Document:

EXHIBIT 10.26

  

PROPERTY AND ASSET MANAGEMENT AGREEMENT

 

THIS PROPERTY AND ASSET MANAGEMENT AGREEMENT
(this “Agreement”) is made as of this 10th day of August, 2013 (the “Effective Date”),
by and between TNP SRT Woodland West, LLC, a Delaware limited liability company, its successors and assigns (the “Company”)
and Glenborough, LLC, a Delaware limited liability company (the “Property Manager”).

 

RECITALS

 

WHEREAS, Company owns that certain
real property commonly known as Woodland West, located at 2613-2833 Park Row and 1112-1206 Bowen Road, Arlington, Texas, and as
further described in Exhibit “A” attached hereto and incorporated herein (the “Property”);
and

 

WHEREAS, Company desires to engage,
and the Property Manager desires to be engaged, to supervise, manage, lease, operate and maintain the Property on the terms and
conditions set forth in this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the mutual promises and obligations set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

1.          Commencement
and Termination Dates. The initial term of this Agreement shall be for twelve (12) months from the date of the Effective Date,
and shall automatically renew for successive one (1) year terms unless either party provides written notice to the contrary to
the other party at least thirty (30) days prior to the expiration of the then current term (the “Term”); provided
that (i) this Agreement shall automatically terminate upon the sale of the Property or any portion thereof (in which event only
as to such portion of the Property sold) and (ii) the Company or Property Manager may terminate this Agreement upon the conditions
set forth in Section 15 below.

 

2.          Authority
of Property Manager. Subject to the approval of Company where required hereunder, Property Manager shall have the power and
authority to act on behalf of the Company with respect to the duties conferred upon Property Manager hereunder. The power and authority
granted by Company to Property Manager hereunder shall include the power and authority to execute, acknowledge, and swear to the
execution, acknowledgment of and the filing of, documents involving the ownership, financing, management and operation of the Property
which are consistent with this Agreement, and any and all such other documents as may be necessary to implement the management
powers of Property Manager set forth in this Agreement. If Company shall now or hereafter be comprised of more than one person
or entity, any approval of Company required hereunder shall be deemed granted upon the affirmative consenting vote of persons or
entities holding more than fifty percent (50%) of the interest in the Property.

 

    	 

    	 

    

 

3.          Status
of the Property Manager. The Company and the Property Manager do not intend to form a joint venture, partnership or similar
relationship. Instead, the parties intend that the Property Manager shall act solely in the capacity of an independent contractor
for the Company. Nothing in this Agreement shall cause the Property Manager and the Company to be joint venturers or partners of
each other and neither shall have the power to bind or obligate the other party by virtue of this Agreement, except as expressly
provided in this Agreement. Nothing in this Agreement shall deprive or otherwise affect the right of either party to own, invest
in, manage, or operate, or to conduct business activities which compete with the business of, the Property.

 

		4.	Property Manager’s Responsibilities

 

4.1           Management.
Property Manager shall manage, operate and maintain the Property in a diligent, professional and commercially reasonable manner,
subject to the terms and provisions of this Agreement; provided, however, that Company shall make available to the Property Manager
such sums as are reasonably necessary to pay the costs thereof. Property Manager may implement such procedures with respect to
the Property as Property Manager may deem advisable for the more efficient and economically sound management, operation and maintenance
thereof.

 

4.2           Employees
and Third Party Contractors. At all times during the Term, Property Manager shall employ, directly or through third party contractors
(e.g., employing a local property management and/or leasing company), a sufficient number of capable employees and/or third party
contractors to enable Property Manager to properly, adequately, safely and economically manage, operate and maintain the Property.
All matters pertaining to the supervision of such employees and/or third party contractors shall be the responsibility of Property
Manager. All salaries and benefits of employees who perform work in connection with the Property shall be consistent with the Budget
(as hereinafter defined).

 

4.3           Compliance
with Laws, Loan Documents and Other Matters.

 

4.3.1           Property
Manager shall use commercially reasonable efforts to comply with any applicable Loan Documents (as hereinafter defined) and governmental
requirements relative to the performance of its duties hereunder. Expenses incurred to remedy any violations of laws or to comply
with the Loan Documents shall be drawn from the Operating Account (as hereinafter defined); provided, however, that Property Manager
shall not be obligated to expend funds to remedy any such violations if sufficient funds are not available in the Operating Account
or if Company does not provide sufficient additional funds to do so.

 

4.3.2           Promptly
after receipt, Property Manager shall furnish to Company copies of any notices of violation of any governmental requirement, orders
issued by any governmental entity and any notices of default from the Lender (as hereinafter defined).

 

5.          Budgets
and Operating Plan.

  

5.1           Property
Manager shall prepare and submit to Company a capital and operating budget on a monthly, generally accepted accounting principles
in the United States (“GAAP”) basis for the management, operation and maintenance of the Property for each calendar
year (each, a “Budget”). The Budget for the initial calendar year shall be prepared by Property Manager and
submitted to Company within thirty days of the date of this Agreement and such initial Budget shall be reasonably acceptable to
Lender as hereinafter defined. On or prior to December 15th of the calendar year prior to all subsequent Budget years,
or as soon as possible thereafter, Property Manager shall deliver to Company for approval a proposed Budget for the following calendar
year. Company shall have fifteen (15) days after receipt of the same to approve or disapprove the proposed Budget (the “Budget
Review Period”), and shall notify Property Manager of its approval or disapproval of the proposed Budget within the Budget
Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager
may endeavor to address those grounds in a revised, proposed Budget to be thereafter submitted to Company. If Company fails to
notify Property Manager of its disapproval of the Budget within the Budget Review Period, Company shall be deemed to have approved
of the Budget. In the event a portion of any proposed Budget is disapproved, Property Manager may proceed under the proposed Budget
for items that are not so disapproved and may take any actions permitted hereunder with respect to such items. In the event that
any disapproved Budget items are operational expenditures, as opposed to capital expenditures, Property Manager shall be entitled
to operate the Property using the prior year’s Budget for such items plus 5% until approval is obtained. Property Manager
shall provide Company with such information regarding the Budget as may be, from time to time, reasonably requested by the Company.
Property Manager shall charge all expenses to the proper account as specified in the approved Budget, provided that Property Manager
may reallocate savings from one line item to other line items.

  

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5.2           At
any time during the calendar year to which any particular Budget applies and prior to making any expenditure which is not within
an approved Budget, Property Manager may submit a proposed revision to such Budget to the Company for its approval consistent with
the terms set forth above. Notwithstanding anything to the contrary in this Agreement, Property Manager shall not be required to
submit a proposed Budget revision to Company for approval if any such expenditure is (a) less than the greater of either 10% of
the applicable approved Budget category or $5,000; (b) relates to real property taxes and/or utilities or (c) is, in Property Manager’s
reasonable judgment, required to avoid personal injury, significant property damage, a default under any Loan Documents, a violation
of applicable law or the suspension of a service (collectively, “Permitted Expenditures”).

 

5.3           On
or prior to December 15th of the calendar year prior to all subsequent Budget years, or as soon as possible thereafter,
Property Manager shall submit to the Company, for information purposes only, an operating plan for the general operation of the
Property, including a proposed list of improvements to the Property, general insurance plan, marketing plan and plan for the general
operation and maintenance of the Property (the “Operating Plan”). Property Manager may submit a revised Operating
Plan to the Company at any time.

 

6.          Leasing.

 

6.1           Company
hereby approves (i) all leases of any portion of the Property (collectively, and together with any amendments thereto, assignments
thereof and guaranties thereto pertaining, the “Leases”) in effect as of the Effective Date.

 

6.2           Property
Manager shall use commercially reasonable efforts to lease all vacant, leasable space in the Property and to renew Lease agreements
in effect as of the Effective Date, and Company hereby grants Property Manager the power and authority to negotiate new Leases
and Lease renewals and to take all actions as may be necessary or desirable, in Property Manager’s reasonable discretion,
on behalf of Company, to accomplish the foregoing. Property Manager shall reasonably investigate all prospective Tenants (as hereinafter
defined), and shall not lease to persons not meeting credit standards reasonable for the market. Property Manager may, in its discretion,
obtain a credit check for any prospective Tenant through a credit check company. Property Manager shall retain such information
for the duration of any ensuing tenancy, and shall make it available to Company upon reasonable notice, subject to compliance with
any confidentiality restrictions required by any such Tenant or any credit check company. Notwithstanding the foregoing, Property
Manager does not guarantee the accuracy of any such information or the financial condition of any Tenant.

 

6.3           Property
Manager shall provide Company with any proposed new Lease or Lease renewal for approval (each, a “Proposed Lease Transaction”).
Company shall have five (5) business days after receipt of the Proposed Lease Transaction to approve or disapprove the Proposed
Lease Transaction (the “Lease Review Period”), and shall notify Property Manager of its approval or disapproval
of the Proposed Lease Transaction within the Lease Review Period. Any notice of disapproval shall set forth the grounds for such
disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised Proposed Lease Transaction
to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of any Proposed Lease Transaction
within the Lease Review Period, Company shall be deemed to have approved of the Proposed Lease Transaction.

  

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6.4           Property
Manager will use commercially reasonable efforts (a) to develop and maintain good relations with the tenants under the Leases (each,
a “Tenant,” and collectively, the “Tenants”); (b) to retain existing Tenants in the Property
and, after completion of the initial leasing activity for new Tenants, to retain such new Tenants; (c) to secure compliance by
the Tenants with the terms and conditions of their respective Leases; (d) to consider and record Tenant service requests in systematic
fashion showing the action taken with respect to each, and thoroughly investigate all complaints of a nature which might have a
material adverse effect on the Property or the Budget; and (e) to supervise the moving in and out of Tenants and arrange, to the
extent possible, the dates thereof to minimize disturbance to the operation of the Property and inconvenience to other Tenants.

 

6.5           Except
as otherwise provided herein or upon the prior written consent of Company, Property Manager shall not lease any space in the Property
to itself or to any of its affiliates or subsidiaries.

 

6.6           Property
Manager and Company agree that there shall be no discrimination against or segregation of any person or group of persons on account
of age, race, color, religion, creed, handicap, sex or national origin in the leasing of the Property.

