Document:

Exhibit 10.2

 

Guaranty

 

This
Guaranty (“Guaranty”) is made as of November 9, 2021, by Seven
Hills Realty Trust, a Maryland statutory trust (“Guarantor”), to and for the benefit of BMO Harris
Bank N.A., a national banking association, as Administrative Agent (together with its successors and assigns, “Administrative
Agent”) for itself and such other lenders as may exist from time to time (collectively, the “Lenders”) under
the Program Agreement and the Facility Loan Agreements (each as defined below).

 

Recitals

 

A.            Seven
Hills BH Lender LLC, a Delaware limited liability company (“Borrower”), Administrative Agent and the Lenders
(i) are party to certain Facility Loan Program Agreement and Security Agreement dated as of the date hereof (as the same may be
amended, restated, supplemented or otherwise modified from time to time, including amendments and restatements thereof in its entirety,
being hereinafter referred to as the “Program Agreement”), and (ii) may enter into one or more Facility Loan
Agreements (as defined in the Program Agreement), pursuant to which Administrative Agent and the Lenders may, subject to certain terms
and conditions set forth therein, extend credit and make certain other financial accommodations available to the Borrower pursuant thereto.
All capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Program Agreement and, if not
defined therein, the Facility Loan Documents (as defined in the Program Agreement).

 

B.            Guarantor
directly and/or indirectly owns an interest in Borrower and will derive material financial benefit from the Facility Loans evidenced
and secured by the Facility Loan Documents.

 

C.            Administrative
Agent and the Lenders have relied on the statements and agreements contained herein in agreeing to enter into the Program Agreement and
make Facility Loans available to Borrower. The execution and delivery of this Guaranty by Guarantor is a condition precedent to extending
credit to the Borrower by the Lenders.

 

Agreements

 

Now,
Therefore, intending to be legally bound, Guarantor, in consideration of the matters described in the foregoing Recitals, which
Recitals are incorporated herein and made a part hereof, and for other good and valuable consideration the receipt and sufficiency of
which are acknowledged, hereby covenants and agrees for the benefit of Administrative Agent and the Lenders and their respective successors,
endorsees, transferees, participants and assigns as follows:

 

     

     

    

 

1.            Nature
and Scope of Guaranteed Obligations.

 

(a)           Limited
Payment Guaranty. In addition to, and not in any way limiting, Guarantor’s liability under the provisions set forth in clauses
(b) and (c) of this Section 1, Guarantor hereby absolutely, unconditionally, and irrevocably, guarantees the full and
prompt payment of the outstanding principal balance of the Facility Loans and all accrued and unpaid interest on the Facility Loans,
and all other outstanding amounts payable by Borrower under the Facility Loan Documents, when due, whether at stated maturity, upon acceleration
or otherwise (“Guaranteed Indebtedness”); provided, however, that, Guarantor’s aggregate liability under
this clause (a) shall not exceed an amount equal to the product of twenty-five percent (25%) multiplied by the then current outstanding
principal balance of the Facility Loans. In case of failure by Borrower or any other obligor to punctually pay any Guaranteed Indebtedness,
subject to any and all notice and cure rights provided in the Facility Loan Documents, Guarantor hereby unconditionally agrees to make
such payment within five (5) Business Days after written demand from Administrative Agent (subject to the proviso of the previous
sentence). This is a guaranty of payment and not of collection.

 

(b)           Liability
for Losses. In addition to, and not in any way limiting, Guarantor’s liability under the provisions set forth in clauses (a) and
(c) of this Section 1, upon the occurrence of a Loss Event (as defined below), Guarantor hereby absolutely, unconditionally,
and irrevocably guarantees payment of, and agrees to indemnify, defend and hold harmless Administrative Agent and the Lenders for, from
and against any loss, damage, cost and expense, liability, claim or other obligation actually suffered by or incurred by Administrative
Agent or any Lender (including attorneys’ fees and costs) directly arising out of, resulting from or in connection with the following
(each a “Loss Event”):

 

(i)            fraud
or intentional misrepresentation by Borrower or Guarantor in connection with any Facility Loan or the Facility Loan Documents;

 

(ii)           the
misapplication, misappropriation or conversion of funds by Borrower, or any Person acting at the direction of Borrower, in contravention
of the Facility Loan Documents;

 

(iii)          failure
of Borrower to deliver security deposits, advance deposits or any other deposits collected with respect to the Property in accordance
with the Facility Loan Documents;

 

(iv)          Borrower’s
willful failure to obtain Administrative Agent’s prior written consent to any Material Modification to the extent required by the
Facility Loan Documents;

 

(v)           Borrower’s
failure to obtain Administrative Agent’s prior written consent to Borrower voluntarily placing or approving any Lien or other encumbrance
on the Collateral to the extent required by the Facility Loan Documents; or

 

(vi)          any
Change of Control occurring in violation of the Facility Loan Documents.

 

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(c)          Full
Recourse Trigger Events. In addition to, and not in any way limiting, Guarantor’s liability under the provisions set forth
in clauses (a) and (b) of this Section 1, upon the occurrence of a Trigger Event (defined below), Guarantor guarantees
to Administrative Agent and the Lenders the punctual payment when due, whether at maturity, by acceleration or otherwise, of all principal,
interest (including interest accruing after maturity and after the commencement of any bankruptcy or insolvency proceeding by or against
Borrower, whether or not such interest is allowed in such proceeding), indemnification indebtedness, and all other sums due by Borrower
to Administrative Agent and the Lenders in respect of the Program Debt. As used herein, a “Trigger Event” shall mean
and refer to the occurrence of any of the following:

 

(i)            Borrower
files a voluntary petition under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law;

 

(ii)            Guarantor
or an Affiliate, officer, director, member or manager which Controls Borrower files, or joins in the filing of, an involuntary petition
against Borrower under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or solicits or causes to be solicited
petitioning creditors for any involuntary petition against Borrower from any Person;

 

(iii)          Borrower
files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it by any other Person
under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or solicits or causes to be solicited petitioning
creditors for any involuntary petition against Borrower from any Person, provided that Guarantor shall have no liability hereunder if
the petition in question is a petition filed by or on behalf of the Administrative Agent or the Lenders in connection with the exercise
of any remedies under the Facility Loan Documents;

 

(iv)          Guarantor
or any Affiliate, officer, director, member or manager which Controls Borrower consents to or acquiesces in or joins in an application
for the appointment of a custodian, receiver, trustee, or examiner for Borrower;

 

(v)           Borrower
makes an assignment for the benefit of creditors, or admits, in writing or in any legal proceeding, its insolvency or inability to pay
its debts as they become due;

 

(vi)          any
voluntary transfer by Borrower of its interest in an Underlying Loan or any of the Underlying Loan Documents in violation of the Facility
Loan Documents; or

 

(vii)         Borrower
or Guarantor files any litigation, causes any other legal proceeding or takes any other action relating to the Underlying Loans to intentionally
impede, obstruct or hinder the Administrative Agent’s and/or the Lenders’ exercise of any rights or remedies available under
any Facility Loan Document or applicable Law; provided that Guarantor shall not be liable for any such loss, damage, cost, expense,
liability, claim or other obligation suffered by or incurred by Administrative Agent and Lenders if a court in such legal proceeding
determines in a final, non-appealable decision that Borrower or Guarantor, as applicable, acted in good faith.

