Document:

Document

Exhibit 10.1

    January 9, 2020

John Abbot
Re:    Employment with Datto, Inc.
Dear John:
Datto, Inc., a Delaware corporation (as such company’s name may change from time to time and such company’s successors and assigns, together with its affiliates and subsidiaries, the “Company”) is very excited for you to join the team.  
1.    You will be the Chief Financial Officer of the Company, reporting to the Company’s Chief Executive Officer.  In this capacity, you will have the responsibilities and duties consistent with such position.  
2.     Your starting base salary will be $600,000.00 per year, less deductions and withholdings required by law or authorized by you, and will be subject to review annually for any increases or decreases (the “Base Salary”). Your Base Salary will be paid by the Company in regular installments in accordance with the Company’s general payroll practices as in effect from time to time. 
With respect to your bonus opportunities for each bonus period beginning on and after January 1, 2020, you will be eligible to receive a bonus of up to 50% of your Base Salary (the “Bonus”).  The Bonus will be awarded at the sole discretion of the Board, after consultation with the CEO, based on the Board’s determination as to your achievement of predetermined thresholds which may include, but are not limited to, management by objectives (“MBO”s) and financial targets such as revenue, recurring revenue, gross profit and/or EBITDA targets.  
The bonus formulas, MBOs, performance milestones and all other elements of your bonus opportunities shall be established by the Board in its sole discretion, after consultation with the CEO, and communicated in writing (including by e-mail) to you from time to time.  Any bonus earned for a fiscal year shall be paid within thirty (30) days after the Board has received, reviewed and approved the applicable fiscal year’s final audited financial statements.  In any event, payment of any bonus that becomes due with respect to a fiscal year shall be paid in the calendar year following the fiscal year in which such bonus was earned, subject, in each case, to your continued employment on the applicable payment date.
3.    You will also be eligible to participate in regular health, dental and vision insurance plans and other employee benefit plans established by the Company for its employees from time to time, so long as they remain generally available to the Company’s employees.  The Company hereby agrees that unless you provide your written consent, (a) the indemnification provisions set forth in Article V of the Amended and Restated By-Laws of the Company, as adopted on December 17, 2017 (the “By-Laws”), shall not be changed in a manner that is materially adverse to you during the duration of your employment with the Company, and (b) during the terms of your employment with the Company, the Company shall purchase and maintain in effect the insurance described in Section 4 of Article V of the By-Laws.  
4.    Your position shall be based in Norwalk, CT.  Your duties may involve extensive domestic and international travel.
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5.    You will receive 700,000 options to purchase Common Stock (the “Stock Options”) of Merritt Topco, Inc., a Delaware corporation (“Topco”).  Such Stock Options will be subject to the terms (including the vesting and exercisability terms) as set forth in the Merritt Topco, Inc. Amended and Restated 2017 Stock Option Plan (the “Stock Option Plan”) and a Stock Option Agreement to which you will be a party (the “Stock Option Agreement”).  

