Document:

Hudson
Global executive employment agreement

 

This employment agreement
(the “Agreement”), by and between Hudson Global, Inc. (the “Company”) and Frank P. Lanuto (the “Executive”),
is amended and restated effective July 1, 2013.

 

WHEREAS, the Company
wishes to continue to employ the Executive and the Executive wishes to continue to be employed in accordance with the terms and
conditions set forth below.

 

NOW, THEREFORE, in
consideration of the conditions and mutual covenants contained in this Agreement, the parties agree as follows:

 

		1.	Defined Terms.

 

(a)          Affiliate.
The term “Affiliate” means each entity that is required to be included in the Company’s controlled group of corporations
within the meaning of Code Section 414(b), or that is under common control with the Company within the meaning of Code Section
414(c); provided that the phrase “at least 50 percent” shall be used in place of the phrase “at least
80 percent” each place it appears therein or in the regulations thereunder.

 

(b)          Code.
The term “Code” means the Internal Revenue Code of 1986, including any amendments thereto or successor tax codes thereof.

 

(c)          Separation
from Service. The term “Separation from Service” means an Executive’s termination of employment from the
Company and its Affiliates, or if the Executive continues to provide services following his or her termination of employment, such
later date as is considered a separation from service, within the meaning of Code Section 409A, from the Company and its Affiliates.
Specifically, if Executive continues to provide services to the Company or an Affiliate in a capacity other than as an employee,
such shift in status is not automatically a Separation from Service. The Executive will be presumed to have terminated employment
from the Company and its Affiliates when the level of bona fide services provided by the Executive (whether as an employee or independent
contractor) to the Company and its Affiliates permanently decreases to a level of twenty percent (20%) or less of the level of
services rendered by such individual, on average, during the immediately preceding 36 months (or such lesser period of service).
Notwithstanding the foregoing, if the Executive takes a leave of absence for purposes of military leave, sick leave or other bona
fide leave of absence, the Executive will not be deemed to have incurred a Separation from Service for the first six (6) months
of the leave of absence, or if longer, for so long as the Executive’s right to reemployment is provided either by statute
or by contract; provided that if the leave of absence is due to a medically determinable physical or mental impairment that can
be expected to result in death or last for a continuous period of not less than six (6) months, where such impairment causes the
Executive to be unable to perform the duties of his or her position of employment or any substantially similar position of employment,
the leave may be extended for up to twenty-nine (29) months without causing a Termination of Employment.

 

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2.           Employment.
The Company will employ the Executive and the Executive accepts employment as Senior
Vice President, Controller & Chief Accounting Officer. The Executive will perform duties normally associated with such
position and/or other duties as may be assigned from time to time during the Term as defined in Section 3 below. The Executive
shall perform such duties in a manner consistent with applicable laws and regulations and any code of ethics, compliance manual,
employee handbook or other policies and procedures adopted by the Company from time to time and subject to any written directives
issued by the Company from time to time. The Executive must acknowledge receipt of the Company’s Ethics Policy and confirm
that the Executive will comply with the Policy. Failure to confirm compliance annually with the Company’s Ethics Policy will
justify termination for cause unless, at the sole discretion of the Board, non-compliance is deemed non-material.

 

3.           Term
of Employment. The Executive's employment under this Agreement will commence on the date hereof and will continue for a period
of one (1) year thereafter, subject to earlier termination as provided in Section 8 (the “Term”). This Agreement and
the Term will be automatically renewed and extended for periods of one (1) year unless the Company or the Executive provides written
notice no less than thirty (30) days prior to the expiration of the then-current Term of its or the Executive’s desire not
to renew this Agreement.

 

4.           Scope
of Responsibilities and Duties. The Executive agrees to devote the Executive’s full business time, attention, efforts
and energies in performance of the Executive’s duties and responsibilities hereunder. While employed by the Company, the
Executive may not engage in any employment other than for the Company, in any conflicting business activities, or have any financial
interest, directly or indirectly, in any business competing with the Company or otherwise engaged in the business of the Company
or its affiliates. The foregoing does not prevent the Executive from (1) serving on the Board of directors of another organization
with the consent of the CEO of the Company or (2) passively investing in publicly traded securities; provided such investments
do not require services on the part of the Executive which would in any way impair the performance of the Executive’s duties
pursuant to this Agreement.

 

5.           Compensation
and Benefits. The Company will provide the Executive with the following compensation and benefits during the Term:

 

(a)          The
Company will pay the Executive a salary of $340,000 on an annualized basis, payable in accordance with the payroll practices of
the Company in effect from time to time, and less such taxes and other deductions required by applicable law or authorized by the
Executive (the “Base Salary”).

 

(b)          The
Executive will be entitled to accrue paid vacation at the rate of the greater of (i) four (4) weeks per year, or (ii) the vacation
allowance as provided under the Company’s vacation plan that applies to similarly situated employees working at the office
location at which the Executive is based. In addition, the Company will provide the Executive with other benefits of employment
offered, from time to time to similarly situated employees at the office location at which the Executive is based.

 

(c)          The
Executive will receive an annual bonus as provided under the Company’s Senior Management Bonus Plan as is in effect from
time to time.

 

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6.           Additional
Agreements. The Executive’s employment hereunder is further contingent upon the Executive’s simultaneous execution
of the Confidentiality, Non-Solicitation and Work Product Assignment Agreement and Mutual Agreement to Arbitrate Claims, which
is attached as Attachment A and forms a part of this Agreement.

 

7.            Representations
and Warranties. The Executive represents and warrants as follows:

 

(a)          All
information, oral and written (including, but not limited to information contained on the Executive’s resume), provided by
the Executive during the recruiting and employment process is accurate and true to the best of the Executive’s knowledge,
and such information does not include any misleading or untrue statement or omit to state any fact necessary to make the information
provided not misleading.

 

(b)          The
Executive has never been the subject of any investigation or subject to any disciplinary action by any governmental agency, industry
self-regulatory body or other employer.

 

(c)          The
execution, delivery and performance of this Agreement by the Executive and the Executive’s employment hereunder are not in
violation of:

 

(i)          the
terms, including any non-competition, non-disclosure, non-solicitation or confidentiality provisions, of any written or oral agreement,
arrangement or understanding to which the Executive is a party or by which the Executive is bound; or

 

(ii)         any
United States federal or state statute, rule, regulation, or other law, or any judgment, decree or order applicable or binding
upon the Executive.

 

8.           Termination.
This Agreement and the Executive’s employment may be terminated prior to the expiration of the Term as follows:

 

(a)          Death.
If the Executive dies during the Term, this Agreement shall automatically terminate and the Company shall have no further obligation
to the Executive or the Executive’s estate, except to pay the Executive’s estate that portion of the Base Salary earned
through the date on which the Executive’s death occurs.

 

(b)          Disability.
If the Executive is unable to perform the Executive’s essential job duties and responsibilities due to mental or physical
disability for a total of twelve (12) weeks, whether consecutive or not, during any rolling twelve (12) month period, the Company
may terminate the Executive’s employment and this Agreement upon five (5) days’ written notice to the Executive. For
purposes of this Agreement, the Executive will be considered disabled when the Company, with the advice of a qualified physician,
determines that the Executive is physically or mentally incapable (excluding infrequent and temporary absences due to ordinary
illness) of performing the Executive’s essential job duties. The Executive shall cooperate with the Company in obtaining
the advice of a qualified physician regarding the Executive’s condition. In the event of termination pursuant to this Section
8(b), the Company will be relieved of all obligations under this Agreement, provided that the Company will pay to the Executive
that portion of the Base Salary under Section 5(a) which has been earned through the date on which such termination occurs.

 

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(c)          Discharge
without Cause or Termination on Expiration. The Company may terminate the Executive and this Agreement at any time during the
Term for any reason, without Cause (as defined in Section 8(e) below) upon thirty (30) days’ written notice to the Executive.
If the Company gives notice of non-renewal of employment within the 30-day period as provided in Section 3, it will be treated
as a termination without cause. Upon such termination, the Company will have no further liability to the Executive other than to
provide the Executive with (i) that portion of the Base Salary under Section 5(a) earned through the date of the termination,
(ii) severance pay in an amount equal to the Executive’s then-current Base Salary, less applicable deductions, for a
period of twelve (12) months (the “Severance Period”) following the Executive’s Separation from Service, and
(iii) the Company’s portion of the premium for continued coverage under the Company’s group health and dental insurance
plan during the Severance Period following the Executive’s termination, provided the Executive applies and remains eligible
for such continuation coverage under applicable law, and provided further that the Executive authorizes the Company to deduct only
the Executive’s portion of such premiums from the severance payments. It is understood that the period the Company makes
such payments will run concurrently with the period of continuation coverage for which the Executive may be eligible under applicable
law. The Executive’s receipt of the severance payments and premium payments by the Company set forth in this Section 8(c)
are conditioned upon the Executive executing a comprehensive release and waiver agreement and covenant not to sue as provided by
the Company at the time of termination. Severance payments will be made in equal installments on dates corresponding with the Company’s
regular pay dates during the Severance Period. Notwithstanding the foregoing, if the severance pay that is payable during the first
six (6) months following the Executive’s Separation from Service exceeds two times the lesser of (1) the Executive’s
annualized compensation paid by the Company for the calendar year preceding the calendar year in which the Separation from Service
occurs (as adjusted for any increase during that year that was expected to continue indefinitely if the Separation from Service
had not occurred), or (2) the compensation limit in effect pursuant to Code Section 401(a)(17) for the calendar year in which the
Executive’s Separation from Service occurs, then payment of such excess shall be delayed and paid in a lump sum on the first
day of the seventh (7th) month following the month in which the Separation from Service occurs, and in such event,
the payment shall be accompanied by a payment of interest calculated at the rate of interest
announced by the Federal Reserve Board (or any successor thereto) from time to time as the “federal funds rate”, such
rate to be determined on the date of the Executive’s termination of employment, compounded quarterly.