 

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(d)          Enforcement
Costs. In addition to the Guarantor’s liability for the amounts guaranteed under clauses (a), (b) and (c) above,
Guarantor absolutely, unconditionally, and irrevocably guaranties the full and prompt payment of any Enforcement Costs (as hereinafter
defined in Section 7) (the “Enforcement Cost Obligations”). The Enforcement Cost Obligations, together with all
obligations referred to in the foregoing clauses (a), (b), (c) of this Section 1, are referred to herein collectively as the
“Guaranteed Obligations”.

 

2.            Waivers.
Guarantor does hereby (a) waive notice of acceptance of this Guaranty by Administrative Agent and, except as specifically set forth
herein or in the other Facility Loan Documents, any and all notices and demands of every kind that may be required to be given by any
statute, rule or law; (b) waive all suretyship defenses; (c) waive, and agree to refrain from asserting, any defense,
right of set-off or other claim that Guarantor or Borrower may have against Administrative Agent and the Lenders that arises in connection
with the Guaranteed Obligations but Guarantor may bring a separate claim or separate action against such party; (d) waive any and
all rights Guarantor may have under any anti-deficiency statute or other similar protections; (e) waive any and all rights and defenses
Guarantor may have: (i) because the Facility Loans are, or may from time to time hereafter be, secured by real property or (ii) under
or by virtue of any anti-deficiency, “one form of action” and other similar laws, or (iii) under or by virtue of Laws
that would limit or discharge Borrower’s indebtedness; (f) waive presentment for payment, demand for payment, notice of nonpayment
or dishonor, protest and notice of protest and diligence in collection and any and all formalities which otherwise might be legally required
to charge Guarantor with liability; (g) waive any and all rights or defenses Guarantor may have by reason of any election of remedies
by Administrative Agent or any Lender; (h) waive, at all times while this Guaranty is in effect, any and all rights of subrogation,
reimbursement, indemnification and contribution from and against Borrower; and (i) waive any failure by Administrative Agent or
any Lender to inform Guarantor of any facts Administrative Agent or any Lender may now or hereafter know about Borrower, the Mortgaged
Properties, the Facility Loans, or the transactions contemplated by the Program Agreement and the Facility Loan Documents, it being understood
and agreed that neither Administrative Agent nor any Lender has any duty to so inform and that Guarantor is fully responsible for being
and remaining informed by Borrower of all circumstances bearing on the risk of nonperformance of the Guaranteed Obligations. Credit may
be granted or continued from time to time by Administrative Agent or the Lenders to Borrower without notice to or authorization from
Guarantor, regardless of the financial or other condition of Borrower at the time of any such grant or continuation. Neither the Administrative
Agent nor the Lenders shall have any obligation to disclose or discuss with Guarantor its assessment of the financial condition of Borrower.
Guarantor acknowledges that no representations of any kind whatsoever have been made to Guarantor by Administrative Agent or any Lender.
Notwithstanding the foregoing provisions of this Section 2, Guarantor does not waive any defense that Guarantor has satisfied the
Guaranteed Obligations (or the relevant part thereof) in full. No modification or waiver of any of the provisions of this Guaranty shall
be binding upon Administrative Agent or any Lender except as expressly set forth in a writing duly signed and delivered on behalf of
Administrative Agent.

 

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3.            Modifications.
Guarantor further agrees that its liability as guarantor shall not be impaired or affected by any renewals or extensions of the Facility
Loans which may be made from time to time (with or without the knowledge or consent of Guarantor), or by any modifications with respect
to the time for payment of interest or principal on the Facility Loans, or by any forbearance or delay in collecting interest or principal
on the Facility Loans, or by any waiver by Administrative Agent or the Lenders under the Program Agreement, any Facility Loan Agreement
or any other Facility Loan Documents, or by Administrative Agent’s or Lenders’ failure or election not to pursue any other
remedies it may have against Borrower or Guarantor, or by any change or modification in the Program Agreement, any Facility Loan Agreement
or any other Facility Loan Document, or by any error or omission of any third party (without waiving any recourse or other right or remedy
Guarantor may have against any of the foregoing as a result of the error or omission, other than against Administrative Agent or any
Lender), or by the acceptance by Administrative Agent or Lenders of any additional security or any increase, substitution or change therein,
or by the release by Administrative Agent or Lenders of any security or any withdrawal thereof or decrease therein, or by the application
of payments received from any source to the payment of any obligation owing to the Lenders under the Facility Loan Documents other than
the Program Debt, even though Administrative Agent or the Lenders might lawfully have elected to apply such payments to any part or all
of the Program Debt, it being the intent hereof that Guarantor shall remain liable for the performance of the Guaranteed Obligations,
notwithstanding any act or thing that might otherwise operate as a legal or equitable discharge of a surety. Guarantor further understands
and agrees that Administrative Agent and Lenders may at any time enter into agreements with Borrower to amend and modify the Program
Agreement or other Facility Loan Documents, and may waive or release any provision or provisions of the Program Agreement and other Facility
Loan Documents or any thereof, and, with reference to such instruments, may make and enter into any such agreement or agreements as Administrative
Agent, Lenders and Borrower may deem proper and desirable, without in any manner impairing or affecting this Guaranty or any of Administrative
Agent’s or any Lenders’ rights hereunder or Guarantor’s obligations hereunder.

 

4.            Nature
of Guaranty; No Duty to Pursue Others. This is an absolute, present and continuing guaranty of payment and not of collection. Guarantor
agrees that this Guaranty may be enforced by Administrative Agent on behalf of the Lenders without the necessity at any time of resorting
to or exhausting any other security or collateral given in connection herewith or with the Program Agreement or any of the other Facility
Loan Documents or resorting to any other guaranties. Guarantor hereby waives any right to require Administrative Agent to join Borrower
in any action brought hereunder or to commence any action against or obtain any judgment against Borrower or to pursue any other remedy
or enforce any other right. Guarantor further agrees that nothing contained herein or otherwise shall prevent Administrative Agent from
pursuing concurrently or successively all rights and remedies available to it at law and/or in equity or under the Program Agreement
or any other Facility Loan Documents, and the exercise of any of its rights or the completion of any of its remedies shall not constitute
a discharge of Guarantor’s obligations hereunder, it being the purpose and intent of Guarantor that the obligations of Guarantor
hereunder shall be absolute, independent and unconditional under any and all circumstances whatsoever. None of Guarantor’s obligations
under this Guaranty or any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever
by any impairment, modification, change, release or limitation of the liability of Borrower under the Program Agreement or other Facility
Loan Documents or by reason of the bankruptcy of Borrower or by reason of any creditor or bankruptcy proceeding instituted by or against
Borrower.