6.    There are some formalities that you need to complete as a condition of your employment:
- You must carefully consider and sign the Company’s standard “Employment and Restrictive Covenants Agreement” (attached to this letter as Exhibit A).  Because the Company and its affiliates are engaged in a continuous program of research, development, production and marketing in connection with their business, we wish to reiterate that it is critical for the Company and its affiliates to preserve and protect its proprietary information and its rights in inventions.
- So that the Company has proper records of inventions that may belong to you, we ask that you also complete Schedule 1 attached to Exhibit A.
- You and the Company mutually agree that any disputes that may arise regarding your employment will be submitted to binding arbitration by the American Arbitration Association.  As a condition of your employment, you will need to carefully consider and voluntarily agree to the arbitration clause set forth in Section 14 of Exhibit A. 
7.    We also wish to remind you that, as a condition of your employment, you are expected to abide by the Topco’s, the Company’s, and their direct and indirect subsidiaries’ policies and procedures, which policies and procedures may be amended from time to time, at the Company’s sole discretion and employees will be notified of any amendments to such policies and procedures.  In the event there is a conflict between this Agreement and anything contained in a written policy or procedure of the Company, this Agreement shall prevail.
8.    Your employment with the Company is at will.  The Company may terminate your employment at any time with or without notice, and for any reason or no reason.  Notwithstanding any provision to the contrary contained in Exhibit A, you shall be entitled to terminate your employment with the Company at any time and for any reason or no reason by giving notice in writing to the Company of not less than four (4) weeks (“Notice Period”), unless otherwise agreed to in writing by you and the Company.  In the event of such notice, the Company reserves the right, in its discretion, to give immediate effect to your resignation in lieu of requiring or allowing you to continue work throughout the Notice Period; provided that the Company pays your Base Salary in lieu of the Notice Period.  You shall continue to be an employee of the Company during the Notice Period, and thus owe to the Company the same duty of loyalty you owed it prior to giving notice of your termination.  The Company may, during the Notice Period, relieve you of all of your duties and prohibit you from entering the Company’s offices.
9.    If your employment is terminated for any reason, you shall be entitled to (i) all accrued but unpaid Base Salary through the date of termination of your employment, (ii) any unpaid or unreimbursed expenses incurred and (iii) any accrued and vested benefits under the employee benefit plans of the Company in accordance with the terms and conditions thereof (collectively, the “Accrued Obligations”).  If your employment terminates as a result of your death or Disability, in addition to the Accrued Obligations, the Company shall provide you (or your estate) with a bonus equal to the portion of the Target Bonus the Board determines in its sole discretion, after consultation with the CEO, would otherwise have been earned, pro-rated based on the number of days you were employed during the fiscal 
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year in which such termination occurs.  If the Company terminates your employment without “Cause” or you voluntarily terminate your employment for a “Good Reason”, in addition to the Accrued Obligations, the Company shall provide you with a severance payment equal to nine (9) months of your then applicable Base Salary and, at the sole discretion of the Board, after consultation with the CEO, a pro-rated portion of any bonus that may have been earned by you during the fiscal year in which such termination occurs, less deductions and withholdings required by law or authorized by you (the “Severance Pay”).  For purposes of this section, “Cause” and “Good Reason” have the meaning set forth in Exhibit B attached hereto.  The Company will not be required to pay the Severance Pay unless (a) you execute and deliver to the Company an agreement (“Release Agreement”) in the form attached hereto as Exhibit C, and you do not revoke such Release Agreement during any applicable revocation period, (b) such Release Agreement is executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following the date of your termination of employment, and (c) you have not breached the provisions of Sections 4 through 10 and 16 of Exhibit A, the terms of this letter or any agreement between you and the Company or the provisions of the Release Agreement.  If the Release Agreement is executed and delivered and no longer subject to revocation as provided in the preceding sentence, then the Severance Pay shall be paid in accordance with the Company’s general payroll practices at the time of termination and commencing on the sixtieth (60th) day following your termination of employment.  The first payment of Severance Pay shall include payment of all amounts that otherwise would have been due prior thereto under the terms of this letter had such payments commenced immediately upon your termination of employment, and any payments made thereafter shall continue as provided herein.
10.    You shall not make any statement that would libel, slander or disparage the Company, any member of the Company or its affiliates or any of their respective past or present officers, directors, managers, stockholders, employees or agents. The Company shall instruct its board members and its executive officers not to disparage you and shall not issue any public statements disparaging you. The foregoing shall not prevent you from: engaging in concerted activity relative to the terms and conditions of your employment and in communications protected under the  National Labor Relations Act, filing a charge or providing information to any governmental agency, or from providing information in response to a subpoena or other enforceable legal process or as otherwise required by law. 
11.    While we look forward to a long and profitable relationship, you will be an at-will employee of the Company as described in Section 8 of this letter and Section 3 of Exhibit A.  Any statements or representations to the contrary (and, indeed, any statements contradicting any provision in this letter) are, and should be regarded by you, as ineffective.  Further, your participation in any benefit program or other Company program, if any, is not to be regarded as assuring you of continuing employment for any particular period of time. 