 

6.7           Property
Manager is hereby authorized to execute, on behalf of Company, any and all Service Contracts (hereinafter defined), Subordination
and Non-Disturbance Agreements, Tenant Estoppel Certificates and Tenant Notices with respect to the Property, as well as notices,
estoppels certificates and other documents relating to the Loan (hereafter defined) which are ministerial in nature.

 

6.8           Property
Manager shall coordinate and facilitate all tenant improvements contemplated by the Leases (collectively, “Tenant Improvements”)
in accordance with the terms of this Agreement. For any Tenant Improvement contract requiring payment in excess of $100,000, the
Property Manager shall follow the bidding requirements specified in Section 7.2.

 

7.          Collection
of Rents and Other Income. Unless otherwise required by any Loan Documents, Property Manager shall bill all Tenants for, when
appropriate, and shall use commercially reasonable efforts to collect, all rent and other charges due and payable from all Tenants.
Property Manager shall have the authority to use all commercially reasonable methods to collect such rent and other charges due,
including, without limitation, pursuing litigation against any Tenant. Property Manager shall deposit all monies so collected in
the Operating Account.

 

7.1           Repairs
and Maintenance. Property Manager shall use commercially reasonable efforts to maintain and repair the buildings, appurtenances
and grounds of the Property, other than areas which are the responsibility of Tenants, and to take precautions against fire at,
vandalism of, burglary of and trespass to the Property. Such maintenance and repair obligations shall include, without limitation,
janitorial services, painting, decorating, electrical, plumbing, carpentry, masonry, elevators and such other routine repairs as
are necessary or reasonably appropriate in the course of maintenance of the Property.

 

7.2           Capital
Expenditures. Property Manager may make any capital expenditure within any Budget approved by the Company. All other capital
expenditures, other than Permitted Expenditures, shall be subject to submittal of a revised Budget to Company for approval in accordance
with the terms of this Agreement. Unless Company specifically waives such requirements, Property Manager shall award any contract
for a capital improvement exceeding $100,000 in cost on the basis of competitive bidding, selected from a minimum of two (2) written
bids. Property Manager shall accept the bid of the lowest bidder determined by Property Manager, in its sole discretion, to be
responsible, qualified and capable of completing such capital improvements on a reasonable schedule and as bid.

 

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7.3           Service
Contracts. Property Manager may enter into or renew any contract with any unrelated third party for cleaning, maintaining,
repairing or servicing the Property or any portion thereof (including, but not limited to, contracts for fuel oil, security or
other protection, or extermination, janitorial, landscaping, architectural or engineering services) (collectively, the “Service
Contracts”) contemplated by the Budget and consistent with the Operating Plan. Each such Service Contract shall (a) be
in the name of Company or in the name of Property Manager as agent for the Company; (b) be assignable to the nominee of the Company;
and (c) be for a term not to exceed one (1) year, unless the circumstances require otherwise, in the sole discretion of Property
Manager. Unless Company specifically waives such requirements, all Service Contracts for amounts in excess of $100,000 per year
shall be subject to the bidding requirements specified in Section 7.2 above. If this Agreement expires or is terminated
pursuant to Section 15 below, Property Manager shall assign to Company or the nominee of Company all, to the extent assignable,
of Property Manager’s interest, if any, in and to the Service Contracts.

 

7.4           Supplies
and Equipment. Property Manager may purchase, provide and pay for out of the Operating Account (so long as contemplated by
the Budget or deemed to be a Permitted Expenditure) all needed janitorial and maintenance supplies, tools and equipment, restroom
and toilet supplies, light bulbs, paints and similar supplies necessary for the management, operation and maintenance of the Property
(collectively, the “Supplies and Equipment”). Such Supplies and Equipment shall be the property of Company,
shall be delivered to and stored at the Property and shall be used only in connection with the management, operation, and maintenance
of the Property. Property Manager shall use commercially reasonable efforts to purchase all goods, supplies or services at the
lowest cost reasonably available from reputable sources in the metropolitan area where the Property is located.

 

7.5           Taxes.
Property Manager shall obtain and verify bills for real estate and personal property taxes, general and special real property assessments
and other like charges relating to the Property (collectively “Taxes”). If requested by Company, Property Manager
will cooperate with Company to challenge the Taxes and the assessed valuation of the Property. To the extent contemplated by the
Budget, Property Manager shall pay, within the time required to obtain discounts, from the Operating Account or funds provided
by the Company, all Taxes.

 

7.6           Construction
Management. Property Manager shall be responsible for coordinating and facilitating the planning and the performance of all
construction including, without limitation, all maintenance, repairs, capital improvements, common area refurbishments and Tenant
Improvements required to be constructed by Company after the Effective Date (collectively, “Construction Projects”),
regardless of whether or not any of the Construction Projects arises out of a Lease executed prior to the Effective Date. Such
coordination and facilitation services shall include, for example and not by any way of limitation, retaining architects, engineers
or other consultants, assisting in the development of repair, capital improvement or Tenant space plans, cost estimating, advising
Company with respect to the need for a general contractor, construction manager or other consultant, posting of appropriate notices
of non-responsibility, providing notices of construction to affected Tenants and mitigating the effects of construction on such
Tenants, and providing contractors, vendors and other Construction Property related personnel with access to the Property, parking
and staging areas, necessary utilities and services. Property Manager shall be responsible for conducting meetings as deemed reasonably
necessary by Property Manager, with the architect, contractor and consultants for all Construction Projects. Property Manager will
also prepare a written report to Company as deemed reasonably necessary regarding the progress of each Construction Property in
a format to be approved by the Company.

 

7.7           Limitation.
Notwithstanding anything to the contrary contained herein, Property Manager shall only provide services to Tenants which are customary
to the management of similar properties in that geographic area of the Property and shall provide no other services to the Tenants
on behalf of the Company.

 

8.          Basic
Insurance.

 

8.1           Insurance.

  

8.1.1           Property
Manager, at Company’s expense, will obtain and keep in force adequate insurance against physical damage (such as fire with
extended coverage endorsement, boiler and machinery) and against liability for loss, damage or injury to property or persons that
might arise out of the management, operation or maintenance of the Property, as contemplated by the Operating Plan and any Loan
Documents. Property Manager shall not be required to maintain earthquake, flood or windstorm insurance unless expressly directed
to do so by a specific written notice from Company or as required by any Loan Documents, but may do so in Property Manager’s
reasonable discretion. Property Manager shall be a named insured on all property damage insurance and an additional insured on
all liability insurance maintained with respect to the Property. In the event Property Manager receives insurance proceeds for
the Property, the Property Manager will take any required actions as set forth in any Loan Documents affecting the Property. In
the event that the Property Manager receives insurance proceeds that are not governed by the terms of any Loan Documents affecting
the Property, the Property Manager, in its reasonable discretion, will either (a) use such proceeds to replace, repair or refurbish
the Property or (b) distribute such proceeds to Company, as directed by Company. Any insurance proceeds distributed to Company
will be distributed subject to the fees owed to Property Manager pursuant to this Agreement. Property Manager shall not knowingly
permit the use of the Property for any purpose that might void any policy of insurance held by Company or which might render any
loss thereunder uncollectible.

 

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8.1.2           Property
Manager shall investigate and, as soon as is reasonably practicable thereafter, submit a written report describing the same to
Company and the insurance carrier, if applicable, together with the estimated costs of repair thereof, and prepare and file with
the insurance company in a timely manner required reports in connection therewith. Notwithstanding the foregoing, Property Manager
shall not be required to give such notice to Company if the amount of such claims, damage or destruction, as reasonably estimated
by the Property Manager, does not exceed $100,000 for any one occurrence. Property Manager shall settle all claims against insurance
companies arising out of any policies, including the execution of proofs of loss, the adjustment of losses, signing and collection
of receipts and collection of money, except that Property Manager shall not settle claims in excess of $100,000 without the prior
approval of the Company.

 

8.2           Contractor’s
and Subcontractor’s Insurance. Property Manager shall require all contractors and subcontractors entering upon the Property
to perform services to have insurance coverage, at such contractor’s or subcontractor’s expense, in the following minimum
amounts: (a) worker’s compensation - statutory amount; (b) employer’s liability (if required under applicable law)
- $500,000 (minimum); and (c) comprehensive general liability insurance, including comprehensive auto liability insurance covering
the use of all owned, non-owned and hired automobiles, with bodily injury and property damage limits of $1,000,000 per occurrence
and $2,000,000 in the aggregate. Property Manager shall obtain and keep on file a certificate of insurance that shows that each
contractor and subcontractor is so insured. Property Manager may waive such requirements in its reasonable discretion.

 

8.3           Waiver
of Subrogation. To the extent available at commercially reasonable rates, all property damage insurance policies required hereunder
shall contain language whereby the insurance carrier thereunder waives any right of subrogation it may have with respect to Company
or Property Manager. Property Manager may waive such requirement in its reasonable discretion.

 

9.          Financial
Reporting And Record Keeping.

 

9.1           Books
of Accounts. Property Manager shall maintain adequate and separate books and records for the Property with the entries supported
by sufficient documentation to ascertain their accuracy. Such books and records shall contain a separate accounting of all items
of income and expenses. Company agrees to provide Property Manager with any financial or other information reasonably requested
by Property Manager to carry out its services hereunder. Property Manager shall maintain such books and records at the Property
Manager’s office at the address as set forth in Section 18, or at the office of any local property manager or leasing
company to whom Property Manager may have subcontracted its duties hereunder or at the Property. Property Manager shall bear losses
arising from the fraud or gross negligence of Property Manager or any of its employees or agents relating to the books and records
required to be maintained in accordance with this Section.

  

9.2           Financial
Reports. On or about the 45th day following the end of each calendar quarter, Property Manager shall furnish to the Company
a report of all significant transactions occurring during such prior quarter, including, without limitation, a cash flow statement,
a current rent roll and an update on the status of the Property. Within a reasonable time after (i) the close of a calendar year
and (ii) the expiration or termination of this Agreement, Property Manager also shall deliver to Company an operating statement,
a cash flow statement, a balance sheet for the Property and such other financial information as Property Manager, in its discretion,
prepares. The financial statements and reports shall be prepared on a GAAP basis (unless the Loan Documents specify otherwise)
and in compliance with all reporting requirements relating to the operations of the Property and required under then applicable
Loan Documents.

