Document:

Exhibit 10.3

 

MANAGEMENT AGREEMENT

among

RiverBanc Multifamily Investors, Inc.,

RiverBanc Multifamily LP,

RB Multifamily Investors LLC

and

RiverBanc LLC

 

MANAGEMENT AGREEMENT, dated as of [],
2015, by and among RiverBanc Multifamily Investors, Inc., a Maryland corporation (the “Company”), RiverBanc
Multifamily LP, a Delaware limited partnership (the “Operating Partnership”), RB Multifamily Investors LLC,
a Delaware limited liability company (“RBMI”), and RiverBanc LLC, a North Carolina limited liability company
(the “Manager”).

 

WITNESSETH:

 

WHEREAS, the Company intends to invest in
the Investments (as defined below) and is a corporation that intends to elect, and to qualify, to be taxed as a real estate investment
trust for federal income tax purposes;

 

WHEREAS, the Company is the sole general
partner of the Operating Partnership, which is the managing member of RBMI, and the Company intends to conduct substantially all
of its business and make all Investments (as defined below) through the Operating Partnership and its subsidiaries (including RBMI);

 

WHEREAS, the Company, the Operating Partnership
and RBMI desire to retain the Manager to administer the business activities and day-to-day operations of the Company Entities (as
defined below) and to perform services for the Company Entities in the manner and on the terms set forth herein and the Manager
wishes to be retained to provide such services, subject to the supervision of the Board (as defined below), on the terms and conditions
hereinafter set forth.

 

NOW THEREFORE, in consideration of the premises
and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

Section 1.                
Definitions.

 

(a)              
The following terms shall have the meanings set forth in this Section 1(a):

 

“Above-Market Rates”
has the meaning set forth in Section 10(b).

 

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“Acquisition Expenses”
means any and all expenses incurred by the Company Entities, the Manager or any of their respective Affiliates in connection with
the selection, evaluation, acquisition, origination, making or development of any investment in real property or real estate-related
assets, whether or not acquired, including, but not limited to, legal fees and expenses, travel and communications expenses, property
inspection expenses, third party brokerage or finder’s fees, costs of appraisals, nonrefundable option payments on property
not acquired, accounting fees and expenses, title insurance premiums and expenses, survey expenses, closing costs and the costs
of performing due diligence.

 

“Adjusted Equity Market Capitalization”
means, for the relevant fiscal quarter, (i) the product of (1) the Average Quarterly Stock Price during the relevant fiscal quarter
multiplied by (2) the sum of (a) the average daily number of shares of Common Stock issued and outstanding during the relevant
fiscal quarter, (b) the maximum number of shares of Common Stock issuable pursuant to any outstanding convertible securities, rights,
options or warrants to subscribe for, purchase or otherwise acquire shares of Common Stock as of the end of the relevant fiscal
quarter that are in the money based on the Average Quarterly Stock Price, and (c) the average daily number of Common Stock Equivalent
Securities issued and outstanding during the relevant fiscal quarter (and not already included in the calculation of clauses (a)
or (b) above), minus (ii) the aggregate consideration payable to the Company or the Operating Partnership on the applicable date
upon the redemption, exercise, conversion and/or exchange of any of the securities included in the calculation of clause (b) above.
For the avoidance of doubt, all shares of Common Stock or Common Stock Equivalent Securities issued to our Manager as payment for
any portion of the Incentive Fee will be treated as issued and outstanding for purposes of clauses (a) or (c) above, as applicable,
from the first day of the fiscal quarter in which such Incentive Fee is paid.

 

“Affiliate” means (i) any
Person directly or indirectly controlling, controlled by, or under common control with such other Person, (ii) any executive
officer or general partner of such other Person, (iii) any member of the board of directors or board of managers (or bodies
performing similar functions) of such Person, and (iv) any legal entity for which such Person acts as an executive officer
or general partner.

 

“Agreement” means this
Management Agreement, as amended, supplemented or otherwise modified from time to time.

 

“Automatic Renewal Term”
has the meaning set forth in Section 10(a) hereof.

 

“Average Quarterly Stock Price”
means (i) if the Common Stock is traded in a Securities Exchange, the average daily closing price per share of Common Stock
on such Securities Exchange, (ii) if the Common Stock is actively traded over-the-counter, the average of the per share closing
bid or sales price of a share of Common Stock, as applicable, or (iii) if there is no active public market for the Common Stock,
the average daily fair market value per share of Common Stock, as reasonably determined in good faith by the Independent Directors.

 

“Bankruptcy” means, with
respect to any Person, (a) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement
or readjustment, in any form, of its debts under Title 11 of the United States Code or any other U.S. federal or state or foreign
insolvency law, or such Person’s filing an answer consenting to or acquiescing in any such petition, (b) the making
by such Person of any assignment for the benefit of its creditors, (c) the expiration of 60 days after the filing of
an involuntary petition under Title 11 of the Unites States Code, an application for the appointment of a receiver for a material
portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment
of its debts under any other U.S. federal or state or foreign insolvency law; provided, that the same shall not have been
vacated, set aside or stayed within such 60-day period or (d) the entry against such Person of a final and non-appealable
order for relief under any bankruptcy, insolvency or similar law now or hereinafter in effect.

 

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“Base Management Fee”
means the base management fee, calculated and payable quarterly in arrears in cash to the Manager, in an amount equal to 0.375%
(1.50% per annum) of the Adjusted Equity Market Capitalization for the immediately preceding fiscal quarter.

 

“Board” means the board
of directors of the Company. In every instance herein requiring approval of the Board or referring to policies or directions of
the Board, for purposes of this Agreement, the Board shall be deemed to include any duly appointed and constituted committee of
the Board with respect to each and every act that under the Governing Instruments or applicable law may be taken with the approval
of a duly appointed and constituted committee of the Board, and references herein to the Board shall be deemed to include references
to each such committee.

 

“Business Day” means
any day except a Saturday, a Sunday or a day on which banking institutions in New York, New York are not required to be open.

 

“Cause Termination Notice”
has the meaning set forth in Section 11(a).

 

“Claim” has the meaning
set forth in Section 8(d) hereof. 

 

“Closing Date” means
the date of pricing of the Public Offering.

 

“Code” means the Internal
Revenue Code of 1986, as amended, and any successor provision.

 

“Common Stock” means
the Company’s shares of common stock, $0.01 par value per share.

 

“Common Stock Equivalent Securities”
means securities that are economically equivalent to shares of Common Stock (such as LTIP Units or common units issued by the
Operating Partnership, other than such LTIP Units or common units held by the Company or any of its subsdiaries).

 

“Company” means RiverBanc
Multifamily Investors, Inc., as set forth in the preamble.

 

“Company Entities” means,
the Company, the Operating Partnership and each of their respective Subsidiaries.

 

“Company Indemnified Party”
has the meaning set forth in Section 8(c) hereof.

 

“Conduct Policies” has
the meaning set forth in Section 2(l) hereof.

 

“Confidential Information”
has the meaning set forth in Section 5 hereof.

 

“Contribution
Agreements” means (i) the Contribution Agreement by and among Donlon Family LLC, New York Mortgage Trust, Inc., JMP
Holding LLC, the Operating Partnership and the Company, dated as of July 22, 2015, (ii) the Contribution Agreement by and
among RB Commercial Mortgage LLC, New York Mortgage Trust, Inc., the Operating Partnership and the Company, dated as
of July 22, 2015, (iii) the Contribution Agreement by and among RB Commercial Mortgage LLC,  New York Mortgage Trust, Inc., the Operating Partnership and
the Company, dated as of July 22, 2015.

 

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“Adjusted Core FFO” means
the Company’s net income (loss), computed in accordance with GAAP (adjusted for the Company’s pro-rata share of consolidated
real estate-related items, less amounts attributable to noncontrolling interests, and the Company’s estimated share of such
items that are included in earnings of unconsolidated real estate joint venture investments, as applicable), after adjusting to
exclude (i) acquisition, pursuit and other one-time transaction expenses, (ii) non-cash equity-based compensation expense, (iii)
the Incentive Fee (including any PIK-Related Incentive Fee), (iv) depreciation and amortization of real estate-related investments,
(v) amortization of deferred financing costs, (vi) expenses related to the issuance of our debt or equity securities, (vii) any
unrealized gains or losses or other similar non-cash items that are included in net income (loss) for the applicable reporting
period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), and (viii)
one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussions
between the Manager and the Independent Directors and approved by a majority of the Independent Directors. For the avoidance of
doubt, all adjustments involving (a) consolidated real estate transactions not wholly owned by a Company Entity shall be adjusted
to remove the portion attributable to a noncontrolling interest or (ii) the Company’s nonconsolidated real estate transactions
shall be adjusted on a pro rata basis to reflect the Company Entities’ ownership interests.

 

“Effective Termination Date”
has the meaning set forth in Section 10(b) hereof, and shall also mean the effective date of termination of this Agreement
by any notice given pursuant to Sections 10(d), 11(a) or 11(b) hereof.

 

“Equity” means the weighted-average
of the issue price per share of Common Stock issued in the Public Offering and in future offerings and transactions of the Company,
multiplied by the daily average number of all shares of Common Stock outstanding on a fully diluted basis (including, for the avoidance
of doubt, any Common Stock Equivalent Securities, any restricted stock units, any restricted shares of Common Stock and any other
shares of Common Stock underlying awards granted under one or more Equity Incentive Plans).

 

“Equity Incentive Plans”
means the equity incentive plans adopted by the Company to provide incentive compensation to attract and retain qualified independent
directors, executive officers and other key employees, including officers and employees of the Company Entities and the Manager
and other service providers to the Company Entities, including Affiliates of the Manager.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Financing Transaction”
means any financing transaction with respect to any Investment involving any of the Company Entities incurring any mortgage or
other indebtedness, including the entering into any line of credit, mezzanine financing, preferred equity financing, and any transaction
involving the creation of any commercial mortgage-backed security.

 

“GAAP” means generally
accepted accounting principles in effect in the United States on the date such principles are applied.

 

“Governing Instruments”
means, with regard to any entity, the articles of incorporation or certificate of incorporation and bylaws in the case of a corporation,
the partnership agreement in the case of a general partnership, the certificate of limited partnership and the partnership agreement
in the case of a limited partnership, the certificate of formation and operating agreement in the case of a limited liability company,
the trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time.

 

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“Incentive Fee” means
the incentive fee earned by the Manager, which shall be calculated and payable with respect to each calendar quarter (or part thereof
that this Agreement is in effect) in arrears in an amount, not less than zero, equal to the difference between (1) the product
of (a) 20% and (b) the difference between (i) Adjusted Core FFO for the most recent 12-month period (or such lesser
number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation
of Incentive Fee is being made, and (ii) the product of (A) Equity in the most recent 12-month period (or such lesser
number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation
of Incentive Fee is being made, and (B) 8% per annum, and (2) the sum of any Incentive Fee paid to the Manager with respect
to the first three calendar quarters of the most recent 12-month period (or such lesser number of completed calendar quarters,
if applicable), including the calendar quarter (or part thereof) for which the calculation of Incentive Fee is being made; provided,
however, that no Incentive Fee shall be payable with respect to any calendar quarter unless Adjusted Core FFO for the 12 most recently
completed calendar quarters (or such lesser number of completed calendar quarters following completion of the Public Offering)
is greater than zero. For purposes of calculating the Incentive Fee during the first 12 months after completion of the Public Offering,
Adjusted Core FFO will be determined by annualizing the applicable period following closing of the Public Offering. If the Effective
Termination Date does not correspond to the end of a calendar quarter, the Incentive Fee shall be calculated for the period beginning
on the day after the end of the calendar quarter immediately preceding the Effective Termination Date and ending on the Effective
Termination Date, which Incentive Fee shall be calculated using Adjusted Core FFO for the 12-month period ending on the Effective
Termination Date.

 

“Incentive Fee Shares”
has the meaning set forth in Section 6(d) hereof.

 

“Indemnified Party” has
the meaning set forth in Section 8(c) hereof.

 

“Independent Director”
means a member of the Board who is “independent” in accordance with the Company’s Governing Instruments and the
rules of the Securities Exchange on which the shares of Common Stock are listed.

 

“Initial Term” has the
meaning set forth in Section 10(a) hereof.

 

“Investment” means
any investment by the Company, directly or through a subsidiary, in real property or a real estate-related asset.

 

“Investment Company Act”
means the Investment Company Act of 1940, as amended.

 

“Investment Guidelines”
means the investment guidelines approved by the Board, a copy of which is attached hereto as Exhibit A, as the same
may be amended, restated, modified, supplemented or waived pursuant to the approval of the Board (which must include a majority
of the Independent Directors).

 

“Investment Transaction”
means any purchase, acquisition, exchange, sale or disposition, merger or interest exchange that results in the acquisition or
disposition of, or other transaction involving, an Investment.

 

“LTIP Unit” shall
have the definition set forth in the partnership agreement of the Operating Partnership.

 

“Losses” has the meaning
set forth in Section 8(b) hereof.

 

“Manager” has the meaning
set forth in the Recitals.

 

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“Manager Change of Control”
means a change in the direct or indirect (i) beneficial ownership of more than fifty percent (50%) of the combined voting
power of the Manager’s then outstanding equity interests, or (ii) power to direct or control the management policies
of the Manager, whether through the ownership of beneficial equity interests, common directors or officers, by contract or otherwise.
Manager Change of Control shall not include (i) public offerings of the equity interests of the Manager, (ii) any of the foregoing
changes resulting from a transfer by Donlon Family LLC to a trust or other entity created for estate planning purposes primarily
for the benefit of Kevin Donlon, or (iii) any assignment of this Agreement by the Manager as permitted hereby and in accordance
with the terms hereof.

 

“Manager Indemnified Party”
has the meaning set forth in Section 8(a) hereof.

 

“Manager Permitted Disclosure Parties”
has the meaning set forth in Section 5(a) hereof.

 

“Nasdaq” means The Nasdaq
Stock Market LLC.

 

“Notice of Proposal to Negotiate”
has the meaning set forth in Section 10(c) hereof.

 

“Operating Partnership”
has the meaning set forth in the preamble.

 

“Person” means any natural
person, corporation, partnership, association, limited liability company, estate, trust, joint venture, any federal, state, county
or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such
capacity on behalf of the foregoing.

 

“PIK Income” means any
non-cash accrual income on Investments for which associated cash proceeds have not yet been received by the Company.

 

“PIK-Related Incentive Fees”
means the portion of the Incentive Fee calculated pursuant to Section 7 hereof that is attributable to PIK Income.

 

“PIK-Related Incentive Fee Cap”
means an amount of cumulative payments of PIK-Related Incentive Fees earned by the Manager from and after the date of the closing
of the Public Offering not in excess of 0.50% of the Adjusted Equity Market Capitalization for the immediately preceding fiscal
quarter.

 

“Public Offering” means
the Company’s sale of Common Stock to the public through underwriters pursuant to the Company’s Registration Statement
on Form S-11 (File No. 333-205041) and any applicable additional registration statements filed pursuant to Rule 462(b) of the Securities
Act.

 

“Regulation FD”
means Regulation FD as promulgated by the SEC.

 

“RBMI” has the meaning
set forth in the preamble.

 

“REIT” means a “real
estate investment trust” as defined under Section 856 of the Code.

 

“SEC” means the United
States Securities and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Securities Exchange”
means the Nasdaq and any other nationally recognized securities exchange on which the Company’s Common Stock is traded.

 

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“Subsidiary” means a
corporation, limited liability company, partnership, joint venture or other entity or organization of which: (a) the Company or
any other subsidiary of the Company is a general partner or managing member; or (b) voting power to elect a majority of the board
of directors, trustees or others performing similar functions with respect to such entity or organization is held by the Company
or by any one or more of the Company’s subsidiaries.