 

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5.            Reinstatement.
This Guaranty shall continue to be effective or be reinstated (as the case may be) if at any time payment of all or any part of the
Guaranteed Obligations is rescinded or otherwise required to be returned by Administrative Agent or any Lender upon the insolvency, bankruptcy,
dissolution, liquidation, or reorganization of Borrower, or upon or as a result of the appointment of a receiver, intervenor, custodian
or conservator of or trustee or similar officer for, Borrower or any substantial part of its property, or otherwise, all as though such
payment to Administrative Agent and the Lenders had not been made, regardless of whether Administrative Agent or any Lender contested
the order requiring the return of such payment.

 

6.            Assignments.
Administrative Agent and each Lender may assign to one or more Persons all or a portion of its rights and obligations under this Guaranty,
the Program Agreement and the other Facility Loan Documents; provided that such assignment shall comply with the terms and conditions
set forth in the Program Agreement. From and after the effective date specified in any such assignment, the assignee thereunder shall
have all rights and remedies of Administrative Agent or a Lender against Guarantor pursuant to the terms of this Guaranty. In addition,
if a Lender or a holder of the Facility Loans assigns any Facility Loan to any lender or other Person to secure a loan from such lender
or other Person to such Lender or such holder in accordance with the Program Agreement, Guarantor will accord full recognition thereto
and agree that all rights and remedies of such Lender (or Administrative Agent on behalf of such Lender) or such holder hereunder against
Guarantor pursuant to the terms of this Guaranty shall be enforceable against Guarantor by such Lender (or Administrative Agent on behalf
of such Lender) or other entity with the same force and effect and to the same extent as would have been enforceable by such Lender (or
Administrative Agent on behalf of such Lender) or such holder but for such assignment; provided, however, that unless Lender (or
Administrative Agent on behalf of such Lender) shall otherwise consent in writing, Lender (or Administrative Agent on behalf of such
Lender) shall have an unimpaired right, prior and superior to that of its assignee or transferee, to enforce this Guaranty for Lender’s
benefit to the extent any portion of the indebtedness pursuant to the Facility Loan Documents or any interest therein is not assigned
or transferred. Each Lender may, in connection with any assignment or participation or proposed assignment or participation of all or
any portion of such Lender’s interest in the Facility Loans and the Facility Loan Documents, disclose to the assignee or participant
or proposed assignee or participant, as the case may be, any information relating to Guarantor that has been furnished to such Lender
by or on behalf of Guarantor provided that the assignee or participant or proposed assignee or participant, as the case may be, agrees
to keep the information confidential as provided in the Program Agreement or any other Facility Loan Document.

 

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7.            Enforcement
Costs. If: (a) Guarantor defaults in its obligations pursuant to this Guaranty (after the expiration of all applicable notice
and cure periods) and this Guaranty is placed in the hands of an attorney for collection or is collected through any legal proceeding;
(b) an attorney is retained to represent Administrative Agent on behalf of the Lenders, or any Lender, in any bankruptcy, reorganization,
receivership, or other proceedings affecting creditors’ rights and involving Guarantor; (c) an attorney is retained to enforce
this Guaranty; or (d) an attorney is retained to represent Administrative Agent in any proceedings whatsoever in connection with
this Guaranty, then Guarantor shall pay to Administrative Agent, for its benefit, or the benefit of the applicable Lender, upon demand
all out-of-pocket attorney’s fees, costs and expenses actually incurred in connection therewith (all of which are referred to herein
as “Enforcement Costs”), in addition to all other amounts due hereunder, regardless of whether or not all or a portion
of such Enforcement Costs are incurred in a single proceeding brought to enforce this Guaranty as well as the other Facility Loan Documents.

 

8.            Guarantor
Financial Covenants. At all times until all Facility Loans have been paid in full in cash and the Program Agreement and all Facility
Loan Agreements have been terminated, the Guarantor shall satisfy the following financial covenants:

 

(A)         Maintenance
of Liquidity. Guarantor’s Total Liquidity shall not at any time be less than the greater of (x) five million dollars ($5,000,000)
and (y) five percent (5%) of Guarantor’s Indebtedness; and, in the case of each of (x) and (y), shall not consist of
less than $5,000,000 in cash.

 

(B)          Leverage.
 Guarantor’s ratio of Indebtedness to Stockholders’ Equity shall not at any time exceed 3.50 to 1.00.

 

(C)          Minimum
Tangible Net Worth. Guarantor shall maintain Tangible Net Worth equal to or in excess of the sum of (i) the Tangible Net Worth
of Guarantor as of September 30, 2021 as recorded in the 10-Q of Guarantor covering such period, (ii) seventy-five percent
(75%) of the net cash proceeds of any equity issuance by Guarantor that occurs after the date hereof, and (iii) seventy-five percent
(75%) of the amount accreted into income of the purchase price discount after the date hereof with respect to Tremont Mortgage Trust
loans purchased by Guarantor.

 

The following terms
used in this Section 8 shall have the meanings set forth below:

 

“Available
Borrowing Capacity” mean with respect to any Person, committed, available and unused borrowing capacity which may be drawn
upon by such Person on credit facilities (including a subscription line). Borrowing capacity shall not be deemed part of the Available
Borrowing Capacity if any event or circumstance has occurred which would prevent such Person from drawing on the borrowing capacity or
cause the related lender to have no obligation to make funds available.

 

“Cash Equivalents”
shall mean with respect to any Person, any of the following, to the extent owned by such Person or any of its Subsidiaries free and clear
of all Liens and having a maturity of not greater than ninety (90) days from the date of issuance thereof: (a) readily marketable
direct obligations of the government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed
by the full faith and credit of the government of the United States; (b) certificates of deposit of or time deposits with Buyer
or a member of the Federal Reserve System that issues (or the parent of which issues) commercial paper rated as described in clause (c) below,
is organized under the laws of the United States or any state thereof and has combined capital and surplus of at least $1,000,000,000;
or (c) commercial paper in an aggregate amount of not more than $50,000,000 per issuer outstanding at any time, issued by any corporation
organized under the laws of any state of the United States and rated at least “Prime-1” (or the then equivalent grade) by
Moody’s or “A-1” (or the then equivalent grade) by S&P.

 

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“Indebtedness”
means (i) all indebtedness for borrowed money or for the deferred purchase price of property or services and all obligations
under leases which are or should be, under GAAP, recorded as capital leases, in respect of which a person is directly or contingently
liable as borrower, guarantor, endorser or otherwise, or in respect of which a person otherwise assures a creditor against loss, (ii) all
obligations for borrowed money or for the deferred purchase price of property or services secured by (or for which the holder has an
existing right, contingent or otherwise, to be secured by) any lien upon property (including, without limitation, accounts receivable
and contract rights) owned by a person, whether or not such person has assumed or become liable for the payment hereof, and (iii) all
other liabilities and obligations which would be classified in accordance with GAAP as liabilities on a balance sheet or to which reference
should be made in the footnotes thereto.

 

“Restricted
Cash” means for any Person, any amount of cash of such Person that is contractually required to be set aside, segregated or
otherwise reserved.