  

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9.3           Supporting
Documentation. Property Manager shall maintain and make available at Property Manager’s office at the address set forth
in Section 18, or at the office of any local property manager or leasing company to whom Property Manager may have subcontracted
its duties hereunder or at the Property, copies of the following: (a) all bank statements and bank reconciliations; (b) detailed
cash receipts and disbursement records; (c) rent roll of tenants; and (d) paid invoices (or copies thereof); Property Manager shall
deliver a copy of the documents described above to Company upon written request.

 

9.4           Tax
Information. Property Manager shall provide Company with sufficient information so that the Company can prepare its income
tax returns.

 

10.         Right
to Audit. Company and its representatives may examine all books, records and files maintained for Company by Property Manager.
Company may perform any audit or investigations relating to the Property Manager’s activities regarding the Property at Property
Manager’s office at the address as set forth in Section 18, or at the office of any local property manager or leasing
company to whom Property Manager may have subcontracted its duties hereunder or at the Property. Should Company discover defects
in internal control or errors in record keeping, Property Manager shall undertake, with all appropriate diligence, to correct such
discrepancies either upon discovery or within a reasonable period of time thereafter. Property Manager shall inform Company in
writing of the action taken to correct any audit discrepancies.

 

11.         Bank
Accounts.

 

11.1         Operating
Account. To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall
deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in
a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company
(such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating
Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating
Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as
the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property
Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement.
If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any
Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other
funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined
by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

 

11.2         Security
Deposit Account. If applicable law or a Lender requires a segregated account of Tenant security deposits, Property Manager
will open a separate account at a reputable bank or other financial institution. Property Manager may return such deposits to any
Tenant in the ordinary course of business in accordance with the terms of the applicable Lease.

 

11.3         Access
to Account. As authorized by signature cards, representatives of Property Manager shall have access to and may draw upon all
funds in the accounts described in Sections 11.1 and 11.2 without the approval of Company. Additionally, representatives
of Property Manager shall have access to and may draw upon any funds escrowed or held in reserve for capital expenditures, without
the approval of the Company, provided that the requirements of Section 7.2 and any additional Lender requirements with respect
to such amounts are satisfied. Company may not withdraw funds from such accounts without the Property Manager’s prior written
consent, except (a) following the Property Manager’s default, and then after expiration of all applicable notice and cure
periods or (b) the expiration or earlier termination of this Agreement.

  

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12.         Payments
of Expenses.

 

12.1         Eligible
Costs. In accordance with the Budget and the terms of this Agreement, Property Manager shall pay all expenses of the management,
operation, maintenance of the Property directly from the Operating Account or shall be reimbursed by the Company, including without
limitation the following: (a) the cost to correct the violation of any governmental requirement relating to the leasing, use, repair
and maintenance of the Property, or relating to the rules, regulations or orders of the local Board of Fire Underwriters or other
similar body, if such cost is not the result of the Property Manager’s gross negligence or willful misconduct; (b) the actual
and reasonable cost of making all repairs, decorations and alterations if such cost is not the result of the Property Manager’s
gross negligence or willful misconduct; (c) cost incurred by Property Manager in connection with all Service Contracts, including
costs under any agreement with the Property Manager; (d) the cost of collection or attempted collection of delinquent rents collected
by a collection agency or attorney; (e) legal fees of attorneys; (f) the cost of capital expenditures subject to the restrictions
in Section 7.2; (g) the cost of printed checks for each account required by the Property and Company; (h) the cost of utilities;
(i) the cost of advertising; (j) the cost of printed forms and supplies required for use at the Property; (k) the costs of Property
Manager’s compensation set forth in Section 14; (l) the cost of Tenant Improvements; (m) any third-party leasing commissions
for services provided in leasing the Property; (n) any third-party construction management fees for services provided in supervising
any construction or repair in or about the Property; (o) any third-party selling commissions for the sale, exchange, or transfer
of the Property or any portion thereof; (p) debt service; (q) the cost of insurance; (r) reimbursement of the Property Manager’s
out-of-pocket costs and expenses to the extent not prohibited by Section 7; (s) the cost of general accounting and reporting
services within the reasonable scope of Property Manager’s responsibility to Company; (t) the cost of the Supplies and Equipment
and forms, papers, ledgers and other supplies and equipment (including computer equipment) used in the Property Manager’s
office at any location; (u) cost of electronic data processing equipment, including personal computers located at the Property
Manager’s office at the Property for preparation of reports, information and returns to be prepared by the Property Manager
under the terms of this Agreement; (v) cost of electronic data processing provided by computer service companies for preparation
of reports, information and returns to be prepared by the Property Manager under the terms of this Agreement; (w) all non-overhead
out of pocket expenses of the Property Manager; and (x) the wages and salaries and other employee-related expenses, unless otherwise
waived, in whole or in part, by the Property Manager in its sole discretion, of all on-site and off-site employees of Property
Manager to the extent that the same are engaged in the management, operation, maintenance of the Property pursuant to the terms
of this Agreement and further only to the extent customarily reimbursed to similarly situated property managers. Except as otherwise
specifically provided, all expenses of the management, operation, maintenance of the Property incurred hereunder by the Property
Manager shall be for the account of and on behalf of the Company.

 

12.2         Operating
Account Deficiency. If there are not sufficient funds in the Operating Account to make any payment referenced in Section
7, Property Manager shall notify Company, if possible, at least ten (10) days prior to any delinquency so that the Company
has an opportunity to deposit sufficient funds in the Operating Account to allow for such payment prior to the imposition of any
penalty or late charge. In no event shall Property Manager be required to expend any of its own funds for the operation or maintenance
of the Property, nor to incur any liability unless Company shall have furnished Property Manager with funds necessary for the discharge
thereof prior to incurring such liability; provided, however, that should Property Manager do so, Property Manager shall be entitled
to reimbursement from Company within thirty (30) days after such advance.

 

12.3         Legal
Fees.  To the extent Property Manager’s in-house legal personnel performs legal services in connection with the
preparation and negotiation of documents relating to Leases on behalf of the Company, Company shall pay to Property Manager legal
fees at the rates set forth in Schedule A hereto, such fees to be paid to Property Manager upon the execution of any such
Lease documentation..

  

13.         Property
Manager’s Costs Not to Be Reimbursed.

 

13.1         Non-reimbursable
Costs. The following expenses or costs incurred by or on behalf of the Property Manager in connection with its duties hereunder
shall be at the sole cost and expense of the Property Manager and shall not be reimbursed by the Company: (a) costs attributable
to losses arising from gross negligence, willful misconduct or fraud on the part of the Property Manager or its associates or employees;
and (b) cost of insurance purchased by the Property Manager for its own account.

  

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13.2         Litigation.
The Property Manager will be responsible for, and hold the Company harmless from, all costs relating to disputes with employees
for worker’s compensation (to the extent not covered by insurance), discrimination or wrongful termination, including legal
fees and other expenses.

 

14.         Compensation.

 

14.1         Property
Management Fee. For its services in managing the day-to-day operations of the Property in accordance with the terms of this
Agreement, Company shall pay to Property Manager an annual property management fee (the “Property Management Fee”)
equal to 4.0% of the Gross Revenue (as hereinafter defined). The Property Management Fee shall be prorated for any partial year
and shall be payable in equal monthly installments, in advance. The Property Management Fee shall be payable on the first day of
each month from the Operating Account or from other funds timely provided by the Company. Upon the expiration or earlier termination
of this Agreement, the parties will prorate the Property Management Fee on a daily basis to the effective date of such expiration
or termination. For purposes of this Agreement, the term “Gross Revenue” shall mean all gross collections from the
operations of the Property, including, without limitation, rental receipts, late fees, application fees, pet fees, damages, lease
buy-out payments, reimbursements by Tenants for common area expenses, operating expenses and taxes and similar pass-through obligations
paid by Tenants, but shall expressly exclude (i) security deposits received from Tenants and interest accrued thereon for the benefit
of the Tenants until such deposits or interest are included in the taxable income of the Company; (ii) advance rents (but not lease
buy-out payments) until the month in which payments are to apply as rental income; (iii) reimbursements by Tenants for work done
for a particular Tenant; (iv) proceeds from the sale or other disposition of all or any portion of the Property; (v) insurance
proceeds received by the Company as a result of any insured loss (except proceeds from rent insurance or the excess of insurance
proceeds for repairs over the actual costs of such repairs); (vi) condemnation proceeds not attributable to rent; (vii) capital
contributions made by the Company; (viii) proceeds from capital, financing and any other transactions not in the ordinary course
of the operation of the Property; (ix) income derived from interest on investments or otherwise; (x) abatement of taxes, awards
arising out of takings by eminent domain and discounts and dividends on insurance policies; and (xi) rental concessions not paid
by third parties.

 

14.2         Construction
Management Fee.  In connection with the Construction Projects, on a project by project basis, Property Manager shall
be paid a fee equal to five percent (5%) of the hard costs for the project in question (the “Construction Management Fee”).
The Construction Management Fee shall be payable from the Operating Account or from other funds timely provided by Company.

 

14.3         Leasing
Fees. Property Manager shall be entitled to receive a separate fee for the Leases of new Tenants, and for expansions, extensions
and renewals of existing Tenants in an amount not to exceed the fee customarily charged by similarly situated parties rendering
similar services in the same geographic area for similar properties (“Leasing Fees”). Leasing Fees shall be payable
from the Operating Account or from other from other funds timely provided by the Company; the timing of such payment to be is custom
for the market in which the property is located.

 

14.4         Notwithstanding
anything to the contrary in this Agreement, Property Manager shall have the right to designate another entity to receive any of
the amounts to which Property Manager is entitled under this Agreement.

 

15.         Termination.

 

15.1         Termination
by Company. Company shall have the right to terminate this Agreement “for cause” upon thirty (30) days written
notice to Property Manager. For purposes of this Agreement, termination “for cause” shall mean termination based upon
(i) gross negligence or fraud by the Property Manager; (ii) willful misconduct or a willful breach of this Agreement by the Property
Manager; or (iii) a bankruptcy filing, state of insolvency by the Property Manager or inability of the Property Manager to meet
its financial or service obligations as they come due. Company shall not have the right to terminate this Agreement except in the
event of a termination “for cause.” In the event of a termination of this Agreement pursuant to this Section 15.1,
Property Manager shall be entitled to receive the Property Management Fee, the Construction Management Fee and the Leasing Fees
accruing as of the effective date of termination, regardless of when such fees are payable. In addition to the termination right
set forth above, Company shall have the right to terminate this Agreement for any reason or no reason upon sixty (60) days’
written notice to Property Manager at any time after the end of the first year of the term of this Agreement.

