Document:

RESIGNATION AND RELEASE

 

Reference is made to that
certain Stock Purchase Agreement (the “Purchase Agreement”), dated as of November 19, 2014, by and among Roberts
Realty Investors, Inc., a Georgia corporation (the “Company”), Roberts Properties Residential, L.P., a Georgia
limited partnership (the “Operating Partnership”) and A-III Investment Partners LLC, a Delaware limited liability
company (the “Purchaser”), a condition of which is the delivery by the Company to the Purchaser of resignations
and releases from each of the directors, officers and employees of the Company. Capitalized terms not otherwise defined in this
Resignation and Release shall have the meaning set forth in the Purchase Agreement. The undersigned acknowledges that delivery
of this Resignation and Release is a material inducement to Purchaser’s willingness to consummate the transactions contemplated
by the Purchase Agreement, and that Purchaser would not do so without the benefit of the provisions of this Resignation and Release.

 

Effective as of the Closing
Date, the undersigned hereby resigns from any and all positions that he may hold as a director, officer or employee of the Company.

 

In exchange for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby releases and forever
discharges, and covenants not to assert or file any claim against, the Company, the Purchaser and each of their respective affiliates,
and the respective shareholders, members, partners, directors, officers, managers, employees, benefit plans, successors and assigns
thereof (the “Released Parties”) from or with respect to any and all promises, liabilities, amounts due or payable,
indebtedness, losses, claims, litigation, demands and causes of action, known or unknown, fixed or contingent, including, but not
limited to, any actions brought in tort or for breach of contract, or under any federal or state statute, law or regulation, which
the undersigned has, had or purports to have against any of the Released Parties as of or prior to the Closing Date; provided however
that the undersigned retains all rights as an Indemnified Party under the Purchase Agreement to indemnification, advancement of
expenses and exculpation by the Company as provided in the Organizational Documents of the Company and its Subsidiaries, and pursuant
to Director and Officer Indemnification Agreements between the Company and the undersigned.

 

 

[Signature page follows.]

 

    	 

    	 

    

IN WITNESS WHEREOF, the
undersigned has executed this Resignation and Release as of the date first written above.

 

 

	 	/s/ John Davis	 
	 	John Davis	 

 

[Signature page to
Resignation and Release]RESIGNATION AND RELEASE

 

Reference is made to that
certain Stock Purchase Agreement (the “Purchase Agreement”), dated as of November 19, 2014, by and among Roberts
Realty Investors, Inc., a Georgia corporation (the “Company”), Roberts Properties Residential, L.P., a Georgia
limited partnership (the “Operating Partnership”) and A-III Investment Partners LLC, a Delaware limited liability
company (the “Purchaser”), a condition of which is the delivery by the Company to the Purchaser of resignations
and releases from each of the directors, officers and employees of the Company. Capitalized terms not otherwise defined in this
Resignation and Release shall have the meaning set forth in the Purchase Agreement. The undersigned acknowledges that delivery
of this Resignation and Release is a material inducement to Purchaser’s willingness to consummate the transactions contemplated
by the Purchase Agreement, and that Purchaser would not do so without the benefit of the provisions of this Resignation and Release.

 

Effective as of the Closing
Date, the undersigned hereby resigns from any and all positions that he may hold as a director, officer or employee of the Company.

 

In exchange for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby releases and forever
discharges, and covenants not to assert or file any claim against, the Company, the Purchaser and each of their respective affiliates,
and the respective shareholders, members, partners, directors, officers, managers, employees, benefit plans, successors and assigns
thereof (the “Released Parties”) from or with respect to any and all promises, liabilities, amounts due or payable,
indebtedness, losses, claims, litigation, demands and causes of action, known or unknown, fixed or contingent, including, but not
limited to, any actions brought in tort or for breach of contract, or under any federal or state statute, law or regulation, which
the undersigned has, had or purports to have against any of the Released Parties as of or prior to the Closing Date; provided however
that the undersigned retains all rights as an Indemnified Party under the Purchase Agreement to indemnification, advancement of
expenses and exculpation by the Company as provided in the Organizational Documents of the Company and its Subsidiaries, and pursuant
to Director and Officer Indemnification Agreements between the Company and the undersigned.

 

 

[Signature page follows.]

 

    	 

    	 

    

IN WITNESS WHEREOF, the
undersigned has executed this Resignation and Release as of the date first written above.