12.    Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation establishing your identity and demonstrating that you have authorization to work in the United States.  If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you may contact our personnel office.
13.    It should also be understood that all offers of employment are conditioned on the Company’s completion of a satisfactory background check, including a drug screening process.  The Company reserves the right to perform background checks during the term of your employment, subject to compliance with applicable laws.  You will be required to execute forms authorizing such a background check.
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14.    This letter along with its Exhibits and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this letter, and supersede all prior understandings and agreements, including but not limited to severance, employment or similar agreements, whether oral or written, between or among you and the Company or its predecessor with respect to the specific subject matter hereof. 
15.    In the event of a conflict between the terms of this letter and the provisions of Exhibit A, the terms of this letter shall prevail. 
16.    Notwithstanding any other provision herein, the Company shall be entitled to withhold from any amounts otherwise payable hereunder any amounts required to be withheld in respect to federal, state or local taxes.
17.    The intent of the parties is that payments and benefits under this letter be exempt from or comply with Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this letter shall be interpreted to be in compliance therewith.  In the event any provision hereof does not comply with Code Section 409A, the parties shall cooperate reasonably to modify such provision to comply with Code Section 409A and any such modification will be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to you and the Company of the applicable provision without violating the provisions of Code Section 409A; provided that Company shall not be liable for any additional tax, interest or penalty that may be imposed on you by Code Section 409A or damages for failing to comply with Code Section 409A.  A termination of employment shall not be deemed to have occurred for purposes of any provision of this letter providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this letter, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  Notwithstanding anything to the contrary in this Agreement, if you are deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service”, and (B) the date of your death, to the extent required under Code Section 409A. For purposes of Code Section 409A, your right to receive any installment payments pursuant to this letter shall be treated as a right to receive a series of separate and distinct payments.  To the extent that reimbursements or other in-kind benefits under this letter constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (a) all such expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by you, (b) any right to such reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (c) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.  Notwithstanding any other provision of this letter to the contrary, in no event shall any payment under this letter that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

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18.    The effective date of employment under the terms of this offer is expected to be on March 1, 2020.  If you decide to accept the terms of this letter, and I hope you will, please signify your acceptance of these conditions of employment by signing and dating the enclosed copy of this letter and its Exhibit A and returning them to me, not later than January 9th.  

By signing this letter and Exhibit A attached hereto, you represent and warrant that you have had the opportunity to seek the advice of independent counsel before signing and have either done so, or have freely chosen not to do so, and either way, you sign this letter voluntarily.

Very truly yours,
/s/ Timothy Weller    
Timothy Weller
Chief Executive Officer

I have read and understood this letter and Exhibit A attached and hereby acknowledge, accept and agree to the terms set forth therein.
/s/ John Abbot        Date signed: January 9, 2020    
Signature
Name:  John Abbot