  

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15.2         Termination
by Property Manager.

 

15.2.1           The
Property Manager shall have the right to terminate this Agreement “for cause”, provided that (i) the Company is in
default in the performance of any of their obligations hereunder, and such default remains uncured for thirty (30) days following
the Property Manager’s giving of written notice of such default to the Company, in which event termination shall be effective
immediately upon written notice to Company, or (ii) any governmental law, regulation, or ruling requires the Property Manager to
so terminate this Agreement, in which event termination shall be effective in accordance with such governmental law, regulation,
or ruling.

 

15.2.2           In
addition to the termination rights in Section 15.2.1 above, Property Manager shall have the right to terminate this Agreement
for any reason or no reason upon sixty (60) days written notice to Company at any time after the end of the first year of the term
of this Agreement.

 

15.2.3           
In the event that an affiliate of Property Manager no longer serves as an outside advisor to the parent of the Company, TNP Strategic
Retail Trust, under the terms of an executed Advisory Agreement, as the same may be amended and extended (the “Advisory Agreement),
the Property Manager shall have a one-time right, exercisable within sixty (60) days of the termination of the Advisory Agreement,
to terminate this Agreement on thirty (30) days written notice to the Company.

 

16.         Final
Accounting. Within forty-five (45) days after the expiration or earlier termination of this Agreement for any reason, Property
Manager shall: (a) deliver to the Company a final accounting, setting forth the balance of income and expenses on the Property
as of the date of expiration or termination; (b) transfer to any account indicated by the Company any balance or monies of the
Company or Tenant security deposits held by the Property Manager with respect to the Property (or transfer the accounts in which
such sums are held as instructed by the Company); and (c) deliver to any subsequent property manager or other agent indicated by
the Company all materials and supplies, keys, books and records, Service Contracts, Leases, receipts for deposits, unpaid bills
and other papers or documents in Property Manager’s possession that pertain to the Property. For a period of forty-five (45)
days after such expiration or termination for any reason other than Company’s default, Property Manager shall (x) be available,
through its senior executives familiar with the Property, to consult with and advise Company or any person or entity succeeding
to Company as owner of the Property or such other person or persons selected by Company regarding the operation and maintenance
of the Property; (y) cooperate with Company in notifying all Tenants of the expiration and termination of this Agreement; and (z)
shall use commercially reasonable efforts to cooperate with Company to accomplish an orderly transfer of the operation and management
of the Property to a party designated by the Company, and Company shall pay to Property Manager its prorated share of the Property
Management Fee for such services through the conclusion of such forty-five (45) day period. On or prior to the expiration or earlier
termination of this Agreement, Property Manager shall, at its cost and expense, remove all signs wherever located indicating that
it is the property manager for the Property and shall replace and repair any damage resulting from such removal. Neither the expiration
nor the termination of this Agreement shall release either party from liability for failure to perform any of the duties or obligations
as expressed herein or required hereunder to be performed by such party for the period before the termination.

  

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17.         Conflicts.
The Property Manager shall not deal with or engage, or purchase goods or services from, any subsidiary or affiliated company of
the Property Manager in connection with the management of the Property for amounts above market rates.

 

18.         Notices.
Any notice to be given or other document or payment to be delivered by any party to any other party hereunder shall be addressed
to the party for whom intended, as follows:

 

To the Property Manager at:

 

Glenborough, LLC

400 S. El Camino Real

Suite 1100

San Mateo, California 94402

Telephone: (650) 343-9300

Facsimile: (650) 343-9690

Attention: President

 

To the Company at:

 

TNP Woodland West, LLC

c/o TNP Strategic Retail Trust, Inc.

 

4695 MacArthur Court, Suite 1100

 

Newport Beach, CA 92660

 

Telephone: (949) 798-6207

 

Facsimile:

 

Attention: Dee Balch

 

Any party hereto may from time to time, by written notice to
the other, designate a different address which shall be substituted for the one above specified. Unless otherwise specifically
provided for herein, all notices, payments, demands or other communications given hereunder shall be in writing and shall be deemed
to have been duly given and received (i) upon personal delivery or refusal thereof; (ii) upon confirmation of transmission via
facsimile from the sender’s facsimile machine; or (iii) the immediately succeeding business day after deposit with Federal
Express or other similar overnight delivery system.

  

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19.         Miscellaneous.

 

19.1         Assignment.

 

19.1.1           By
Property Manager. Property Manager may not assign this Agreement without the prior written consent of Company, which consent
may be withheld in Company’s sole and absolute discretion. Notwithstanding the foregoing, without Company’s prior written
consent and in Property Manager’s sole discretion, Property Manager shall be permitted to (a) assign this Agreement to an
affiliate, including, but not limited to, a partially-owned or wholly-owned subsidiary of Property Manager; and (b) assign, subcontract
or delegate the day-to-day management responsibilities, leasing services and/or disposition services to one or more local property
managers or leasing companies, so long as Property Manager continues to supervise the overall management of the Property. Property
Manager may lease space within the Property to any such local property manager or leasing company.

 

19.1.2           By
Company. Company may assign its rights under this Agreement to a party or parties acquiring Company’s interest in the
Property (whether one or more, “Successor Company”). Successor Company shall take such interest subject to this
Agreement, and Company and Successor Company shall execute an agreement whereby (i) Company assigns to Successor Company all
of its right, title and interest in and to this Agreement; and (ii) Successor Company assumes, and agrees to perform faithfully
and to be bound by, all of the terms, covenants, conditions, provisions and agreements of this Agreement with respect to the interest
to be transferred. Upon execution of such assignment and assumption agreement, the assigning Company shall be relieved of all liability
accruing after the effective date of the assignment and assumption agreement, and, without further action by Property Manager or
Successor Company, Successor Company shall become a party to this Agreement and shall be treated as “Company” for all
purposes hereunder as to its respective percentage interest in the Property.

 

19.2         Gender.
Each gender shall include each other gender. The singular shall include the plural and vice-versa.

 

19.3         Amendments.
Any purported amendments to or modifications of this Agreement shall not be effective unless approved by both of the parties in
writing.

 

19.4         Attorneys’
Fees. With regard to any action or proceeding between Property Manager and Company arising from or relating to this Agreement
or the enforcement or interpretation hereof, the party prevailing in such action or proceeding shall be entitled to recover from
the other party all of its reasonable attorneys’ fees and other costs and expenses of the action or proceeding.

 

19.5         Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the state in which the Property
is located without regard to any choice of law rules.

 

19.6         Headings.
All headings are only for convenience and ease of reference and are irrelevant to the construction or interpretation of any provision
of this Agreement.

 

19.7         Time
is of the Essence. Time is of the essence of each and every provision of this Agreement.

 

19.8         Indemnification
by Property Manager. Property Manager shall indemnify, defend and hold Company and its shareholders, officers, directors, members,
partners and employees harmless from any and all claims, demands, causes of action, losses, damages, fines, penalties, liabilities,
costs and expenses, including reasonable attorneys’ fees and court costs, sustained or incurred by or asserted against Company
where it is determined by final judicial determination that such loss, cost or expense was the result of the acts or omissions
of Property Manager which arise out of the gross negligence, willful misconduct or fraud of Property Manager, its agents or employees
or Property Manager’s breach of this Agreement. If any person or entity makes a claim or institutes a suit against the Company
on a matter for which the Company claims the benefit of the foregoing indemnification, then (a) the Company shall give the Property
Manager prompt notice thereof in writing; (b) the Property Manager may defend such claim or action by counsel of its own choosing
provided such counsel is reasonably satisfactory to the Company; and (c) neither the Company nor the Property Manager shall settle
any claim without the other’s written consent.

  

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19.9         Indemnification
by the Company. Company shall indemnify, defend and hold Property Manager and its shareholders, members, partners, officers,
directors, managers and employees (each, an “Indemnified Party”) harmless from any and all claims, demands, causes
of action, losses, damages, fines, penalties, liabilities, costs and expenses, including reasonable attorneys’ fees and court
costs, sustained or incurred by or asserted against Indemnified Party (i) by reason of the operation, management, and maintenance
of the Property and the performance by the Property Manager of the Property Manager’s obligations under this Agreement, including
with respect to any injury, illness or death to any person or damage to any property from any cause whatsoever occurring in or
upon or in any other way relating to the Property, except those instances which arise from the Property Manager’s gross negligence
or fraud, (ii) for any failure on the part of the Company to comply with any of the covenants, terms, conditions, representations,
warranties or indemnities of the Company contained in this Agreement; (iii) in connection with, related to, or arising directly
or indirectly from any liabilities, duties, obligations, actions or omissions of any party operating, leasing or managing the Property
prior to the Effective Date, including without limitation liabilities or claims arising in connection with any prior property manager’s
business and its leasing and operation of the Property. If any person or entity makes a claim or institutes a suit against Indemnified
Party on matter for which Indemnified Party claims the benefit of the foregoing indemnification, then (a) the Indemnified Party
shall give Company prompt notice thereof in writing; (b) Company may defend such claim or action by counsel of its own choosing
provided such counsel is reasonably satisfactory to the Indemnified Party; (c) neither Indemnified Party nor Company shall settle
any claim without the other’s written consent; and (d) this subsection shall not be so construed as to release Company or
Property Manager from any liability to the other for a breach of any of the covenants agreed to be performed under the terms of
this Agreement. Notwithstanding the foregoing, any indemnification obligations shall be limited to the extent currently provided
for in Sections 12.3 and 12.4 of the Articles of Amendment and Restatement of TNP Strategic Retail Trust, Inc. (the “REIT”).

 

19.10         Complete
Agreement. This Agreement shall supersede and take the place of any and all previous agreements entered into and discussions
between the parties with respect to the Property, and this Agreement contains the entire agreement of the parties with respect
to the matters herein contained.

 

19.11         Severability.
If any provisions of this Agreement or application to any party or circumstances shall be determined by any court of competent
jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement, then (a) the application of such provisions
to any party or circumstances other than those as to which it is determined to be invalid or unenforceable shall not be affected
thereby; and (b) the balance of this Agreement shall be valid and shall be enforced to the fullest extent permitted by law.