 

 

	 	/s/ Charles R. Elliot	 
	 	Charles R. Elliot	 

 

[Signature page to
Resignation and Release]RESIGNATION AND RELEASE

 

Reference is made to that
certain Stock Purchase Agreement (the “Purchase Agreement”), dated as of November 19, 2014, by and among Roberts
Realty Investors, Inc., a Georgia corporation (the “Company”), Roberts Properties Residential, L.P., a Georgia
limited partnership (the “Operating Partnership”) and A-III Investment Partners LLC, a Delaware limited liability
company (the “Purchaser”), a condition of which is the delivery by the Company to the Purchaser of resignations
and releases from each of the directors, officers and employees of the Company. Capitalized terms not otherwise defined in this
Resignation and Release shall have the meaning set forth in the Purchase Agreement. The undersigned acknowledges that delivery
of this Resignation and Release is a material inducement to Purchaser’s willingness to consummate the transactions contemplated
by the Purchase Agreement, and that Purchaser would not do so without the benefit of the provisions of this Resignation and Release.

 

Effective as of the Closing
Date, the undersigned hereby resigns from any and all positions that he may hold as a director, officer or employee of the Company.

 

In exchange for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby releases and forever
discharges, and covenants not to assert or file any claim against, the Company, the Purchaser and each of their respective affiliates,
and the respective shareholders, members, partners, directors, officers, managers, employees, benefit plans, successors and assigns
thereof (the “Released Parties”) from or with respect to any and all promises, liabilities, amounts due or payable,
indebtedness, losses, claims, litigation, demands and causes of action, known or unknown, fixed or contingent, including, but not
limited to, any actions brought in tort or for breach of contract, or under any federal or state statute, law or regulation, which
the undersigned has, had or purports to have against any of the Released Parties as of or prior to the Closing Date; provided however
that the undersigned retains all rights as an Indemnified Party under the Purchase Agreement to indemnification, advancement of
expenses and exculpation by the Company as provided in the Organizational Documents of the Company and its Subsidiaries, and pursuant
to Director and Officer Indemnification Agreements between the Company and the undersigned.

 

 

[Signature page follows.]

 

    	 

    	 

    

IN WITNESS WHEREOF, the
undersigned has executed this Resignation and Release as of the date first written above.

 

 

	 	/s/ Weldon Humphries	 
	 	Weldon Humphries	 

 

[Signature page to
Resignation and Release]RESIGNATION AND RELEASE

 

Reference is made to that
certain Stock Purchase Agreement (the “Purchase Agreement”), dated as of November 19, 2014, by and among Roberts
Realty Investors, Inc., a Georgia corporation (the “Company”), Roberts Properties Residential, L.P., a Georgia
limited partnership (the “Operating Partnership”) and A-III Investment Partners LLC, a Delaware limited liability
company (the “Purchaser”), a condition of which is the delivery by the Company to the Purchaser of resignations
and releases from each of the directors, officers and employees of the Company. Capitalized terms not otherwise defined in this
Resignation and Release shall have the meaning set forth in the Purchase Agreement. The undersigned acknowledges that delivery
of this Resignation and Release is a material inducement to Purchaser’s willingness to consummate the transactions contemplated
by the Purchase Agreement, and that Purchaser would not do so without the benefit of the provisions of this Resignation and Release.

 

Effective as of the Closing
Date, the undersigned hereby resigns from any and all positions that he may hold as a director, officer or employee of the Company.

 

In exchange for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby releases and forever
discharges, and covenants not to assert or file any claim against, the Company, the Purchaser and each of their respective affiliates,
and the respective shareholders, members, partners, directors, officers, managers, employees, benefit plans, successors and assigns
thereof (the “Released Parties”) from or with respect to any and all promises, liabilities, amounts due or payable,
indebtedness, losses, claims, litigation, demands and causes of action, known or unknown, fixed or contingent, including, but not
limited to, any actions brought in tort or for breach of contract, or under any federal or state statute, law or regulation, which
the undersigned has, had or purports to have against any of the Released Parties as of or prior to the Closing Date; provided however
that the undersigned retains all rights as an Indemnified Party under the Purchase Agreement to indemnification, advancement of
expenses and exculpation by the Company as provided in the Organizational Documents of the Company and its Subsidiaries, and pursuant
to Director and Officer Indemnification Agreements between the Company and the undersigned.

 

 

[Signature page follows.]

 

    	 

    	 

    

IN WITNESS WHEREOF, the
undersigned has executed this Resignation and Release as of the date first written above.

 

 

	 	/s/ Wm. Jarrell Jones	 
	 	Wm. Jarrell Jones	 

 

[Signature page to
Resignation and Release]

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