 

(d)          Termination
for Cause. The Company may terminate the Executive’s employment and this Agreement at any time during the Term for Cause
as defined below. In such case, this Agreement and the Executive’s employment shall terminate immediately and the Company
shall have no further obligation to the Executive, except that the Company shall pay to the Executive that portion of the Base
Salary under Section 5(a) earned through the date on which such termination occurs.

 

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(e)          Definition
of Cause. For purposes of this Agreement, Cause shall be defined as:

 

(i)          the
willful or negligent failure of the Executive to perform the Executive's duties and obligations in any material respect (other
than any failure resulting from Executive's disability), which failure is not cured within fifteen (15) days after receipt of written
notice thereof, provided that there shall be no obligation to provide any additional written notice if the Executive's failure
to perform is repeated and the Executive has previously received one (1) or more written notices;

 

(ii)         acts
of dishonesty or willful misconduct by the Executive with respect to the Company;

 

(iii)        conviction
of a felony or violation of any law involving moral turpitude, dishonesty, disloyalty or fraud, or a pleading of guilty or nolo
contendere to such charge;

 

(iv)        repeated
refusal to perform the reasonable and legal instructions of the Executive's supervisors;

 

(v)         any
material breach of this Agreement or Attachment A; or

 

(vi)        failure
to confirm compliance with the Company’s Ethics Policy after 10 days’ written notice requesting confirmation.

 

(f)          Resignation.
The Executive may voluntarily resign from employment at any time during the Term upon 3 months’ written notice and in compliance
with the provisions of Attachment A. In such event, the Company shall be relieved of all its obligations under this Agreement,
except that the Company shall pay to the Executive that portion of the Base Salary under Section 5(a) earned through the date on
which such resignation is effective subject to any irrevocable deferral election then in effect.

 

(g)          Continuance
of Obligations. The Executive remains obligated to comply with the Executive's obligations and duties pursuant to Attachment
A despite the termination of this Agreement and the Executive's employment for any reason.

 

(h)          Cooperation.
During employment and after the termination of this Agreement and the Executive’s employment for any reason, the Executive
agrees to cooperate fully with and at the request of the Company in the defense or prosecution of any legal matter or claim in
which the Company, any of its affiliates, or any of their past or present employees, agents, officers, directors, attorneys, successors
or assigns, may be or become involved and which arises or arose during the Executive’s employment. The Executive will be
reimbursed for any reasonable out-of-pocket expenses incurred thereby.

 

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(i)          No
Disparagement. During and after the termination of this Agreement and the Executive’s employment for any reason, the
Executive agrees that, except as may be required by the lawful order of a court or agency of competent jurisdiction, the Executive
will not take any action or make any statement or disclosure, written or oral, that is intended or reasonably likely to disparage
the Company or any of its affiliates, or any of their past or present employees, officers or directors.

 

9.           Change
in Control. Notwithstanding any other provisions of this Agreement to the contrary:

 

(a)          Employment
Period. If a Change in Control (as defined below) occurs when the Executive is employed by the Company, the Company will continue
thereafter to employ the Executive during the period commencing on the date of a Change in Control and ending on the first anniversary
of such date (the “Employment Period”) and thereafter in accordance with Section 3 of this Agreement, and the Executive
will remain in the employ of the Company in accordance with and subject to the terms and provisions of this Agreement.

 

(b)          Covered
Termination. If there is any termination of the Executive’s employment during the Employment Period (subject to Section
9(e)) by the Executive for Good Reason (as defined below), or by the Company other than by reason of (i) death pursuant to
Section 8(a), (ii) disability pursuant to Section 8(b), or (iii) Cause (a “Covered Termination”), then the
Executive shall be entitled to receive, and the Company shall promptly pay, that portion of the base salary under Section 5(a)
earned through the date of the termination and, in lieu of further base salary for periods following such termination, as liquidated
damages and additional severance pay, the Termination Payment pursuant to Section 9(c).

 

(c)          Termination
Payment.

 

(i)          The
“Termination Payment” shall be an amount equal to (A) the Executive’s annual base salary immediately prior to
the termination of the Executive’s employment plus (B) the Executive’s target annual bonus under the Company’s
Senior Management Bonus Plan for the year in which the termination of the Executive’s employment occurs. The Termination
Payment shall be paid to the Executive in cash equivalent on the first day of the seventh (7th) month following the
month in which the Separation from Service occurs, and in such event, the Termination Payment shall
be accompanied by a payment of interest calculated using the annual rate of interest announced by the Federal Reserve Board
(or any successor thereto) from time to time as the “federal funds rate”, such rate to be
determined on the date of the Executive’s termination of employment, compounded quarterly. Such lump sum payment shall
not be reduced by any present value or similar factor, and the Executive shall not be required to mitigate the amount of the Termination
Payment by securing other employment or otherwise, nor will such Termination Payment be reduced by reason of the Executive securing
other employment or for any other reason. The Termination Payment shall be in lieu of, and acceptance by the Executive of the Termination
Payment shall constitute the Executive’s release of any rights of the Executive to, any other cash severance payments under
any Company severance policy, practice or agreement.

 

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(ii)         Notwithstanding
any other provision of this Agreement, if any portion of the Termination Payment or any other payment under this Agreement, or
under any other agreement with or plan of the Company or its Affiliates (in the aggregate, “Total Payments”), would
constitute an “excess parachute payment” and would, but for this Section 9(c)(ii), result in the imposition on the
Executive of an excise tax under Code Section 4999 (the “Excise Tax”), then the Total Payments to be made to the Executive
shall either be (A) delivered in full, or (B) delivered in the greatest amount such that no portion of such Total Payment would
be subject to the Excise Tax, whichever of the foregoing results in the receipt by the Executive of the greatest benefit on an
after-tax basis (taking into account the applicable federal, state and local income taxes and the Excise Tax).

 

(iii)        Within
forty (40) days following a Covered Termination or notice by the Company to the Executive of its belief that there is a payment
or benefit due the Executive which will result in an “excess parachute payment”, the Executive and the Company, at
the Company’s expense, shall obtain the opinion (which need not be unqualified) of nationally recognized tax counsel (“National
Tax Counsel”) selected by the Company and reasonably acceptable to the Executive (which may be regular outside counsel to
the Company), which opinion sets forth (A) the amount of the Base Period Income, (B) the amount and present value of Total Payments,
(C) the amount and present value of any excess parachute payments determined without regard to any reduction of the Total Payments
pursuant to Section 9(c)(ii), and (D) the net after-tax proceeds to the Executive, taking into account the tax imposed under Code
Section 4999 if (X) the Total Payments were reduced in accordance with Section 9(c)(ii) or (Y) the Total Payments were not so reduced.
If such National Tax Counsel opinion determines that Section 9(c)(ii)(B) above applies, then the Termination Payment hereunder
or any other payment or benefit determined by such counsel to be includable in Total Payments shall be reduced or eliminated so
that under the bases of calculations set forth in such opinion there will be no excess parachute payment. In such event, payments
or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (1) the
payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable
actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit
with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and
(3) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination
would violate Code Section 409A, then the reduction shall be made pro rata among the payments or benefits included in the Total
Payments (on the basis of the relative present value of the parachute payments). For purposes of such opinion, the value of any
noncash benefits or any deferred payment or benefit shall be determined by the Company’s independent auditors in accordance
with the principles of Section 280G(d)(3) and (4) (or any successor provisions) of the Code, which determination shall be
evidenced in a certificate of such auditors addressed to the Company and the Executive. The opinion of National Tax Counsel shall
be addressed to the Company and the Executive and shall be binding upon the Company and the Executive. If such National Tax Counsel
so requests in connection with the opinion required by this Section 9(c)(iii), the Executive and the Company shall obtain,
at the Company’s expense, and the National Tax Counsel may rely on, the advice of a firm of recognized executive compensation
consultants as to the reasonableness of any item of compensation to be received by the Executive solely with respect to its status
under Section 280G of the Code and the regulations thereunder.

 

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(iv)        For purposes
of this Agreement, (A) the terms “excess parachute payment” and “parachute payments” shall have the meanings
assigned to them in Section 280G (or any successor provision) of the Code and such “parachute payments” shall
be valued as provided therein; (B) present value shall be calculated in accordance with Section 280G(d)(4) (or any successor provision)
of the Code; and (C) the Executive shall be deemed to pay federal income tax and employment taxes at the Executive’s actual
marginal rate of federal income and employment taxation, and state and local income taxes at the Executive’s actual marginal
rate of taxation in the state or locality of the Executive’s domicile (determined in both cases in the calendar year in which
the termination of employment or notice described in Section 9(c)(iii) above is given, whichever is earlier), net of the maximum
reduction in federal income taxes that may be obtained from the deduction of such state and local taxes. As used in this Agreement,
the term “Base Period Income” means an amount equal to the Executive’s “annualized includable compensation
for the base period” as defined in Section 280G(d)(1) (or any successor provision) of the Code.

 

(v)         The
Company agrees to bear all costs associated with, and to indemnify and hold harmless, the National Tax Counsel of and from any
and all claims, damages, and expenses resulting from or relating to its determinations pursuant to this Section 9(c), except for
claims, damages or expenses resulting from the gross negligence or willful misconduct of such firm.

 

(vi)        This
Section 9(c) shall be amended to comply with any amendment or successor provision to Sections 280G or 4999 of the Code. If such
provisions are repealed without successor, then this Section 9(c) shall be cancelled without further effect.