 

“Stockholders’
Equity” means that which is reflected as stockholders’ equity on a Person’s most recent unaudited quarterly statements
or audited annual balance sheet, as applicable, in each case prepared in accordance with GAAP.

 

“Subsidiary”
shall mean, with respect to any Person, any corporation, partnership, limited liability company or other entity (heretofore, now or hereafter
established) of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting
power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership, limited
liability company or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class
or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency)
is at the time directly or indirectly owned or controlled by such Person or by one or more Subsidiaries of such Person or by such Person
and one or more Subsidiaries of such Person.

 

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“Tangible
Net Worth” means, with respect to any Person, on a consolidated basis, an amount equal to (a) Stockholders’ Equity
minus (b) the sum of (i) advances to shareholders, officers and Affiliates, (ii) investments in Affiliates (other
than investments in Borrower or wholly owned subsidiaries of such Person to originate loans directly or through joint ventures, partnerships,
trusts or other vehicles that invest in loans and investments in or acquisitions of other mortgage REITs), and (iii) goodwill, patents,
trademarks, trade names, copyrights, franchises and any other intangibles.

 

“Total Liquidity”
means, on any date of determination, the sum of (a) cash (other than Restricted Cash) of Borrower, Guarantor and Guarantor’s
Subsidiaries, plus (b) Cash Equivalents of Borrower, Guarantor and Guarantor’s Subsidiaries, plus (c) the
Available Borrowing Capacity of Borrower (including under any Facility Loan), Guarantor and Guarantor’s Subsidiaries.

 

If Guarantor or any of its
direct or indirect Subsidiaries has entered into or shall enter into or amend a repurchase agreement, warehouse facility, credit facility
or other similar arrangement with any Person which by its terms provides more favorable terms (for the avoidance of doubt, terms or definitions
that are substantially the same shall not be deemed more or less favorable) with respect to any of the foregoing financial covenants
or the definitions referenced in the foregoing financial covenants (“More Favorable Agreement”), the terms hereof
shall be deemed automatically amended to include such more favorable terms contained in such More Favorable Agreement. Guarantor shall
give Administrative Agent (i) in the case of an existing More Favorable Agreement, prompt notice of such more favorable terms, or
(ii) in the case of a new More Favorable Agreement that, not more than five (5) Business Days’ notice following the execution
thereof, notice of such more favorable terms. No later than thirty (30) days after notice is given of the more favorable terms, Guarantor
shall enter into such amendments to this Guaranty and the other Facility Loan Documents as may be reasonably required by Administrative
Agent, and reasonably approved by Guarantor, giving effect to such more favorable terms; provided, that the execution of such
amendment shall not be a precondition to the effectiveness of such amendment, but shall merely be for the convenience of the Guarantor.

 

9.            Financial
Deliveries. Guarantor shall deliver or cause to be delivered to Administrative Agent all financial statements, reports and certificates
relating to Guarantor required pursuant to Section 4.1.4 of each Facility Loan Agreement at the times and in the form required by
such Section 4.1.4, including, without limitation, a compliance certificate (the “Compliance Certificate”) executed
by an authorized representative of Guarantor, demonstrating Guarantor’s compliance (or non-compliance) with the Guarantor financial
covenants set forth in Section 8 hereof and otherwise substantially in the form attached hereto as Exhibit A. Compliance
with all Guarantor financial covenants set forth in Section 8 hereof is subject to continuing verification of Administrative Agent.
Guarantor shall provide information that is reasonably requested by Administrative Agent with respect to any lawsuits (except where disclosing
such information would cause a loss of privilege) and/or other matters disclosed in any financial statements of Guarantor delivered to
Administrative Agent which would reasonably be expected to have a material adverse effect on Guarantor’s ability to comply with
the covenants set forth in Section 8.

 

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10.           Severability.
The parties hereto intend and believe that each provision in this Guaranty comports with all applicable local, state and federal laws
and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Guaranty is
found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative or judicial
decision, or public policy, and if such court should declare such portion, provision or provisions of this Guaranty to be illegal, invalid,
unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such portion, provision or provisions shall
be given force to the fullest possible extent that they are legal, valid and enforceable, that the remainder of this Guaranty shall be
construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were not contained therein, and
that the rights, obligations and interest of Administrative Agent and the Lenders under the remainder of this Guaranty shall continue
in full force and effect.

 

11.           Governing
Law; Submission to Jurisdiction; Venue. This Guaranty shall be governed by, construed, applied
and enforced in accordance with the internal laws of the State of New York without regard to conflicts of law principles, and Guarantor,
Administrative Agent and each Lender agree that the proper venue for any matters in connection herewith shall be in the state or federal
courts located in New York, New York, and Guarantor, Administrative Agent and each Lender hereby submit themselves to the jurisdiction
of such courts for the purpose of adjudicating any matters related to this Guaranty.

 

12.           Subordination.
Any indebtedness of Borrower to Guarantor now or hereafter existing is hereby subordinated to the performance of the Guaranteed Obligations.
Guarantor agrees that, until all Guaranteed Obligations have been paid in full, Guarantor will not seek, accept, or retain for its own
account, any payment from Borrower on account of such subordinated debt, except as expressly permitted by the Program Agreement. Any
payments to Guarantor on account of such subordinated debt in violation of the foregoing sentence shall be collected and received by
Guarantor in trust for Lenders and shall be paid over to Administrative Agent on account of the Program Debt without impairing or releasing
the Guaranteed Obligations hereunder.

 

13.           Application
of Amounts Received. Any amounts received by Administrative Agent or any Lender from any source on account of the Facility Loans
may be utilized by Administrative Agent for the payment of the Program Debt in such order as Administrative Agent may from time to time
elect, subject to the terms of the Facility Loan Documents. Additionally, if the Guaranteed Obligations are less than the full amount
of the Program Debt, all rents, proceeds and avails of the Property (as applicable), and all proceeds of realization of the Collateral,
shall be deemed applied to the Program Debt that is not guaranteed by Guarantor until such unguaranteed Program Debt has been fully repaid
before being applied to the Guaranteed Obligations.

 

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14.            Waiver
of Jury Trial. Guarantor, Administrative Agent and each Lender each hereby waives, to the fullest
extent permitted by law, its respective right to a trial by jury in any action or proceeding based upon, or related to, the subject matter
of this Guaranty or the Facility Loan Documents relating thereto and the business relationship that is being established. This waiver
is knowingly, intentionally and voluntarily made by Guarantor, Administrative Agent and by each Lender, and Guarantor acknowledges on
behalf of itself and its partners, members, and shareholders, as the case may be, that neither Administrative Agent nor any Lender nor
any person acting on behalf of Administrative Agent or any Lender has made any representations of fact to induce this waiver of trial
by jury or has taken any actions which in any way modify or nullify its effect. Guarantor, Administrative Agent and each Lender acknowledge
that this waiver is a material inducement to enter into a business relationship, that Guarantor, Administrative Agent and each lender
have already relied on this waiver in entering into this Guaranty and any of the other Facility Loan Documents related thereto and that
each of them will continue to rely on this waiver in their related future dealings. Guarantor, Administrative Agent and each Lender further
acknowledge that they have been represented (or have had the opportunity to be represented) in the signing of this Guaranty and the other
Facility Loan Documents related thereto and in the making of this waiver by independent legal counsel selected of their own free will,
and that they have had the opportunity to discuss this waiver with counsel.