 

19.12         No
Waiver. The failure by either party to insist upon the strict performance of or to seek remedy of any one of the terms or conditions
of this Agreement or to exercise any right, remedy or election set forth herein or permitted by law shall not constitute or be
construed as a waiver or relinquishment for the future of such term, condition, right, remedy or election. All rights or remedies
of the parties specified in this Agreement and all other rights or remedies that they may have at law, in equity or otherwise,
shall be distinct, separate and cumulative rights or remedies, and no one of them, whether exercised or not, shall be deemed to
be in exclusion of any other right or remedy of the parties.

 

19.13         Binding
Effect. This Agreement shall be binding and inure to the benefit of the parties and their respective heirs, successors and
assigns.

 

19.14         Enforcement
of the Property Manager’s Rights. In any enforcement of its rights under this Agreement, Property Manager shall not seek
or obtain a money judgment or any other right or remedy against any shareholders or disclosed or undisclosed principals of Company.
Property Manager shall enforce its rights and remedies solely against the estate of Company in the Property or the proceeds of
any sale thereof.

 

19.15         Counterparts.
This Agreement may be executed in several counterparts, and all so executed shall constitute one Agreement, binding on all of the
parties hereto, notwithstanding that all of the parties are not a signatory to the same counterpart.

  

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19.16         Binding
Arbitration. Any dispute, claim or controversy arising out of or related to this Agreement, the breach hereof, the termination,
enforcement, interpretation or validity hereof, including the determination of the scope or applicability of this Agreement to
arbitrate, shall be determined by arbitration in the county in which the Property is located. The arbitration shall be administered
by JAMS pursuant to its Streamlined Arbitration Rules and Procedures. Judgment on the award may be entered in any court having
jurisdiction. The arbitrator shall, in the award, allocate all of the costs of the arbitration (and the mediation, if applicable),
including the fees of the arbitrator and the reasonable attorneys’ fees of the prevailing party, against the party who did
not prevail. Notwithstanding the foregoing, upon the mutual agreement of the parties, the parties may submit any such dispute,
claim or controversy to non-binding mediation prior to the commencement of arbitration.

 

BY EXECUTING THIS AGREEMENT YOU ARE AGREEING TO HAVE CERTAIN
DISPUTES DECIDED BY NEUTRAL ARBITRATION AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE SUCH DISPUTES LITIGATED IN A
COURT OR JURY TRIAL. BY EXECUTING THIS AGREEMENT YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL. IF YOU REFUSE
TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE. YOUR AGREEMENT TO THIS ARBITRATION
PROVISION IS VOLUNTARY.

 

19.17         Company
Consent.  To the extent the approval or consent of the Company is required pursuant to the following provisions of this Agreement,
such consent shall require the approval of an independent director of the Board of Directors of the REIT designated by such Board
to provide such approvals: (a) approval of the budget and approval of expenditures related to non-budgeted items to the extent
required per Section 5; (b) approval of leases for Major Leases (over 5,000 square feet) per Section 6; (c) approval of the leasing
of any space to Property Manager per Section 6.5; (d) approval of insurance settlements per Section 8.1.2; and (e) consent to assignment
of this Agreement by Property Manager per Section 19.1.1.

 

19.18         Equitable
Relief. Each party to this Agreement acknowledges and agrees that remedies at law for a breach or threatened breach of any
of the provisions of this Agreement may be inadequate and, in recognition of this fact, each party to this Agreement agrees that
in addition to any remedies at law (including, without limitation, damages), equitable relief in the form of specific performance,
a temporary restraining order, a temporary or permanent injunction or any other equitable remedy shall be available in the event
of a breach or threatened breach of this Agreement.

 

20.         Special
Lender Provisions.

 

20.1         Company
hereby grants to Property Manager, on behalf of Company, the power and authority to interface and communicate with, and Property
Manager shall have responsibility for interfacing and communicating with, the holder of any deed of trust or mortgage now or hereafter
encumbering the Property (whether one or more, and together with any successors or assigns, the “Lender”) securing
any loan to Company (whether one or more, the “Loan”). With respect to interactions with the Lender, Property
Manager shall (a) make all day-to-day business decisions customarily decided by a property manager; and (b) perform all services
customarily performed by a property manager, including, without limitation, (i) designating changes in address; (ii) receiving
any and all notices including, without limitation, default notices; (ii) requesting waivers of provisions in any documents executed
by Company in conjunction with the Loan (collectively, the “Loan Documents”) and negotiating conditions to any
such requested waivers; (iii) depositing rents or other revenues in any lockbox account maintained under such Loan Documents; (iv)
receiving into the Operating Account all disbursements made out of any such lockbox to Company for the payment of operating expenses
of the Property or otherwise to be made to or to the account of Company as such borrower under the Loan; and (v) requesting and
receiving any amounts out of any reserve accounts or escrow accounts maintained by Lender on account of repairs, capital improvements,
tenant improvements, leasing commissions, taxes and insurance proceeds or otherwise. Property Manager is expressly empowered and
authorized to make disbursement requests from, and to receive draws or disbursements from, all reserve accounts and to receive
disbursements from any lockboxes established under the Loan Documents. Company and any Successor Company by its execution or assumption
hereof acknowledges and confirms the authorization hereby expressly given to the Lender to confer with Property Manager on all
matters arising under the Loan Documents insofar as they relate to the management and operation of the Property and the obligations
of Company to the Lender in connection therewith. Lender may rely upon the provisions of this Section 20.1, and the actions
of the Property Manager taken pursuant thereto, without further inquiry, and Company shall be bound by any such action Property
Manager may take; provided, however, that nothing set forth herein shall excuse the Property Manager from obtaining the consent
of the Company if required hereunder.

  

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20.2         Notwithstanding
any of the provisions of this Agreement, no power or authority granted by Company to Property Manager in this Agreement shall empower
Property Manager to transfer or sell the Property or any portion thereof.

 

20.3         Company
and Property Manager hereby acknowledge and agree that their rights and remedies provided for anywhere in this Agreement, including,
without limitation, all rights of indemnity or defense provided for above, and any and all fees payable hereunder, are subject
and subordinate, as to payment and in all other respects, to the Loan and the Loan Documents; provided, however, that nothing set
forth herein shall prohibit the current payment of amounts due under this Agreement. In addition, Property Manager hereby irrevocably
agrees to stand still and not to enforce any of its legal rights or remedies hereunder, at law or in equity, including, without
limitation, by bringing any legal action or proceeding (including, without limitation, any involuntary bankruptcy proceeding) or
by prosecuting any claim in any foreclosure proceeding or other legal action or proceeding commenced by the Lender, until the Loan
has been paid in full. Company and the Property Manager each agrees that all applicable statutes of limitation shall be tolled
during any such stand still period. Company and the Property Manager hereby irrevocably assign to the Lender, during the term of
the Loan, its right to vote in any bankruptcy or similar proceeding of Company or Property Manager.

 

20.4         Property
Manager shall provide to the Lender all reports and other information required to be provided to Lender pursuant to the terms of
the Loan Documents. All reporting covenants contained in the Loan Documents, while constituting the obligation of Company thereunder,
shall be performed by Property Manager on behalf of Company.

 

20.5         Notwithstanding
any provision contained herein to the contrary, in the event that the Lender or its successors or assigns becomes the title owner
of the Property through foreclosure or deed in lieu of foreclosure, Lender may terminate this Agreement with or without cause upon
providing Property Manager with not less than thirty (30) days’ notice of its intent to so terminate this Agreement. In the
event that Lender terminates this Agreement in accordance with the provisions of this Section 20.5 Lender shall not pay
any termination fee or any other fees to Property Manager other than compensating Property Manager for the services it rendered
on behalf of Lender pursuant to this Agreement up to the date of termination.

 

[Signatures to Follow on Next Page]

  

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

 

	 	PROPERTY MANAGER:
	 	 
	 	Glenborough, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Andrew Batinovich
	 	Name: Andrew Batinovich
	 	Its: President and Chief Executive Officer
	 	 	 
	 	COMPANY:
	 	 	 
	 	TNP SRT Woodland West, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By: 	TNP Strategic Retail Operating Partnership, LP
	 	 	 
	 	 	Its sole member
	 	 	 
	 	By: 	TNP Strategic Retail Trust, Inc.
	 	 	 
	 	 	Its general partner
	 	 	 
	 	By:	/s/ Jeffrey Rogers
	 	Name:  Jeffrey Rogers
	 	Its: Director

  

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Schedule AExhibit 10.52

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT,
dated this 3rd day of May 2013 (the “Agreement”), by and between CIG Wireless Corp., a Nevada
corporation (the “Company”), and Michael Hofe (the “Executive”).

 

WHEREAS, the Company
and Liberty Towers, LLC are entering into a Purchase Sale Agreement as of even date herewith (“PSA”). The negotiations,
purchase, sale, and closing related to the acquisition of Liberty Towers, LLC are collectively referred to as the “Liberty
Towers Acquisition”;

 

WHEREAS, as part of
the Liberty Towers Acquisition, the Company has agreed to hire and employ the Executive as the Chief Operating Officer (“COO”)
of the Company and the Executive desires to serve in such capacity pursuant to the terms and conditions hereof;

 

NOW THEREFORE, in consideration
of the premises and the mutual agreements made herein, the Company and the Executive agree as follows:

 

1.           Position;
Duties; Place of Performance.

 

1.1           Position.
The Company hereby engages the Executive to serve as COO of the Company subject to the terms and conditions of this Agreement.

 

1.2           Duties.
During the Employment Period (defined below), the Executive shall have such duties, authority and responsibility as shall be determined
from time to time by the Chief Executive Officer of CIG Wireless Corp. (the “CEO”), provided that such duties,
authority and responsibility are reasonably consistent with the Executive’s position. The Executive agrees that during his
employment hereunder, he shall exclusively devote 100% of his professional working time, attention, knowledge and experience and
give his best effort, skill and abilities to promote the business and interests of the Company as reasonably directed by the CEO
pursuant to policies of the Board of Directors of the Company (the “Board”). This provision shall not be construed
to restrict the Executive from participating in volunteer activities for nonprofit organizations or serving on boards or committees
of organizations or entities that are approved by the Board (not to be unreasonably withheld, conditioned or delayed).