 

(d)          Additional
Benefits. If there is a Covered Termination and the Executive is entitled to the Termination Payment, then (i) until the earlier
of the end of the Employment Period or such time as the Executive has obtained new employment and is covered by benefits which
in the aggregate are at least equal in value to the following benefits, the Executive shall continue to be covered, at the expense
of the Company, by the same or equivalent health and dental coverage as the Executive was covered by immediately prior to the termination
of the Executive’s employment and such coverage shall count as COBRA continuation coverage, and (ii) the Company shall bear
up to $15,000 in the aggregate during the lifetime of the Executive of fees and expenses of consultants and/or legal or accounting
advisors engaged by the Executive to advise the Executive as to matters relating to the computation of benefits due and payable
under Section 9(c).

 

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(e)          Anticipatory
Termination. Anything in this Agreement to the contrary notwithstanding, if a Change in Control occurs and if the Executive’s
employment with the Company is terminated (other than a termination due to the Executive’s death or as a result of the Executive’s
disability) during the period of 180 days prior to the date on which the Change in Control occurs, and if it is reasonably
demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken steps
reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or in anticipation of a Change
in Control, then for all purposes of this Section 9 such termination of employment shall be deemed a “Covered Termination”
and the “Employment Period” shall be deemed to have begun on the date of such termination.

 

(f)          Expenses
and Interest. If, after a Change in Control of the Company, (i) a dispute arises with respect to the enforcement of the
Executive’s rights under this Agreement or (ii) any legal or arbitration proceeding shall be brought to enforce or interpret
any provision contained herein or to recover damages for breach hereof, in either case so long as the Executive is not acting in
bad faith, then the Company shall reimburse the Executive for any reasonable attorneys’ fees and necessary costs and disbursements
incurred by the Executive during his or her lifetime as a result of the dispute, legal or arbitration proceeding (“Expenses”),
and prejudgment interest on any money judgment or arbitration award obtained by the Executive calculated at the rate of interest
announced by The Bank of New York, from time to time at its prime or base lending rate from the date that payments to him or her
should have been made under this Agreement. Within ten days after the Executive’s written request therefor, the Company shall
pay to the Executive, or such other person or entity as the Executive may designate in writing to the Company, the Executive’s
reasonable Expenses in advance of the final disposition or conclusion of any such dispute, legal or arbitration proceeding. Any
reimbursements provided hereunder shall be made promptly (but not later than the last day of the calendar year following the calendar
year in which the legal fees or expenses were incurred by the Executive) following the receipt by the Company of a written notice
from the Executive requesting such reimbursement, accompanied by documentation substantiating the amount of such fees and expenses.

 

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(g)          Definition
of Change in Control. For purposes hereof, a “Change in Control” shall be deemed to occur on the first to occur
of any one of the following events: (a) the consummation of a consolidation, merger, share exchange or reorganization involving
the Company, unless such consolidation, merger, share exchange or reorganization is a “Non-Control Transaction” (as
defined below); (b) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an
agreement for the sale or disposition by the Company of all, or substantially all, of the assets of the Company (in one transaction
or a series of related transactions within any period of 24 consecutive months), other than a sale or disposition by the Company
of all, or substantially all, of the Company’s assets to an entity at least 75% of the combined voting power of the voting
securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company
immediately prior to such sale; (c) any person (as such term is used in Section 13(d) and 14(d)(2) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) (other than (1) the Company, (2) any subsidiary of the Company, (3) a trustee
or other fiduciary holding securities under any employee benefit plan (or any trust forming a part thereof) maintained by the Company
or any subsidiary or (4) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock in the Company) is or becomes the beneficial owner (within the meaning of Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by
such person any securities acquired directly from the Company after the date hereof pursuant to express authorization by the Board
that refers to this exception) representing more than 20% of the then outstanding shares of Common Stock or the combined voting
power of the Company’s then outstanding voting securities; or (d) the following individuals cease for any reason to constitute
a majority of the number of directors then serving: individuals who, as of the date hereof, constitute the entire Board of Directors
of the Company (the “Board”) and any new director (other than a director whose initial assumption of office is in connection
with an actual or threatened election contest) whose appointment or election by the Board or nomination for election by the Company’s
stockholders was approved or recommended by a vote of at least two-thirds of the directors then still in office who either were
directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended.
Notwithstanding the foregoing, no “Change in Control” shall be deemed to have occurred if there is consummated any
transaction or series of integrated transactions immediately following which the record holders of the Common Stock immediately
prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity
that owns all or substantially all of the assets or voting securities of the Company immediately following such transaction or
series of transactions. A “Non-Control Transaction” shall mean a consolidation, merger, share exchange or reorganization
of the Company where (a) the stockholders of the Company immediately before such consolidation, merger, share exchange or reorganization
beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock and the combined voting
power of the outstanding voting securities of the corporation resulting from such consolidation, merger, share exchange or reorganization
(the “Surviving Corporation”); (b) the individuals who were members of the Board immediately prior to the execution
of the agreement providing for such consolidation, merger, share exchange or reorganization constitute at least 50% of the members
of the board of directors of the Surviving Corporation; and (c) no person (other than (1) the Company, (2) any subsidiary of the
Company or (3) any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Corporation
or any subsidiary) is or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the
securities beneficially owned by such person any securities acquired directly from the Company after the date hereof pursuant to
express authorization by the Board that refers to this exception) representing more than 20% of the then outstanding shares of
the common stock of the Surviving Corporation or the combined voting power of the Surviving Corporation’s then outstanding
voting securities.

 

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(h)          Good
Reason. The Executive shall have “Good Reason” for termination of employment in connection with a Change in Control
of the Company in the event of:

 

(i)          any
breach of this Agreement by the Company, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith
that the Company remedies promptly after receipt of notice thereof given by the Executive;

 

(ii)         any
reduction in the Executive’s base salary, percentage of base salary available as incentive compensation or bonus opportunity
or benefits, in each case relative to those most favorable to the Executive in effect at any time during the 180-day period prior
to the Change in Control;

 

(iii)        the
removal of the Executive from, or any failure to reelect or reappoint the Executive to, any of the positions held with the Company
on the date of the Change in Control or any other positions with the Company to which the Executive shall thereafter be elected,
appointed or assigned, except in the event that such removal or failure to reelect or reappoint relates to the termination by the
Company of the Executive’s employment for Cause or by reason of disability pursuant to Section 8(b);

 

(iv)        a
good faith determination by the Executive that there has been a material adverse change, without the Executive’s written
consent, in the Executive’s working conditions or status with the Company relative to the most favorable working conditions
or status in effect during the 180-day period prior to the Change in Control, including but not limited to (A) a significant
change in the nature or scope of the Executive’s authority, powers, functions, duties or responsibilities, or (B) a
significant reduction in the level of support services, staff, secretarial and other assistance, office space and accoutrements,
but in each case excluding for this purpose an isolated, insubstantial and inadvertent event not occurring in bad faith that the
Company remedies within ten (10) days after receipt of notice thereof given by the Executive;

 

(v)         the
relocation of the Executive’s principal place of employment to a location more than 50 miles from the Executive’s principal
place of employment on the date 180 days prior to the Change in Control; or

 

(vi)        the
Company requires the Executive to travel on Company business 20% in excess of the average number of days per month the Executive
was required to travel during the 180-day period prior to the Change in Control.

  

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(i)          Funding
of Rabbi Trust. Upon a Change in Control, the Company (or its successor) shall transfer to an irrevocable rabbi trust (to the
extent not prohibited by Code Section 409A) an amount in cash, determined on an undiscounted basis, which will be sufficient to
fund the Company’s obligations under Section 9(c).

 

10.         Severability.
Whenever possible, each portion, provision or section of this Agreement will be interpreted in such a way as to be effective and
valid under applicable law, but if any portion, provision or section of this Agreement is held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability will not affect any other portions, provisions or sections. Rather,
this Agreement will be reformed, construed and enforced as if such invalid, illegal or unenforceable portion, provision or section
had never been contained herein.

 

11.         Complete
Agreement. This Agreement, including Attachment A, contains the complete agreement and understanding between the parties and
supersedes and preempts any prior understanding, agreement or representation by or between the parties, written or oral.

 

12.         Additional
Rights and Causes of Action. This Agreement, including Attachment A, is in addition to and does not in any way waive or detract
from any rights or causes of action the Company may have relating to Confidential Information or other protectable information
or interests under statutory or common law or under any other agreement.

 

13.         Governing
Law. Notwithstanding principles of conflicts of law of any jurisdiction to the contrary, all terms and provisions to this Agreement
are to be construed and governed by the laws of the State of New York without regard to the laws of any other jurisdiction in which
the Executive resides or performs any duties hereunder or where any violation of this Agreement occurs.

 

14.         Successors
and Assigns. This Agreement will inure to the benefit of and be enforceable by the Company and its successors and assigns.
The Executive may not assign the Executive’s rights or delegate the Executive’s obligations hereunder.

 

15.         Waivers.
The waiver by either the Executive or the Company of a breach by the other party of any provision of this Agreement shall not operate
or be construed as a waiver of any subsequent breach by the breaching party.

 

16.         Withholding.
The Company shall be entitled to withhold from amounts to be paid to the Executive hereunder any federal, state or local withholding
or other taxes or charges which it is from time to time required to withhold. The Company shall be entitled to rely on an opinion
of nationally recognized tax counsel if any question as to the amount or requirement of any such withholding shall arise. In addition,
if prior to the date of distribution of any amount hereunder, the Federal Insurance Contributions Act (FICA) tax imposed under
Code Sections 3101, 3121(a) and 3121(v)(2), where applicable, becomes due, a payment will be made to the Executive from the
cash payments otherwise owing hereunder (without regard to the six-month delay if Executive) equal to the amount needed to pay
the Executive’s portion of such tax, as well as withholding taxes resulting therefrom (including the additional taxes attributable
to the pyramiding of such distributions and taxes), and any subsequent payment shall be reduced accordingly.