 

15.            Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted, or desired to be given hereunder shall be in writing and sent by hand delivery, registered or certified mail, postage
prepaid, return receipt requested, or by Federal Express or other nationally recognized overnight courier addressed to the party to be
so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the
provisions of this Section 15. Any Notice shall be deemed to have been received: (a) if hand delivered, when delivered, (b) three
(3) days after the date such Notice is mailed, or (c) on the next Business Day if sent by an overnight commercial courier,
in each case addressed to the parties as follows:

 

Guarantor:

 

Seven Hills Realty Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts 02458

Attention: Matthew Jordan

 

with copies to:

 

Seven Hills Realty Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts 02458

Attention: Jennifer B. Clark, Esq.

 

and

 

Goulston & Storrs 

400 Atlantic Avenue

Boston, Massachusetts 02110

Attention: James H. Lerner, Esq.

 

    -11-

     

    

 

Administrative Agent:

 

BMO Harris Bank N.A.

115 South LaSalle Street, 19th Floor

Chicago, Illinois 60603

Attention: Seven Hills Portfolio Management

 

with copies to:

 

BMO Harris Bank N.A.

115 South LaSalle Street, 19th Floor

Chicago, Illinois 60603

Attention: Scott Morris

 

or at such other address as the party to be served
with notice may have furnished in writing to the party seeking or desiring to serve notice as a place for the service of notice.

 

16.            Representations,
Warranties and Covenants. To induce Administrative Agent and the Lenders to enter into the Program Agreement and make the Facility
Loans available to Borrower, Guarantor makes the following representations, warranties and covenants to Administrative Agent and the
Lenders as set forth in this Section. Guarantor acknowledges that but for the truth and accuracy of the matters covered by the following
representations, warranties and covenants, Administrative Agent and the Lenders would not have agreed to enter into the Program Agreement
or any Facility Loan.

 

(a)            Guarantor
is duly organized and existing and in good standing under the laws of the state in which such entity is organized. Guarantor is currently
qualified or licensed (as applicable) and shall remain qualified or licensed to do business in each jurisdiction in which the nature
of its business requires it to be so qualified or licensed, except where the lack of such licenses would not be reasonably expected to
materially and adversely affect Guarantor’s ability to fulfill its obligations under this Guaranty.

 

(b)            Any
and all balance sheets, net worth statements, and other financial data with respect to Guarantor which have heretofore been given to
Administrative Agent by or on behalf of Guarantor fairly and accurately present the financial condition of Guarantor in all material
respects as of the respective dates thereof.

 

(c)            The
execution, delivery, and performance by Guarantor of this Guaranty has been duly authorized and this Guaranty creates legal, valid, and
binding obligations of Guarantor enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws.

 

    -12-

     

    

 

(d)            Guarantor
is an Affiliate of Borrower, is the owner of a direct or indirect interest in Borrower, and has received, or will receive, direct or
indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

 

(e)            Neither
Administrative Agent nor any Lender nor any other Person has made any representation, warranty or statement to Guarantor in order to
induce the Guarantor to execute this Guaranty.

 

(f)            As
of the date hereof and immediately after giving effect to this Guaranty and the contingent obligations evidenced hereby, Guarantor is
and expects at all times to be solvent, and has and expects at all times to have assets which, fairly valued, exceed its obligations,
liabilities and debts, and has and expects to have property and assets sufficient to satisfy and repay its obligations and liabilities.

 

(g)           The
execution, delivery, and performance by Guarantor of this Guaranty does not contravene or conflict with (i) any law, order, rule,
regulation, writ, injunction or decree now in effect of any Government Authority, or court having jurisdiction over Guarantor, (ii) any
contractual restriction binding on or affecting Guarantor or Guarantor’s property or assets which may adversely affect Guarantor’s
ability to fulfill its obligations under this Guaranty, (iii) the instruments creating any trust holding title to any assets included
in Guarantor’s financial statements, or (iv) the organizational or other agreements to which Guarantor is a party.

 

(h)            Except
as disclosed in writing to Administrative Agent, there is no action, proceeding, or investigation pending or, to Guarantor’s knowledge,
threatened in writing or affecting Guarantor, which would reasonably be expected to materially and adversely affect Guarantor’s
ability to fulfill its obligations under this Guaranty. There are no money judgments, writs or warrants of attachment, or similar processes
involving an amount in excess of $25,000,000 entered or filed against Guarantor that have remained undischarged, unvacated, unbonded,
uninsured or unstayed for a period of forty-five (45) days (except to the extent fully covered (other than any applicable deductibles)
by insurance pursuant to which the insurer has accepted liability therefor in writing). Guarantor is not in default under any agreements
to which it is a party which would reasonably be expected to materially and adversely affect Guarantor’s ability to fulfill its
obligations under this Guaranty.

 

(i)            As
of the date hereof and throughout the term of the Facility Loan Documents (a) Guarantor is not and will not be an “employee
benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
whether or not subject to Title I of ERISA, (b) none of the assets of Guarantor constitutes or will constitute “plan assets”
of one or more plans described in the foregoing clause (a) within the meaning of U.S. Department of Labor Regulation 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA (“Plan Assets”), and (c) transactions by or with Guarantor do not
and will not to Guarantor’s knowledge violate any state statute regulating investments of, or fiduciary obligations with respect
to, governmental plans, as defined in Section 3(32) of ERISA. Assuming the loan is not funded with Plan Assets, Guarantor shall
not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder or under the Program Agreement
or any Facility Loan Document (or the exercise by Administrative Agent of any of its rights under the Program Agreement or any Facility
Loan Document) to be a non-exempt prohibited transaction under ERISA or Section 4975 of the Code.

 

    -13-

     

    

 

(j)            [Reserved].

 

(k)            As
of the date hereof and throughout the term of the Facility Loan Documents, Guarantor (i) will be organized in conformity with the
requirements for qualification as a REIT under the Code and its proposed methods of operation will enable it to so qualify, and (ii) will
not intentionally take any action that will cause it to fail to qualify as a REIT. As used herein: “REIT” means a
real estate investment trust qualified as such under Sections 856 through 860 of the Code and the regulations promulgated thereunder;
and “Code” means the Internal Revenue Code of 1986, as amended, and any successor statute thereto.

 

(l)            All
statements set forth in the Recitals are true and correct in all material respects.

 

All representations and warranties
made by Guarantor herein shall survive the execution hereof, subject to the terms of Section 18 hereof. All of the foregoing representations
and warranties shall be deemed made as of the date hereof and upon any extension of the Facility Loans pursuant to the Program Agreement.
Guarantor hereby agrees to indemnify, defend and hold Administrative Agent and the Lenders free and harmless from and against all out
of pocket losses, costs and expenses (including reasonable attorney’s fees and costs), liability and damages which Administrative
Agent or any Lender actually sustains by reason of the inaccuracy or breach of any of the foregoing representations and warranties as
of the date the foregoing representations and warranties are made.

