 (subject to any exceptions as may be agreed to between the Company and such Underwriters).

 

SECTION 2.8 Indemnification by Holders
of Registrable Securities. Each Selling Holder agrees, severally but not jointly, to indemnify and hold harmless the Company,
each other Selling Holder, and each of their respective officers, directors, partners, members, trustees, employees, affiliates,
representatives and agents and each Person, if any, who controls the Company or any such other Person within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company
to such Selling Holder pursuant to Section 2.7, but only with respect to information relating to such Selling Holder included in
reliance upon and in conformity with information furnished in writing by such Selling Holder or on such Selling Holder’s
behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or
supplement thereto, or any preliminary prospectus. Each Selling Holder also agrees to indemnify and hold harmless Underwriters
of the Registrable Securities, their officers and directors and each Person who controls such Underwriters within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification
of the Company provided in this Section 2.8. Notwithstanding the foregoing, in no event will the liability of a Selling Holder
under this Section 2.8 or Section 2.10 or otherwise hereunder exceed the net proceeds actually received by such Selling Holder.

 

SECTION 2.9 Conduct of Indemnification
Proceedings. In case any proceeding (including any governmental investigation) shall be instituted involving any person in
respect of which indemnity may be sought pursuant to Section 2.7 or 2.8, such person (an “Indemnified Party”)
shall promptly notify the person against whom such indemnity may be sought (an “Indemnifying Party”) in writing
and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such
Indemnified Party, and shall assume the payment of all fees and expenses; provided that the failure of any Indemnified Party
to give such notice will not relieve such Indemnifying Party of its obligations under Section 2.7 or 2.8, as applicable, except
to the extent such Indemnifying Party is materially prejudiced by such failure. In any such proceeding, any Indemnified Party shall
have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Party unless (a) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or
(b) the named parties to any such proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying
Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings
in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition
to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as
they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing
by (i) in the case of Persons indemnified pursuant to Section 2.7 hereof, the Selling Holders which owned a majority of the Registrable
Securities sold under the applicable registration statement and (ii) in the case of Persons indemnified pursuant to Section 2.8,
the Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent,
which consent shall not be unreasonably withheld, but if settled with such consent, or if there be a final judgment for the plaintiff,
the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the
extent stated above) by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of
the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any
pending or threatened proceeding in respect of with any Indemnified Party is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party
from all liability arising out of such proceeding without any admission of liability by such Indemnified Party.

 

    8

     

    

 

SECTION 2.10 Contribution. If the
indemnification provided for in Section 2.7 or 2.8 hereof is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party or insufficient in respect of any losses, claims, damages or liabilities referred to herein, then each such Indemnifying
Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party
as a result of such losses, claims, damages or liabilities (a) as between the Company and the Selling Holders on the one hand and
the Underwriters on the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and
the Selling Holders on the one hand and the Underwriters on the other from the offering of the securities, or if such allocation
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the
relative fault of the Company and the Selling Holders on the one hand and of the Underwriters on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations and (b) as between the Company on the one hand and each Selling Holder on the other, in such proportion as is appropriate
to reflect the relative fault of the Company and of each Selling Holder in connection with such statements or omissions which resulted
in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received
by the Company and the Selling Holders on the one hand and the Underwriters on the other shall be deemed to be in the same proportion
as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received
by the Company and the Selling Holders bear to the total underwriting discounts and commissions received by the Underwriters, in
each case as set forth in the table on the cover page of the prospectus. The relative fault of the Company and the Selling Holders
on the one hand and of the Underwriters on the other shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company and the Selling Holders or by the Underwriters. The relative fault of the Company on the one hand and of
each Selling Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such
party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission.