  

    	12

    	 

    

 

17.         Interpretation.
This Agreement shall be construed and interpreted in a manner that will cause any payment hereunder that is considered deferred
compensation and that is not exempt from Code Section 409A to meet the requirements thereof such that no additional tax will be
due under Code Section 409A on such payment.

 

18.         Application
of Code Section 409A. The Executive acknowledges that to avoid an additional tax on payments that may be payable under this
Agreement and that constitute deferred compensation that is not exempt from Code Section 409A, the Executive must make a reasonable,
good faith effort to collect any payment or benefit to which Executive believes he or she is entitled hereunder no later than ninety
(90) days of the latest date upon which the payment could under this Agreement could have been timely paid pursuant to Code Section
409A, and if not paid or provided, take further enforcement measures within 180 days after such latest date.

 

THE COMPANY AND THE
EXECUTIVE ACKNOWLEDGE THAT (A) EACH HAS CAREFULLY READ THIS AGREEMENT, (B) EACH UNDERSTANDS ITS TERMS, (C) ALL UNDERSTANDINGS AND
AGREEMENTS BETWEEN THE COMPANY AND THE EXECUTIVE RELATING TO THE SUBJECTS COVERED IN THE AGREEMENT ARE CONTAINED IN IT, AND (D)
EACH HAS ENTERED INTO THIS AGREEMENT VOLUNTARILY AND NOT IN RELIANCE ON ANY PROMISES OR REPRESENTATIONS BY THE OTHER, OTHER THAN
THOSE CONTAINED IN THIS AGREEMENT ITSELF.

 

    	13

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement.

 

	 	 	Hudson Global, Inc.
	 	 	 	 
	/s/ Frank P. Lanuto	 	By:	/s/ Manuel Marquez Dorsch
	Signature of Executive	 	 	Manuel Marquez Dorsch
	 	 	 	Chairman and Chief Executive Officer
	 	 	 	 
	 	 	 	 
	Frank P. Lanuto	 	July 15, 2013
	Print Name	 	Date
	 	 	 	 
	July 15, 2013	 	 	 
	Date	 	 	 

    	14

    	 

    

 

Attachment A

CONFIDENTIALITY, NON-SOLICITATION

AND WORK PRODUCT ASSIGNMENT AGREEMENT,

AND MUTUAL AGREEMENT TO ARBITRATE
CLAIMS

 

As
a material inducement to and in consideration of his/her employment by Hudson Global, Inc. and/or its affiliates or successors
(individually and collectively, “Hudson”), 1
Frank P. Lanuto (the “Employee”) agrees as follows:

 

1.           Confidential
Information

 

1.1           Definition.

 

“Confidential
Information” consists of all information or data relating to the business of Hudson, including but not limited to, business
and financial information; new product development and technological data; personnel information and the identities of employees;
the identities of clients and suppliers and prospective clients and suppliers; client lists and potential client lists; development,
expansion and business strategies, plans and techniques; computer programs, devices, methods, techniques, processes and inventions;
research and development activities; trade secrets as defined by applicable law and other materials (whether in written, graphic,
audio, visual, electronic or other media, including computer software) developed by or on behalf of Hudson which is not generally
known to the public, which Hudson has and will take precautions to maintain as confidential, and which derives at least a portion
of its value to Hudson from its confidentiality. Additionally, Confidential Information includes information of any third party
doing business with Hudson (actively or prospectively) that Hudson or such third party identifies as being confidential. Confidential
Information does not include any information that is in the public domain or otherwise publicly available (other than as a result
of a wrongful act by the Employee or an agent or other employee of Hudson).

 

1.2           Agreement
to Maintain the Confidentiality of Confidential Information.

 

The Employee acknowledges
that, as a result of his/her employment by Hudson, he/she will have access to such Confidential Information and to additional Confidential
Information which may be developed in the future. The Employee acknowledges that all Confidential Information is the exclusive
property of Hudson, or in the case of Confidential Information of a third party, of such third party. The Employee agrees to hold
all Confidential Information in trust for the benefit of the owner of such Confidential Information. The Employee further agrees
that he/she will use Confidential Information for the sole purpose of performing his/her work for Hudson, and that during his/her
employment with Hudson, and at all times after the termination of that employment for any reason, the Employee will not use for
his/her benefit, or the benefit of others, or divulge or convey to any third party any Confidential Information obtained by the
Employee during his/her employment by Hudson, unless it is pursuant to Hudson’s prior written permission.

 

 

1
Any reference in this Agreement to Hudson will be a reference also to each of its officers, directors, employees
and agents, all subsidiary and affiliated entities, all benefit plans and benefit plans’ sponsors and administrators, fiduciaries,
affiliates, and all successors and assigns of any of them.

 

    	1

    	 

    

 

1.3           Return
of Property.

 

The Employee acknowledges
that he/she has not acquired and will not acquire any right, title or interest in any Confidential Information or any portion thereof.
The Employee agrees that upon termination of his/her employment for any reason, he/she will deliver to Hudson immediately, but
in no event later that the last day of his/her employment, all documents, data, computer hardware, computer programs and all other
materials, and all copies thereof, including but not limited to copies of data in electronic form such as disks, tape or media
cards, that were obtained or made by the Employee during his/her employment with Hudson, which contain or relate to Confidential
Information and will destroy all electronically stored versions of the foregoing. The Employee retains the right to retrieve and
retain personal information.

 

2.           Disclosure
and Assignment of Inventions and Creative Works

 

The Employee agrees
to promptly disclose in writing to Hudson all inventions, ideas, discoveries, developments, improvements and innovations (collectively
“Inventions”), whether or not patentable and all copyrightable works, including but not limited to computer software
designs and programs (“Creative Works”) conceived, made or developed by the Employee, whether solely or together with
others, during the period the Employee is employed by Hudson. The Employee agrees that all Inventions and all Creative Works, whether
or not conceived or made during working hours, that: (a) relate directly to the business of Hudson or its actual or demonstrably
anticipated research or development, or (b) result from the Employee’s work for Hudson, or (c) involve the use of any equipment,
supplies, facilities, Confidential Information, or time of Hudson, are the exclusive property of Hudson. The Employee hereby assigns
and agrees to assign all right, title and interest in and to all such Inventions and Creative Works to Hudson. The Employee understands
that he/she is not required to assign to Hudson any Invention or Creative Work for which no equipment, supplies, facilities, Confidential
Information or time of Hudson was used, unless such Invention or Creative Work relates directly to Hudson’s business or actual
or demonstrably anticipated research and development, or results from any work performed by the Employee for Hudson.

 

3.           Future
Restrictions and Notice

 

3.1           Non-Solicitation
of Clients.

 

During the period of
the Employee’s employment with Hudson and for a period of one year from the date of termination of such employment for any
reason, the Employee agrees that he/she will not, directly or indirectly, for the Employee’s benefit or on behalf of any
person, corporation, partnership or entity whatsoever, call on, solicit, perform services for, interfere with or endeavor to entice
away from Hudson any client to whom the Employee provides services at any time during the 12 month period preceding the date of
termination of the Employee’s employment with Hudson, or any prospective client to whom the Employee had made a presentation
at any time during the 12 month period preceding the date of termination of Employee’s employment with Hudson.

 

3.2           Non-Solicitation
of Employees.

 

For a period of one
year after the date of termination of Employee’s employment with Hudson for any reason, the Employee agrees that he/she will
not, directly or indirectly, hire, attempt to hire, solicit for employment or encourage the departure of any employee of Hudson,
to leave employment with Hudson, or any individual who was employed by Hudson as of the last day of the Employee’s employment
with Hudson.

 

    	2

    	 

    

 

3.3           Notice
to New Employer

 

For a period of one
year after the date of termination of Employee’s employment with Hudson for any reason, the Employee agrees that he/she will
bring the terms of this agreement to the attention of his/her new employer.

 

4.           Agreement
to Arbitrate

 

4.1           Acknowledgment.

 

Hudson and the Employee
(together the “Parties”) further recognize that differences may arise between either of them after or during Employee's
employment with Hudson.

 

The Parties understand
and agree that by entering into this agreement to arbitrate claims, each anticipates gaining the benefit of arbitration as a speedy,
impartial dispute-resolution procedure, and understands and agrees that both are voluntarily consenting to forego other types of
litigation, except as specifically listed below in Section 4.2. Employee acknowledges that his/her agreement to submit to arbitration
as described in this Agreement is in consideration of and is a material inducement to his/her employment by Hudson.

 

4.2           Claims
Covered by this Agreement.

 

Hudson and Employee
mutually consent to the resolution by arbitration of all claims or controversies (tort, contract or statutory), whether or not
arising out of Employee’s employment (or its termination), that Hudson may have against Employee or that Employee may have
against Hudson ("claims"). The claims covered by this Agreement include, but are not limited to, claims for wages, bonuses,
overtime pay, or other compensation due; claims for breach of any contract or covenant (express or implied); tort claims, including
but not limited to, defamation, wrongful termination, invasion of privacy and intentional infliction of emotional distress; claims
for discrimination (including, but not limited to, race, sex, religion, national origin, age, marital status, or medical condition
or disability), harassment and/or retaliation; claims for benefits or the monetary equivalent of benefits (except where an employee
benefit or pension plan specifies that its claims procedure is subject to an arbitration procedure different from this one); and
claims for violation of any federal, state, or other governmental law, statute, regulation, or ordinance, except claims excluded
in the following Section 4.3.

 

4.3           Claims
Not Covered by the Agreement.

 

Claims not covered
by this Agreement include claims that Employee may have now or in the future for workers’ compensation or unemployment benefits.
Also not covered are claims by Hudson based on criminal acts of Employee, and claims for injunctive or other equitable relief
for: (a) breach or threatened breach of any non-competition, non-solicitation, confidentiality and/or patent or invention assignment
agreements; (b) unfair competition; or (c) the misappropriation, use and/or unauthorized disclosure of trade secrets or confidential
information, as to each of which Employee understands and agrees that Hudson may immediately seek and obtain relief from a court
of competent jurisdiction.