 

17.            Excluded
Swap Obligations. Notwithstanding anything to the contrary set forth herein, the obligations of Guarantor under this Guaranty shall
specifically exclude the Excluded Swap Obligations. For purposes hereof, the following terms shall mean:

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

“Excluded
Swap Obligation” means, with respect to Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the
guaranty of Guarantor of, or the grant by Guarantor of a security interest to secure, such Swap Obligation (or any guaranty thereof)
is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or
the application or official interpretation of any thereof) by virtue of Guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guaranty of Guarantor
or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master
agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to
swaps for which such Guarantee or security interest is or becomes illegal.

 

    -14-

     

    

 

“Swap
Obligation” means, with respect to Guarantor, any obligation to pay or perform under any agreement, contract or transaction
that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

18.            Termination.
Guarantor’s obligations under this Guaranty shall remain in full force and effect until (a) the Program Debt and all other
amounts payable by Borrower and Guarantor under the Program Agreement, this Guaranty and all other Facility Loan Documents have been
indefeasibly paid in full in cash and (b) the Facility and the Program Agreement have been terminated. If at any time any payment
of the principal of or interest on the Program Debt or any other amount payable by Borrower or other obligor or Guarantor under the Facility
Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy, or reorganization of Borrower
or other obligor or of any guarantor, or otherwise, Guarantor’s obligations under this Guaranty with respect to such payment shall
be reinstated at such time as though such payment had become due but had not been made at such time.

 

19.            Successors
and Assigns. This Guaranty shall be binding upon the respective legal representatives, successors and assigns of Guarantor and shall
not be discharged in whole or in part by the dissolution of Guarantor. If more than one party executes this Guaranty, the liability of
all such parties shall be joint and several.

 

20.            Loan
Requests. Administrative Agent and the Lenders shall be entitled to honor any request for Facility Loan proceeds made by Borrower
and shall have no obligation to see to the proper disposition of such advances. Guarantor agrees that its obligations hereunder shall
not be released or affected by reason of any improper disposition by Borrower of such Facility Loan proceeds.

 

21.            Waiver
of Marshalling. To the greatest extent permitted by law, Guarantor hereby waives any and all
rights to require marshalling of assets by Administrative Agent or Lenders.

 

22.            Counterparts.
This Guaranty may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. Delivery
of an executed signature page of this Guaranty by facsimile or other electronic transmission (including by “.pdf” or
“.tif”) shall be effective as delivery of a manually executed counterpart hereof.

 

23.            Currency.
Any and all amounts required to be paid by Guarantor hereunder shall be paid to Administrative Agent and the Lenders in United States
currency at such place as Administrative Agent may, from time to time, in writing appoint.

 

    -15-

     

    

 

24.            Third
Party Beneficiaries. Except as otherwise provided herein, Guarantor, Administrative Agent and Lenders do not intend the benefits
of this Guaranty to inure to any third party, other than Administrative Agent’s and each Lender’s successors and/or assigns
and no third party (including Borrower), other than Administrative Agent’s and each Lender’s successors and/or assigns shall
have any status, right or entitlement under this Guaranty.

 

25.            Amendments.
This Guaranty may not be supplemented, extended, modified or terminated except by an agreement in writing signed by the party against
whom enforcement of any waiver, change, modification or discharge is sought.

 

26.            Waiver
of Certain Damages. To the fullest extent permitted by applicable law, Administrative Agent and Lenders agree not to assert, and
hereby waive, in any legal action or other proceeding or otherwise, any claim against Borrower or Guarantor on any theory of liability,
for special, indirect, consequential, special, exemplary or punitive damages.

 

27.            Headings.
Section headings in this Guaranty are for convenience of reference only and shall in no way affect the interpretation of this Guaranty.

 

(Signature
Page to Follow)

 

    -16-

     

    

 

In
Witness Whereof, Guarantor has delivered this Guaranty as of the date first written above.

 

		Guarantor:
	 	 
	 	Seven Hills Realty Trust
	 	 
	 	By:	/s/ G. Douglas Lanois
	 	 	Name: G. Douglas Lanois
	 	 	Title:   Chief Financial Officer

 

[Signature
Page to Guaranty – Seven Hills Realty Trust]oxbr_ex107.htm

EXHIBIT 10.7
   
 SHARE PURCHASE AGREEMENT
  
 This SHARE PURCHASE AGREEMENT (the “Agreement”) is dated August 11, 2021 and is by and among OAC Sponsor Ltd., a Cayman Islands exempted company (the “Company” or “Sponsor”), and Oxbridge Reinsurance Limited (the “Buyer”). This Share Purchase Agreement amends, restates, and supersedes in its entirety any prior Share Purchase Agreement (if any) previously entered into between the Company and Buyer.
  
 RECITALS
  
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rule 506 of Regulation D promulgated thereunder, the Company desires to offer, issue and sell to the Buyer (the “Offering”), and the Buyer desires to purchase from the Company investment units (the “Units”), with each Unit consisting of one ordinary share of $0.0001 (USD), par value of the Company (the “Ordinary Shares”) and 2.0633327 preference share of $0.0001 (USD), par value of the Company (the “Preference Shares”), in an amount equal to the aggregate subscription price indicated on the Subscriber’s signature page hereto. This subscription is submitted to you in accordance with and subject to the terms and conditions described in this Agreement.  For purposes of this Agreement, the term “Securities” means and includes (i) the Units and (ii) the Ordinary Shares and the Preference Shares comprising the Units (the “Shares”).
  
 WHEREAS, the Ordinary Shares will be entitled to the entirety of the net proceeds received by the Sponsor from the sale, exchange, or other disposition of the Class B ordinary shares of Oxbridge Acquisition Corp. (“OXAC”) held by the Sponsor and any remaining distributable proceeds of the Sponsor, except for the limited distribution preference of the Preference Shares as described below.
  
 WHEREAS, the Preference Shares will be entitled to a distribution preference equal to the entirety of the net proceeds received (if any), by the Sponsor from the sale, exchange, or other disposition of the OXAC private placement warrants held by the Sponsor and any shares obtained from the exercise of such warrants (collectively, the “Sponsor Warrants”).  In calculating the “net proceeds” pursuant to the preceding sentence, transaction expenses directly relating to the sale of the Sponsor Warrants will be netted against the proceeds from the sale of the Sponsor Warrants.
  
 WHEREAS, all administrative expenses of the Company, which may range from annual government and regulatory fees, audit fees, legal fees and similar fees, will be allocated 75% to the Buyer, and 25% to the Company.
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which is hereby acknowledged, the Company and each of the Buyers agree as follows:
  
 	 
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 AGREEMENT
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:
  
 1. PURCHASE AND SALE.
  
 (a) Purchase and Sale. Subject to the terms and conditions set forth in this Agreement, at the Closing, the Company shall issue and sell to the Buyer, and the Buyer shall purchase from the Company, the number of Units set forth on the Buyer’s signature page to this Agreement.
  