 

The Company and the Selling Holders agree
that it would not be just and equitable if contribution pursuant to this Section 2.10 were determined by pro rata allocation (even
if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified
Party as a result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed
to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.10, no
Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the securities
underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no
Selling Holder shall be required to contribute any amount in excess of the amount by which the net proceeds received by such Selling
Holder in respect of the securities offered and sold by such Selling Holder to the public exceeds the amount of any damages which
such Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Selling Holder’s obligations
to contribute pursuant to this Section 2.10 are several in such proportion that the proceeds of the offering received by such Selling
Holder bears to the total proceeds of the offering received by all the Selling Holders, and not joint. For the avoidance of doubt,
this Section 2.10 applies in the case of a Shelf Registration, a Demand Registration and any underwritten or other offering pursuant
to this Agreement.

 

SECTION 2.1 Participation in Underwritten
Offerings. No Person may participate in any underwritten offering hereunder unless such Person (a) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements
and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements and the registration rights provided for in this Article
II.

 

SECTION 2.12 Rule 144. The Company
covenants that it will use its commercially reasonably efforts to timely file any reports required to be filed by it under the
Securities Act and the Exchange Act and that it will take such further commercially reasonable action as any Holder may reasonably
request, all to the extent required from time to time to enable Holders to dispose of Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the request of any Holder, the Company
will deliver to such Holder a written statement as to whether it has complied with such requirements.

 

    9

     

    

 

SECTION 2.13 Holdback Agreements.
To the extent not inconsistent with applicable law, each Holder whose securities are included in a registration statement related
to an underwritten public offering pursuant to this Agreement agrees not to effect any sale or distribution of the issue being
registered or a similar security of the Company, or any securities convertible into or exchangeable or exercisable for such securities,
including a disposition pursuant to Rule 144, during the 10 days prior to, and during the 90-day period beginning on, the effective
date of such registration statement (except as part of such registration), if and to the extent requested in writing by the managing
Underwriter or Underwriters and consented to by the Company in the case of an underwritten offering pursuant to this Agreement,
which consent may be given or withheld in the Company’s sole and absolute discretion (such agreement to be in the form of
lock-up agreement provided by the managing Underwriter or Underwriters, which shall include customary exceptions which shall be
no less favorable to the Holders than the exceptions provided for in the lock-up agreements entered into with the underwriters
of the Company’s Initial Public Offering); provided, however, that:

 

(a)       
such Holder is provided an opportunity to participate as a selling security holder in such offering;

 

(b)        the
restrictions above shall not apply to Registrable Securities sold on the Holders’ behalf to the public in an underwritten
offering pursuant to a registration statement;

 

(c)       
the restrictions above shall not apply to Registrable Securities transferred pursuant to the exceptions included in any agreements
between a Holder and the representatives of the underwriters set forth therein; and

 

(d)        all
officers and directors of the Company then holding Common Stock or securities convertible into or exchangeable or exercisable for
Common Stock enter into similar agreements for not less than the entire time period required of the Holders hereunder.

 

ARTICLE III

MISCELLANEOUS

 

SECTION 3.1 Stock Exchange Listing.
In the event that the Company shall issue any Common Stock in exchange for OP Units pursuant to Section 8.5 of the Partnership
Agreement, then in any such case the Company agrees to use its commercially reasonable efforts to cause any such Common Stock to
be listed for trading on the principal securities market where the Common Stock trades.

 

SECTION 3.2 Remedies. In addition
to being entitled to exercise all rights provided herein and granted by law, including recovery of damages, the Holders shall be
entitled to specific performance of the rights under this Agreement. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the
defense in any action for specific performance that a remedy at law would be adequate. Notwithstanding the foregoing, specific
performance shall not be available with respect to the rights and obligations of the parties pursuant to Section 2.13.

 

SECTION 3.3 Amendments and Waivers.
The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, in each case without the written consent of the
Company and the Holder(s) of a majority of the Registrable Securities; provided, however, that any amendment that would affect
any Holder of Registrable Securities then outstanding in a disproportionately material or adverse manner specific to such Holder(s)
shall not be effected without the prior written consent of such Holder(s). No failure or delay by any party to insist upon the
strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent
upon any breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.