 

“Termination Fee” means
a termination fee equal to three (3) times the sum of (i) the average annual Base Management Fee and (ii) the average
annual Incentive Fee (including any deferred PIK-Related Incentive Fee accrued during such period), in each case, earned by the
Manager during the 24-month period immediately preceding the most recently completed fiscal quarter prior to the Effective Termination
Date.

 

“Termination Notice”
has the meaning set forth in Section 10(b) hereof.

 

“Termination Without Cause”
has the meaning set forth in Section 10(b) hereof.

 

Section 2.                
Appointment and Duties of the Manager.

 

(a)              
The Company and the Operating Partnership hereby appoint the Manager to manage the investments and day-to-day operations
of the Company Entities, subject at all times to the further terms and conditions set forth in this Agreement and to the supervision
and direction of, and such further limitations or parameters as may be imposed from time to time by, the Board. The Manager hereby
agrees to use its commercially reasonable efforts to perform each of the duties set forth herein, provided that funds are made
available by the Company or the Operating Partnership for such purposes as set forth in Section 7 hereof, and further
subject to Section 6 hereof; provided, further that where a higher standard of care is specified in this Agreement,
such higher standard of care shall apply. The appointment of the Manager shall be exclusive to the Manager, except to the extent
that the Manager elects, in its reasonable discretion, subject to the terms of this Agreement, to cause the duties of the Manager
as set forth herein to be provided by third parties.

 

(b)              
The Manager, in its capacity as manager of the Investments and the operations of the Company Entities, at all times
will be subject to the supervision and direction of the Board and will use commercially reasonable efforts to present to the Company
potential investment opportunities and will perform its duties hereunder, including managing the business affairs of the Company
Entities in conformity with the Investment Guidelines and other policies that are approved and monitored by the Board. The Company
shall notify the Manager promptly of any amendment, restatement, modification, supplement, waiver revocation or termination of
the Investment Guidelines, including any modification or revocation of the Manager’s authority set forth in the Investment
Guidelines; provided, however, that any amendment, restatement, modification, supplement, revocation or termination shall
not be applicable to Investment Transactions to which the Manager has committed any Company Entities prior to the date of receipt
by the Manager of such notification; and provided further, that any modification that alters (in a way that is materially
adverse to the Manager) or otherwise eliminates the Manager’s authority under the Investment Guidelines with respect to any
of the investment opportunities set forth in the second sentence of Section 3(a) hereof that is not consented to by the
Manager shall void the Manager’s agreement with respect to future similar investment opportunities as required set forth
pursuant to the second sentence of Section 3(a) hereof.

 

(c)               
The Manager will be responsible for (1) the selection, purchase, sale and disposition of Investments, (2) the Company’s
financing activities, and (3) providing the Company with advisory services. In addition, the Manager will be responsible for the
day-to-day operations of the Company Entities (which, for purposes of the Manager’s responsibilities in this Agreement, includes
the current and future Subsidiaries of the Company) and will perform (or cause to be performed) such services and activities relating
to the Investments and operations of the Company Entities as may be appropriate, which may include, without limitation:

 

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(i)                
serving as the Company’s consultant with respect to the periodic review of the Investment Guidelines and other parameters
for the Investments, financing activities and operations of the Company Entities, any modification to which will be approved by
the Board (including a majority of the Independent Directors);

 

(ii)              
investigating, analyzing, and selecting possible Investment opportunities and acquiring, financing, retaining, selling,
restructuring, exchanging or disposing of Investments consistent with the Investment Guidelines;

 

(iii)            
with respect to prospective Investment Transactions and Financing Transactions, conducting negotiations (including negotiation
of definitive agreements) on behalf of any of the Company Entities with sellers, purchasers, and brokers and, if applicable, their
respective agents and representatives;

 

(iv)            
negotiating and entering into, on behalf of any of the Company Entities, interest rate protection agreements and other agreements
and instruments required to conduct the business of any Company Entity;

 

(v)              
effecting any private placement of interest in any of the Company Entities, as such private placement may be approved by
the Board, or tenancy-in-common or other interests in Investments;

 

(vi)            
engaging and supervising, on the Company’s behalf and at the Company’s expense, independent contractors that
provide investment banking, securities brokerage, mortgage brokerage, real estate brokerage, other financial services, due diligence
services, underwriting review services, legal and accounting services, and all other services (including transfer agent and registrar
services) as may be required relating to the operations of the Company Entities and actual or potential Investments, Investment
Transactions or Financing Transactions;

 

(vii)          
coordinating and managing operations of any joint venture or co-investment interests held by any Company Entity and conducting
all matters with the respective joint venture or co-investment partners;

 

(viii)        
providing executive and administrative personnel, office space and office services required in rendering services to the
Company Entities;

 

(ix)            
administering the day-to-day operations and performing and supervising the performance of such other administrative functions
necessary to the Company’s management as may be agreed upon by the Manager and the Board, including, without limitation,
the collection of revenues and the payment of the Company’s debts and obligations and maintenance of or contract for appropriate
computer services to perform such administrative functions;

 

(x)              
communicating on the Company’s behalf with the holders of any of the equity or debt securities of the Company or any
Company Entity as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets
and to maintain effective relations with such holders;

 

(xi)            
counseling the Board and the Company in connection with policy decisions to be made by the Board;

 

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(xii)          
evaluating and recommending to the Board hedging strategies and engaging in hedging activities on the Company’s behalf,
consistent with such strategies and the Investment Guidelines as so modified from time to time;

 

(xiii)        
counseling the Board and the Company regarding the qualification and maintenance of the Company’s status as a REIT
and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and regulations thereunder
and using commercially reasonable efforts to cause the Company to qualify as a REIT;

 

(xiv)        
counseling the Company regarding the maintenance of the Company’s exemption from the status of an investment company
required to register under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemption
and using commercially reasonable efforts to cause the Company to maintain such exemption from such status;

 

(xv)          
furnishing reports and statistical and economic research to the Company regarding the activities of the Company Entities
and services performed for the Company Entities by the Manager, including reports to the Board with respect to potential conflicts
of interest involving the Manager or any of its Affiliates;

 

(xvi)        
monitoring the operating performance of the Investments and providing periodic reports with respect thereto to the Board,
including comparative information with respect to such operating performance and budgeted or projected operating results;

 

(xvii)      
investing and reinvesting any moneys and securities of the Company Entities (including investing in short-term investments
pending investment in other investments, payment of fees, costs and expenses related thereto, or payments of dividends or distributions
to stockholders, members or partners, as applicable, of the Company Entities) and advising the Company as to its capital structure
and capital raising;

 

(xviii)    
causing the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate
accounting procedures and systems, internal controls and other compliance procedures and testing systems with respect to financial
reporting obligations and compliance with the provisions of the Code applicable to REITs and, if applicable, taxable REIT subsidiaries,
and to conduct quarterly compliance reviews with respect thereto;

 

(xix)        
assisting the Company Entities in qualifying to do business in all applicable jurisdictions and to obtain and maintain all
appropriate licenses;

 

(xx)          
assisting the Company Entities in complying with all regulatory requirements applicable to the Company Entities in respect
of the business activities of the Company Entities, including preparing or causing to be prepared all financial statements required
under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act
or the Securities Act, or by the applicable Securities Exchange;

 

(xxi)        
assisting the Company in taking all necessary action to enable the Company to make required tax filings and reports, including
soliciting stockholders for required information to the extent required by the provisions of the Code applicable to REITs;

 

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

 

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(xxiii)    
using commercially reasonable efforts to cause expenses incurred by the Company Entities or on behalf of the Company Entities
to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board
from time to time;

 

(xxiv)    
serving as the Company’s consultant with respect to decisions regarding any of its financings, hedging activities,
borrowings or joint venture arrangements undertaken by any of the Company Entities, including (1) assisting the Company in developing
criteria for debt and equity financing that is specifically tailored to its investment objectives, and (2) advising the Company
with respect to obtaining appropriate financing for its investments;

 

(xxv)      
acting as a liaison to or engaging and supervising, on the Company’s behalf, independent contractors that provide
investment banking, securities brokerage, mortgage brokerage, real estate brokerage, other financial services, real estate services,
commercial services, due diligence services, underwriting review services, legal and accounting services, and all other services
(including investor relations and transfer agent and registrar services) as may be required relating to the operations of the Company
Entities;

 

(xxvi)    
arranging marketing materials, advertising, industry group activities (such as conference participations and industry organization
memberships) and other promotional efforts designed to promote the Company’s business;

 

(xxvii)  
performing such other services as may be required from time to time for management and other activities relating to the
Company’s assets and business as the Board shall reasonably request or the Manager shall deem appropriate under the particular
circumstances; and

 

(xxviii)
using commercially reasonable efforts to cause the Company Entities to comply with all applicable laws.

 

(d)              
Subject to Section 7(b), the Manager may retain, for and on behalf, and at the sole cost and expense, of the Company,
such services of the persons and firms referred to in Section 7(b) hereof as the Manager deems necessary or advisable in
connection with the management and operations of the Company Entities. In performing its duties under this Section 2,
the Manager shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants,
legal counsel and other professional service providers) hired by the Manager.

 

(e)               
The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance
with the Investment Guidelines, (ii) would adversely and materially affect the qualification of the Company as a REIT or the
Operating Partnership as a partnership under the Code or the Company’s status as an entity exempted or excluded from investment
company status under the Investment Company Act, or (iii) would conflict with or violate any law, rule or regulation of any
governmental body or agency having jurisdiction over any of the Company Entities or of any Securities Exchange on which the securities
of the Company may be listed or any applicable Governing Instruments. If the Manager is ordered to take any action by the Board,
the Manager shall promptly notify the Board if it is the Manager’s judgment that such action would adversely and materially
affect such status or conflict with or violate any such law, rule or regulation or Governing Instruments. Notwithstanding the foregoing,
neither the Manager nor any of its Affiliates shall be liable to the Company, the Board, or the Company’s stockholders or
the stockholders, members or partners, as applicable, of any Company Entity for any act or omission by the Manager or any of its
Affiliates, except as provided in Section 8 of this Agreement and as set forth in the Contribution Agreements.

 

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(f)                
The Manager shall seek and obtain Board approval of any Investment Transaction that does not meet the Investment Guidelines
prior to the execution of a binding commitment by any Company Entity to such Investment Transaction. Subject to this Section
2(f), the Manager may execute without Board approval any Investment Transaction that fits within the Investment Guidelines,
if then permitted by the Investment Guidelines. If any proposed Investment Transaction requires approval by the Independent Directors,
the Manager will deliver to the Independent Directors all documents and other information reasonably required by them to evaluate
properly the proposed transaction. With respect to Investment Transactions for which Board approval is not required but advance
notice is required, the Manager shall provide to the Board a summary of its investment analysis with respect to the proposed Investment
Transaction. The Board may, at any time upon the giving of notice to the Manager, modify or revoke the authority set forth in this
Section 2(f); provided, however, that such modification or revocation shall be effective upon receipt by the Manager
and shall not be applicable to Investment Transactions to which the Manager has committed any Company Entity prior to the date
of receipt by the Manager of such notification; and provided further that such modification or revocation shall be deemed an amendment,
modification or revocation of the Investment Guidelines by the Board.

 

(g)              
The Company (including the Board) agrees to take all actions reasonably required to permit and enable the Manager to
carry out its duties and obligations under this Agreement, including, without limitation, all steps reasonably necessary to allow
the Manager to file any registration statement or other filing required to be made under the Securities Act, Exchange Act, the
applicable Securities Exchange’s Listed Company Manual, the Code or other applicable law, rule or regulation on behalf of
the Company and any Company Entity in a timely manner. The Company further agrees to use commercially reasonable efforts to make
available to the Manager all resources, information and materials reasonably requested by the Manager to enable the Manager to
satisfy its obligations hereunder, including its obligations to deliver financial statements and any other information or reports
with respect to the Company Entities.

 

(h)              
As frequently as the Manager may deem reasonably necessary or advisable, or at the direction of the Board, the Manager
shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, any reports and other information relating
to any proposed or consummated Investment as may be reasonably requested by the Company.

 

(i)                
The Manager shall prepare, or, at the sole cost and expense of the Company, cause to be prepared, all reports, financial
or otherwise, with respect to the Company Entities reasonably required by the Board in order for the Company Entities to comply
with their Governing Instruments or as otherwise reasonably requested by the Board, or any other materials required to be filed
with any governmental body or agency, and shall prepare, or, at the sole cost and expense of the Company, cause to be prepared,
all materials and data necessary to complete such reports and other materials, including, without limitation, an annual audit of
the Company’s consolidated financial statements by an independent accounting firm recognized by the Public Company Accounting
Oversight Board.

 

(ii)              
The Manager shall prepare, or, at the sole cost and expense to the Company, cause to be prepared, regular reports for the
Board to enable the Board to review the Company’s acquisitions, portfolio composition and characteristics, performance and
compliance with the Investment Guidelines and policies approved by the Board.

 

(i)                
Officers, employees and agents of the Manager and its Affiliates may serve as directors, officers, agents, nominees
or signatories for any Company Entity, to the extent permitted by their respective Governing Instruments or by any resolutions
duly adopted by the Board, or such Company Entity. When executing documents or otherwise acting in such capacities for any Company
Entity, such Persons shall indicate in what capacity they are executing on behalf of such Company Entity. Without limiting the
foregoing, while this Agreement is in effect, the Manager will provide the Company with a management team, including but not limited
to a chief executive officer, president, chief financial officer, chief operating officer, secretary and treasurer, along with
appropriate support personnel, to provide the management services to be provided by the Manager to the Company Entities hereunder,
who shall devote such of their time to the management of the Company as necessary and appropriate, commensurate with the level
of activity of the Company from time to time.

 

    	Page 11 of 30

    	 

    

 

(j)                
The Manager, at the sole cost and expense of the Company, shall at all times during the term of this Agreement maintain
reasonable and customary “errors and omissions” insurance coverage and other customary insurance coverage in respect
to its obligations and activities under, or pursuant to, this Agreement.

 

(k)              
The Manager, at the sole cost and expense of the Company (including costs or expenses related to any third-party advisors
or the direct costs of the Manager’s representatives working on behalf of any Company Entity), shall provide such internal
audit, compliance and control services as may be required for the Company Entities to comply with applicable law (including the
Securities Act and Exchange Act), regulations (including SEC regulations) and the rules and requirements of the applicable Securities
Exchange and as otherwise reasonably requested by the Company or the Board from time to time.

 

(l)                
The Manager acknowledges receipt of the Company’s Code of Business Conduct and Ethics and Policy on Insider Trading
(the “Conduct Policies”) and agrees to require any Persons who provide services to the Company to comply with
such Conduct Policies in the performance of such services hereunder or such comparable policies as shall in substance hold such
Persons to at least the standards of conduct set forth in the Conduct Policies.

 

(m)            
For the period and on the terms and conditions set forth in this Agreement, each of the Company and each of its Subsidiaries
hereby constitutes, appoints and authorizes the Manager as its true and lawful agent and attorney-in-fact, in its name, place and
stead, to negotiate, execute, deliver and enter into such agreements and arrangements on their behalf, on such terms and conditions
as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate. This power of attorney is deemed to
be coupled with an interest.

 

Section 3.                
Additional Activities of the Manager; Non-Solicitation; Restrictions.