 

4.4           Required
Notice of All Claims and Statute of Limitations.

 

The Parties agree that
each must deliver written notice of any claim to the other party within one (1) year of the date the aggrieved party first has
knowledge of the event giving rise to the claim; otherwise the claim will be void and deemed waived, even if there is a federal
or state statute of limitations which would have given more time to pursue the claim.

 

    	3

    	 

    

 

4.5           Arbitration
Procedures.

 

Hudson and Employee
agree that, except as provided in this Agreement, any arbitration shall be in accordance with the then-current employment dispute
rules of the American Arbitration Association ("AAA").

 

The arbitrator shall
render a written award and opinion in the form typically rendered in arbitrations. The award shall be final and binding.

 

4.6           Arbitration
Fees and Costs.

 

Hudson will pay the
reasonable fees and costs of the arbitrator. Hudson and Employee will each pay its and his/her costs and attorneys’ fees,
if any. However, if either Party prevails on a statutory claim that affords the prevailing party attorneys’ fees, the arbitrator
may award reasonable fees to the prevailing Party.

 

4.7           Requirements
for Modification or Revocation.

 

This Agreement to arbitrate
shall survive the termination of Employee’s employment. It may only be revoked or modified by a writing signed by the parties
which specifically states an intent to revoke or modify this Agreement.

 

4.8           Sole
and Entire Agreement.

 

This is the complete
agreement of the parties on the subject of arbitration of disputes except for any arbitration agreement in connection with any
pension or benefit plan. This Agreement supersedes any prior or contemporaneous oral or written understanding on the subject. Employee
is not relying on any representations, oral or written, on the subject of the effect, enforceability or meaning of this Agreement,
except as specifically set forth in this Agreement.

 

4.9           Construction.

 

If any provision, portion
or section of this Agreement is judged to be void or otherwise unenforceable, in whole or in part, such judgment will not affect
the validity of the remainder of this Agreement.

 

4.10         Not
an Employment Agreement.

 

This Agreement is not,
and shall not be construed to create, any contract of employment or guarantee of employment for any specific time or under any
specific terms or conditions, express or implied.

 

5.           Miscellaneous

 

5.1           Enforcement.

 

If, at the time of
enforcement of this Agreement, a court holds that any of the restrictions stated herein are unreasonable under circumstances then
existing, the parties hereto agree that the maximum period, scope or geographical area deemed reasonable under such circumstances
will be substituted for the stated period, scope or area as contained in this Agreement. Because money damages would be an inadequate
remedy for any breach of the Employee’s obligations under this Agreement, in the event the Employee breaches or threatens
to breach this Agreement, Hudson, or any successors or assigns, may, in addition to other rights and remedies existing in its favor,
apply to any court of competent jurisdiction for specific performance, or injunctive or other equitable relief in order to enforce
or prevent any violations of this Agreement.

 

    	4

    	 

    

 

5.2           Severability.

 

Whenever possible,
each provision of this Agreement will be interpreted in such a way as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under my applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provisions, but this Agreement and/or such
provision will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision
had never been contained herein.

 

5.3           Complete
Agreement.

 

This Agreement contains
the complete agreement and understanding between the parties and supersedes and preempts any prior understanding, agreement or
representation by or between the parties, written or oral, relating to the subject matter contained herein.

 

5.4           Additional
Rights and Causes of Action.

 

This Agreement is in
addition to and does not in any way waive or detract from any rights or causes of action Hudson may have relating to Confidential
Information or other protectable information or interests under statutory or common law or under any other agreement.

 

5.5           Governing
Law.

 

Notwithstanding principles
of conflicts of law of any jurisdiction to the contrary, all terms and provisions to this Agreement are to be construed and governed
by the laws of the State of New York without regard to the laws of any other jurisdiction wherein the Employee resides or performs
any duties hereunder or where any violation of this Agreement occurs. Any arbitration or mediation will take place in the City
of New York, New York. The venue for any litigation permitted by this Agreement will be the state and municipal courts located
in the City of New York, New York and the United States District Court for the Southern District of New York.

 

5.6           Successors
and Assigns.

 

The Agreement will
inure to the benefit of and be enforceable by Hudson and its successors and assigns. The Employee may not assign the Employee’s
rights or delegate the Employee’s obligations hereunder.

 

5.7           Waivers.

 

The waiver by either
the Employee or Hudson of a breach by the other party of any provision of this Agreement shall not operate or be construed as a
waiver of any subsequent breach by the breaching party.

 

    	5

    	 

    

 

Hudson
AND EMPLOYEE ACKNOWLEDGE THAT (A) EACH HAS CAREFULLY READ THIS AGREEMENT, (B) EACH UNDERSTANDS ITS TERMS, (C) ALL UNDERSTANDINGS
AND AGREEMENTS BETWEEN Hudson AND EMPLOYEE RELATING TO THE SUBJECTS COVERED IN THE
AGREEMENT ARE CONTAINED IN IT, AND (D) EACH HAS ENTERED INTO THIS AGREEMENT VOLUNTARILY AND NOT IN RELIANCE ON ANY PROMISES OR
REPRESENTATIONS BY THE OTHER, OTHER THAN THOSE CONTAINED IN THIS AGREEMENT ITSELF.

 

EMPLOYEE FURTHER ACKNOWLEDGES
THAT HE/SHE HAS BEEN GIVEN SUFFICIENT TIME AND OPPORTUNITY TO CONSIDER WHETHER TO SIGN THIS AGREEMENT; AND HAS NOT BEEN FORCED
OR COERCED INTO DOING SO.

  

IN WITNESS WHEREOF,
the parties hereto have executed this Confidentiality Agreement and Mutual Agreement to Arbitrate Claims.

 

	 	 	Hudson Global, Inc.
	 	 	 	 
	/s/ Frank P. Lanuto	 	By:	/s/ Manuel Marquez Dorsch
	Signature of Executive	 	 	Manuel Marquez Dorsch
	 	 	 	Chairman and Chief Executive Officer
	 	 	 	 
	 	 	 	 
	Frank P. Lanuto	 	July 15, 2013
	Print Name	 	Date
	 	 	 	 
	July 15, 2013	 	 	 
	Date	 	 	 

 

    	6EXHIBIT 10.1

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

This Membership Interest
Purchase Agreement (this “Agreement”) is entered into as of July 9, 2013 by and among TNP SRT SECURED HOLDINGS,
LLC, a Delaware limited liability company (the “Company”), TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation
(“REIT”) and TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership and sole member
of the Company (“OP”) (REIT and OP collectively referred to herein as “Parent”), and SRT
SECURED HOLDINGS MANAGER, LLC, a Delaware limited liability company (“Purchaser”).

 

In consideration of
the mutual promises, covenants and conditions hereinafter set forth, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

1.Purchase
and Sale of Membership Interest.

 

1.1Sale and
Issuance of Membership Interest. Subject to the terms and conditions of this Agreement, Purchaser agrees to purchase, and
the Company agrees to sell and issue to Purchaser, at the Closing, a twelve percent (12.0%) membership interest in the Company
(the “Interest”).

 

1.2Purchase
Price.

 

(a)The
purchase price for the Interest (“Purchase Price”) due at Closing shall be $1,929,088.00.

 

(b)On
or before the date that is sixty (60) days following the Closing Date, the parties hereto shall calculate and agree upon the amount
of Net Other Assets. For the purposes of this Agreement, “Net Other Assets” means cash plus any billed and collectable
receivables, plus prepaid expenses, less all accrued expenses, accounts payable, security deposits and prepaid rents, in each case
as of the Closing Date. If the Net Other Assets amount is positive, Purchaser shall promptly pay 12% of such amount as a post-closing
adjustment to the Purchase Price and its capital contributions to the Company shall be amended to reflect that additional contribution.
If the Net Other Assets amount is negative, then (x) the Company shall promptly refund 12% of such shortfall in cash to Purchaser
as a post-closing adjustment to the Purchase Price and its capital contributions to the Company shall be amended to reflect such
reduction and (y) Parent shall promptly pay and contribute 12% of such shortfall in cash to the Company. In addition to any other
remedies available at law or hereunder, (i) if the Parent fails to pay any post-closing amounts due hereunder, any distributions
that would otherwise have been paid to Parent under the terms of the Company’s operating agreement shall be retained by the
Company up to the amount of the shortfall and (ii) if the Purchaser fails to pay any post-closing adjustment due hereunder, the
Company shall redirect any distributions that would otherwise go to Purchaser up to the amount of the shortfall to the Parent and
such amounts shall be deemed to be capital contributions to the Company by the Purchaser.

 

    	 

    	 

    

 

1.3The Closing.
The closing of the purchase and sale of the Interest (the “Closing”) shall take place at the offices
of Boutin Jones Inc., 555 Capitol Mall, Suite 1500, Sacramento, California, 95814, at 10:00 a.m., local time, on July __, 2013,
or at such other time and place as the Company and Purchaser mutually agree upon orally or in writing (which time and place are
designated as the “Closing Date”).

 

1.4Closing
Deliveries. At the Closing, Purchaser shall deliver the Purchase Price without adjustment for Net Other Assets to the Company
by wire transfer of immediately available funds.