 

SECTION 3.4 Notices. All notices
and other communications in connection with this Agreement shall be made in writing by hand delivery, registered first-class mail,
telecopier, or air courier guaranteeing overnight delivery:

 

(a)       
if
to the Holders, initially to the address indicated in such Holder’s Notice and Questionnaire or, if no Notice and Questionnaire
has been delivered, c/o Hertz Group Realty Trust, Inc., 21860 Burbank Boulevard, Suite 300 South, Woodland Hills, CA 91367, Attention:
Chief Financial Officer, or to such other address and to such other Persons as any Holder may hereafter specify in writing; and

 

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(b)       
if
to the Company, initially at 21860 Burbank Boulevard, Suite 300 South, Woodland Hills, CA 91367, Attention: Chief Financial Officer,
or to such other address as the Company may hereafter specify in writing.

 

All such notices and communications shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; when received if deposited in the mail,
postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next business day, if timely delivered to an
air courier guaranteeing overnight delivery.

 

SECTION 3.5 Successors and Assigns.
Except as expressly provided in this Agreement, the rights and obligations of the Holders under this Agreement shall not be assignable
by any Holder to any Person that is not a Holder. This Agreement shall be binding upon the parties hereto and their respective
successors and assigns.

 

SECTION 3.6 Counterparts. This Agreement
may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Each party shall
become bound by this Agreement immediately upon affixing its signature hereto.

 

SECTION 3.7 Governing Law. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without regard to the
choice of law provisions thereof.

 

SECTION 3.8 Severability. In the
event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

 

SECTION 3.9 Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement
of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights
granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter.

 

SECTION 3.10 Headings. The headings
in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

SECTION 3.11 No Third Party Beneficiaries.
Nothing express or implied herein is intended or shall be construed to confer upon any person or entity, other than the parties
hereto and their respective successors and assigns and all Indemnified Parties, any rights, remedies or other benefits under or
by reason of this Agreement

 

SECTION 3.12 Waiver of Jury Trial. The
parties hereto (including any Initial Holder and any subsequent Holder) irrevocably waiver any right to trial by jury with respect
of any legal action arising out of or relating to this Agreement.

 

SECTION 3.13 No Conflicting Rights.
As of the date of this Agreement, the Company has not granted registration rights to any Person other than the registration rights
provided for by this Agreement to the Holders. The Company shall be permitted to grant registration rights to other Persons subsequent
to the execution of this Agreement on substantially the same or similar terms as set forth in this Agreement, provided that the
Company agrees that it shall not (a) grant any registration rights to third parties which are more favorable than or inconsistent
with the rights granted hereunder or (b) enter into any agreement that violates or subordinates the rights expressly granted to
the Holders of Registrable Securities in this Agreement.

 

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

 

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

 

	 	COMPANY 
	 	 
	 	HERTZ GROUP REALTY TRUST, INC., a Maryland corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	OPERATING PARTNERSHIP
	 	 
	 	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership
	 	 
	 	By:	Hertz Group Realty Trust, Inc., its General Partner
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Signature Page to Registration Rights
Agreement

 

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	 	INITIAL HOLDERS
	 	 
	 	[ · ]	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	[ · ]	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Signature Page to Registration Rights
Agreement

 

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EXHIBIT A

 

HERTZ GROUP REALTY TRUST, INC.

FORM OF NOTICE AND QUESTIONNAIRE

 

The
undersigned holder of shares of common stock, no par value per share (“Common Stock”), of Hertz Group Realty
Trust, Inc. (the “Company”) and/or units of limited partnership interests (“OP Units” and,
together with the Common Stock, the “Registrable Securities”) of Hertz Group Realty Operating Partnership, LP
(the “Operating Partnership”), understands that the Company has filed or intends to file with the Securities
and Exchange Commission one or more registration statements (collectively, the “Shelf Registration Statement”)
for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”),
of the Registrable Securities in accordance with the terms of the Registration Rights Agreement (the “Registration Rights
Agreement”), dated [ · ],
2019, among the Company, the Operating Partnership and the holders party thereto. A copy of the Registration Rights Agreement is
available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall
have the meanings ascribed thereto in the Registration Rights Agreement.