 

(a)              
Except as provided in the last sentence of this Section 3(a), the Investment Guidelines and/or the Conduct
Policies, nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors or employees,
from engaging in other businesses or from rendering services of any kind to any other Person or entity, whether or not the investment
objectives or policies of any such other Person or entity are similar to those of the Company; provided, however, that the
Manager shall devote sufficient resources to the Company’s business to discharge its obligations to the Company Entities
under this Agreement; or (ii) in any way bind or restrict the Manager or any of its Affiliates, officers, directors or employees
from buying, selling or trading any securities or commodities for their own accounts or for the account of others for whom the
Manager or any of its Affiliates, officers, directors or employees may be acting. Notwithstanding the foregoing, during the term
of this Agreement, the Manager agrees to allocate all future investment opportunities involving the origination or sourcing of
joint venture equity ownership and preferred equity ownership interests in entities that own, and mezzanine loans secured by, multifamily
apartment properties to the Company; provided, however, that the Manager will be permitted to offer all or a portion of such investment
opportunity to another Person, on substantially the same terms as those presented to the Company, if the investment opportunity
is presented by the Manager to the Board for their approval (whether or not it conforms to the Investment Guidelines) and a majority
of Independent Directors vote against proceeding with the transaction, including subject to any conditions that such Independent
Directors deem necessary or desirable in their sole discretion. While information and recommendations supplied to the Company shall,
in the Manager’s reasonable and good faith judgment, be appropriate under the circumstances and in light of the investment
objectives and policies of the Company, they may be different from the information and recommendations supplied by the Manager
or any Affiliate of the Manager to others. Subject to this Section 3(a), the Company shall be entitled to equitable treatment
under the circumstances in receiving information, recommendations and any other services, but the Company recognizes that it is
not entitled to receive preferential treatment as compared with the treatment given by the Manager or any Affiliate of the Manager
to others. The Company Entities shall have the benefit of the Manager’s best judgment and effort in rendering services hereunder
and, in furtherance of the foregoing, the Manager shall not undertake activities that, in its good faith judgment, will adversely
affect the performance of its obligations under this Agreement.

 

    	Page 12 of 30

    	 

    

 

(b)              
The Manager shall report to the Board any condition or circumstance, existing or anticipated, of which it has knowledge,
which creates or could create a conflict of interest between the Manager’s obligations to the Company Entities and its obligations
to or its interest in any other Person. In the event that one or more accounts of the Manager is involved in the same Investment
as the Company, the Manager agrees to that it will comply with the approval process of the Company’s related person transactions
policy, as amended from time to time.

 

Section 4.                
Bank Accounts.

 

At the direction of the Board, the Manager
may establish and maintain one or more bank accounts in the name of any Company Entity, and may collect and deposit funds into
any such account or accounts, and disburse funds from any such account or accounts, under such terms and conditions as the Board
may approve; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board
and, upon request, to the Company’s auditors.

 

Section 5.                
Records; Confidentiality.

 

(a)              
The Manager shall maintain appropriate books of accounts and records relating to services performed hereunder, and such
books of account and records shall be accessible for inspection by representatives of the Company Entities at any time during normal
business hours. The Manager shall keep confidential any and all non-public information, written or oral, obtained by it in connection
with the services rendered hereunder (“Confidential Information”) and shall not use Confidential Information
except in furtherance of its duties under this Agreement or disclose Confidential Information, in whole or in part, to any Person
other than (i) to its Affiliates, officers, directors, employees, agents, representatives or advisors who need to know such
Confidential Information for the purpose of rendering services hereunder, (ii) to appraisers, financing sources and others
in the ordinary course of the Company’s business ((i) and (ii) collectively, “Manager Permitted Disclosure
Parties”), (iii) in connection with any governmental or regulatory filings of the Company Entities or filings with
the Nasdaq or other applicable Securities Exchange or market, or disclosure or presentations to Company investors (subject to compliance
with Regulation FD), (iv) to governmental officials having jurisdiction over the Company, (v) as required by law
or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party, or (vi) with the
consent of the Company. Prior to providing such Confidential Information to any Manager Permitted Disclosure Party, the Manager
agrees to inform each such Manager Permitted Disclosure Party of the non-public nature of the Confidential Information and to obtain
agreement from such Persons to treat such Confidential Information in accordance with the terms hereof.

 

    	Page 13 of 30

    	 

    

 

(b)              
Nothing herein shall prevent the Manager from disclosing Confidential Information (i) upon the order of any court
or administrative agency, (ii) upon the request or demand of, or pursuant to any law or regulation to, any regulatory agency
or authority, (iii) to the extent reasonably required in connection with the exercise of any remedy hereunder, or (iv) to
its legal counsel or independent auditors; provided, however that with respect to clauses (i) and (ii), it is agreed
that, so long as not legally prohibited, the Manager will provide the Company with prompt written notice of such order, request
or demand so that the Company may seek, at its sole expense, an appropriate protective order and/or waive the Manager’s compliance
with the provisions of this Agreement. If, failing the entry of a protective order or the receipt of a waiver hereunder, the Manager
is required to disclose Confidential Information, the Manager may disclose only that portion of such information that is legally
required without liability hereunder; provided, that the Manager agrees to exercise its reasonable best efforts to obtain
reliable assurance that confidential treatment will be accorded such information.

 

(c)               
Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from the provisions
of this Section 5: any Confidential Information that (A) is available to the public from a source other than the Manager,
(B) is released in writing by the Company to the public (except to the extent exempt under Regulation FD) or to persons
who are not under similar obligation of confidentiality to the Company, or (C) is obtained by the Manager from a third party
where such disclosure, to the best of the Manager’s knowledge, does not constitute a breach by such third party of an obligation
of confidence with respect to the Confidential Information disclosed.

 

(d)              
The provisions of this Agreement shall survive the expiration or earlier termination of this Agreement for a period
of one (1) year; provided that the parties will maintain trade secrets of the other party identified in writing as trade
secrets, and which in fact constitute trade secrets, for a period of no longer than five (5) years thereafter.

 

Section 6.                
Compensation.

 

(a)              
For the services rendered under this Agreement, the Company shall pay the Base Management Fee and the Incentive Fee
to the Manager. The Manager will not receive any compensation for the period prior to the Closing Date other than expenses incurred
and reimbursed pursuant to Section 7 hereof.

 

(b)              
The parties acknowledge that the Base Management Fee is intended to compensate the Manager for advisory services and
certain general management services rendered under this Agreement.

 

(c)               
The Base Management Fee shall be payable in arrears in cash, in quarterly installments commencing with the quarter in
which this Agreement is executed. If applicable, the initial and final installments of the Base Management Fee shall be pro-rated
based on the number of days during the initial and final quarters, respectively, that this Agreement is in effect. The Base Management
Fee shall be calculated by the Manager within 30 days after the end of each quarter and such calculation shall be promptly delivered
to the Company. The Company will be obligated to pay each quarterly installment of the Base Management Fee calculated for that
quarter in cash within five (5) Business Days after delivery to the Company of the written statement of the Manager setting forth
the computation of the Base Management Fee for such quarter.

 

    	Page 14 of 30

    	 

    

 

(d)              
The Incentive Fee shall be payable in arrears, in quarterly installments commencing with the quarter in which this Agreement
is executed. The Manager shall compute each quarterly installment of the Incentive Fee within forty-five (45) days after the
end of the calendar quarter with respect to which such installment is payable. A copy of the computations made by the Manager to
calculate such quarterly installment, which calculation shall identify and set forth any PIK-Related Incentive Fees calculated
as part of the quarterly installment, shall thereafter promptly be delivered to the Board and, upon such delivery and subject to
the provisions of Section 6(e) hereof, payment of such installment of the Incentive Fee shown therein shall be paid in cash
and due and payable no later than the date which is five (5) Business Days after the date of delivery to the Board of such
computations; provided, however, that at the discretion of a majority of the Independent Directors, up to 50% of each quarterly
installment of the Incentive Fee may be paid in shares of Common Stock (“Incentive Fee Shares”). The determination
of the value of the Common Stock to be delivered pursuant to the preceding sentence shall be calculated in accordance with clause
(f) below. Incentive Fee Shares delivered as payment of the Incentive Fee shall be immediately vested.

 

(e)               
Any PIK-Related Incentive Fee earned by the Manager shall be deferred until the associated PIK Income is actually received
in cash by the Company; provided, however, that all or a portion of such deferred PIK-Related Incentive Fee, regardless of the
quarter in which it was deferred, shall be payable to the Manager by the Company, but only if and to the extent that cumulative
payments of PIK-Related Incentive Fees since the Public Offering do not exceed the PIK-Related Incentive Fee Cap. For the avoidance
of doubt, if cash proceeds related to PIK Income are received by the Company in a quarter subsequent to the quarter in which the
associated PIK-Related Incentive Fee was paid to the Manager, the amount of such associated PIK-Related Incentive Fee shall be
deducted from such cumulative payments for the calculation of the PIK-Related Incentive Fee Cap.

 

(f)                
Shares of Common Stock payable as Incentive Fee shall be valued as follows:

 

(i)                
if such shares of Common Stock are traded on a Securities Exchange, the value of such shares of Common Stock shall be deemed
to be the average of the daily per share closing prices of the Common Stock on such Securities Exchange during the last calendar
month of the quarter to which such quarterly installment of the Incentive Fee relates;

 

(ii)              
if such shares of Common Stock are actively traded over-the-counter, the value shall be deemed to be the average of the
daily per share closing bid or sales price of Common Stock, as applicable, over the thirty (30) calendar day period ending three
(3) calendar days prior to the date of issuance of such shares; and

 

(iii)            
if there is no active public market for the Common Stock, the value shall be the fair market value thereof, as reasonably
determined in good faith by the Independent Directors.

 

Section 7.                
Expenses of the Company.

 

(a)              
The Manager shall be responsible for all expenses related to any and all personnel of the Manager and its Affiliates
who provide services to the Company Entities pursuant to this Agreement (including, without limitation, each of the officers of
the Company and any director of the Company who is not an Independent Director and any officers, employees or agents of the Manager
or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee
benefit plans of such personnel, and costs of insurance with respect to such personnel, specifically including expenses related
to support of the personnel of the Manager, such as office rent, telephone, utilities, office furniture, equipment, machinery and
other office, internal and overhead expenses of the Manager. For the avoidance of doubt, any Equity Incentive Plan of the Company
or the Operating Partnership in which any person referred to above participates shall be excluded from the operation of this Section
7(a).

 

    	Page 15 of 30

    	 

    

 

(b)               The
Company shall pay (or cause to be paid) all of the costs and expenses of each Company Entity and shall reimburse the Manager
or its Affiliates for documented third-party expenses of accountants, legal counsel, appraisers, insurers, brokers, real
estate agents, environmental consultants, registrars, investment banks, financial advisors, due diligence firms, banks
and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of
the Company and its assets. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to
cause any such services to be rendered by its employees or Affiliates. The Company shall pay or reimburse the Manager or its
Affiliates performing such services for the documented cost thereof, provided, that such expenses are in amounts no
greater than those that would be payable to third-party professionals or consultants engaged to perform such services
pursuant to agreements negotiated on an arm’s-length basis, and excepting only those expenses that are specifically the
responsibility of the Manager pursuant to Section 7(a) of this Agreement. Without limiting the generality of the
foregoing, it is specifically agreed that the following costs and expenses of the Company Entities shall be paid by the
Company and shall not be paid by the Manager or Affiliates of the Manager:

 

(i)                
marketing, pursuit, due diligence and other acquisition expenses incurred in connection with the selection and acquisition
of Investments;

 

(ii)              
general and administrative expenses of the Company Entities;

 

(iii)            
expenses in connection with the issuance of securities of any Company Entity, any Financing Transaction and other costs
incident to the acquisition, development, redevelopment, construction, repositioning, leasing, disposition and financing of the
Investments;

 

(iv)            
costs of legal, tax, accounting, engineering, consulting, auditing and other similar services rendered for any Company Entity
by providers retained by the Manager or, if provided by the Manager’s personnel, in amounts which are no greater than those
which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated
on an arm’s-length basis;

 

(v)              
the compensation, if any, and expenses of the Independent Directors and the cost of liability insurance to indemnify the
Company and its directors and officers;

 

(vi)            
costs associated with the establishment and maintenance of any of the Company’s credit facilities, other financing
arrangements, or other indebtedness of the Company Entities (including commitment fees, accounting fees, legal fees, closing and
other similar costs) or any securities offerings of any Company Entity;

 

(vii)          
expenses connected with communications to holders of the securities of any Company Entity and other bookkeeping and clerical
work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other
requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and filing required reports
with the SEC, the costs payable by any Company Entity to any transfer agent and registrar in connection with any securities of
such Company Entity, the fees payable by the Company to any Securities Exchange in connection with the listing of securities of
any Company Entity, costs of preparing, printing and mailing the Company’s annual report, as applicable, and proxy materials
with respect to any meeting of the Company’s members, as applicable, any investor relations activities conducted on behalf
of the Company;

 

(viii)        
costs associated with any computer software or hardware, including but not limited to electronic equipment, cloud-based
services or purchased information technology services from third-party vendors that is used for the Company Entities;

 

    	Page 16 of 30

    	 

    

 

(ix)            
expenses incurred by managers, officers, personnel and agents of the Manager for travel on any Company Entities’ behalf
and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the acquisition,
development, redevelopment, construction, repositioning, leasing, financing, refinancing, sale or other disposition of an Investment
or establishment or support of any of the Company’s securities offerings, or in connection with any Financing Transaction;

 

(x)              
costs and expenses incurred with respect to market information systems and publications, research publications and materials,
and settlement, clearing and custodial fees and expenses;

 

(xi)            
compensation and expenses of the Company’s custodian, if any;

 

(xii)          
the costs of maintaining compliance with all federal, state and local rules and regulations or any other regulatory agency;

 

(xiii)        
all taxes and license fees;

 

(xiv)        
all insurance costs incurred in connection with the operation of the Company’s business except for the costs attributable
to the insurance that the Manager elects to carry for itself and its personnel;

 

(xv)          
costs and expenses incurred in contracting with third parties;

 

(xvi)        
all other costs and expenses relating to the business and investment operations of the Company Entities, including, without
limitation, the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including
appraisal, reporting, audit and legal fees;

 

(xvii)      
expenses relating to any office(s) or office facilities, including, but not limited to, disaster backup recovery sites and
facilities, maintained for any Company Entity or their Investments separate from the office or offices of the Manager;

 

(xviii)    
expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused
to be made by the Board to or on account of holders of the securities of any Company Entity, including, without limitation, in
connection with any dividend reinvestment plan;

 

(xix)        
any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against any Company
Entity, or against any trustee, director, partner, member or officer of such Company Entity in his capacity as such for which any
Company Entity is required to indemnify such trustee, director, partner, member or officer pursuant to the applicable Governing
Instruments or any agreement or other instrument or by any court or governmental agency; and

 

(xx)          
all other expenses actually incurred by the Manager (except as otherwise specified herein) that are reasonably necessary
for the performance by the Manager of its duties and functions under this Agreement.

 

(c)               
Costs and expenses incurred by the Manager on behalf of the Company Entities shall be reimbursed monthly to the Manager.
The Manager shall prepare a written statement in reasonable detail documenting the reimbursable costs and expenses incurred by
the Manager on behalf of the Company Entities during each month, and shall deliver such written statement to the Company within
thirty (30) days after the end of each month. The Company shall pay all amounts payable to the Manager pursuant to this Section
7(c) within five (5) Business Days after the receipt of the written statement without demand, deduction, offset or delay.
Cost and expense reimbursement to the Manager shall be subject to adjustment at the end of each calendar year in connection with
the annual audit of the Company. The provisions of this Section 7 shall survive the expiration or earlier termination
of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration
or termination.

 

    	Page 17 of 30

    	 

    

 

Section 8.                
Limits of the Manager’s Responsibility.