 

1.3           Place
of Performance. The principal place of Executive’s performance of his duties shall be from the Executive’s home,
provided, however, the Executive may be required to travel on Company business during the period of his employment and the Executive
agrees that he will work at least two (2) business days per week at the Company’s headquarters currently located at 5 Concourse
Parkway, Suite 3100, Atlanta, Georgia 30328. The Executive shall not be required to work more than five (5) business days each
week. If the Executive is traveling on Company business four (4) or more business days per week then Executive’s presence
at the Company’s headquarters during such week shall be excused and reduced by one (1) business day for each business day
of external business travel on the fourth and/or fifth business day of such week thereof. Travel for commuting purposes of Executive
shall not be deemed to constitute travel on Company business.

 

2.           Employment
Period. This Agreement shall be effective as of the date of the closing of the Liberty Tower Acquisition (the “Effective
Date”) until the second anniversary of the Effective Date (the “Employment Period”) unless
otherwise terminated pursuant to Section 8. The period in which this Agreement shall be effective within each Employment Period
is referred to as a “Term.”

 

3.           Compensation
and Benefits.

 

3.1           Base
Salary. The Executive shall be paid a base salary of Two Hundred and Fifty Thousand Dollars ($250,000) per annum during the
Term, pro-rated for any partial year of employment, less applicable statutory and regulatory deductions (each year, the “Base
Salary”), which shall be payable in accordance with the Company’s standard payroll practices, as the same may be
administered from time to time.

 

3.2           Annual
Discretionary Bonus. The Executive shall be eligible for an annual discretionary bonus commensurate with the Executive’s
position, subject to the approval of the Board and at the Board’s sole discretion.

 

    	 

    	 

    

 

3.3           Stock
Options.

 

(a)           The
Executive shall hereby be granted the option to purchase 350,000 shares of the Company’s common stock, par value $0.00001
per share, pursuant to the terms and conditions set forth in the Stock Options Agreement between the Company and the Executive
attached hereto as Exhibit A. Each such option shall be priced at an exercise price equal to the volume-weighted average closing
price of the Company’s common stock for the twenty (20) trading days immediately prior to and including the Effective Date,
of which one-third (1/3) of such options shall vest on the ninetieth day following the Effective Date; one-third (1/3) of such
options shall vest on the first anniversary of the Effective Date; and one-third (1/3) of such options shall vest on the second
anniversary of the Effective Date. Notwithstanding the foregoing, if the Executive is terminated after ninety (90) days of continuous
employment without Cause pursuant to Section 8.1 of this Agreement, then one-third (1/3) of such options shall accelerate and vest
on the date of termination.

 

(b)           The
Executive shall hereby be granted the option to purchase up to 250,000 shares of the Company’s common stock, par value $0.00001
per share, pursuant to the terms and conditions set forth in the Stock Options Agreement between the Company and the Executive
attached hereto as Exhibit B. Each such option shall be priced at an exercise price equal to $2.00 per share and shall be immediately
and fully vested. Such options shall expire within thirty (30) days of the Effective Date.

 

3.4           Benefits.
During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices and programs
maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”), on a basis
which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent with
applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee
Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

3.5           Vacation.
The Executive shall be entitled to fifteen (15) business days of paid vacation for each calendar year in accordance with Company
policies as determined by the Board and pro-rated for any partial year of employment.

 

3.6           Expense
Reimbursement. The Executive shall be entitled to reimbursement of reasonable out-of-pocket expenses incurred in connection
with travel, communications and matters related to the Company’s business and affairs (including expenses related to travel
between the Executive’s home and the Company’s headquarters), if made in accordance with written Company policies as
in effect from time to time as adopted by the Board; provided however that any reimbursement payments made for the Executive’s
commute between his home and the Company’s headquarters in Atlanta, Georgia shall be treated as income paid to the Executive.

 

3.7           Indemnification.
The Company shall indemnify the Executive to the maximum extent provided in the Company’s Certificate of Incorporation and
By-Laws in effect on the date hereof and under applicable law. The Executive shall be provided coverage pursuant to directors and
officers insurance to the same extent as other directors and officers of the Company. This provision shall survive termination
of this Agreement.

 

4.           Acknowledgements.

 

4.1           Nature
of Executive’s Position. The Executive acknowledges, agrees, represents and warrants that the Executive’s position
as COO of the Company is a position of significant trust and responsibility and that during the course of his employment, his duties
and responsibilities as COO will require him to: (a) perform duties with the responsibility of: (i) primarily managing the
Company or a customarily recognized department or subdivision of the Company; (ii) customarily and regularly directing the work
of two or more other employees; and (ii) hiring or firing other employees or having particular weight given to suggestions and
recommendations as to the hiring, firing, advancement, promotion, or any other change of status of other employees; or (b) perform
the duties of a Key Employee or of a Professional (each as defined below).

 

4.2           Reasonableness
of Restriction. The Executive further acknowledges, agrees, represents and warrants that the Company’s business is unique
and highly specialized and the restrictive covenants set forth in this Agreement are (i) narrowly tailored; (ii) necessary and
reasonable to protect, without limitation, the Discoveries and Works of the Company (defined below) and its customers, prospective
customers, vendors and suppliers, as well as the Company’s goodwill, (iii) not greater than necessary for the protection
of the Company’s legitimate interests and goodwill, and (iv) will only minimally burden the Executive’s opportunity
and ability to successfully and profitably work in the Executive’s chosen field following the end of the Executive’s
employment with the Company.

 

    	2

    	 

    

 

4.3           Definitions.

 

(a)           For
purposes of this Agreement, the term “Key Employee” shall mean an employee who, by reason of the Company’s
investment of time, training, money, trust, exposure to the public, or exposure to customers, vendors, or other business relationships
during the course of the employee’s employment with the Company, has gained a high level of notoriety, fame, reputation,
or public persona as the Company’s representative or spokesperson or has gained a high level of influence or credibility
with the Company’s customers, vendors, or other business relationships or is intimately involved in the planning for or direction
of the business of the Company or a defined unit of the business of the Company. Such term also means an employee in possession
of selective or specialized skills, learning, or abilities or customer contacts or customer information who has obtained such skills,
learning, abilities, contacts, or information by reason of having worked for the Company.

 

(b)           For
purposes of this Agreement, the term “Professional” shall mean an employee who has as a primary duty the performance
of work requiring knowledge of an advanced type in a field of science or learning customarily acquired by a prolonged course of
specialized intellectual instruction or requiring invention, imagination, originality, or talent in a recognized field of artistic
or creative endeavor.

 

5.           Trade
Secrets.

  

5.1           Trade
Secret Covenants. The Executive agrees that it is in the Company’s legitimate business interest to restrict disclosure
or use of Trade Secrets and Confidential Information (as defined below) relating to the Company and its affiliates as provided
herein, and Executive agrees not to disclose or use the Trade Secrets and/or Confidential Information relating to the Company or
its affiliates for any purpose other than in connection with his performance of his duties to the Company.

 

5.2           “Trade
Secrets” shall mean all confidential and proprietary information belonging to the Company (including ideas, formulas,
compositions, inventions (whether patentable or unpatentable and whether or not reduced to practice), know-how, manufacturing and
production processes and techniques, research and development information, drawings, specifications, designs, plans, proposals,
technical data, copyrightable works, financial and marketing plans and customer and supplier lists and information). 

 

5.3           “Confidential
Information” means all information other than Trade Secrets belonging to, used by, or which is in the possession of the
Company and relating to the Company’s business or assets specifically including, but not limited to, information relating
to the Company’s products, services, strategies, pricing, customers, representatives, suppliers, distributors, technology,
finances, employee compensation, computer software and hardware, inventions, developments, in each case to the extent that such
information is not required to be disclosed by applicable law or compelled to be disclosed by any governmental authority.

 

5.4           Trade
Secret Exceptions. Notwithstanding the foregoing, the terms “Trade Secrets” and “Confidential Information”
do not include information that (i) is or becomes generally available to or known by the public (other than as a result of a disclosure
by the Executive), provided, that the source of such information is not known by the Executive to be bound by a confidentiality
agreement with the Company; or (ii) is independently developed by the Executive without violating this Agreement.

 

    	3

    	 

    

 

6.           Discoveries
and Works. All Discoveries and Works made or conceived by the Executive during his employment by the Company, solely, jointly
or with others, that relate to the Company’s present or anticipated activities, or are used or useable by the Company shall
be owned by the Company. For the purposes of this Section 6, (including the definition of “Discoveries and Works”)
the term “Company” shall include the Company and its affiliates. The term “Discoveries and Works”
includes, by way of example but without limitation, Trade Secrets and other Confidential Information, patents and patent applications,
service marks, and service mark registrations and applications, trade names, copyrights and copyright registrations and applications.
The Executive shall (a) promptly notify, make full disclosure to, and execute and deliver any documents requested by the Company,
as the case may be, to evidence or better assure title to Discoveries and Works in the Company, as so requested, (b) renounce any
and all claims, including but not limited to claims of ownership and royalty, with respect to all Discoveries and Works and all
other property owned or licensed by the Company, (c) assist the Company in obtaining or maintaining for itself at its own expense
United States and foreign patents, copyrights, trade secret protection or other protection of any and all Discoveries and Works,
and (d) promptly execute, whether during his employment with the Company or thereafter, all applications or other endorsements
necessary or appropriate to maintain patents and other rights for the Company and to protect the title of the Company thereto,
including but not limited to assignments of such patents and other rights. Any Discoveries and Works which, within one year after
the expiration or termination of the Executive’s employment with the Company, are made, disclosed, reduced to tangible or
written form or description, or are reduced to practice by the Executive and which pertain to the business carried on or products
or services being sold or delivered by the Company at the time of such termination shall, as between the Executive and, the Company,
be presumed to have been made during the Executive’s employment by the Company. The Executive acknowledges that all Discoveries
and Works shall be deemed “works made for hire” under the U.S. Copyright Act of 1976, as amended 17 U.S.C. Sect.
101. Should the Executive refuse or fail to perform such acts or execute such documents, instruments or certificates, the Company
may do so as the Executive’s attorney-in-fact for such purpose.

 

7.           Non-Competition;
Non-Solicitation.

 

7.1           During
the Term of Employment. During the Executive’s employment with the Company, the Executive will not, on the Executive’s
own behalf or on behalf of any person other than the Company (i) perform Responsibilities (defined below) for, or (ii) otherwise
engage in or accept Competitive Business (defined below).