 

Each beneficial owner of Registrable Securities
is entitled to the benefits of the Registration Rights Agreement. In order to sell or otherwise dispose of any Registrable Securities
pursuant to the Shelf Registration Statement, a beneficial owner of Registrable Securities generally will be required to be named
as a selling security holder in the related prospectus, deliver a prospectus to purchasers of Registrable Securities and be bound
by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification
provisions as described below). To be included in the Shelf Registration Statement, this Notice and Questionnaire must be completed,
executed and delivered to the Company at the address set forth herein on or prior to the tenth business day before the effectiveness
of the Shelf Registration Statement. We will give notice of the filing and effectiveness of the initial Shelf Registration
Statement by issuing a press release and by mailing a notice to the holders at their addresses set forth in the register of the
registrar.

 

Beneficial owners that do not complete this
Notice and Questionnaire and deliver it to the Company as provided below will not be named as selling security holders in the prospectus
and therefore will not be permitted to sell any Registrable Securities pursuant to the Shelf Registration Statement. Beneficial
owners are encouraged to complete and deliver this Notice and Questionnaire prior to the effectiveness of the initial Shelf Registration
Statement so that such beneficial owners may be named as selling security holders in the related prospectus at the time of effectiveness.
Upon receipt of a completed Notice and Questionnaire from a beneficial owner following the effectiveness of the initial Shelf Registration
Statement, in accordance with the Registration Rights Agreement, the Company will file such amendments to the initial Shelf Registration
Statement or additional shelf registration statements or supplements to the related prospectus as are necessary to permit such
holder to deliver such prospectus to purchasers of Registrable Securities.

 

Certain legal consequences arise from being
named as selling security holders in the Shelf Registration Statement and the related prospectus. Accordingly, holders and beneficial
owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named
or not being named as a selling security holder in the Shelf Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial owner (the “Selling
Security Holder”) of Registrable Securities hereby elects to include in the prospectus forming a part of the Shelf Registration
Statement the Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item
3). The undersigned, by signing and returning this Notice and Questionnaire, understands that it will be bound by the terms and
conditions of this Notice and Questionnaire and the Registration Rights Agreement.

 

Pursuant to the Registration Rights Agreement,
the undersigned has agreed to indemnify and hold harmless the Company and its directors, officers and each person, if any, who
controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), from and against certain losses arising in connection with statements
concerning the undersigned made in the Shelf Registration Statement or the related prospectus in reliance upon the information
provided in this Notice and Questionnaire.

 

     

     

    

 

The undersigned hereby provides the following
information to the Company and represents and warrants to the Company that such information is accurate and complete:

 

QUESTIONNAIRE

 

	1.	(a)	 Full Legal Name of Selling Security Holder:

 

		(b)	Full Legal Name of registered holder (if not the same as (a) above) through which Registrable Securities listed in Item (3)
below are held:

 

		(c)	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed
in Item (3) below are held:

 

		(d)	List below the individual or individuals who exercise voting and/or dispositive powers with respect to the Registrable Securities
listed in Item (3) below:

 

	2.	Address for Notices to Selling Security Holder:

 

	 	Telephone:

 

	 	Fax:

 

	 	E-mail address:

 

	 	Contact Person:

 

	3.	Beneficial Ownership of Registrable Securities:

 

		Type of Registrable Securities beneficially owned, and number of Common Stock and/or OP
                                                                                Units, as the case may be, beneficially owned:

 

	4.	Beneficial Ownership of Securities of the Company
Owned by the Selling Security Holder:

 

		Except as set forth below in this Item (4), the undersigned is not the beneficial
                                                 or registered owner of any securities of the Company, other than the Registrable Securities listed above in Item
                                                 (3).