 

(a)              
The Manager assumes no responsibility under this Agreement other than to render the services called for hereunder in
good faith and shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations
of the Manager, including as set forth in the Investment Guidelines. The Manager, its officers, members, managers, directors, personnel,
Affiliates, and any Person providing sub-advisory services to the Manager (each, a “Manager Indemnified Party”),
will not be liable to any Company Entity or any of the stockholders, partners, members or other holders of equity interests of
any Company Entity for any acts or omissions by any Manager Indemnified Party performed in accordance with and pursuant to this
Agreement, except by reason of any act or omission on the part of such Manager Indemnified Party constituting bad faith, willful
misconduct, gross negligence or reckless disregard of their duties under the Management Agreement as determined by a final, non-appealable
order of a court of competent jurisdiction.

 

(b)              
The Company shall, to the full extent lawful, reimburse, indemnify and hold harmless each Manager Indemnified Party,
of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including
reasonable attorneys’ fees) (collectively, “Losses”) in respect of or arising from any acts or omissions
of such Manager Indemnified Party performed in good faith under this Agreement and not constituting bad faith, willful misconduct,
gross negligence or reckless disregard of duties of such Manager Indemnified Party under this Agreement as determined by a final,
non-appealable order of a court of competent jurisdiction. In addition, the Company shall advance funds to a Manager Indemnified
Party for legal fees and other costs and expenses incurred as a result of any claim, suit, action or proceeding for which indemnification
is being sought pursuant to the terms of this Agreement, provided, that such Manager Indemnified Party undertakes to repay
the advanced funds to the Company, together with the applicable legal rate of interest thereon, if it shall ultimately be determined
that such Manager Indemnified Party is not entitled to be indemnified by the Company as provided herein in connection with such
claim, suit, action or proceeding.

 

(c)               
The Manager shall, to the full extent lawful, reimburse, indemnify and hold harmless the Company, its directors and
officers, personnel, agents and Affiliates (each, a “Company Indemnified Party,” and collectively with a Manager
Indemnified Party, each an “Indemnified Party”) of and from any and all Losses in respect of or arising from
(i) any acts or omissions of the Manager constituting bad faith, willful misconduct, gross negligence or reckless disregard
of the duties of the Manager under this Agreement, or (ii) any claims by the Manager’s personnel relating to the terms
and conditions of their employment by the Manager.

 

(d)              
In case any such claim, suit, action or proceeding (a “Claim”) is brought against any Indemnified
Party in respect of which indemnification may be sought by such Indemnified Party pursuant hereto, the Indemnified Party shall
give prompt written notice thereof to the indemnifying party, which notice shall include all documents and information in the possession
of or under the control of such Indemnified Party reasonably necessary for the evaluation and/or defense of such Claim and shall
specifically state that indemnification for such Claim is being sought under this Section 8; provided, however, that
the failure of the Indemnified Party to so notify the indemnifying party shall not limit or affect such Indemnified Party’s
rights other than pursuant to this Section 8. Upon receipt of such notice of Claim (together with such documents and information
from such Indemnified Party), the indemnifying party shall, at its sole cost and expense, in good faith defend any such Claim with
counsel reasonably satisfactory to such Indemnified Party, which counsel may, without limiting the rights of such Indemnified Party
pursuant to the next sentence of this Section 8(c), also represent the indemnifying party in such investigation, action
or proceeding. In the alternative, such Indemnified Party may elect to conduct the defense of the Claim, if (i) such Indemnified
Party reasonably determines that the conduct of its defense by the indemnifying party could be materially prejudicial to its interests,
(ii) the indemnifying party refuses to assume such defense (or fails to give written notice to the Indemnified Party within
ten (10) days of receipt of a notice of Claim that the indemnifying party assumes such defense), or (iii) the indemnifying
party shall have failed, in such Indemnified Party’s reasonable judgment, to defend the Claim in good faith. The indemnifying
party may settle any Claim against such Indemnified Party without such Indemnified Party’s consent, provided (i) such
settlement is without any Losses whatsoever to such Indemnified Party, (ii) the settlement does not include or require any
admission of liability or culpability by such Indemnified Party and (iii) the indemnifying party obtains an effective written
release of liability for such Indemnified Party from the party to the Claim with whom such settlement is being made, which release
must be reasonably acceptable to such Indemnified Party, and a dismissal with prejudice with respect to all claims made by the
party against such Indemnified Party in connection with such Claim. The applicable Indemnified Party shall reasonably cooperate
with the indemnifying party, at the indemnifying party’s sole cost and expense, in connection with the defense or settlement
of any Claim in accordance with the terms hereof. If such Indemnified Party is entitled pursuant to this Section 8 to elect
to defend such Claim by counsel of its own choosing and so elects, then the indemnifying party shall be responsible for any good
faith settlement of such Claim entered into by such Indemnified Party. Except as provided in the immediately preceding sentence,
no Indemnified Party may pay or settle any Claim and seek reimbursement therefor under this Section 8.

 

    	Page 18 of 30

    	 

    

 

(e)               
Any Indemnified Party entitled to indemnification hereunder shall seek recovery under any insurance policies by which
such Indemnified Party is covered and any Indemnified Party shall obtain the written consent of the indemnifying party prior to
entering into any compromise or settlement which would result in an obligation of such indemnifying party to indemnify such Indemnified
Party; provided, however, that the possibility of recovery under any such insurance policies shall not preclude an Indemnified
Party from seeking indemnification pursuant to this Agreement. If such Indemnified Party shall actually recover any
amounts under any applicable insurance policies, it shall offset the net proceeds so received against any amounts owed by the indemnifying
party by reason of the indemnity provided hereunder or, if all such amounts shall have been paid by the indemnifying party in full
prior to the actual receipt of such net insurance proceeds, it shall pay over such proceeds (up to the amount of indemnification
paid by the indemnifying party to such Indemnified Party) to the indemnifying party. If the amounts in respect of which indemnification
is sought arise out of the conduct of the business and affairs of the Company or any Subsidiary and also of any other Person or
entity for which the Indemnified Party hereunder was then acting in a similar capacity, the amount of the indemnification to be
provided by the Company may be limited to the Company’s proportionate share thereof if so determined by the Company in good
faith.

 

(f)                
The provisions of this Section 8 shall survive the expiration or earlier termination of this Agreement.

 

Section 9.                
No Joint Venture.

 

The parties to this Agreement are not partners
or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose
any liability as such on any of them.

 

Section 10.            
Term; Renewal; Termination Without Cause.

 

(a)              
This Agreement shall become effective on the Closing Date and shall continue in operation, unless terminated in accordance
with the terms hereof, until the fourth anniversary of the Closing Date (the “Initial Term”). After the Initial
Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period (an “Automatic
Renewal Term”) unless the Company or the Manager elects not to renew this Agreement in accordance with Section 10(b)
or Section 10(d), respectively.

 

    	Page 19 of 30

    	 

    

 

(b)              
Notwithstanding any other provision of this Agreement to the contrary, upon 180 days’ prior written notice
to the Manager prior to the expiration of the Initial Term or any Automatic Renewal Term (the “Termination Notice”),
the Company may, without cause, decline to renew this Agreement (any such nonrenewal, a “Termination Without Cause”)
upon the affirmative vote of at least two-thirds of the Independent Directors that (1) there has been unsatisfactory performance
by the Manager that is materially detrimental to the Company Entities taken as a whole or (2) the terms of the Base Management
Fee and Incentive Fee under this Agreement are not, taken as a whole, in accordance with then-current market terms for such fees
charged by asset management companies rendering services similar to those rendered by the Manager (“Above-Market Rates”),
subject to Section 10(c) and only after reasonable investigation by the Independent Directors as to the then-current market
terms for such fees charged by similarly situated managers. In the event of a Termination Without Cause, the Company shall pay
the Manager the Termination Fee before or on the last day of the Initial Term or such Automatic Renewal Term, as the case may be
(the “Effective Termination Date”). The Company may terminate this Agreement for cause pursuant to Section 11
hereof even after a Termination Notice and, in such case, no Termination Fee shall be payable.

 

(c)               
Notwithstanding the provisions of subsection (b) above, if the reason for nonrenewal specified in the Company’s
Termination Notice is that two-thirds of the Independent Directors have determined that the terms of the Base Management Fee or
the Incentive Fee under this Agreement are, taken as a whole, at Above-Market Rates, the Company shall not have the foregoing nonrenewal
right in the event the Manager agrees that it will continue to perform its duties hereunder during the Automatic Renewal Term that
would commence upon the expiration of the Initial Term or then current Automatic Renewal Term pursuant to Base Management Fee or
the Incentive Fee terms that at least two-thirds of the Independent Directors determine do not constitute Above-Market Rates, taken
as a whole; provided, however, the Manager shall have the right to renegotiate the terms of the Base Management Fee and/or
the Incentive Fee, by delivering to the Company, not less than 120 days prior to the pending Effective Termination Date, written
notice (a “Notice of Proposal to Negotiate”) of its intention to renegotiate the terms of the Base Management
Fee and/or the Incentive Fee. Thereupon, the Company and the Manager shall endeavor to negotiate the terms of the Base Management
Fee and/or the Incentive Fee in good faith. Provided that the Company and the Manager agree to a revised Base Management Fee, Incentive
Fee or other compensation structure within sixty (60) days following the Company’s receipt of the Notice of Proposal
to Negotiate, the Termination Notice from the Company shall be deemed of no force and effect, and this Agreement shall continue
in full force and effect on the terms stated herein, except that the Base Management Fee, the Incentive Fee or other compensation
structure shall be the revised Base Management Fee, Incentive Fee or other compensation structure effective as of the date as then
agreed upon by the Company and the Manager. The Company and the Manager agree to execute and deliver an amendment to this Agreement
setting forth the terms of such revised Base Management Fee, Incentive Fee, or other compensation structure promptly upon reaching
an agreement regarding same. In the event that the Company and the Manager are unable to agree to a revised terms for the Base
Management Fee, Incentive Fee, or other compensation structure during such sixty (60) day period, this Agreement shall terminate
on the Effective Termination Date and the Company shall be obligated to pay the Manager the Termination Fee upon the Effective
Termination Date as a condition of such termination action being effective.

 

    	Page 20 of 30

    	 

    

 

(d)              
No later than 180 days prior to the expiration of the Initial Term or the then current Automatic Renewal Term,
the Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement,
whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date
of this Agreement next following the delivery of such notice. The Company is not required to pay to the Manager the Termination
Fee if the Manager terminates this Agreement pursuant to this Section 10(d).

 

(e)               
Except as set forth in this Section 10, a nonrenewal of this Agreement pursuant to this Section 10
shall be without any further liability or obligation of either party to the other, except as provided in Section 5, Section 7,
Section 8 and Section 14 of this Agreement.

 

Section 11.            
Termination for Cause.

 

(a)              
The Company may terminate this Agreement effective upon 30 days’ prior written notice of termination from
the Company to the Manager (a “Cause Termination Notice”), without payment of any Termination Fee, if (i) 
the Manager, its agents or assignees breaches any material provision of this Agreement and such breach shall continue for a period
of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period
(or 45 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days of the
written notice), (ii) there is a commencement of any proceeding relating to the Manager’s Bankruptcy or insolvency,
including an order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a voluntary bankruptcy petition,
(iii) any Manager Change of Control which a majority of the Independent Directors determines is materially detrimental to
the Company Entities taken as a whole, (iv) the dissolution of the Manager, or (v) the Manager commits fraud against the Company,
misappropriates or embezzles funds of the Company, or acts, or fails to act, in a manner constituting gross negligence, or acts
in a manner constituting bad faith or willful misconduct, in the performance of its duties under this Agreement; provided, however,
that if any of the actions or omissions described in this clause (v) are caused by an employee and/or officer of the Manager
or one of its Affiliates and the Manager takes all necessary and appropriate action against such person and cures the damage caused
by such actions or omissions within 30 days of the Manager’s actual knowledge of its commission or omission, the Company
shall not have the right to terminate this Agreement pursuant to this Section 11(a)(v) and any Cause Termination Notice
previously given in reliance on this clause (v) automatically shall be deemed to have been rescinded and nugatory.

 

(b)              
The Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to the
Company in the event that the Company shall default in the performance of any material term, condition or covenant contained in
this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default
and requesting that the same be remedied in such 30-day period. The Company is required to pay to the Manager the Termination Fee
if the termination of this Agreement is made pursuant to this Section 11(b).

 

(c)               
The Manager may terminate this Agreement if the Company becomes required to register as an investment company under
the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company shall
not be required to pay the Termination Fee.

 

    	Page 21 of 30

    	 

    

 

Section 12.            
Action Upon Termination.

 

From and after the effective date of termination
of this Agreement pursuant to Sections 10 or 11 of this Agreement, the Manager shall not be entitled to compensation
for further services hereunder, but shall be paid all compensation accruing to the date of termination and, if (x) terminated pursuant
to Section 11(b) hereof or (y) not renewed pursuant to Section 10(b) hereof (subject to Section 10(c) hereof),
the Termination Fee. Upon any such termination, the Manager shall forthwith:

 

(a)              
after deducting any accrued compensation and reimbursement for its expenses that have been submitted to the Company
prior to the effective date of termination, pay over to each Company Entity all money collected and held for the account of such
Company Entity pursuant to this Agreement;

 

(b)              
deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last accounting furnished to the Board with respect to the
Company Entities;

 

(c)               
deliver to the Board all property and documents of the Company Entities then in the custody of the Manager; and

 

(d)              
cooperate with the Company Entities to provide an orderly management transition, including, but not limited to, the
transition to a new manager of control of the assets of the Company Entities.

 

Section 13.            
Assignments.

 

(a)              
Assignments by the Manager. This Agreement shall terminate automatically without payment of the Termination Fee
in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company
and the Operating Partnership with the consent of a majority of the Independent Directors. Any such permitted assignment shall
bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company
Entities for all acts or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver
to the Company a counterpart of this Agreement naming such assignee as the Manager. Notwithstanding the foregoing, the Manager
may, without the approval of the Company’s Independent Directors, delegate to one or more of its Affiliates the performance
of any of its responsibilities hereunder so long as it remains liable for any such Affiliate’s performance. Nothing contained
in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement.

 

(b)              
Assignments by the Company. This Agreement shall not be assigned by the Company without the prior written consent
of the Manager, except in the case of assignment by the Company to a REIT or other organization which is a successor (by merger,
consolidation, purchase of assets, or other transaction) to the Company, in which case such successor organization shall be bound
under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement.

 

    	Page 22 of 30

    	 

    

 

Section 14.            
Release of Money or Other Property Upon Written Request.

 

The Manager agrees that any money or other
property of any Company Entity held by the Manager shall be held by the Manager as custodian for the Company, and the Manager’s
records shall be appropriately and clearly marked to reflect the ownership of such money or other property by such Company Entity.
Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager
to release to the Company any money or other property then held by the Manager for the account of any Company Entity under this
Agreement, then subject to the Manager’s right to offset pursuant to Section 12(a) hereof, the Manager shall release
such money or other property to such Company Entity within a reasonable period of time, but in no event later than 60 days
following such request. Upon delivery of such money or other property to such Company Entity, the Manager shall not be liable to
the Company, the Board, or any of the directors or equity holders of any Company Entity for any acts or omissions by the Company
in connection with the money or other property released to such Company Entity in accordance with this Section 14. The Company
shall indemnify the Manager Indemnified Parties against any and all Losses which arise in connection with the Manager’s proper
release of such money or other property to a Company Entity in accordance with the terms of this Section 14. Indemnification
pursuant to this provision shall be in addition to any right of the Manager Indemnified Parties to indemnification under Section
8 of this Agreement.

 

Section 15.            
Representations and Warranties.

 

(a)              
The Company hereby represents and warrants to the Manager as follows:

 

(i)                
The Company is duly organized, validly existing and in good standing under the laws of the State of Maryland, has the corporate
power and authority and the legal right to own and operate its assets, to lease any property it may operate as lessee and to conduct
the business in which it is now engaged and is duly qualified as a foreign corporation and in good standing under the laws of each
jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification, except for failures
to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on the business operations,
assets or financial condition of the Company Entities, taken as a whole.