 

7.2           Post-Employment.
During the Restrictive Period (defined below), the Executive will not, on the Executive’s own behalf or on behalf of any
person, directly or indirectly, anywhere in the Territory (defined below), (i) engage in Competitive Business, or (ii) accept Competitive
Business from any of the Company’s customers or actively sought prospective customers with which the Executive had Material
Contact (defined below) within the last twelve (12) months of the Executive’s employment with the Company.

 

7.3           Non-Solicitation
of Customers and Prospects. During the Executive’s employment with the Company and during the Restrictive Period, the
Executive will not, directly or indirectly, solicit or attempt to solicit any of the Company’s customers or actively sought
prospective customers for the purpose of providing, or referring such customers to any person (other than the Company) to provide
Competitive Business. The Executive acknowledges that, among other reasons, he will have Material Contact with customers or prospective
customers because of his direct dealings with and/or supervision of other employees with respect such customers and prospective
customers.

 

7.4           Non-Solicitation
of Employees and Contractors. During the Executive’s employment the Company and during the Restrictive Period, the Executive
will not (i) solicit or otherwise seek to persuade, directly or indirectly, any officer, employee, consultant, independent contractor,
or agent of the Company to discontinue his or her relationship with the Company for any reason, or (ii) hire, on the Executive’s
own behalf or on behalf of any other person, any individual who is then an officer, employee, consultant, independent contractor,
or agent of the Company or who was an officer, employee, consultant, independent contractor or agent of the Company during the
three (3) month period prior to the date of such hire. These restrictions apply regardless of whether such employee or contractor
is a full-time or temporary employee or contractor of the Company, whether such employee or contractor serves pursuant to a written
agreement, and whether such employee or contractor is providing services for a determined period or at-will.

 

7.5           Non-Disparagement.
During the Restrictive Period, neither the Executive nor the Company will make any statement, oral or written (including but not
limited to any written statement posted on or through any social media or other website), that is disparaging or derogatory or
directly or indirectly impugns the quality or integrity of the other.

 

7.6           Non-Competition
with Wireless Towers. During the Term and for a period of twenty-four (24) months following the end of the Executive’s
employment with the Company, regardless of whether the Term expired or the reason for the termination and regardless of whether
the Company or the Executive initiated the termination, the Executive will not, on the Executive’s own behalf or on behalf
of any person, directly or indirectly, within a two-mile radius of any Wireless Towers (defined below): (i) engage in Competitive
Business, or (ii) accept Competitive Business from any of the Company’s customers.

 

    	4

    	 

    

 

7.7          Definitions.

  

(a)           For
purposes of this Agreement, “Competitive Business” means the business of construction, maintenance,
leasing of wireless communications towers to wireless service providers or the operation of wireless communications towers.

 

(b)           For
purposes of this Agreement, “Material Contact” means the contact between the Executive and each
customer or potential customer (i) with whom or which the Executive dealt on behalf of the Company, (ii) whose dealings with the
Company were coordinated or supervised by the Executive, (iii) about whom the Executive obtained confidential information in the
ordinary course of business as a result of such Executive’s association with the Company, or (iv) who receives products or
services authorized by the Company, the sale or provision of which results or resulted in compensation, commissions, or earnings
for the Executive within two (2) years prior to the date of the Executive’s termination.

 

(c)           For
purposes of this Agreement, “Restrictive Period” means, unless provided otherwise herein, the period beginning
on the date of expiration or termination of the Executive’s employment with the Company and ending on the later of (i) twelve
(12) months following the end of the Executive’s employment with the Company, regardless of whether the Term expired or the
reason for the termination and regardless of whether the Company or the Executive initiated the termination or (ii) twenty-four
(24) months following the Effective Date.

 

(d)           For
purposes of this Agreement, “Responsibilities” means the duties and responsibilities performed
by the Executive for the Company within the last twelve (12) months of the Executive’s employment with the Company.

 

(e)           For
purposes of this Agreement, “Territory” means, unless provided otherwise herein, each
state where the Executive is performing Responsibilities on behalf of the Company at the time the Executive’s employment
with the Company ends and where the customers and actively sought prospective customers of the Company are located.

 

(f)           For
purposes of this Agreement, “Wireless Towers” means (A) any wireless communications tower owned or operated
by the Company; or (B) any site (i) identified by the Company with specificity for the development of wireless communication towers,
(ii) where the Company has commenced construction of wireless communication towers, or (iii) where the Company has an option to
acquire, has a lease or has purchased land to construct a wireless communication tower.

 

8.           Termination.

 

8.1          Termination
Without Cause. During the Term, either party may at any time, at its/his election and sole discretion, terminate the Executive’s
employment under this Agreement without Cause (i.e., for reasons other than those set forth in Section 8.2 below) (a “Termination
Without Cause”) upon ninety (90) days written notice. The time period between the receipt of Termination Without Cause
and the final date of termination shall be referred to as the “Notice Period.” Should the Company elect to terminate
the Executive’s employment without cause, the Company may elect to pay the Executive in lieu of notice the equivalent of
the Base Salary then due the Executive during the Notice Period. Upon receipt of such payment in lieu of notice, the Executive
shall be immediately relieved of his duties and responsibilities as COO.

 

8.2         
Termination For Cause.

 

(a)          In
addition to any other remedies available to the Company at law, in equity or as set forth in this Agreement, the Company shall
have the right, at its election, upon written notice to Executive, to terminate Executive’s employment hereunder at any time
for “Cause” (a “Termination For Cause”).

 

    	5

    	 

    

 

(b)          For
purposes of this Agreement, “Cause” shall mean: (a) any act or omission that constitutes a breach by Executive
of any of his material obligations under this Agreement; (b) the continued failure or refusal of Executive (i) to substantially
perform the material duties required of him as an Executive of the Company and/or (ii) to comply with reasonable directions of
the CEO, (c) any material violation by Executive of any (i) policy, rule or regulation of the Company or (ii) any law or regulation
applicable to the business of the Company or any of its affiliates; (d) any act of fraud, misappropriation, embezzlement, or similar
act of dishonesty; (e) violations of the Company’s drug use policy (including the failure to take a drug screening test as
required by the Company in accordance with such policy) or the use of alcohol or drugs (legal or illegal) in a way which impairs
Executive’s ability to perform Executive‘s duties hereunder (as determined by the CEO), (f) Executive’s gross
negligence in the performance of his duties hereunder, or any breach of any fiduciary duty to the Company (including the receipt
by Executive of any form of payment for services performed on behalf of, or in connection with, the business of the Company that
Executive fails to promptly deliver to the Company); (g) Executive’s conviction of, or plea of guilty or nolo contendere
to, any crime (whether or not involving the Company) which constitutes a felony or crime of moral turpitude or is punishable by
imprisonment of thirty (30) days or more, provided, however, that nothing in this Agreement shall obligate the Company
to pay Base Salary or benefits during any period that Executive is unable to perform his duties hereunder due to any incarceration,
and provided, further, that nothing shall prevent Executive’s termination under any other subsection of this
Section 8.2 if it provides independent grounds for termination; or (h) any other misconduct by Executive that is materially injurious
to the financial condition or business reputation of, or is otherwise materially injurious to, the Company or any of its affiliates.

 

(c)          Notwithstanding
the foregoing, no purported Termination For Cause pursuant to (a), (b), (c), (d), (e), (f) or (h) of the preceding paragraph of
this Section 8.2 shall be effective unless all of the following provisions shall have been complied with: (i) Executive shall be
given written notice by the Company of its intention to effect a Termination For Cause, such notice to state in detail the particular
circumstances that constitute the grounds on which the proposed Termination For Cause is based; and (ii) Executive shall have ten
(10) business days after receiving such notice in which to cure such grounds, to the extent such cure is possible, as determined
in the sole discretion of the Company, provided, however, that Executive shall not have such right to cure if (A) these
curable failures, violations or breaches become a pattern and (B) following written notice to Executive and consultation with
Executive to attempt to resolve the issues which the Company believes constitute such a pattern, the Company determines in good
faith that Executive is unwilling or unable to discontinue the activities constituting such a pattern.

 

8.3          Death;
Disability.

 

(a)          In
the event that Executive dies or becomes Disabled (as defined herein) during the Term, Executive’s employment shall terminate
either (i) when such death occurs, or (ii) upon written notice by the Company at any time after Disability occurs (provided that,
in the event of any Disability, the Company shall have the right, but not the obligation, to terminate this Agreement).

 

(b)          For
the purposes of this Agreement, Executive shall be deemed to be “Disabled” or have a “Disability”
if, because of Executive’s physical or mental disability, he has been substantially unable to perform his duties hereunder
with reasonable accommodation for twelve (12) work weeks in any twelve (12) month period. Executive shall be considered to have
been substantially unable to perform his duties hereunder only if he is either (a) unable to reasonably and effectively carry out
his duties with reasonable accommodations by the Company or (b) unable to reasonably and effectively carry out his duties because
any reasonable accommodation which may be required would cause the Company undue hardship. In the event of a disagreement concerning
Executive’s perceived Disability, Executive shall submit to such examinations as are deemed appropriate by three (3) practicing
physicians specializing in the area of Executive’s Disability, one selected by Executive, one selected by the Company, and
one selected by both such physicians. The majority decision of such three (3) physicians shall be final and binding on the parties.
Nothing in this paragraph is intended to limit the Company’s right to invoke the provisions of this paragraph with respect
to any perceived Disability of Executive.

 

(c)          Notwithstanding
the foregoing, to the extent and for the period required by any state or federal family and medical leave law, upon Executive’s
request (i) he shall be considered to be on unpaid leave of absence and not terminated, (ii) his group health benefits shall remain
in full force and effect, and (iii) if Executive recovers from any such Disability, at that time, to the extent required by any
state or federal family and medical leave law, upon Executive’s request, he shall be restored to his position hereunder or
to an equivalent position, as the Company may determine, and the Term of Executive’s employment hereunder shall be reinstated
effective upon such restoration. The Term shall not be extended by reason of such intervening leave of absence, nor shall any compensation
or benefits accrue in excess of those required by law during such intervening leave of absence. Upon the expiration of any such
rights, unless Executive has been restored to a position with the Company, he shall thereupon be considered terminated.