 (b) Closing. The closing of the purchase of the Units by the Buyer as contemplated by this Agreement (the “Closing”) shall occur on the date hereof by the remote exchange of such closing documents and instruments as shall be necessary under this Agreement to effectuate the Closing. 
  
 (c) Payment of Purchase Price; Delivery of Securities. At the Closing, (i) the Buyer shall pay its respective purchase price, consisting of USD$1.333 per Unit (the “Purchase Price”) for the number of Units set forth on the Buyer’s signature page to this Agreement, to the Company by wire transfer of immediately available funds in accordance with the Company’s written wire instructions, and (ii) the Company shall issue and deliver the Shares comprising the Units to the Buyer by means of book-entry notation of such issuance on the share ledger of the Company.
  
 2.  BUYER’S REPRESENTATIONS AND WARRANTIES.
  
 The Buyer represents and warrants to the Company that:
  
 (a) Organization; Authority. The Buyer is an individual resident in the state and country indicated on the Buyer’s signature page hereto with the requisite power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out the Buyer’s obligations hereunder and thereunder.
  
 (b) No Public Sale or Distribution. The Buyer (i) is acquiring the Securities for its own account and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the 1933 Act. The Buyer does not presently have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Securities to the public or otherwise in violation of applicable securities laws. “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.
  
 	 
	2
	

	 

  
 (c) Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.
  
 (d) Information. The Buyer and its advisors, if any, acknowledge that they have been furnished with, or provided access to, all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Buyer. The Buyer and its advisors, if any, have been afforded the opportunity to ask questions of, and receive answers from, the Company concerning the offer and sale of the Units and to obtain any additional information that the Buyer has requested which is necessary to verify the accuracy of the information furnished to the Buyer concerning the Company and the Offering. The Buyer acknowledges that the Buyer is basing its decision to invest in the Securities on its own due diligence and, except as specifically set forth in this Agreement, has not relied upon any representations made by any Person. The Buyer understands that its investment in the Securities involves a high degree of risk. The Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities. Buyer understands that the value of the Securities is contingent on the completion of the OXAC IPO (as defined below) and that the Securities have no value unless and until the OXAC IPO is consummated. Buyer understands that there is no assurance that the OXAC IPO will be consummated, and the OXAC IPO will be depend on market conditions and other factors beyond the Company’s control.
  
 (e) Tax Treatment. The Buyer is not relying on the Company (or any of its agents or representatives) for any tax advice concerning the U.S. federal, state, local, foreign or other tax consequences of the transactions contemplated by the Agreement or the Buyer’s receipt of the Securities, and the Buyer has consulted such advisors as the Buyer deems necessary or appropriate to understand the tax consequences of the investment represented by the Securities. The Buyer understands that the Company is making no representation or warranty as to the U.S. federal, state, local, foreign or other tax consequences or tax treatment to the Buyer as a result of a purchase of Securities under this Agreement.
  
 (f) No Governmental Review. The Buyer understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.
  
 (g) Transfer or Resale. The Buyer understands that: (i) the Securities have not been and are not being registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless the Buyer receives prior written consent of the Board of Directors of the Company and (A) the Securities have been subsequently registered thereunder, (B) the Buyer shall have delivered to the Company (if requested by the Company) an opinion of counsel to the Buyer, in a form reasonably acceptable to the Company, to the effect that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) the Buyer provides the Company with reasonable assurance that such Securities can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the 1933 Act (or a successor rule thereto) (collectively, “Rule 144”); (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC promulgated thereunder; and (iii) neither the Company nor any other Person is under any obligation to register the Securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. The Securities will contain a customary restrictive legend evidencing the foregoing transfer restrictions.
  
 	 
	3
	

	 

  
 (h) Validity; Enforcement. The execution and delivery of this Agreement by the Buyer and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary action on the part of the Buyer and no further consent or authorization of the Buyer or its members (or shareholders) is required. This Agreement has been duly executed by the Buyer and, when delivered by the Buyer in accordance with the terms hereof or thereof, will constitute the legal, valid and binding obligations of the Buyer enforceable against the Buyer in accordance with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.
  
 (i) No Conflicts. The execution, delivery and performance by the Buyer of this Agreement and the consummation by the Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of the Buyer, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to the Buyer, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Buyer to perform its obligations hereunder.
  
 (j) Experience of the Buyer. The Buyer, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. The Buyer is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.
  
 (k) General Solicitation. The Buyer is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.
  
 (l) Foreign Corrupt Practices. None of the Buyer or any of its subsidiaries or, to the knowledge of the Buyer, any director, officer, agent, employee or other Person acting on behalf of the Buyer or any of its subsidiaries has, in the course of its actions for, or on behalf of, the Buyer or any of its subsidiaries or affiliates (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.
  
 	 
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 (m) Money Laundering. The Buyer and its subsidiaries are in compliance with, and have not previously violated, the USA Patriot Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations.
  
 (n) Indemnification. The Buyer understands that the information provided herein will be relied upon by the Company for the purpose of determining the eligibility of the Buyer to purchase the Securities. The Buyer agrees to provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Buyer to purchase the Securities and/or in relation to the verification of the identity of the Buyer, the source of funds and compliance with all laws and regulations, including without limitation those relating to the prevention of money laundering and other criminal activity. To the maximum extent permitted by law, the Buyer agrees to indemnify and hold harmless the Company and each officer, director, employee, agent and controlling person of the Company from and against any and all loss, damage or liability due to or arising out of a breach of any representation or warranty of the Buyer in this Agreement or in any other document provided by the Buyer to the Company in connection with the Buyer's investment in the Securities.
  
 (o) Verification of Identity. The Buyer will provide the Company with such documentation and information as the Company reasonably requests from time to time with respect to the Buyer's identity, citizenship, residency, ownership, tax status, business or control so as to permit the Company to evaluate the status of the Buyer and comply with any money laundering, regulatory or tax requirements applicable to the Company, its shareholders or any proposed investments of the Company, provided that any confidential information so provided shall be kept confidential by the Company and shall not be disclosed to any third party unless required by law or by any court of law or by any regulatory authority. 
  
 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.
  
 The Company hereby makes the following representations and warranties to the Buyer:
  
 (a) Organization and Qualification. The Company is a Cayman Islands exempted company duly organized and validly existing and in good standing under the laws of the Cayman Islands, and has the requisite power and authorization to own its assets and to carry on is business as now being conducted and as presently proposed to be conducted. 
  
 (b) Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations under this Agreement and to issue the Securities in accordance with the terms hereof. The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized by the Company’s board of directors, and no further filing, consent or authorization is required by the Company, its board of directors or its shareholders or other governing body of the Company. This Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. 
  
 	 
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 (c) Issuance of Shares. The issuance of the Shares comprising the Units hereunder has been duly authorized and, upon issuance in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof. Subject to the accuracy of the representations and warranties of the Buyer in this Agreement, the offer and issuance by the Company of the Securities is exempt from registration under the 1933 Act. Upon receipt of the Shares comprising the Units, the Buyer will have good and marketable title to the Shares. 
  