 

2.Representations
and Warranties of the Company and Parent. Each of the Company and Parent hereby represents and warrants to Purchaser as
of the date of this Agreement (except as to Section 2.18, which shall be as of the date of completion of the post-closing purchase
price adjustment contemplated in Section 1.2(b) above) that, except as set forth on the Disclosure Schedules attached hereto as
Exhibit C (the “Disclosure Schedules”):

 

2.1Organization
and Good Standing. The Company is a limited liability company, the REIT is a corporation, and the OP is a limited partnership,
in each case, duly organized, validly existing and in good standing under the laws of the State of Delaware for the Company and
OP, and the State of Maryland for the REIT, duly qualified to do business in the State of California, and possessing all requisite
limited liability or corporate power and authority, as applicable, to carry on its business as presently conducted. The Company
is presently qualified to do business as a foreign limited liability company in each other jurisdiction in which the failure to
be so qualified would have a material adverse effect on the Company’s business as now conducted. The Company has furnished
the Purchaser with a true, correct and complete copy of its certificate of formation and operating agreement in effect as of the
date of this Agreement.

 

2.2Power and
Authority. Each of the Company and Parent have all requisite legal and corporate power and authority to execute and deliver
this Agreement and the Amended and Restated Operating Agreements of the Company and of TNP SRT Craig Promenade, LLC, in
the form attached hereto as Exhibit A (the “Amended and Restated Operating Agreements” and,
together with this Agreement, the “Agreements”), and to sell and issue the Interest and to carry out and perform
its obligations under the terms of the Agreements.

 

2.3Subsidiaries.
Section 2.3 of the Disclosure Schedules sets forth a complete list of the subsidiaries or affiliated companies in which the Company
holds an equity interest and each such company’s jurisdiction of organization (the “Subsidiaries”). The
Company is the sole member and sole legal and beneficial owner of one hundred percent (100%) of the membership interests in each
Subsidiary, and does not otherwise own or control, directly or indirectly, any equity interest in any corporation, partnership,
limited liability company, association or other business entity. Each of the Subsidiaries is duly organized, validly existing and
in good standing under the laws of each Subsidiary’s jurisdiction of organization, is duly qualified to do business in the
state where its real property assets are located, and possesses all requisite organizational power and authority to carry on its
business as presently conducted. With respect to each Subsidiary, the Company has furnished the Purchaser with a true, correct
and complete copy of its certificate of formation and operating agreement in effect as of the date of this Agreement.

 

    	2

    	 

    

 

2.4Capitalization.
Parent is the sole member of the Company and sole legal and beneficial owner of one hundred percent (100%) of the membership interests
in the Company. There are no options, warrants or other rights to purchase any equity interest in Company or any Subsidiary or
which by its terms would be convertible into an equity interest in the Company or any Subsidiary, as applicable.

 

2.5Authorization.
All corporate action on the part of Parent, the Company, its officers, directors, members and shareholders necessary for the authorization,
execution, delivery and performance by the Company of the Agreements, and the consummation of the transactions contemplated therein
and for the authorization, sale, issuance and delivery of the Interest and the performance of all of the Company’s obligations
under the Agreements has been taken. The Agreements, when executed and delivered by the Company, shall constitute legal, valid
and binding obligations of the Company, and the Agreements are enforceable against the Company in accordance with their respective
terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other
laws of general application affecting enforcement of creditors’ rights generally, or (b) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies (the “Enforceability Exceptions”).
The Interest, when issued in compliance with the provisions of this Agreement, will be duly and validly issued, will be fully paid
and nonassessable, will have been issued in compliance with all applicable federal and state securities laws in all material respects,
and will have the rights, preferences and privileges described in the Amended and Restated Operating Agreement. Upon issuance,
the Interest will be free of any liens, encumbrances or preemptive rights, other than any liens or encumbrances created by or imposed
upon the holders through no action of the Company subject to any restrictions on transfer under state and/or federal securities
laws and as set forth in the Agreements.

 

2.6Contracts
and Other Commitments. Other than that certain Forbearance Agreement dated as of April 1, 2013 by and among the Company,
the Subsidiaries, the REIT, OP and Keybank National Association (the “Forbearance Agreement”) in connection
with the Obligations (as defined therein) and the certain obligations of the Company and its Subsidiaries listed therein (collectively,
the “Keybank Loan”), neither the Company nor any Subsidiary is a party to any:

 

(a)agreement
for the purchase of fixed assets;

 

(b)indenture,
loan or credit agreement, note agreement, deed of trust, mortgage, security agreement, promissory note or other agreement or instrument
relating to or evidencing indebtedness for borrowed money or subjecting any asset or property of the Company to any lien or evidencing
any indebtedness;

 

(c)guaranty
of any indebtedness;

 

(d)leases
or agreements under which the Company is lessee of or holds or operates any property, real or personal, owned by any other party
under which payments to such persons exceed Seventy Five Thousand Dollars ($75,000) per year in any instance or Two Hundred Thousand
Dollars ($200,000) in the aggregate;

 

    	3

    	 

    

 

(e)agreement
granting any preemptive or similar right to any person as a result of the issuance of the Interest;

 

(f)agreements
or other commitments or arrangements with any person continuing for a period of more than six months from the date of this Agreement
which involves an expenditure or receipt by the Company in excess of Seventy Five Thousand Dollars ($75,000) in any instance or
Two Hundred Thousand Dollars ($200,000) in the aggregate or any agreement to sell, exchange or otherwise dispose of any of its
assets or rights, other than in the ordinary course of business; or

 

(g)agreement,
understanding or proposed transaction between the Company and any of its officers, directors, employees, affiliates or any affiliate
thereof;

 

For the purposes of this
Section 2.6, all indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving
the same person or entity (including persons or entities the Company has reason to believe are affiliated therewith) shall be aggregated
for the purpose of meeting the individual minimum dollar amounts of such subsections.

 

2.7Title to
Properties and Assets; Liens, etc. The Company and each Subsidiary has good and valid title to its owned properties and
assets, and has valid leasehold interests to its leased property and assets, in each case subject to no mortgage, pledge, lien,
lease, encumbrance or charge, other than (a) the lien of current taxes not yet due and payable, (b) the Property Loan Documents
(as defined in the Forbearance Agreement), and (c) possible minor liens and encumbrances which do not in any case or in the aggregate
detract from the value of the property subject thereto or impair the operations of the Company, and which have not arisen otherwise
than in the ordinary course of business. The Company is in compliance with all material terms of each lease to which it is a party
or is otherwise bound.

 

2.8Real Property.
Section 2.8 of the Disclosure Schedules lists all of the real properties owned by the Company and its Subsidiaries. The Company
and each Subsidiary has good and marketable fee simple title to all its real properties and all improvements thereon and appurtenances
thereto (the “Real Property”). The Company has delivered or made available to Purchaser true, complete and correct
copies of the deeds and other instruments (as recorded) by which the Company or any Subsidiary, as applicable, acquired such Real
Property, and copies of all title insurance policies, opinions, abstracts and surveys in the possession of the Company or such
Subsidiary and relating to the Real Property. With respect to leasehold interests in real property, the Company has delivered or
made available to Purchaser true, complete and correct copies of any leases to which the Company or any Subsidiary are a party.
The use and operation of the Real Property in the conduct of the Company’s business do not violate in any material respect
any law, covenant, condition, restriction, easement, license, permit or agreement. There are no actions pending nor, to the Company’s
knowledge, threatened against or affecting the Real Property or any portion thereof or interest therein in the nature or in lieu
of condemnation or eminent domain proceedings.

 

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2.9Condition
And Sufficiency of Assets. To the actual knowledge of the independent directors of the REIT, the buildings, fixtures, machinery
and equipment of the Company are structurally sound, are in good operating condition and repair, and are adequate for the uses
to which they are being put, and none of such buildings, fixtures, machinery and equipment is in need of maintenance or repairs
except for ordinary, routine maintenance and repairs that are not material in nature or cost.

 

2.10Environmental
Matters.

 

(a)The
Company and each Subsidiary is currently and has been in compliance with all Environmental Laws and has not, and neither the Company
nor any Subsidiary has, received from any person any: (i) Environmental Notice or Environmental Claim; or (ii) written request
for information pursuant to Environmental Law, which, in each case, either remains pending or unresolved, or is the source of ongoing
obligations or requirements as of the Closing Date.

 

(b)No
real property currently or formerly owned, operated or leased by the Company or any Subsidiary is listed on, or has been proposed
for listing on, the National Priorities List (or CERCLIS) under CERCLA, or any similar state list.

 

(c)There
has been no Release of Hazardous Materials in contravention of Environmental Law with respect to the business or assets of the
Company (or any Subsidiary) or any real property currently or formerly owned, operated or leased by the Company or any Subsidiary,
and neither the Company nor any Subsidiary has received an Environmental Notice that any real property currently or formerly owned,
operated or leased in connection with the business of the Company or any Subsidiary (including soils, groundwater, surface water,
buildings and other structure located on any such real property) has been contaminated with any Hazardous Material which could
reasonably be expected to result in an Environmental Claim against, or a violation of Environmental Law or term of any Environmental
Permit by, the Company or any Subsidiary.

 

(d)Neither
the Company nor any Subsidiary has retained or assumed, by contract or operation of law, any liabilities or obligations of third
parties under Environmental law.

 

(e)The
Company has provided or otherwise made available to Purchaser any and all environmental reports, studies, audits, records, sampling
data, site assessments, risk assessments, economic models and other similar documents with respect to the business, Real Property
or other assets of the Company of any Subsidiary or any currently or formerly owned, operated or leased real property which are
in the possession or control of the Company or any Subsidiary related to compliance with Environmental laws, Environmental Claims
or an Environmental Notice or the Release of Hazardous Materials.