 

    	6

    	 

    

 

8.4          Effect
of Termination. Upon termination of this Agreement for any reason, the Executive shall be entitled to receive: (a) any accrued
but unpaid Base Salary and accrued but unused vacation which shall be paid in accordance with the Company’s customary payroll
procedures; (b) reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to
and paid in accordance with the Company’s expense reimbursement policy; and (c) such employee benefits (including equity
compensation), if any, as to which the Executive may be entitled under the Company’s employee benefit plans as of the date
of termination. In addition, if the Company terminates the Executive’s employment without Cause pursuant to Section 8.1 after
ninety (90) days of the Executive’s continuous employment, the Company shall pay to the Executive severance payments equivalent
to the Executive’s Base Salary in accordance with the Company’s regular payroll procedures for six (6) months following
the date of termination (“Severance Pay”); provided, however, that, as a condition of the Executive’s
receipt of Severance Pay, he agrees to execute a release of all claims in favor of the Company, its affiliates and their respective
officers and directors in a form reasonably requested and provided by the Company. The Executive acknowledges that the payments
referred to in this Section 8.4, together with any rights or benefits under any written plan or agreement which have vested on
or prior to the date of termination of Executive’s employment, constitute the only payments which Executive shall be entitled
to receive from the Company hereunder in the event of termination of his employment for any reason, and the Company shall have
no further liability or obligation to him hereunder or otherwise in respect of his employment.

 

8.5          Expiration
of Term. At the end of the Term, such term shall not be renewed and employment hereunder, if it continues at all, will be “at
will”; in other words, during any time following the expiration of the Term, (i) the Company may terminate Executive’s
employment at any time, with or without reason and with or without notice, and Executive may resign at any time, with or without
reason and with or without notice and (ii) the Company has no obligation to continue Executive’s employment on the terms
and conditions set forth in this Agreement. For the avoidance of doubt, during any “at will” employment period, Executive
shall not be entitled to any severance or separation payment or other post-termination payments if such “at will” employment
is terminated.

 

9.           Company
Property.

 

9.1           Computer and Electronic Systems. Except
as authorized by the Company in furtherance of performing services on its behalf, the Executive will not (a) save, transfer or
forward any of the Company’s electronically stored information to any storage device of any kind that does not belong to
the Company, including but not limited to any website, cloud storage, computer or laptop, flash or thumb drive, CD or DVD, or
email account, or (b) other than in the normal course of business, delete electronically stored information from the Company’s
computer or electronic systems.

 

9.2           Return
of Documents and Property. Upon the expiration or termination of the Executive’s employment with the Company, or at any
time upon the request of the Company, the Executive (or his heirs or personal representatives) shall deliver to the Company (a)
all documents and materials (including, without limitation, computer files) containing Trade Secrets and Confidential Information
relating to the business and affairs of the Company or its affiliates, and (b) all documents, materials, equipment and other property
(including, without limitation, computer files, computer programs, computer operating systems, computers, printers, scanners, pagers,
telephones, credit cards and ID cards) belonging to the Company or its affiliates, which in either case are in the possession or
under the control of the Executive (or his heirs or personal representatives).

 

10.         No
Conflicts. The Executive has represented and hereby represents to the Company and its affiliates that the execution, delivery
and performance by the Executive of this Agreement do not conflict with or result in a violation or breach of, or constitute (with
or without notice or lapse of time or both) a default under any contract, agreement or understanding, whether oral or written,
to which the Executive is a party or of which the Executive is or should be aware and that there are no restrictions, covenants,
agreements or limitations on his right or ability to enter into and perform the terms of this Agreement, and agrees to indemnify
and save the Company and its affiliates harmless from any liability, cost or expense, including attorney’s fees, based upon
or arising out of any such restrictions, covenants, agreements, or limitations that may be found to exist.

 

For purposes of this
Agreement, “affiliate” shall include any person or entity directly or indirectly controlled by or controlling
the Company.

 

    	7

    	 

    

 

11.         Enforcement.
The Executive agrees that any breach of the provisions of this Agreement would cause substantial and irreparable harm, not readily
ascertainable or compensable in terms of money, to the Company for which remedies at law would be inadequate and that, in addition
to any other remedy to which the Company may be entitled at law or in equity, the Company shall be entitled to seek temporary,
preliminary and other injunctive relief in the event the Executive violates or threatens to violate the provisions of this Agreement.
Nothing herein contained shall be construed as prohibiting the Company from pursuing, in addition, any other remedies available
to the Company for such breach or threatened breach. A waiver by the Company of any breach of any provision hereof shall not operate
or be construed as a waiver of a breach of any other provision of this Agreement or of any subsequent breach by the Executive.

 

12.         Successors
and Assigns. This Agreement shall inure to the benefit of and shall be binding upon (i) the Company, its successors and assigns,
and any company with which the Company may merge or consolidate or to which the Company may sell substantially all of its assets;
and (ii) Executive and his executors, administrators, heirs and legal representatives. Since the Executive’s services are
personal and unique in nature, the Executive may not transfer, sell or otherwise assign his rights, obligations or benefits under
this Agreement.

 

13.         Notices.
Any notice required or permitted under this Agreement shall be deemed to have been effectively made or given if in writing and
personally delivered, or sent properly addressed in a sealed envelope postage prepaid by certified or registered mail, or delivered
by a reputable overnight delivery service. A copy of all notices shall be simultaneously sent via facsimile or e-mail to all recipients
of notice. Unless otherwise changed by notice, notice shall be properly addressed to the Executive if addressed to the address
of record then on file with the Company with a simultaneous copy to:

 

Foley & Lardner
LLP

Attention: Susan E.
Pravda, Esq.

111 Huntington Avenue,
Suite 2600

Boston, MA 02199

Facsimile: 617-342-4001

spravda@foley.com

 

Unless otherwise changed by notice, notice
shall be properly addressed to the Company if addressed to:

 

CIG Wireless Corp.

Attention: Paul McGinn, CEO

5 Concourse Parkway, Suite 3100

Atlanta, Georgia 30328

Facsimile: 678- 332-5050

pmcginn@cigwireless.com

 

With a
simultaneous copy to:

 

Wuersch &
Gering LLP

Attention:
Travis L. Gering, Esq.

100 Wall Street,
10th Floor

New York, New
York 10005

Facsimile:
610-819-9104

travis.gering@wg-law.com

 

14.         Severability.
It is expressly understood and agreed that although the Company and the Executive consider the restrictions contained in this Agreement
to be reasonable and necessary for the purpose of preserving the goodwill, proprietary rights and going concern value of the Company,
if a final determination is made by arbitration or any court having jurisdiction that any provision contained in this Agreement
is invalid, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum
time and territory and to such other extent as such arbitral body or court may determine or indicate to be reasonable. Alternatively,
if the arbitral body or court finds that any provision or restriction contained in this Agreement or any remedy provided herein
is unenforceable, and such restriction or remedy cannot be amended so as to make it enforceable, such finding shall not affect
the enforceability of any of the other restrictions contained therein or the availability of any other remedy. The provisions of
this Agreement shall in no respect limit or otherwise affect the Executive’s obligations under any other agreements with
the Company.

 

    	8

    	 

    

 

15.         Construction.
This Agreement has been jointly negotiated and drafted by the parties and in the event of any ambiguity no provision herein shall
be construed against any party as the draftsperson. Each reference to “business day” shall mean any day on which the
New York Stock Exchange is open for business.

 

16.         Survival.
Notwithstanding anything to the contrary contained herein, if this Agreement is terminated pursuant to Section 8 or expires by
its terms, the provisions of Sections 4 through 7 and 9 through 20 of this Agreement shall survive and continue in full force and
effect, provided, however, any and all rights of the Executive with respect to the terms of compensation and enforcement thereof
shall survive and remain fully enforceable.

 

17.         Entire
Agreement. This Agreement, along with the exhibit(s) attached hereto, constitutes the entire agreement, and supersedes all
prior agreements, of the parties hereto relating to the subject matter hereof, and there are no written or oral terms or representations
made by either party other than those contained herein.

 

18.         Modification;
Waiver.         This Agreement cannot be modified, altered or amended except
by a writing signed by both parties. No waiver by either party of any provision or condition of this Agreement at any time shall
be deemed a waiver of such provision or condition at any prior or subsequent time or of any other provision or condition at the
same or any prior or subsequent time.

 

19.         Governing
Law; Arbitration. This Agreement shall be governed by and construed in accordance with the domestic 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 jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of New York. All disputes
and controversies arising out of or relating to this Agreement shall be finally settled and binding under the Commercial Arbitration
Rules of the American Arbitration Association (“AAA”) in New York, New York, except that matters requiring injunctive
relief may be brought directly only in the state courts in and for New York, New York or the federal courts in New York, New York.
The place of arbitration shall be New York, New York. Any award, verdict or settlement issued under such arbitration may be entered
by any party for order of enforcement by any court of competent jurisdiction. The arbitrator shall power to take interim measures
he or she deems necessary, including injunctive relief and measures for the protection or conservation of property and disposition
of perishable goods. Both parties consent to the application of New York substantive law. Both parties agree not to challenge the
validity of this Section 19 on grounds of being void as against public policy.

 

20.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but both of which together
shall constitute one and the same instrument. A manual signature on this Agreement or other documents to be delivered pursuant
to this Agreement, an image of which shall have been transmitted electronically, will constitute an original signature for all
purposes. The delivery of copies of this Agreement or other documents to be delivered pursuant to this Agreement, including executed
signature pages where required, by facsimile, “pdf” or other mode of electronic transmission will constitute effective
delivery of this Agreement or such other document for all purposes and each such exemplar delivered in such manner shall be an
original for all purposes.

 

21.         Condition
Precedent.     This Agreement shall be effective subject to the closing of

the Liberty Towers Acquisition on or before
August 31, 2013. In the event that the Liberty Towers Acquisition is not consummated on or before August 31, 2013, this Agreement
shall be null, void, and of no further force or effect.

 

[Signature Page Follows]

 

    	9

    	 

    

 

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

 

	/s/ Michael Hofe	 
	EXECUTIVE:  Michael Hofe	 

 

	THE COMPANY: CIG Wireless Corp.	 
	 	 	 	 
	By:	/s/
    Paul McGinn	 
	 	Name:	Paul McGinn	 
	 	Title:	Chief Executive Officer	 

 

    	10

    	 

    

 

Exhibit A

 

Stock Options Agreement

 

    	 

    	 

    

 

Exhibit B

 

Stock Options Agreement

 

    	12

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