 

(ii)              
The Company has the corporate power and authority and the legal right to make, deliver and perform this Agreement and all
obligations required hereunder and has taken all necessary action to authorize this Agreement on the terms and conditions hereof
and the execution, delivery and performance of this Agreement and all obligations required hereunder. No consent of any other Person,
including stockholders and creditors of the Company, and no license, permit, approval or authorization of, exemption by, notice
or report to, or registration, filing or declaration with, any governmental authority is required by the Company in connection
with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and all obligations required
hereunder. This Agreement has been, and each instrument or document required hereunder will be, executed and delivered by a duly
authorized officer of the Company, and this Agreement constitutes, and each instrument or document required hereunder when executed
and delivered hereunder will constitute, the legally valid and binding obligation of the Company enforceable against the Company
in accordance with its terms.

 

(iii)            
The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate
any provision of any existing law or regulation binding on the Company, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Company, or the Governing Instruments of, or any securities issued by the Company or of
any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Company is a party or by which
the Company or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations,
assets or financial condition of the Company Entities, taken as a whole, and will not result in, or require, the creation or imposition
of any lien or any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract
or other agreement, instrument or undertaking.

 

    	Page 23 of 30

    	 

    

 

(b)              
The Operating Partnership hereby represents and warrants to the Manager as follows:

 

(i)                
The Operating Partnership is duly organized, validly existing and in good standing under the laws of the State of Delaware,
has the limited partnership power and authority and the legal right to own and operate its assets, to lease any property it may
operate as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign limited partnership
and in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business
requires such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have
a material adverse effect on the business operations, assets or financial condition of the Company Entities, taken as a whole.

 

(ii)              
The Operating Partnership has the limited partnership power and authority and the legal right to make, deliver and perform
this Agreement and all obligations required hereunder and has taken all necessary limited partnership action to authorize this
Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations
required hereunder. No consent of any other Person, including partners and creditors of the Operating Partnership, and no license,
permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental
authority is required by the Operating Partnership in connection with this Agreement or the execution, delivery, performance, validity
or enforceability of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document
required hereunder will be, executed and delivered by a duly authorized officer of the Operating Partnership, and this Agreement
constitutes, and each instrument or document required hereunder when executed and delivered hereunder will constitute, the legally
valid and binding obligation of the Operating Partnership enforceable against the Operating Partnership in accordance with its
terms.

 

(iii)            
The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate
any provision of any existing law or regulation binding on the Operating Partnership, or any order, judgment, award or decree of
any court, arbitrator or governmental authority binding on the Operating Partnership, or the Governing Instruments of, or any securities
issued by the Operating Partnership or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking
to which the Operating Partnership is a party or by which the Operating Partnership or any of its assets may be bound, the violation
of which would have a material adverse effect on the business operations, assets or financial condition of the Company Entities,
taken as a whole, and will not result in, or require, the creation or imposition of any lien or any of its property, assets or
revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking.

 

(c)               
RBMI hereby represents and warrants to the Manager as follows:

 

(i)                
RBMI is duly organized, validly existing and in good standing under the laws of the State of Delaware, has the limited liability
company power and authority and the legal right to own and operate its assets, to lease any property it may operate as lessee and
to conduct the business in which it is now engaged and is duly qualified as a foreign limited liability company and in good standing
under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification,
except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material adverse effect on
the business operations, assets or financial condition of the Company Entities, taken as a whole.

 

    	Page 24 of 30

    	 

    

 

(ii)              
RBMI has the limited liability company power and authority and the legal right to make, deliver and perform this Agreement
and all obligations required hereunder and has taken all necessary limited liability company action to authorize this Agreement
on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations required hereunder.
No consent of any other Person, including partners and creditors of RBMI, and no license, permit, approval or authorization of,
exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required by RBMI
in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement and all
obligations required hereunder. This Agreement has been, and each instrument or document required hereunder will be, executed and
delivered by RBMI’s managing member, and this Agreement constitutes, and each instrument or document required hereunder when
executed and delivered hereunder will constitute, the legally valid and binding obligation of RBMI enforceable against RBMI in
accordance with its terms.

 

(iii)            
The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate
any provision of any existing law or regulation binding on RBMI, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on RBMI, or the Governing Instruments of, or any securities issued by RBMI or of any mortgage,
indenture, lease, contract or other agreement, instrument or undertaking to which RBMI is a party or by which RBMI or any of its
assets may be bound, the violation of which would have a material adverse effect on the business operations, assets or financial
condition of the Company Entities, taken as a whole, and will not result in, or require, the creation or imposition of any lien
or any of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other
agreement, instrument or undertaking.

 

(d)              
The Manager hereby represents and warrants to the Company as follows:

 

(i)                
The Manager is duly organized, validly existing and in good standing under the laws of the State of North Carolina, has
the limited liability company power and authority and the legal right to own and operate its assets, to lease the property it operates
as lessee and to conduct the business in which it is now engaged and is duly qualified as a foreign limited liability company and
in good standing under the laws of each jurisdiction where its ownership or lease of property or the conduct of its business requires
such qualification, except for failures to be so qualified, authorized or licensed that could not in the aggregate have a material
adverse effect on the business operations, assets or financial condition of the Manager.

 

(ii)              
The Manager has the limited liability company power and authority and the legal right to make, deliver and perform this
Agreement and all obligations required hereunder and has taken all necessary limited liability company action to authorize this
Agreement on the terms and conditions hereof and the execution, delivery and performance of this Agreement and all obligations
required hereunder. No consent of any other Person, including members and creditors of the Manager, and no license, permit, approval
or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority
is required by the Manager in connection with this Agreement or the execution, delivery, performance, validity or enforceability
of this Agreement and all obligations required hereunder. This Agreement has been, and each instrument or document required hereunder
will be, executed and delivered by a duly authorized officer of the Manager, and this Agreement constitutes, and each instrument
or document required hereunder when executed and delivered hereunder will constitute, the legally valid and binding obligation
of the Manager enforceable against the Manager in accordance with its terms.

 

    	Page 25 of 30

    	 

    

 

(iii)            
The execution, delivery and performance of this Agreement and the documents or instruments required hereunder will not violate
any provision of any existing law or regulation binding on the Manager, or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Manager, or the Governing Instruments of, or any securities issued by the Manager or of
any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Manager is a party or by which
the Manager or any of its assets may be bound, the violation of which would have a material adverse effect on the business operations,
assets or financial condition of the Manager, and will not result in, or require, the creation or imposition of any lien on any
of its property, assets or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement,
instrument or undertaking.

 

Section 16.            
Miscellaneous.

 

(a)              
Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be
in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or
made when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight
courier, (iii) delivery by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified
mail, postage prepaid, return receipt requested, addressed as set forth below (or to such other address as may be hereafter notified
by the respective parties hereto in accordance with this Section 16):

 

	 	The Company:	RiverBanc Multifamily Investors, Inc.
	 	 	227 West Trade Street, Suite 900
	 	 	Charlotte, NC 28202
	 	 	Attention: Kevin Donlon
	 	 	kdonlon@riverbanc.com
	 	 	 
	 	Operating Partnership:	RiverBanc Multifamily LP
	 	 	227 West Trade Street, Suite 900
	 	 	Charlotte, NC 28202
	 	 	Attention: Kevin Donlon
	 	 	kdonlon@riverbanc.com
	 	 	 
	 	RBMI:	RB Multifamily Investors LLC
	 	 	227 West Trade Street, Suite 900
	 	 	Charlotte, NC 28202
	 	 	Attention: Kevin Donlon
	 	 	kdonlon@riverbanc.com
	 	 	 
	 	The Manager:	RiverBanc LLC
	 	 	227 West Trade Street, Suite 900
	 	 	Charlotte, NC 28202
	 	 	Attention: Kevin Donlon
	 	 	kdonlon@riverbanc.com

 

(b)              
Binding Nature of Agreement; Successors and Assigns; No Third Party Beneficiaries. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns
as provided herein. Except as provided in this Agreement with respect to indemnification of Indemnified Parties hereunder, nothing
in this Agreement shall confer any rights upon any Person other than the parties hereto and their respective heirs, legal representatives,
successors and permitted assigns.

 

    	Page 26 of 30

    	 

    

 

(c)               
Integration. This Agreement contains the entire agreement and understanding among the parties hereto with respect
to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.

 

(d)              
Amendments. This Agreement, or any terms hereof, may not be amended, supplemented or modified except in an instrument
in writing executed by the parties hereto.

 

(e)               
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW. EACH OF THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE
UNITED STATES DISTRICT COURT FOR ANY DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING
OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, IRREVOCABLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF
ANY SUCH ACTION OR JUDGMENT IN SUCH COURTS, AND IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY
SUCH SUIT OR PROCEEDING IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

(f)                
WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.

 

(g)              
Survival of Representations and Warranties. All representations and warranties made hereunder, and in any document,
certificate or statement delivered pursuant hereto or in connection herewith, shall survive the execution and delivery of this
Agreement.

 

(h)              
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of a party hereto,
any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any
rights, remedies, powers and privileges provided by law.

 

(i)                
Costs and Expenses. Each party hereto shall bear its own costs and expenses (including the fees and disbursements
of counsel and accountants) incurred in connection with the negotiations and preparation of and the closing under this Agreement,
and all matter incident thereto.

 

    	Page 27 of 30

    	 

    

 

(j)                
Section Headings. The section and subsection headings in this Agreement are for convenience in reference only
and shall not be deemed to alter or affect the interpretation of any provisions hereof.

 

(k)              
Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate counterparts
(including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(l)                
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

(m)            
Use of Name. The Company acknowledges that it has adopted its name “RiverBanc Multifamily Investors, Inc.”
and the name of the Operating Partnership, “RiverBanc Multifamily LP” (together, the “Names”) through
the permission of the Manager. The Manager hereby grants a non-exclusive, non-sublicensable, non-transferable license to the Company
and its Operating Partnership of the Names for only so long as the Manager serves as the manager of the Company. If the Manager
or any successor to its business shall cease to furnish services to the Company under this Agreement or a similar contractual agreement,
for any reason whatsoever, the Company at its own expense, shall as promptly as practicable, (i) take such action as is necessary
to change the Company’s name, the Operating Partnership’s name and the name of any subsidiary, to remove any reference
to “RiverBanc” or any name, mark or logo type derived from it and (ii) cease to use the Names in any manner,
including, but not limited to, use in any sales literature or promotional material, or in any manner reasonably indicating that
the Company is managed by or otherwise associated with the Manager. The Company agrees to indemnify and hold harmless the Manager
and its Affiliates from and against any and all costs, losses, claims, damages or liabilities, joint or several, including, without
limitation, reasonable attorney’s fees and disbursements, which may arise out of the Company’s use or misuse of the
Names or out of any breach of or failure to comply with this Section 16(m). The above license covers the Names in its entirety
and its use as a trademark and service mark. If the Company or its Operating Partnership wish to use (i) any derivation or combination
of the Names or (ii) the Names as a corporate name, domain name, logo or social media identifier, it shall procure the prior written
consent of the Manager, which shall not be unreasonably withheld. 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	Page 28 of 30

    	 

    

 

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

 

RiverBanc Multifamily Investors, Inc.

 

By:                                                                                

Name:Douglas E. Neal

Title:President

 

RiverBanc Multifamily LP

 

By: RiverBanc Multifamily Investors, Inc., its general
partner

 

By:                                                                                

Name: Douglas E. Neal

Title: President

 

RB Multifamily Investors LLC

 

By: RiverBanc Multifamily Investors, Inc., as sole

general
partner of its managing member

 

By:                                                                                

Name: Douglas E. Neal

Title: President

 

RiverBanc LLC

 

By:                                                                                

Name:Kevin Donlon

Title:Chief Executive Officer

 

    	Page 29 of 30

    	 

    

 

Exhibit A

 

Investment Guidelines

 

No investment shall be made without the approval of at least
four members of the Manager’s five-person investment committee;

 

No investment shall be made that would cause the Company to
fail to qualify as a REIT under the Code;

 

No investment shall be made that would cause the Company or
any of its subsidiaries to be required to be registered as an investment company under the Investment Company Act;

 

Investments will be predominantly in the form of joint venture
equity ownership and preferred equity ownership in, and mezzanine debt and other high-yield investments secured by, multifamily
apartment properties;

 

Prior to the deployment of the Company’s capital into
investments, the Manager may cause the Company’s capital to be invested in any short-term investments in money market funds,
bank accounts, overnight repurchase agreements with primary Federal Reserve Bank dealers collateralized by direct U.S. government
obligations, highly rated commercial mortgage backed securities and other instruments or investments determined by the Manager
to be of high quality;

 

Not more than 25% of Equity will be invested in any individual
investment without the approval of the Company’s board of directors; and

 

Any equity investment in excess of $30 million requires the
approval of the Company’s board of directors.

 

 

    	Page 30 of 30Exhibit 10.4 

 

 

riverbanc
multifamily investors, inc.

  

2015 EQUITY INCENTIVE PLAN

 

    	 

    	 

    

 

	 	Table of Contents	 
	 	 	 
	 	 	Page
	Article I DEFINITIONS	5
	1.01.	Affiliate	5
	1.02.	Agreement	5
	1.03.	Board	5
	1.04.	Change in Control	5
	1.05.	Code	7
	1.06.	Committee	7
	1.07.	Common Stock	7
	1.08.	Company	7
	1.09.	Control Change Date	7
	1.10.	Corresponding SAR	7
	1.11.	Dividend Equivalent Right	7
	1.12.	Effective Date	8
	1.13.	Exchange Act	8
	1.14.	Fair Market Value	8
	1.15.	Incumbent Directors	8
	1.16.	Incentive Award	8
	1.17.	Initial Value	9
	1.18.	LTIP Unit	9
	1.19.	Manager	9
	1.20.	Offering	9
	1.21.	OP Units	9
	1.22.	Operating Partnership	9
	1.23.	Option	9
	1.24.	Other Equity-Based Award	10
	1.25.	Participant	10
	1.26.	Performance Units	10
	1.27.	Plan	10
	1.28.	REIT	10
	1.29.	SAR	10
	1.30.	Stock Award	11
	1.31.	Ten Percent Shareholder	11
	Article II PURPOSES	11
	Article III ADMINISTRATION	11
	Article IV ELIGIBILITY	12
	Article V COMMON SHARES SUBJECT
    TO PLAN	12
	5.01.	Common Shares Issued	12
	5.02.	Aggregate Limit	13
	5.03.	Reallocation of Shares	13

 

    	-2-

    	 

    

 

	 	 	 
	Article VI OPTIONS	14
	6.01.	Award	14
	6.02.	Option Price	14
	6.03.	Maximum Option Period	14
	6.04.	Transferability	14
	6.05.	Employee Status	14
	6.06.	Exercise	15
	6.07.	Payment	15
	6.08.	Stockholder Rights	15
	6.09.	Disposition of Shares	15
	Article VII SARS	16
	7.01.	Award	16
	7.02.	Maximum SAR Period	16
	7.03.	Transferability	16
	7.04.	Exercise	16
	7.05.	Employee Status	17
	7.06.	Settlement	17
	7.07.	Stockholder Rights	17
	Article VIII STOCK AWARDS	17
	8.01.	Award	17
	8.02.	Vesting	17
	8.03.	Employee Status	17
	8.04.	Stockholder Rights	18
	Article IX PERFORMANCE UNIT
    AWARDS	18
	9.01.	Award	18
	9.02.	Earning the Award	18
	9.03.	Payment	18
	9.04.	Stockholder Rights	18
	9.05.	Transferability	19
	9.06.	Employee Status	19
	Article X OTHER EQUITY–BASED
    AWARDS	19
	10.01.	Award	19
	10.02.	Terms and Conditions	19
	10.03.	Payment or Settlement	19
	10.04.	Employee Status	20
	10.05.	Stockholder Rights	20
	Article XI INCENTIVE AWARDS	20
	11.01.	Award	20
	11.02.	Terms and Conditions	20
	11.03.	Nontransferability	21
	11.04.	Employee Status	21
	11.05.	Settlement	21

 

    	-3-

    	 

    

 

	11.06.	Stockholder Rights	21
	Article XII ADJUSTMENT UPON
    CHANGE IN COMMON SHARES	21
	Article XIII COMPLIANCE WITH
    LAW AND APPROVAL OF REGULATORY BODIES	22
	Article XIV GENERAL PROVISIONS	22
	14.01.	Effect on Employment and Service	22
	14.02.	Unfunded Plan	23
	14.03.	Rules of Construction	23
	14.04.	Withholding Taxes	24
	14.05.	REIT Status	24
	14.06.	Elections Under Section 83(b)	24
	Article XV CHANGE IN CONTROL	25
	15.01.	Impact of Change in Control	25
	15.02.	Assumption Upon Change in Control	25
	15.03.	Cash-Out Upon Change in Control	25
	15.04.	Limitation of Benefits	26
	Article XVI AMENDMENT	27
	Article XVII DURATION OF PLAN	27
	Article XVIII EFFECTIVENESS
    OF PLAN	27

 

    	-4-

    	 

    

 

Article
I

DEFINITIONS

 

1.01.
Affiliate

 

“Affiliate”
means, with respect to any entity, any other entity, whether now or hereafter existing, which controls, is controlled by, or is
under common control with, the first entity (including, but not limited to, joint ventures, limited liability companies and partnerships).
For this purpose, the term “control” (including the correlative meanings of the terms “controlled by” and
“under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting
power of all classes of voting securities issued by such entity, or the possession, directly or indirectly, of the power to direct
the management and policies of such entity, by contract or otherwise.