 (d) No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Shares) will not (i) result in a violation of the Memorandum and Articles of Association or other organizational documents of the Company, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, indenture or instrument to which the Company is a party, (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation, foreign, federal and state securities laws and regulations). 
  
 (e) Consents. The Company is not required to obtain any consent from, authorization or order of, or make any filing or registration with any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its obligations under, or contemplated by, this Agreement in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations which the Company is required to obtain at or prior to the applicable Closing have been obtained or effected on or prior to Closing, and neither the Company nor any of its subsidiaries are aware of any facts or circumstances which might prevent the Company from obtaining or effecting any of the registration, application or filings contemplated by this Agreement.
  
 (f) No General Solicitation. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Shares. 
  
 (g) No Disqualification Events. None of the Company, nor to the knowledge of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering contemplated hereby, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the 1933 Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the 1933 Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event.
  
 	 
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 4. COVENANTS.
  
 (a) Transfer of Shares. The Buyer covenants and agrees that the Buyer may not transfer, assign, or otherwise dispose of the Securities or Shares other than with the approval by the Board of Directors of the Company, and the Company may place a restrictive legend on the Shares to evidence such restriction. This restriction is in addition to, and not in lieu of, any restriction on the transfer of the Shares under applicable securities laws. 
  
 (b) Use of Proceeds. The Company will use the Purchase Price for the Units only to fund the Sponsor’s investment in Oxbridge Acquisition Corp. (“OXAC”) in connection with the initial public offering by OXAC (the “OXAC IPO”) of units comprised of Class A ordinary shares and redeemable warrants (the “OXAC Units”) and to fund organizational and operating expenses of Sponsor. In the event that the OXAC IPO does not occur by September 30, 2021, then the entire Purchase Price will be returned to the Buyer, and the Buyer will transfer and assign the Shares back to Company.
  
 (c) Adjustment. In the event that less than $115 million of OXAC Units are sold in the OXAC IPO as a result of the non-exercise of the underwriter’s overallotment option in the OXAC IPO, the Company shall adjust downward the Buyer’s number of Ordinary Shares and Preference Shares, such that the Buyer’s balance reflect the best possible economics after all adjustments to third-party Buyers in the Company’s other Units. In the event that the size of the OXAC IPO is increased above $115 million, or the Company is required to raise additional capital for reasons other than the foregoing (such as because of an increase in the required size of the OXAC trust account above 101.5%), then the Company may need to issue additional Shares, which will have the effect of diluting pro rata the then-existing holders of Shares. 
  
 5. MISCELLANEOUS.
  
 (a) Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall (i) limit, or be deemed to limit, in any way any right to serve process in any manner permitted by law or (ii) operate, or shall be deemed to operate, to preclude the Buyer or the Company, as applicable, from bringing suit or taking other legal action against the Buyer or the Company, as applicable, in any other jurisdiction to collect on an obligation to such other party or to enforce a judgment or other court ruling in favor of such party. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.
  
 	 
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 (b) Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.
  
 (c) Voting: The Ordinary Shares will have one vote per share and will vote together on all matters as a single class. The Preference Shares will be non-voting shares of Sponsor.
  
 (d) Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.
  
 (e) Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).
  
 	 
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 (f) Entire Agreement; Amendments. This Agreement and the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements between the Buyers, the Company, their affiliates and Persons acting on their behalf solely with respect to the matters contained herein and therein, and this Agreement, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein contain the entire understanding of the parties solely with respect to the matters covered herein and therein; provided, however, nothing contained in this Agreement shall (or shall be deemed to) (i) have any effect on any agreements the Buyer has entered into with, or any instruments the Buyer has received from, the Company or any of its subsidiaries prior to the date hereof with respect to any prior investment made by the Buyer in the Company or (ii) waive, alter, modify or amend in any respect any obligations of the Company or any of its subsidiaries, or any rights of or benefits to the Buyer or any other Person, in any agreement entered into prior to the date hereof between or among the Company and/or any of its subsidiaries and the Buyer, or any instruments the Buyer received from the Company and/or any of its subsidiaries prior to the date hereof, and all such agreements and instruments shall continue in full force and effect. Except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. For clarification purposes, the Recitals are part of this Agreement. Provisions of this Agreement may be amended only with the written consent of the Company and the Buyer. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party. 
  
 (g) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via email at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if such notice or communication is delivered via email at the email address as set forth on the signature pages attached hereto on a day that is not a business day or later than 5:30 p.m. (New York City time) on any business day, (c) the second (2nd) business day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. For purposes hereof, “business day” means a day on which banks in New York, New York are open for business. 
  
 (h) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns, including, as contemplated below, any permitted assignee or transferee of any of the Shares. The Buyer shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Company (which may be granted or withheld in the Company’s sole discretion). 
  
 (i) No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.
  
 (j) Survival. The representations, warranties, agreements and covenants shall survive each Closing. The Buyer shall be responsible only for its own representations, warranties, agreements and covenants hereunder.
  
 (k) Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.
  
 [signature pages follow]
  
 	 
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 IN WITNESS WHEREOF, the Company has caused its signature page to this Agreement to be duly executed as of the date first written above.
  
 	  
	 COMPANY:
	  

	  
	  
	  

	  
	 OAC SPONSOR LTD.
	  

	  
	  
	  
	  

	  
	 By:
	 /s/ WRENDON TIMOTHY
	  

	  
	  
	 Name: Wrendon Timothy 
	  

	  
	  
	 Title:  Director & Chief Financial Officer
	  

  
 	  
	 Address for notice:
	  

	  
	  
	  

	  
	 Suite 201, 42 Edward Street,
	  

	  
	 P.O. Box 469, George Town
	  

	  
	 Grand Cayman, KY1-9006
	  

	  
	 Cayman Islands 
	  

	  
	  
	  

	  
	 Email: wtimothy@oxbridgere.com
	  

  
 	 
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 [BUYER SIGNATURE PAGE TO SHARE PURCHASE AGREEMENT]
  
 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed by its respective authorized signatories as of the date first indicated above.
  
 Name of Buyer: Oxbridge Reinsurance Limited
  
 Signature of Authorized Signatory of Buyer: /s/ JAY MADHU
  
 Name of Authorized Signatory: Jay Madhu
  
 Title of Authorized Signatory: Chief Executive Officer
  
 Email Address of Authorized Signatory: jmadhu@oxbridgere.com
  
 Address for Notice to Buyer:
 Suite 201, 42 Edward Street, P.O. Box 469     
 George Town, Grand Cayman, KY1-9006      
 Cayman Islands,                                              
  
 Address for Delivery of Shares to Buyer (if not same as address for notice):
 ___ __________________
 _______________________________
 _______________________________
 _______________________________
  
 Subscription Amount: $2,000,000 ($1.333 per Unit)
  
 Representing: 1,500,000 Ordinary Shares and 3,094,999 Preference Shares
  
 	 
	11

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