 

2.11Compliance
with Other Instruments. Neither the Company nor any Subsidiary is (i) in violation of any term of its Certificate of Formation
or Operating Agreement, as each are amended to date, or of any material term of any mortgage, indebtedness, indenture, contract,
agreement, instrument, judgment or decree, (ii) to the best of its knowledge, in violation of any order, statute, rule or regulation
applicable to the Company or such Subsidiary, and (iii) is in breach or default of any material contract in such a way that would
cause the Company or any Subsidiary to lose any material benefit or incur any material liability other than as described in the
Forbearance Agreement. The execution, delivery and performance of and compliance with the Agreements and the issuance of the Interest
have not resulted and will not result in any violation of, or conflict with, or constitute a default under, the Company’s
Certificate of Formation or Operating Agreement, as amended, or any of its material agreements, subject to obtaining the consent
of the lender under the Keybank Loan, nor result in the creation of any mortgage, pledge, lien, encumbrance or charge upon any
of the properties or assets of the Company or any Subsidiary.

 

    	5

    	 

    

 

2.12Litigation,
etc. There is no action, suit, proceeding or investigation pending or currently threatened against the Company which questions
the validity of the Agreements, or the right of the Company to enter into the Agreements or to consummate the transactions contemplated
thereby, or which might result, either individually or in the aggregate, in any material adverse changes in the assets, condition
or affairs of the Company or any Subsidiary, financially or otherwise, nor, to the actual knowledge of the independent directors
of the REIT, is there any basis for the foregoing. Neither the Company nor any Subsidiary is a party or subject to the provisions
of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality. There is no action, suit,
proceeding or investigation by the Company or any Subsidiary currently pending or which the Company or any Subsidiary intends to
initiate.

 

2.13Governmental
Consent, etc. No consent, approval or authorization of or designation, declaration or filing with any United States governmental
authority on the part of the Company is required in connection with the valid execution and delivery of the Agreements, or the
offer, sale or issuance of the Interest, except qualification (or taking such action as may be necessary to secure an exemption
from qualification or registration, if available) of the offer and sale of the Interest under the California and federal securities
laws, which filings and qualifications, if required, will be accomplished in a timely manner.

 

2.14Brokers
or Finders. Neither the Company nor Parent has engaged any brokers, finders or agents and Purchaser has not incurred, and
will not incur, directly or indirectly, as a result of any action taken by the Company, any liability for brokerage or finders’
fees or agents’ commissions or any similar charges in connection with the Agreements and the transactions contemplated hereby
or thereby. The Company agrees to indemnify and hold harmless Purchaser from any liability for any commission or compensation in
the nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted liability) for which
Purchaser or any of its officers, partners, employees or representatives is responsible.

 

2.15Employees.
Neither the Company nor any of its subsidiaries now have or have ever had any employees.

 

2.16Tax Returns
and Payments. The Company and each Subsidiary has filed all tax returns and reports as required by law. Such returns and
reports are true and correct in all material respects. The Company and each Subsidiary has paid all taxes and other assessments
due. None of the Company’s or the Subsidiaries’ tax returns has been audited by a state or federal tax authority. The
Company or each Subsidiary, as applicable, has withheld or collected from each payment made to each of its employees, the amount
of all taxes required to be withheld or collected therefrom, and has paid the same to the proper tax receiving officers or authorized
depositories.

 

    	6

    	 

    

 

2.17Insurance.
The Company and each Subsidiary maintains insurance policies or binders of fire, liability, product liability, umbrella liability,
real and personal property, workers’ compensation, vehicular, directors’ and officers’ liability, fiduciary liability
and other casualty and property insurance relating to the assets, business, operations, employees, officers and managers of the
Company with commercially reasonable and customary coverage and policy limitations (collectively, the “Insurance Policies”),
true and complete copies of such Insurance Policies have been made available to Purchaser. Such Insurance Policies are in full
force and effect and shall remain in full force and effect following the consummation of the transactions contemplated by this
Agreement. Neither the Company nor any Subsidiary has received any written notice of cancellation of, premium increase with respect
to, or alteration of coverage under, any of such Insurance Policies. All premiums due on such Insurance Policies have either been
paid or, if due and payable prior to Closing, will be paid prior to Closing in accordance with the payment terms of each Insurance
Policy. The Insurance Policies do not provide for any retrospective premium adjustment or other experience-based liability on the
part of the Company. All such Insurance Policies (a) are valid and binding in accordance with their terms; (b) are provided by
carriers who are financially solvent; and (c) have not been subject to any lapse in coverage. There are no claims related to the
business of the Company pending under any such Insurance Policies as to which coverage has been questioned, denied or disputed
or in respect of which there is an outstanding reservation of rights. None of Seller or any of its Affiliates (including the Company)
is in default under, or has otherwise failed to comply with, in any material respect, any provision contained in any such Insurance
Policy. The Insurance Policies are of the type and in the amounts customarily carried by persons conducting a business similar
to the Company and are sufficient for compliance with all applicable laws and contracts to which the Company or any Subsidiary
is a party or by which it is bound.

 

2.18Financial
Statements.  As of the date hereof, the parties hereto acknowledge and agree that the Parent is not able to provide Financial
Statements (as defined below) with sufficient accuracy or completeness to satisfy any party hereto. Following the date hereof,
the Parent will reasonably cooperate with Purchaser’s affiliate, Glenborough, LLC, to prepare accurate Financial Statements
for the Company. Prior to completing the post-closing adjustment to the Purchase Price contemplated per Section 1.2 above, the
parties hereto will agree upon and attach hereto as Section 2.18 of the Disclosure Schedules: (i) the Company’s consolidated
balance sheets as March 31, 2013 (or such later date as the parties agree) and consolidated statements of operations and owners’
equity (deficit), for the three months then ended (collectively, the “Financial Statements”). Once agreed upon
and incorporated herein, the Parent represents and warrants to the Purchaser that: The Financial Statements are complete and correct
in all material respects. Except as set forth in the Financial Statements, the Company has no material liabilities, contingent
or otherwise, other than (a) liabilities incurred in the ordinary course of business subsequent to of the Financial Statements,
and (b) obligations under contracts and commitments incurred in the ordinary course of business and not required under generally
accepted accounting principles to be reflected in the Financial Statements, which, in both cases, individually or in the aggregate,
are not material to the financial condition or operating results of the Company. Except as disclosed in the Financial Statements,
the Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation. The Company maintains
and will continue to maintain a standard system of accounting established and administered in accordance with generally accepted
accounting principles.

 

    	7

    	 

    

 

2.19Changes.
Since January 1, 2013, other (i) than that certain pad sale at the property commonly known as Willow Run in February 2013 and (ii)
certain defaults under that certain Forbearance Agreement in connection with the Keybank Loan, each of which Parent has advised
Purchaser of prior to the date hereof, there has not been:

 

(a)any
damage, destruction or loss, whether or not covered by insurance, which has resulted in a Material Adverse Effect (as defined below);

 

(b)any
waiver by the Company or any Subsidiary of a valuable right or of a material debt owed to it;

 

(c)any
satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation by the Company or any Subsidiary, except
in the ordinary course of business and that is not material to the assets, properties, financial condition, operating results or
business of the Company (as such business is presently conducted and as it is proposed to be conducted) or that of any Subsidiary;

 

(d)any
material change or amendment to a material contract or arrangement by which the Company, any of its Subsidiaries, or any of its
assets or properties is bound or subject;

 

(e)any
sale, lease, assignment, exclusive license, or transfer of all or any material portion of any real or personal property of the
Company or any Subsidiary;

 

(f)any
mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its or its Subsidiary’s
material properties or assets, except liens for taxes not yet due or payable;

 

(g)any
declaration, setting aside or payment or other distribution in respect of any of the Company’s equity, or any direct or indirect
redemption, purchase or other acquisition of any of such equity interest by the Company;

 

(h)to
the best of the Company’s knowledge, any other event or condition of any character that might result in a Material Adverse
Effect; or

 

(i)any
agreement or commitment by the Company to do or that would result in any of the things described in this Section 2.19.

 

For the purposes of this Agreement, “Material
Adverse Effect” means any change which materially and adversely affects the assets, properties, financial condition,
operating results, prospects or business of the Company (as such business is presently conducted and as it is proposed to be conducted)
or that of any Subsidiary.

 

    	8

    	 

    

 

2.20Employee
Benefit Plans. The Company does not have an Employee Benefit Plan as defined in the Employee Retirement Income Security
Act of 1974.

 

2.21Full Disclosure;
Effect of Purchaser’s Knowledge.

 

(a)The
Company and Parent has fully provided Purchaser with, or to the extent applicable, made available through its publicly available
filings with the Securities and Exchange Commission, all the information which Purchaser has requested to decide whether to purchase
the Interest and all information which the Company or Parent believes is reasonably necessary to enable Purchaser to make such
decision. The representations and warranties of the Company and Parent contained in this Agreement and other documents made or
delivered in connection herewith, when taken together, do not contain any untrue statement of material fact or omit any material
fact necessary to make the statements contained therein or herein in view of the circumstances under which they were made not misleading.

 

(b)Notwithstanding
anything contained herein to the contrary, neither the Company, nor the REIT, nor the OP shall have any liability for any breach
of or inaccuracy in any representation or warranty made by any of them to the extent that any Purchaser Affiliate (as defined below)
(i) had actual knowledge at or before the Closing of any facts as a result of which such representation or warranty was breached
or inaccurate; or (ii) was provided, at or before the Closing, a document disclosing such facts. For the purposes of this Agreement,
“Purchaser Affiliate” shall mean Andrew Batinovich or G. Lee Burns.

 

2.22Disclosure
Schedules. The Disclosure Schedules, all of which are incorporated into this Agreement as if set forth in full in this
Agreement, are true, correct and complete.

 

3.Representations
and Warranties of the Purchaser. Purchaser hereby represents and warrants to the Company that:

 

3.1Authorization.
Purchaser has full power and authority to enter into the Agreements. The Agreements, when executed and delivered by such Purchaser,
will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their respective terms,
except as limited by the Enforceability Exceptions.

 

3.2Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation
to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Interest to
be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling,
granting any participation in, or otherwise distributing the same. By executing this Agreement, the Purchaser further represents
that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer
or grant participations to such person or to any third person with respect to the Interest. The Purchaser has not been formed for
the specific purpose of acquiring the Interest.