 

1.02.
Agreement

 

“Agreement”
means a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the
terms and conditions of a Stock Award, an award of Performance Units, an Incentive Award, an Option, SAR or Other Equity-Based
Award (including an LTIP Unit) granted to such Participant.

 

1.03.
Board

 

“Board”
means the Board of Directors of the Company.

 

1.04.
Change in Control

 

“Change in
Control” means and includes each of the following:

  

(a) The acquisition,
either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange
Act) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), of more than 50% of either (i) the then
outstanding shares of Common Stock, taking into account as outstanding for this purpose such shares of Common Stock issuable upon
the exercise of options or warrants, the conversion of convertible shares or debt, and the exercise of any similar right to acquire
such Common Stock (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control (i) any
acquisition by the Company or any of its subsidiaries or by the Manager or any of its Affiliates, (ii) any acquisition by a trustee
or other fiduciary holding the Company’s securities under an employee benefit plan sponsored or maintained by the Company
or any of its Affiliates, (iii) any acquisition by an underwriter, initial purchaser or placement agent temporarily holding the
Company’s securities pursuant to an offering of such securities or (iv) any acquisition by an entity owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of the then Outstanding Company Common
Stock.

 

    	-5-

    	 

    

 

(b) Individuals who
constitute Incumbent Directors at the beginning of any two-consecutive-year period, together with any new Incumbent Directors who
become members of the Board during such two-year period, cease to be a majority of the Board at the end of such two-year period.

  

(c) The consummation
of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company
that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the
transaction (a “Business Combination”), in each case, unless following such Business Combination:

  

(i) the individuals
and entities who were the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Business Combination,
beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of members of the board of directors (or the analogous governing body) of the entity
resulting from such Business Combination (the “Successor Entity”) (or, if applicable, the ultimate parent entity that
directly or indirectly has beneficial ownership of sufficient voting securities to elect a majority of the members of the board
of directors (or the analogous governing body) of the Successor Entity (the “Parent Company”));

  

(ii) no Person
(other than any employee benefit plan sponsored or maintained by the Successor Entity or the Parent Company) beneficially owns
(within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, more than 50% of the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of members of the board of directors (or the
analogous governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity); and

  

(iii) at
least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there
is no Parent Company, the Successor Entity) following the consummation of the Business Combination were Incumbent Directors at
the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination;

  

(d) The direct or indirect
sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions,
of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any Person that
is not a subsidiary of the Company.

 

In addition, if a Change
in Control (as defined in clauses (a) through (d) above) constitutes a payment event with respect to any Option, SAR, Stock Award,
Performance Unit, Incentive Award or Other Equity-Based Award that provides for the deferral of compensation and is subject to
Section 409A of the Code, no payment will be made under that award on account of a Change in Control unless the event described
in subsection (a), (b), (c) or (d) above, as applicable, constitutes a “change in control event” as defined in Treasury
Regulation Section 1.409A-3(i)(5).

 

    	-6-

    	 

    

 

1.05.
Code

 

“Code”
means the Internal Revenue Code of 1986, and any amendments thereto.

 

1.06.
Committee

 

“Committee”
means the Compensation Committee of the Board. Unless otherwise determined by the Board, the Committee shall consist solely of
two or more non-employee members of the Board, each of whom is intended to qualify as a “non-employee director” as
defined by Rule 16b-3 of the Exchange Act or any successor rule, an “outside director” for purposes of Section 162(m)
of the Code (if awards under this Plan are subject to the deduction limitation of Section 162(m) of the Code) and an “independent
director” under the rules of any exchange or automated quotation system on which the Common Stock is listed, traded or quoted;
provided, however, that any action taken by the Committee shall be valid and effective, whether or not the members of the
Committee at the time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided
in any charter of the Committee. If there is no Compensation Committee, then “Committee” means the Board; and provided
further that with respect to awards made to a member of the Board who is not an employee of the Company, the Manager or the
Operating Partnership or one of their respective Affiliates, “Committee” means the Board.

 

1.07.
Common Stock

 

“Common Stock”
means the common stock of the Company, $0.01 par value per share.

 

1.08.
Company

 

“Company”
means RiverBanc Multifamily Investors, Inc., a Maryland corporation.

 

1.09.
Control Change Date

 

“Control Change
Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series of transactions,
the “Control Change Date” is the date of the last of such transactions on which the Change in Control occurs.

 

1.10.
Corresponding SAR

 

“Corresponding
SAR” means an SAR that is granted in relation to a particular Option and that can be exercised only upon the surrender
to the Company, unexercised, of that portion of the Option to which the SAR relates.

 

1.11.
Dividend Equivalent Right

 

“Dividend
Equivalent Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant
to receive (or have credited) cash, securities or other property in amounts equivalent to the cash, securities or other property
dividends declared on shares of Common Stock with respect to specified Performance Units, an Other Equity-Based Award or Incentive
Award of units denominated in shares of Common Stock or other Company securities, as determined by the Committee, in its sole discretion.
The Committee may provide that such Dividend Equivalent Rights (if any) shall be distributed only when, and to the extent that,
the underlying award is vested or earned and also may provide that Dividend Equivalent Rights (if any) shall be deemed to have
been reinvested in additional shares of Common Stock or otherwise reinvested.

 

    	-7-

    	 

    

 

1.12.
Effective Date

 

Subject to the approval
of the Plan by the Company’s stockholders in accordance with Article XVIII, “Effective Date” means the date this
Plan is adopted by the Board.

 

1.13.
Exchange Act

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

1.14.
Fair Market Value

 

“Fair Market
Value” means, on any given date, the reported “closing” price of a share of Common Stock on the New York
Stock Exchange for such date or, if there is no closing price for a share of Common Stock on the date in question, the closing
price for a share of Common Stock on the last preceding date for which a quotation exists. If, on any given date, the Common Stock
is not listed for trading on the New York Stock Exchange, then Fair Market Value shall be the “closing” price of a
share of Common Stock on such other exchange on which the Common Stock is listed for trading for such date (or, if there is no
closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding
date for which such quotation exists) or, if the Common Stock is not listed on any exchange, the amount determined by the Committee
using any reasonable method in good faith and in accordance with the regulations under Section 409A of the Code.

 

1.15.
Incumbent Directors

 

“Incumbent Directors”
means individuals elected to the Board (either by a specific vote or by approval of the proxy statement of the Company in which
such person is named as a nominee for Director without objection to such nomination) and whose election or nomination for election
to the Board was approved by a vote of at least two-thirds of the directors serving on the Board at the time of the election or
nomination, as applicable, shall be an Incumbent Director. No individual designated to serve as a director by a person who shall
have entered into an agreement with the Company to effect a transaction described in Section 1.04(a) or Section 1.04(c) and no
individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest
with respect to directors shall be an Incumbent Director.

 

1.16.
Incentive Award

 

“Incentive
Award” means an award awarded under Article XI which, subject to the terms and conditions prescribed by the Committee,
entitles the Participant to receive a payment from the Company or an Affiliate of the Company.

 

    	-8-

    	 

    

 

1.17.
Initial Value

 

“Initial Value”
means, with respect to a Corresponding SAR, the option price per share of the related Option and, with respect to an SAR granted
independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided,
however, that the price shall not be less than the Fair Market Value on the date of grant (or 110% of the Fair Market Value
on the date of grant in the case of a Corresponding SAR that relates to an incentive stock option granted to a Ten Percent Shareholder).
Except as provided in Article XII, without the approval of stockholders (i) the Initial Value of an outstanding SAR may not be
reduced (by amendment, cancellation and new grant or otherwise) and (ii) no payment shall be made in cancellation of an SAR if,
on the date of amendment, cancellation, new grant or payment, the Initial Value exceeds Fair Market Value.

 

1.18.
LTIP Unit

 

“LTIP Unit”
means an “LTIP Unit” as defined in the Operating Partnership’s partnership agreement. An LTIP Unit granted under
this Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in that partnership
agreement, subject to the terms and conditions of the applicable Agreement and that partnership agreement.

 

1.19.
Manager

 

“Manager”
means RiverBanc LLC, a North Carolina limited liability company, the Company’s external manager or any entity that becomes
the Company’s external manager.

 

1.20.
Offering

 

“Offering”
means the initial public offering of Common Stock registered under the Securities Act of 1933, as amended.

 

1.21.
OP Units

 

“OP Units”
means units of limited partnership interest of the Operating Partnership.

 

1.22.
Operating Partnership

 

“Operating
Partnership” means RB Multifamily Investors, LLC, a Delaware limited liability company, the Company’s operating
partnership or any entity that becomes the Company’s operating partnership.

 

1.23.
Option

 

“Option”
means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price
set forth in an Agreement.

 

    	-9-

    	 

    

 

1.24.
Other Equity-Based Award

 

“Other Equity-Based
Award” means any award other than an Incentive Award, an Option, SAR, a Performance Unit award or a Stock Award which,
subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive shares of Common
Stock or rights or units valued in whole or in part by reference to, or otherwise based on, shares of Common Stock (including securities
convertible into Common Stock) or other equity interests, including LTIP Units.

 

1.25.
Participant

 

“Participant”
means an employee or officer of the Company or an Affiliate of the Company, a member of the Board, or an individual who provides
services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate
of the Company by virtue of employment with, or providing services to, the Manager or the Operating Partnership or an Affiliate
of the Manager or Operating Partnership), and who satisfies the requirements of Article IV and is selected by the Committee to
receive an award of Performance Units or a Stock Award, an Incentive Award, Option, SAR, Other Equity-Based Award or a combination
thereof.

 

1.26.
Performance Units

 

“Performance
Units” means an award, in the amount determined by the Committee, stated with reference to a specified or determinable
number of shares of Common Stock, that in accordance with the terms of an Agreement entitles the holder to receive a payment for
each specified unit equal to the value of an equal number of shares of Common Stock on the date of payment.

 

1.27.
Plan

 

“Plan”
means this RiverBanc Multifamily Investors, Inc. 2015 Equity Incentive Plan, as amended from time to time.

 

1.28.
REIT

 

“REIT”
means a real estate investment trust within the meaning of Sections 856 through 860 of the Code.

 

1.29.
SAR

 

“SAR”
means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with respect
to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time
of exercise over the Initial Value. References to “SARs” include both Corresponding SARs and SARs granted independently
of Options, unless the context requires otherwise.

 

    	-10-

    	 

    

 

1.30.
Stock Award

 

“Stock Award”
means shares of Common Stock awarded to a Participant under Article VIII.

 

1.31.
Ten Percent Shareholder

 

“Ten Percent
Shareholder” means any individual owning more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or of a “parent corporation” or “subsidiary corporation” (as such terms are defined
in Section 424 of the Code) of the Company. An individual shall be considered to own any voting shares owned (directly or indirectly)
by or for his or her brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own proportionately
any voting shares owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual
is a stockholder, partner or beneficiary.

 

Article
II

PURPOSES

 

This Plan is intended
to assist the Company and its Affiliates in recruiting and retaining employees, members of the Board and other individuals who
provide services to the Company, the Manager, the Operating Partnership or an Affiliate of the Company, the Manager or the Operating
Partnership with ability and initiative by enabling such persons to participate in the future success of the Company and its Affiliates
and to associate their interests with those of the Company and its stockholders. This Plan is intended to permit the grant of both
Options qualifying under Section 422 of the Code (“incentive stock options”) and Options not so qualifying, and
the grant of SARs, Stock Awards, Performance Units, Incentive Awards and Other Equity-Based Awards in accordance with this Plan
and any procedures that may be established by the Committee. No Option that is intended to be an incentive stock option shall be
invalid for failure to qualify as an incentive stock option.

 

Article
III

ADMINISTRATION

 

This Plan shall be
administered by the Committee. The Committee shall have authority to grant SARs, Stock Awards, Performance Units, Incentive Awards,
Options and Other Equity-Based Awards upon such terms (not inconsistent with the provisions of this Plan), as the Committee may
consider appropriate. Such terms may include conditions (in addition to those contained in this Plan), on the exercisability of
all or any part of an Option or SAR or on the transferability or forfeitability of a Stock Award, an award of Performance Units,
an Incentive Award or an Other Equity-Based Award. Notwithstanding any such conditions, the Committee may, in its discretion, accelerate
the time at which any Option or SAR may be exercised, or the time at which a Stock Award or Other Equity-Based Award may become
transferable or nonforfeitable or the time at which an Other Equity-Based Award, an Incentive Award or an award of Performance
Units may be settled. In addition, the Committee shall have complete authority to interpret all provisions of this Plan; to prescribe
the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of this Plan (including
rules and regulations that require or allow Participants to defer the payment of benefits under this Plan); and to make all other
determinations necessary or advisable for the administration of this Plan.

 

    	-11-

    	 

    

 

The Committee’s
determinations under this Plan (including without limitation, determinations of the individuals to receive awards under this Plan,
the form, amount and timing of such awards, the terms and provisions of such awards and the Agreements) need not be uniform and
may be made by the Committee selectively among individuals who receive, or are eligible to receive, awards under this Plan, whether
or not such persons are similarly situated. The express grant in this Plan of any specific power to the Committee with respect
to the administration or interpretation of this Plan shall not be construed as limiting any power or authority of the Committee
with respect to the administration or interpretation of this Plan. Any decision made, or action taken, by the Committee in connection
with the administration of this Plan shall be final and conclusive. The members of the Committee shall not be liable for any act
done in good faith with respect to this Plan or any Agreement, Option, SAR, Incentive Award, Stock Award, Other Equity-Based Award
or award of Performance Units. All expenses of administering this Plan shall be borne by the Company.

 

Article
IV

ELIGIBILITY

 

Any employee of the
Company or an Affiliate of the Company (including a trade or business that becomes an Affiliate of the Company after the adoption
of this Plan) and any member of the Board is eligible to participate in this Plan. In addition, any other individual who provides
services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate
of the Company by virtue of employment with, or providing services to, the Manager or the Operating Partnership or an Affiliate
of the Manager or the Operating Partnership) is eligible to participate in this Plan if the Committee, in its sole reasonable discretion,
determines that the participation of such individual is in the best interest of the Company.