 

		Type and amount of other securities beneficially owned by the Selling Security Holder:

 

	5.	Relationship with the Company

 

		Except as set forth below, neither the undersigned nor any of its affiliates, officers,
                                                                                directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship
                                                                                with the Company (or its predecessors or affiliates) during the past three years.

 

		State any exceptions here:

 

	6.	Plan of Distribution

 

		Except as set forth below, the undersigned (including its donees or pledgees)
                                                                                intends to distribute the Registrable Securities listed above in Item (3) pursuant to the Shelf Registration Statement only
                                                                                as follows and will not be offering any of such Registrable Securities pursuant to an agreement, arrangement or understanding
                                                                                entered into with a broker or dealer prior to the effective date of the Shelf Registration Statement. Such Registrable
                                                                                Securities may be sold from time to time directly by the undersigned or, alternatively, through underwriters or
                                                                                broker-dealers or agents. If the Registrable Securities are sold through underwriters or broker-dealers, the Selling Security
                                                                                Holder will be responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable
                                                                                Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at
                                                                                varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may
                                                                                involve crosses or block transactions)

 

		(i)	on any securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of
sale;

 

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		(ii)	in the over-the-counter market;

 

		(iii)	in transactions otherwise than on such exchanges or services or in the over-the-counter market; or

 

		(iv)	through the writing of options.

 

		In connection with sales of the Registrable Securities or otherwise, the undersigned may
                                                                                enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities
                                                                                and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to
                                                                                broker-dealers that in turn may sell such securities.

 

		State any exceptions here:

 

Note: In no event may such method(s) of distribution take
the form of an underwritten offering of the Registrable Securities except as provided in the Registration Rights Agreement.

 

 

ACKNOWLEDGEMENTS

 

The undersigned acknowledges that it understands
its obligation to comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules thereunder relating
to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering
of Registrable Securities pursuant to the Registration Rights Agreement. The undersigned agrees that neither it nor any person
acting on its behalf will engage in any transaction in violation of such provisions.

 

The Selling Security Holder hereby acknowledges
its obligations under the Registration Rights Agreement to indemnify and hold harmless certain persons set forth therein. Pursuant
to the Registration Rights Agreement, the Company has agreed under certain circumstances to indemnify the Selling Security Holders
against certain liabilities.

 

In accordance with the undersigned’s
obligation under the Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf
Registration Statement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains effective.
All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below.

 

In the event that the undersigned transfers
all or any portion of the Registrable Securities listed in Item 3 above after the date on which such information is provided to
the Company, the undersigned agrees to notify the transferee(s) at the time of transfer of its rights and obligations under this
Notice and Questionnaire and the Registration Rights Agreement.

 

By signing this Notice and Questionnaire,
the undersigned consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and the related prospectus. The undersigned understands that
such information will be relied upon by the Company in connection with the preparation or amendment of the Shelf Registration Statement
and the related prospectus.

 

Once this Notice and Questionnaire is executed
by the Selling Security Holder and received by the Company, the terms of this Notice and Questionnaire and the representations
and warranties contained herein shall be binding on, shall insure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives and assigns of the Company and the Selling Security Holder with respect to the Registrable
Securities beneficially owned by such Selling Security Holder and listed in Item 3 above.

 

This Notice and Questionnaire shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

    3

     

    

 

IN WITNESS WHEREOF, the undersigned, by
authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized
agent.

 

	 	Beneficial Owner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Dated:	 

 

Please return the completed and executed
Notice and Questionnaire to:

 

Hertz Group Realty Trust, Inc.

21860 Burbank Boulevard, Suite 300 South

Woodland Hills, CA 91367

Attention: Chief Financial Officer

Tel: (310) 584-8000

 

    4

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