 

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3.3Restricted
Securities. The Purchaser understands that the Interest has not been, and will not be, registered under the Securities
Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The
Purchaser understands that the Interest is a “restricted security” under applicable U.S. federal and state securities
laws and that, pursuant to these laws, the Purchaser must hold the Interest indefinitely unless it is registered
with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification
requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Interest for
resale. The Purchaser further acknowledges that, if an exemption from registration or qualification is available, it may be conditioned
on various requirements, including, but not limited to, the time and manner of sale, the holding period for the Interest, and on
requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation
and may not be able to satisfy.

 

3.4No Public
Market. The Purchaser understands that no public market now exists for any of the securities issued by the Company and
that the Company has made no assurances that a public market will ever exist for the Interest.

 

3.5Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

4.Conditions
of the Purchaser’s Obligations at the Closing. The obligations of each Purchaser to the Company under this Agreement
are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

 

4.1Certificate.
An authorized signatory of the Company shall have delivered to the Purchaser a certificate certifying (a) the Certificate of Formation
of the Company, (b) the Operating Agreement of the Company, (c) the resolutions of the Member of the Company approving the
Agreements and the transactions contemplated thereby.

 

4.2Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the Interest pursuant to this Agreement shall be obtained
and effective as of the Closing.

 

4.3Amended
and Restated Operating Agreement of the Company. Parent shall execute and
deliver to Purchaser a signature page to the Amended and Restated Operating Agreement of the Company and duly executed Amendment
to the Company’s Certificate of Formation changing the name of the Company to “SRT Secured Holdings LLC” to be
filed promptly following the Closing.

 

4.4Amended
and Restated Operating Agreement of TNP SRT Craig Promenade, LLC. The Company shall
execute and deliver to Purchaser a signature page to the Amended and Restated Operating Agreement of TNP SRT Craig Promenade, LLC.

 

4.5Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated at the Closing and
all documents incident thereto shall be reasonably satisfactory in form and substance to each Purchaser, and each Purchaser (or
its counsel) shall have received all such counterpart original and certified or other copies of such documents as reasonably requested.
Such documents may include good standing certificates.

 

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4.6Lender Consent.
Keybank shall have given its consent to the transactions contemplated herein in form and content reasonably acceptable to Purchaser.

 

5.Conditions
of the Company’s Obligations at the Closing. The obligations of the Company to Purchaser under this Agreement are
subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

 

5.1Representations
and Warranties. The representations and warranties of each Purchaser contained in Section 3 shall be true and correct
in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made
on and as of the Closing.

 

5.2Performance.
All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing
shall have been performed or complied with in all material respects.

 

5.3Amended
and Restated Operating Agreement. Purchaser shall execute and deliver to
Company a signature page to the Amended and Restated Operating Agreement.

 

5.4Qualifications.
All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the Interest pursuant to this Agreement shall be obtained
and effective as of the Closing.

 

5.5Lender Consent.
Keybank shall have given its consent to the transactions contemplated herein in form and content reasonably acceptable to Purchaser.

 

6.Post-Closing
Covenants.

 

6.1Property
and Asset Management Agreements.  On or prior to the earlier to occur of (i) the date that is thirty (30) days following
the Closing or (ii) the closing date of that certain deed in-lieu transaction related to the property commonly known as Lahaina
Gateway, at its sole cost and expense, Parent shall have taken all necessary steps to terminate any and all Property and Asset
Management Agreements between the Company and/or its Subsidiaries and TNP Property Manager, LLC, and shall have entered into replacement
Property and Asset Management Agreements for each of its properties with Glenborough, LLC (the “Terminations”).
The REIT and OP hereby agree, jointly and severally, to indemnify, defend and hold harmless, to the fullest extent permitted by
law, each of the Company and the Purchaser and their respective affiliates as well as their respective agents and representatives
(each, an “Indemnitee”) against and in respect of any and all actions, suits, proceedings, claims, demands,
liabilities, judgments, costs, expenses (including legal fees and amounts paid in settlement), losses, and damages (collectively,
“Claims”), resulting from, arising under, or related to the Terminations or the TNP property management agreements,
including, without limitation, any Claims made by TNP Property Manager, LLC or any of its officers, members, managers or affiliates.

 

    	11

    	 

    

 

Prior to the final disposition of any Claim with respect to which any Indemnitee may be entitled to indemnification hereunder,
the REIT and the OP shall pay to the Indemnitee an amount equal to all expenses of said Indemnitee incurred in the defense of said
Claim, in advance of such final disposition and as such expenses are incurred, so long as the REIT and the OP have received a written
undertaking from a credit worthy entity or person of said Indemnitee, as reasonably determined by the Special Committee, to repay
to the REIT and the OP the amount so advanced if it shall be determined by a court of competent jurisdiction that said Indemnitee
was not entitled to indemnification hereunder.

 

6.2Amendment
of Certificate of Formation. Promptly following the Closing, Parent and Purchaser shall use their best efforts to cause
the Amendment to the Company’s Certificate of Formation changing the name of the Company to “SRT Secured Holdings LLC”
to be filed with the Delaware Secretary of State.

 

7.Definitions.
The following terms shall have the meanings given to them in this Section 7.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments
and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.

 

“Encumbrance”
means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option,
security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including
any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Environmental
Claim” means any action, governmental order, lien, fine, penalty, or, as to each, any settlement or judgment arising
therefrom, by or from any person alleging liability of whatever kind or nature (including liability or responsibility for the costs
of enforcement proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources damages,
property damages, personal injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) arising
out of, based on or resulting from: (a) the presence, Release of, or exposure to, any Hazardous Materials; or (b) any actual or
alleged non-compliance with any Environmental law or term or condition of any Environmental Permit.

 

“Environmental
Law” means any applicable law, and any governmental order or binding agreement with any governmental authority: (a) relating
to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or
safety, or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata); or (b) concerning
the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment,
generation, discharge, transportation, processing, production, disposal or remediation of any Hazardous Materials. The term “Environmental
law” includes, without limitation, the following (including their implementing regulations and any state analogs): the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act
of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery
Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water
Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances
Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning and Community Right-to-Know Act of
1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C.
§§ 7401 et seq.; and the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

 

    	12

    	 

    

 

“Environmental
Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim
relating to actual or alleged non-compliance with any Environmental law or any term or condition of any Environmental Permit.

 

“Environmental
Permit” means any permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under
or issued, granted, given, authorized by or made pursuant to Environmental Law.

 

“Hazardous
Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid,
mineral or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic, or words of
similar import or regulatory effect under Environmental laws; and (b) any petroleum or petroleum-derived products, radon, radioactive
materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation, and polychlorinated
biphenyls.

 

“Release”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without
limitation, ambient air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building,
structure, facility or fixture).

 

8.Miscellaneous.

 

8.1Survival
of Representations and Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of
the Company and the Purchaser contained in or made pursuant to this Agreement shall survive the execution and delivery of this
Agreement and the Closing shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of
the Purchaser or the Company.

 

8.2Transfer;
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement.

 

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8.3Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles
of conflicts of law.

 

8.4Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

8.5Titles and
Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

8.6Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered
personally or by overnight courier or sent by fax, if sent during the normal business hours of the recipient (if not, then on the
next business day), or five (5) days after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid,
addressed to the party to be notified at such party’s address as set forth on the signature page hereto, or as subsequently
modified by written notice.

 

8.7Fees and
Expenses. The Company and Purchaser shall each be responsible for their own legal fees and expenses incurred in connection
with the transactions contemplated by this Agreement.

 

8.8Attorneys’
Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of
the Agreements, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled.

 

8.9Amendments
and Waivers. Any term of this Agreement may be amended or waived only with the written consent of the Company and Purchaser.
Any amendment or waiver effected in accordance with this Section 8.9 shall be binding upon Purchaser and each transferee of
the Interest, each future holder of all such securities, and the Company.

 

8.10Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of this Agreement shall be
interpreted as if such provision were so excluded and (c) the balance of this Agreement shall be enforceable in accordance
with its terms.

 

8.11Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement upon
any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver
of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character
on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.
All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

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8.12Entire
Agreement. The Agreements and the documents executed in connection therewith constitute the entire agreement between the
parties hereto pertaining to the subject matter hereof and any and all other written or oral agreements relating to the subject
matter hereof existing between the parties hereto are expressly canceled.

 

8.13Corporate
Securities law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER
OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION
THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION
25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED
UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT.

 

[Signature page follows]

 

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The parties have executed
this Membership Interest Purchase Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	TNP SRT SECURED HOLDINGS, LLC,
	 	A Delaware limited liability company
	 	 
	 	By:	TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, L.P., AS SOLE MEMBER OF TNP SRT SECURED HOLDINGS, LLC
	 	 	 
	 	By:	TNP STRATEGIC RETAIL TRUST, INC., AS GENERAL PARTNER OF TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	By:  	/s/ Jeffrey S. Rogers
	 	 	Jeffrey S. Rogers

 

 

	 	PURCHASER:
	 	 
	 	SRT SECURED HOLDINGS MANAGER, LLC,
	 	A Delaware limited liability company
	 	 	 
	 	 	 
	 	By:	/s/ Andrew Batinovich
	 	Name:	Andrew Batinovich
	 	Title:	CEO

 

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EXHIBITS
AND SCHEDULES

 

 

	Exhibit A -	Amended and Restated Operating Agreements
	 	 
	Exhibit B -	Disclosure Schedules

 

    	 

    	 

    

 

EXHIBIT
A

 

 

Amended
and Restated

Operating
Agreements

 

[See attached]

 

 

    	A-1

    	 

    

 

EXHIBIT
B

 

 

disclosure
SCHEDULES

 

[See attached]

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