 

Article
V

COMMON SHARES SUBJECT TO PLAN

 

5.01.
Common Shares Issued

 

Upon the award of Common
Stock pursuant to a Stock Award, an Other Equity-Based Award or in settlement of an Incentive Award or an award of Performance
Units, the Company may deliver (and shall deliver if required under an Agreement) to the Participant shares of Common Stock from
its authorized but unissued Common Shares. Upon the exercise of any Option or SAR, the Company may deliver, to the Participant
(or the Participant’s broker if the Participant so directs), shares of Common Stock from its authorized but unissued Common
Shares.

 

    	-12-

    	 

    

 

5.02.
Aggregate Limit

 

(a) The maximum aggregate
number of shares of Common Stock that may be issued under this Plan (pursuant to the exercise of Options and SARs, the grant of
Stock Awards or Other Equity-Based Awards and the settlement of Incentive Awards and Performance Units) is equal to the number
of shares of Common Stock equal to the sum of five percent (5.0%) of the total number of shares of Common Stock sold by the
Company in the Offering (including any shares of Common Stock sold by the Company to the underwriters in the Offering pursuant
to the exercise of their option to purchase additional shares (“Option Shares”)). Other Equity-Based Awards that are
LTIP Units shall reduce the maximum aggregate number of Common Shares that may be issued under this Plan on a one-for-one basis,
i.e., the grant of each LTIP Unit shall be treated as an award of a share of Common Stock.

 

(b) The maximum number
of shares of Common Stock that may be issued under this Plan in accordance with Section 5.02(a) shall be subject to adjustment
as provided in Article XII.

 

(c) The maximum number
of shares of Common Stock that may be issued upon the exercise of Options that are incentive stock options or Corresponding SARs
that are related to incentive stock options shall be determined in accordance with Sections 5.02(a) and 5.02(b).

 

5.03.
Reallocation of Shares

 

If any award or grant
under this Plan (including LTIP Units) expires, is forfeited or is terminated without having been exercised or is paid in cash
without a requirement for the delivery of Common Stock, then any shares of Common Stock covered by such lapsed, cancelled, expired,
unexercised or cash-settled portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP Units shall be
available for the grant of other Options, SARs, Stock Awards, Other Equity-Based Awards and settlement of Incentive Awards and
Performance Units under this Plan. Any shares of Common Stock tendered or withheld to satisfy the grant or exercise price or tax
withholding obligation pursuant to any award under this Plan shall be available for future grants or awards. If shares of Common
Stock are issued in settlement of an SAR granted under this Plan, the number of shares of Common Stock available under this Plan
shall be reduced by the number of shares of Common Stock for which the SAR was exercised rather than the number of shares of Common
Stock issued in settlement of the SAR. To the extent permitted by applicable law or the rules of any exchange on which the Common
Stock is listed for trading, shares of Common Stock issued in assumption of, or in substitution for, any outstanding awards of
any entity acquired in any form of combination by the Company or any Affiliate of the Company shall not reduce the number of shares
of Common Stock available for issuance under this Plan.

 

    	-13-

    	 

    

 

Article
VI

OPTIONS

 

6.01.
Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom an Option is to be granted and will
specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards.

 

6.02.
Option Price

 

The price per share
of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall not
be less than the Fair Market Value on the date the Option is granted. Notwithstanding the preceding sentence, the price per share
of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an individual who is a Ten
Percent Shareholder on the date such option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market
Value on the date the Option is granted. Except as provided in Article XII, the price per share of Common Stock of an outstanding
Option may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders. In addition,
no payment shall be made in cancellation of an Option without the approval of stockholders if, on the date of cancellation, the
Option Price exceeds Fair Market Value.

 

6.03.
Maximum Option Period

 

The maximum period
in which an Option may be exercised shall be determined by the Committee on the date of grant except that no Option shall be exercisable
after the expiration of ten years from the date such Option was granted. In the case of an incentive stock option granted to a
Participant who is a Ten Percent Shareholder on the date of grant, such Option shall not be exercisable after the expiration of
five years from the date of grant. The terms of any Option may provide that it is exercisable
for a period less than such maximum period.

 

6.04.
Transferability

 

Any rights or restrictions
with respect to the ability of the holder of any Option granted under this Plan to transfer such Option shall be set forth in the
Agreement relating to such grant; provided, however, that (a) an Option may be transferred by will or the laws of descent
and distribution and (b) an Option that is an incentive stock option may be transferred only by will or laws of descent and distribution.

 

6.05.
Employee Status

 

Incentive stock options
may only be granted to employees of the Company or its “parent” and “subsidiaries” (as such terms are defined
in Section 424 of the Code). For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock
options), or in the event that the terms of any Option provide that it may be exercised only during employment or continued service
or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent
leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions
of continuous employment or service.

 

    	-14-

    	 

    

 

6.06.
Exercise

 

Subject to the provisions
of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such
times and in compliance with such requirements as the Committee shall determine; provided, however, that incentive stock
options (granted under this Plan and all plans of the Company and its “parents” and “subsidiaries” (as
such terms are defined in Section 424 of the Code)) may not be first exercisable in a calendar year for Common Shares having a
Fair Market Value (determined as of the date an Option is granted) exceeding $100,000. An Option granted under this Plan may be
exercised with respect to any number of whole shares of Common Stock less than the full number for which the Option could be exercised.
A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with this Plan
and the applicable Agreement with respect to the remaining shares of Common Stock subject to the Option. The exercise of an Option
shall result in the termination of any Corresponding SAR to the extent of the number of shares of Common Stock with respect to
which the Option is exercised.

 

6.07.
Payment

 

Subject to rules established
by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be made in cash,
certified check, by tendering shares of Common Stock, by attestation of ownership of shares of Common Stock, by a broker-assisted
cashless exercise or in such other form or manner acceptable to the Committee. If shares of Common Stock are used to pay all or
part of the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date of exercise)
of the Common Stock so surrendered or other consideration paid must not be less than the Option price of the shares for which the
Option is being exercised.

 

6.08.
Stockholder Rights

 

No Participant shall
have any rights as a stockholder with respect to shares of Common Stock subject to an Option until the date of exercise of such
Option.

 

6.09.
Disposition of Shares

 

A Participant shall
notify the Company of any sale or other disposition of shares of Common Stock acquired pursuant to an Option that was an incentive
stock option if such sale or disposition occurs (i) within two years of the grant of an Option or (ii) within one year
of the issuance of the Common Stock to the Participant. Such notice shall be in writing and directed to the Secretary of the Company.

 

    	-15-

    	 

    

 

Article
VII

SARS

 

7.01.
Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom SARs are to be granted and will specify
the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. No Participant may be
granted Corresponding SARs (under this Plan and all plans of the Company and its “parents” and “subsidiaries”
(as such terms are defined in Section 424 of the Code)) that are related to incentive stock options which are first exercisable
in any calendar year for shares of Common Stock having an aggregate Fair Market Value (determined as of the date the related Option
is granted) that exceeds $100,000.

 

7.02.
Maximum SAR Period

 

The term of each SAR
shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten years from the
date of grant. In the case of a Corresponding SAR that is related to an incentive stock option granted to a Participant who is
a Ten Percent Shareholder on the date of grant, such Corresponding SAR shall not be exercisable after the expiration of five years
from the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period.

 

7.03.
Transferability

 

Any rights or restrictions
with respect to the ability of the holder of any SAR granted under this Plan to transfer such SAR shall be set forth in the Agreement
relating to such grant; provided, however, that (a) an SAR may be transferred by will or the laws of descent and distribution
and (b) a Corresponding SAR that relates to an incentive stock option may be transferred only by will or the laws of descent and
distribution.

 

7.04.
Exercise

 

Subject to the provisions
of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times
and in compliance with such requirements as the Committee shall determine; provided, however, that a Corresponding SAR that
is related to an incentive stock option may be exercised only to the extent that the related Option is exercisable and only when
the Fair Market Value exceeds the option price of the related Option. An SAR granted under this Plan may be exercised with respect
to any number of whole shares less than the full number for which the SAR could be exercised. A partial exercise of an SAR shall
not affect the right to exercise the SAR from time to time in accordance with this Plan and the applicable Agreement with respect
to the remaining shares of Common Stock subject to the SAR. The exercise of a Corresponding SAR shall result in the termination
of the related Option to the extent of the number of shares of Common Stock with respect to which the SAR is exercised.

 

    	-16-

    	 

    

 

7.05.
Employee Status

 

If the terms of any
SAR provide that it may be exercised only during employment or continued service or within a specified period of time after termination
of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service,
illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

 

7.06.
Settlement

 

At the Committee’s
discretion, the amount payable as a result of the exercise of an SAR may be settled in cash, shares of Common Stock, or a combination
of cash and Common Stock. No fractional share of Common Stock will be deliverable upon the exercise of an SAR but a cash payment
will be made in lieu thereof.

 

7.07.
Stockholder Rights

 

No Participant shall,
as a result of receiving an SAR, have any rights as a stockholder of the Company or any Affiliate of the Company until the date
that the SAR is exercised and then only to the extent that the SAR is settled by the issuance of Common Stock.

 

Article
VIII

STOCK AWARDS

 

8.01.
Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom a Stock Award is to be made and will
specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards.

 

8.02.
Vesting

 

The Committee, on the
date of the award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted
for a period of time or subject to such conditions as may be set forth in the Agreement. By way of example and not of limitation,
the Committee may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted subject
to the attainment of objectives stated with reference to the business of the Company or an Affiliate of the Company or a business
unit’s attainment of objectives stated with respect to performance criteria established by the Committee.

 

8.03.
Employee Status

 

In the event that the
terms of any Stock Award provide that shares may become transferable and nonforfeitable thereunder only after completion of a specified
period of employment or continuous service, the Committee may decide in each case to what extent leaves of absence for governmental
or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment
or service.

 

    	-17-

    	 

    

 

8.04.
Stockholder Rights

 

Unless otherwise specified
in accordance with the applicable Agreement, while the shares of Common Stock granted pursuant to the Stock Award may be forfeited
or are nontransferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right
to receive dividends and vote the shares of Common Stock; provided, however, that during such period (i) a Participant may
not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Common Stock granted pursuant to a Stock Award,
(ii) the Committee may postpone the distribution of dividends until and to the extent that the Stock Award becomes transferable
and nonforfeitable, (iii) the Company shall retain custody of any certificates representing shares of Common Stock granted pursuant
to a Stock Award, and (iv) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock
Award. The limitations set forth in the preceding sentence shall not apply after the shares of Common Stock granted under the Stock
Award are transferable and are no longer forfeitable.

 

Article
IX

PERFORMANCE UNIT AWARDS

 

9.01.
Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom an award of Performance Units is to
be made and will specify the number of shares of Common Stock or other securities or property covered by such awards and the terms
and conditions of such awards. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with
the Performance Units.

 

9.02.
Earning the Award

 

The Committee, on the
date of the grant of an award, shall prescribe that the Performance Units will be earned, and the Participant will be entitled
to receive payment pursuant to the award of Performance Units, only upon the satisfaction of performance objectives or such other
criteria as may be prescribed by the Committee.

 

9.03.
Payment

 

In the discretion of
the Committee, the amount payable when an award of Performance Units is earned may be settled in cash, by the issuance of shares
of Common Stock, by the delivery of other securities or property or a combination thereof. A fractional share of Common Stock shall
not be deliverable when an award of Performance Units is earned, but a cash payment will be made in lieu thereof. The amount payable
when an award of Performance Units is earned shall be paid in a lump sum.

 

9.04.
Stockholder Rights

 

A Participant, as a
result of receiving an award of Performance Units, shall not have any rights as a stockholder until, and then only to the extent
that, the award of Performance Units is earned and settled in shares of Common Stock. After an award of Performance Units is earned
and settled in Common Stock, a Participant will have all the rights of a stockholder of the Company.

 

    	-18-

    	 

    

 

9.05.
Transferability

 

Any rights or restrictions
with respect to the ability of the holder of any Performance Unit granted under this Plan to transfer such Performance Unit shall
be set forth in the Agreement relating to such grant; provided, however, that Performance Units may be transferred by will
or the laws of descent and distribution.

 

9.06.
Employee Status

 

In the event that the
terms of any Performance Unit award provide that no payment will be made unless the Participant completes a stated period of employment
or continued service, the Committee may decide to what extent leaves of absence for government or military service, illness, temporary
disability, or other reasons shall not be deemed interruptions of continuous employment or service.

 

Article
X

OTHER EQUITY–BASED AWARDS

 

10.01.
Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom an Other Equity-Based Award is to be
made and will specify the number of shares of Common Stock or other equity interests (including LTIP Units) covered by such awards
and the terms and conditions of such awards; provided, however, that the grant of LTIP Units must satisfy the requirements
of the partnership agreement of the Operating Partnership as in effect on the date of grant. The Committee also will specify whether
Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based Award.

 

10.02.
Terms and Conditions

 

The Committee, at the
time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and conditions
of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable,
nontransferable or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee,
in its discretion and set forth in the Agreement. Other Equity-Based Awards may be granted to Participants, either alone or in
addition to other awards granted under this Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards
granted under this Plan.

 

10.03.
Payment or Settlement

 

Other Equity-Based
Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in shares of
Common Stock, cash or a combination of Common Stock and cash, as determined by the Committee in its discretion; provided, however,
that any shares of Common Stock that are issued on account of the conversion of LTIP Units into shares of Common Stock shall not
reduce the number of shares of Common Stock available for issuance under the Plan. Other Equity-Based Awards denominated as equity
interests other than shares of Common Stock may be paid or settled in shares or units of such equity interests or cash or a combination
of both as determined by the Committee in its discretion.

 

    	-19-

    	 

    

 

10.04.
Employee Status

 

If the terms of any
Other Equity-Based Award provides that it may be earned or exercised only during employment or continued service or within a specified
period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence
for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service.

 

10.05.
Stockholder Rights

 

A Participant, as a
result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the extent
that, the Other Equity-Based Award is earned and settled in shares of Common Stock.

 

Article
XI

INCENTIVE AWARDS

 

11.01.
Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom an Incentive Award is to be made and
will specify the terms and conditions of such award. The Committee also will specify whether Dividend Equivalent Rights are granted
in conjunction with the Incentive Award.

 

11.02.
Terms and Conditions

 

The Committee, at the
time an Incentive Award is made, shall specify the terms and conditions that govern the award.  Such terms and conditions
may prescribe that the Incentive Award shall be earned only to the extent that the Participant, the Company or an Affiliate of
the Company, during a performance period of at least one year, achieves objectives stated
with reference to one or more performance measures or criteria prescribed by the Committee. A goal or objective may be expressed
on an absolute basis or relative to the performance of one or more similarly situated companies or a published index. When establishing
goals and objectives, the Committee may exclude any or all special, unusual, or extraordinary items as determined under U.S. generally
accepted accounting principles including, without limitation, the charges or costs associated with restructurings of the Company,
discontinued operations, other unusual or non-recurring items, and the cumulative effects of accounting changes. The Committee
may also adjust the performance goals for any Incentive Award as it deems equitable in recognition of unusual or non-recurring
events affecting the Company, changes in applicable tax laws or accounting principles, or such other factors as the Committee may
determine. Such terms and conditions also may include other limitations on the payment of Incentive Awards including, by
way of example and not of limitation, requirements that the Participant complete a specified period of employment or service with
the Company or an Affiliate of the Company or that the Company, an Affiliate of the Company, or the Participant attain stated objectives
or goals (in addition to those prescribed in accordance with the preceding sentence) as a prerequisite to payment under an Incentive
Award.  

 

    	-20-

    	 

    

 

11.03.
Nontransferability

 

Except to the extent
otherwise provided in the applicable Agreement, Incentive Awards granted under this Plan shall, so long as such Incentive Awards
are subject to vesting or forfeiture restrictions, be nontransferable except by will or by the laws of descent and distribution.  No
right or interest of a Participant in an Incentive Award shall be liable for, or subject to, any lien, obligation, or liability
of such Participant.

 

11.04.
Employee Status

 

If the terms of an
Incentive Award provide that a payment will be made thereunder only if the Participant completes a stated period of employment
or continued service the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary
disability or other reasons shall not be deemed interruptions of continuous employment or service.

 

11.05.
Settlement

 

An Incentive Award
that is earned shall be settled with a single lump sum payment which may be in cash, shares of Common Stock or a combination of
cash and Common Stock, as determined by the Committee.

 

11.06.
Stockholder Rights

 

No Participant shall,
as a result of receiving an Incentive Award, have any rights as a stockholder of the Company or an Affiliate of the Company until
the date that the Incentive Award is settled and then only to the extent that the Incentive Award is settled by the issuance of
shares of Common Stock.

 

Article
XII

ADJUSTMENT UPON CHANGE IN COMMON SHARES

 

The maximum number
of shares of Common Stock as to which Options, SARs, Performance Units, Incentive Awards, Stock Awards and Other Equity-Based Awards
may be granted under this Plan and the terms of outstanding Stock Awards, Options, SARs, Incentive Awards, Performance Units and
Other Equity-Based Awards granted under this Plan shall be adjusted as the Board determines is equitably required in the event
that (i) the Company (a) effects one or more nonreciprocal transactions between the Company and its shareholders such as a share
dividend, extra-ordinary cash dividend, share split-up, subdivision or consolidation of Common Stock that affects the number or
kind of shares of Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company securities)
and causes a change in the Fair Market Value of the shares of Common Stock subject to outstanding awards or (b) engages in a transaction
to which Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the Board necessitates
such action. Any determination made under this Article XII by the Board shall be nondiscretionary, final and conclusive.

 

    	-21-

    	 

    

 

The issuance by the
Company of any class of Common Stock, or securities convertible into any class of Common Stock, for cash or property, or for labor
or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of Common
Stock or obligations of the Company convertible into such Common Stock or other securities, shall not affect, and no adjustment
by reason thereof shall be made with respect to, the maximum number of shares of Common Stock as to which Options, SARs, Performance
Units, Incentive Awards, Stock Awards and Other Equity-Based Awards may be granted under this Plan, or the terms of outstanding
Stock Awards, Incentive Awards, Options, SARs, Performance Units or Other Equity-Based Awards under this Plan.

 

The Committee may make
Stock Awards and may grant Options, SARs, Performance Units, Incentive Awards or Other Equity-Based Awards under this Plan in substitution
for performance shares, phantom shares, share awards, stock options, share appreciation rights, or similar awards held by an individual
who becomes an employee of the Company or an Affiliate of the Company in connection with a transaction described in the first paragraph
of this Article XII. Notwithstanding any provision of this Plan, the terms of such substituted Stock Awards, SARs, Other Equity-Based
Awards, Options or Performance Units granted under this Plan shall be as the Committee, in its discretion, determines is appropriate.

 

Article
XIII

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

 

No Option or SAR shall
be exercisable, no Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered, and no payment
shall be made under this Plan except in compliance with all applicable federal, state and foreign laws and regulations (including,
without limitation, withholding tax requirements), any listing agreement to which the Company is a party, and the rules of all
stock exchanges on which the Common Stock may be listed. The Company shall have the right to rely on an opinion of its counsel
as to such compliance. Any certificate issued to represent Common Stock when a Stock Award is granted, a Performance Unit, Incentive
Award or Other Equity-Based Award is settled or for which an Option or SAR is exercised may bear such legends and statements as
the Committee may deem advisable to assure compliance with federal, state and foreign laws and regulations. No Option or SAR shall
be exercisable, no Stock Award or Performance Unit shall be granted, no Common Stock shall be issued, no certificate for Common
Stock shall be delivered, and no payment shall be made under this Plan until the Company has obtained such consent or approval
as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters.

 

Article
XIV

GENERAL PROVISIONS

 

14.01.
Effect on Employment and Service

 

Neither the adoption
of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof), shall confer upon any
individual or entity any right to continue in the employ or service of the Company or an Affiliate of the Company or in any way
affect any right and power of the Company or an Affiliate of the Company to terminate the employment or service of any individual
or entity at any time with or without assigning a reason therefor.

 

    	-22-

    	 

    

 

14.02.
Unfunded Plan

 

This Plan, insofar
as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time
be represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan
shall be based solely upon any contractual obligations that may be created pursuant to this Plan. No such obligation of the Company
shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company.

 

14.03.
Rules of Construction

 

Headings are given
to the articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation,
or other provision of law shall be construed to refer to any amendment to or successor of such provision of law.

 

All awards made under
this Plan are intended to comply with, or otherwise be exempt from, Section 409A of the Code (“Section 409A”), after
giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12). This Plan and all Agreements shall
be administered, interpreted and construed in a manner consistent with Section 409A. Nevertheless, the tax treatment of the benefits
provided under this Plan or any Agreement is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective
directors or trustees, officers, employees or advisors (other than in his or her individual capacity as a Participant with respect
to his or her individual liability for taxes, interest, penalties or other monetary amounts) shall be held liable for any taxes,
interest, penalties or other monetary amounts owed by any Participant or any other taxpayer as a result of the Plan or any Agreement.
If any provision of this Plan or any Agreement is found not to comply with, or otherwise not be exempt from, the provisions of
Section 409A, it shall be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s
consent, in such manner as the Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from,
Section 409A. Each payment under an award granted under this Plan shall be treated as a separate identified payment for purposes
of Section 409A.

 

If a payment obligation
under an award or an Agreement arises on account of the Participant’s termination of employment and such payment obligation
constitutes “deferred compensation” (as defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect
to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b))12)), it shall be payable only after the Participant’s
“separation from service” (as defined under Treasury Regulation section 1.409A-1(h)); provided, however, that
if the Participant is a “specified employee” (as defined under Treasury Regulation section 1.409A-1(i)) then, subject
to any permissible acceleration of payment by the Committee under Treasury Regulation Section 1.409A-3(j)(4)(ii) (domestic relations
orders), Treasury Regulation Section 1.409A-3(j)(4)(iii) (conflicts of interest) or Treasury Regulation Section 1.409A-3(j)(4)(iv)
(payment of employment taxes) any such payment that is scheduled to be paid within six months after such separation from service
shall accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Participant’s
separation from service or, if earlier, within fifteen days after the appointment of the personal representative or executor of
the Participant’s estate following the Participant’s death.

 

    	-23-

    	 

    

 

14.04.
Withholding Taxes

 

Each Participant shall
be responsible for satisfying any income, employment and other tax withholding obligations attributable to participation in this
Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from
any cash payable in settlement of an award of Performance Units, SARs or Other Equity-Based Award) or a cash equivalent acceptable
to the Committee. Except to the extent prohibited by Treasury Regulation Section 1.409A-3(j), any minimum statutory federal, state,
district, city or foreign withholding tax obligations also may be satisfied (a) by surrendering to the Company shares of Common
Stock previously acquired by the Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common
Stock otherwise issuable to the Participant upon the exercise of an Option or SAR, the settlement of a Performance Unit award,
Incentive Award or an Other Equity-Based Award (if applicable) or the grant or vesting of a Stock Award; or (c) by any other method
as may be approved by the Committee. If shares of Common Stock are used to pay all or part of such withholding tax obligation,
the Fair Market Value of the Common Stock surrendered, withheld or reduced shall be determined as of the date of surrender, withholding
or reduction and the number of shares of Common Stock which may be withheld, surrendered or reduced shall be limited to the number
of shares of Common Stock which have a Fair Market Value on the date of withholding, surrender or reduction equal to the aggregate
amount of such liabilities based on the minimum statutory withholding rates for tax purposes that are applicable to such supplemental
taxable income.

 

14.05.
REIT Status

 

This Plan shall be
interpreted and construed in a manner consistent with the Company’s status as a REIT. No award shall be granted or awarded,
and with respect to any award granted under this Plan, such award shall not vest, be exercisable or be settled (i) to the extent
that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in violation of the share
ownership limit or any other limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the
discretion of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as
a REIT.

 

14.06.
Elections Under Section 83(b)

 

No Participant may
make an election under Section 83(b) of the Code with respect to the grant of any award, the vesting of any award, the settlement
of any award or the issuance of Common Stock under the Plan without the consent of the Company, which the Company may grant or
withhold in its sole discretion.

 

    	-24-

    	 

    

 

Article
XV

CHANGE IN CONTROL

 

15.01.
Impact of Change in Control.

 

Upon a Change in Control,
(i) all outstanding Options and SARs shall be fully vested and exercisable, (ii) outstanding Stock Awards shall be transferable
and nonforfeitable and (iii) outstanding Performance Units, Incentive Awards and Other Equity-Based Awards shall be earned and
nonforfeitable in their entirety.

 

15.02.
Assumption Upon Change in Control.

 

In addition to the
vesting of awards under Section 15.01, in the event of a Change in Control, the Committee, in its discretion and without the need
for a Participant’s consent, may provide that an outstanding Option, SAR, Stock Award, Incentive Award, Performance Unit
or Other Equity-Based Award shall be assumed by, or a substitute award granted by, the Successor Entity (or, if applicable, the
Parent Company) in the Change in Control. Such assumed or substituted award shall be of the same type of award as the original
Option, SAR, Stock Award, Performance Unit, Incentive Award or Other Equity-Based Award being assumed or substituted. The assumed
or substituted award shall be immediately vested and shall have a value (or the difference between the Fair Market Value and the
option price or Initial Value in the case of Options and SARs), as of the Control Change Date, that is substantially equal to the
value of the original award (or the difference between the Fair Market Value and the option price or Initial Value in the case
of Options and SARs) as the Committee determines is equitably required and such other terms and conditions as may be prescribed
by the Committee.

 

15.03.
Cash-Out Upon Change in Control.

 

In addition to the
vesting of awards under Section 15.01, in the event of a Change in Control, the Committee, in its discretion and without the need
of a Participant’s consent, may provide that each Option, SAR, Stock Award and Performance Unit, Incentive Award and Other
Equity-Based Award shall be cancelled in exchange for a payment. The payment may be in cash, Common Stock or other securities or
consideration received by stockholders in the Change in Control transaction or, in the case of an Incentive Award, the entire amount
that can be paid under the Incentive Award. Except as provided in the preceding sentence with respect to the Incentive Awards,
the amount of the payment shall be an amount that is substantially equal to (i) the amount by which the price per share received
by stockholders in the Change in Control for each share of Common Stock exceeds the option price or Initial Value in the case of
an Option and SAR, or (ii) for each share of Common Stock subject to a Stock Award, Performance Unit or Other Equity-Based Award,
the price per share received by stockholders or (iii) the value of the other securities or property in which the Performance Unit
or Other Equity-Based award is denominated. If the option price or Initial Value exceeds the price per share received by stockholders
in the Change in Control transaction, the Option or SAR may be cancelled under this Section 15.03 without any payment to the Participant.

 

    	-25-

    	 

    

 

15.04.
Limitation of Benefits

 

The benefits that a
Participant may be entitled to receive under this Plan and other benefits that a Participant is entitled to receive under other
plans, agreements and arrangements (which, together with the benefits provided under this Plan, are referred to as “Payments”),
may constitute Parachute Payments that are subject to Code Sections 280G and 4999. As provided in this Section 15.04, the Parachute
Payments will be reduced pursuant to this Section 15.04 if, and only to the extent that, a reduction will allow a Participant to
receive a greater Net After Tax Amount than a Participant would receive absent a reduction.

 

The Accounting Firm
will first determine the amount of any Parachute Payments that are payable to a Participant. The Accounting Firm also will determine
the Net After Tax Amount attributable to the Participant’s total Parachute Payments.

 

The Accounting Firm
will next determine the largest amount of Payments that may be made to the Participant without subjecting the Participant to tax
under Code Section 4999 (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount
attributable to the Capped Payments.

 

The Participant will
receive the total Parachute Payments or the Capped Payments, whichever provides the Participant with the higher Net After Tax Amount.
If the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount
of any benefits under this Plan or any other plan, agreement or arrangement that are not subject to Section 409A of the Code (with
the source of the reduction to be directed by the Participant) and then by reducing the amount of any benefits under this Plan
or any other plan, agreement or arrangement that are subject to Section 409A of the Code (with the source of the reduction to be
directed by the Participant) in a manner that results in the best economic benefit to the Participant (or, to the extent economically
equivalent, in a pro rata manner). The Accounting Firm will notify the Participant and the Company if it determines that the Parachute
Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its detailed calculations
supporting that determination.

 

As a result of the
uncertainty in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its determinations under
this Article XV, it is possible that amounts will have been paid or distributed to the Participant that should not have been paid
or distributed under this Section 15.04 (“Overpayments”), or that additional amounts should be paid or distributed
to the Participant under this Section 15.04 (“Underpayments”). If the Accounting Firm determines, based on either the
assertion of a deficiency by the Internal Revenue Service against the Company or the Participant, which assertion the Accounting
Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been
made, the Participant must repay the Overpayment to the Company, without interest; provided, however, that no amount will
be payable by the Participant to the Company unless, and then only to the extent that, the repayment would either reduce the amount
on which the Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed under Code Section 4999.
If the Accounting Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred,
the Accounting Firm will notify the Participant and the Company of that determination and the amount of that Underpayment will
be paid, without interest, to the Participant promptly by the Company.

 

    	-26-

    	 

    

 

For purposes of this
Section 15.04, the term “Accounting Firm” means the independent accounting firm engaged by the Company immediately
before the Control Change Date. For purposes of this Article XV, the term “Net After Tax Amount” means the amount of
any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any
State or local income taxes applicable to the Participant on the date of payment. The determination of the Net After Tax Amount
shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute
Payments or Capped Payments, as applicable, in effect on the date of payment. For purposes of this Section 15.04, the term “Parachute
Payment” means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and
the regulations promulgated or proposed thereunder.

 

This Section 15.04
shall not limit or otherwise supersede the provisions of any other agreement or plan which provides that a Participant cannot receive
Payments in excess of the Capped Payments.

 

Article
XVI

AMENDMENT

 

The Board may amend
or terminate this Plan at any time; provided, however, that no amendment may adversely impair the rights of Participants
with respect to outstanding awards. In addition, an amendment will be contingent on approval of the Company’s stockholders
if such approval is required by law or the rules of any exchange on which the Common Stock is listed or if the amendment would
materially increase the benefits accruing to Participants under this Plan, materially increase the aggregate number of shares of
Common Stock that may be issued under this Plan (except as provided in Article XII) or materially modify the requirements as to
eligibility for participation in this Plan.

 

Article
XVII

DURATION OF PLAN

 

No Stock Award, Performance
Unit Award, Incentive Award, Option, SAR or Other Equity-Based Award may be granted under this Plan after the day before the tenth
anniversary of the Effective Date. Stock Awards, Performance Unit awards, Options, SARs and Other Equity-Based Awards granted before
such date shall remain valid in accordance with their terms.

 

Article
XVIII

EFFECTIVENESS OF PLAN

 

Options, SARs, Stock Awards, Performance Unit Awards, Incentive Awards and Other Equity-Based Awards may
be granted under this Plan on and after the Effective Date, subject to the approval of the stockholders of the Company within twelve
months before or after the date that this Plan is adopted by the Board, provided that no award shall be exercisable, vested
or settled until such stockholder approval is obtained.

 

    	-27-

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