LIST OF EXHIBITS

Exhibit A: Employment and Restrictive Covenants Agreement

Exhibit B: Certain Definitions

Exhibit C:  Release Agreement 

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EXHIBIT A
EMPLOYMENT AND RESTRICTIVE COVENANTS AGREEMENT

This Employment and Restrictive Covenants Agreement (the “Agreement”) is made effective March 1, 2020 (the “Effective Date”), by and between Datto, Inc., a Delaware corporation (together with its affiliates and related companies, hereafter referenced as “Company”) and John Abbot (hereafter referenced as “Employee”).
1.PURPOSE.  In connection with Employee’s employment by the Company (the “Employment”), Employee and the Company wish to set forth the terms and conditions under which Employee will be employed by the Company, and certain restrictions applicable to Employee as a result of the Employment with the Company.  This Agreement is intended:  to allow the parties to engage in the Employment, with the Company giving Employee access to the Company’s customers, employees, and Confidential Information (as that term is defined below); to protect the Company’s business, information, and relationships against unauthorized competition, solicitation, recruitment, use, or disclosure; and to clarify Employee’s legal rights and obligations.
2.THE BUSINESS OF THE COMPANY.  The Company is engaged in the business of investing and operating in software and technology-enabled businesses, including a continuous program of research, development, production and marketing (collectively the “Business” of the Company).  Employee acknowledges that the Company has a legitimate interest in protecting its Confidential Information, trade secrets, customer relationships, customer goodwill, employee relationships, and the special investment and training given to Employee.   
3. “AT WILL” EMPLOYMENT OF EMPLOYEE.  Employee shall perform such duties or responsibilities as assigned to Employee from time to time.  The Parties acknowledge that Employee’s employment by the Company at all times is and shall remain “at will,” and may be terminated by either Party at any time, with or without notice and with or without cause.  Employee acknowledges that but for Employee’s execution of this Agreement, Employee would not be employed by the Company.  
a.Employee acknowledges that Employee’s duties shall entail Employee’s contact with the Company’s customers to whom Employee is introduced, to which Employee is assigned, whose accounts Employee shall oversee, or for which Employee otherwise is directly or indirectly responsible.  Employee further acknowledges that Employee will be given the use of the Company’s Confidential Information.  Employee acknowledges that the Company’s goodwill with its customers and customer prospects, as well as the Company’s Confidential Information, are among the most valuable assets of the Company’s Business.  Accordingly, Employee hereby agrees, acknowledges, covenants, represents and warrants that at all times during Employee’s employment with the Company, Employee will faithfully perform Employee’s duties with the utmost loyalty to the Company, and will owe a fiduciary duty and duty of loyalty to the Company.  Employee agrees that during employment, Employee will do nothing disloyal or adverse to the Company or the Company’s Business, or which creates any conflict of interest with the Company or the Business of the Company.  Employee will abide by the policies of the Company at all times during Employee’s employment, and acknowledges that the Company may unilaterally change its policies, practices, and procedures at any time, at the sole discretion of the Company.  Employee understands and acknowledges that all equipment, communication devices, physical property, documents, information, data bases, furniture, accessories, premises, and any other items provided to Employee while employed by Company, shall at all times remain the sole property of the Company, and as such, Employee shall have no reasonable expectation of privacy when using such items.
b.Employee acknowledges that Employee will be afforded an investment of time, training, money, trust, exposure to the public, or exposure to customers, vendors, suppliers, investors, joint venture partners, or 
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other business relationships of the Company during the course of the Employment, and Employee’s position gives Employee a high level of influence or credibility with the Company’s customers, vendors, suppliers, or other business relationships.  Employee understands and acknowledges that Employee will possess specialized skills, learning, abilities, customer contacts, or customer information by reason of working for the Company.
c.Employee acknowledges that, through Employee’s employment with the Company, Employee may customarily and regularly solicit customers and/or prospective customers for the Company, and/or engage in making sales or obtaining orders or contracts for products or services.
d.Employee understands that the Company has specifically instructed him/her to refrain from bringing to the Company any documents or materials or intangibles of a former employer or third party that are not in the public domain, or have not been legally transferred or licensed to the Company, or that might constitute the confidential information or trade secrets of a prior employer.  Employee agrees that when performing duties on behalf of the Company, he/she will not breach any invention assignment, proprietary information, confidentiality, non-competition, non-solicitation or other similar agreement with any former employer or other party.
4.DUTY OF LOYALTY.  Employee understands that his/her employment and provision of services on behalf of the Company requires Employee’s undivided attention and effort.  Accordingly, during Employee’s employment, Employee agrees that he/she will not, without the Company’s express prior written consent, (i) engage in any other business activity, unless such activity is for passive investment purposes not otherwise prohibited by this Agreement and will not require Employee to render any services, (ii) be engaged or interested, directly or indirectly, alone or with others, in any trade, business or occupation in competition with the Company, (iii) take steps, alone or with others, to engage in competition with the Company in the future, or (iv) appropriate for Employee’s own benefit business opportunities pertaining to the Company’s Business.
5.INVENTIONS
a.Prior Inventions.  Attached hereto as Schedule 1 is a complete and accurate list describing all Inventions (as defined below) which were conceived, discovered, created, invented, developed and/or reduced to practice by Employee prior to the commencement of his/her Employment that have not been legally assigned or licensed to the Company (collectively:  “Prior Inventions”).  If there are no such Prior Inventions, Employee shall initial Schedule 1 to indicate Employee has no Prior Inventions to disclose.
Employee acknowledges and agrees that if in the course of Employee’s employment, Employee incorporates or causes to be incorporated into a Company product, service, process, file, system, application or program a Prior Invention, Employee will grant the Company a non-exclusive, royalty-free, irrevocable, perpetual, worldwide, sublicensable and assignable license to make, have made, copy, modify, make derivative works of, use, offer to sell, sell or otherwise distribute such Prior Invention as part of or in connection with such product, process, file, system, application or program.   
b. Disclosure and Assignment of Inventions.  Employee agrees to promptly disclose to the Company in writing all Inventions (as defined below) that Employee conceives, develops and/or first reduces to practice or create, either alone or jointly with others, during the period of Employee’s Employment, and for a period of three (3) months thereafter, whether or not in the course of Employee’s Employment.  Employee further assigns and agrees to assign all of 
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Employee’s rights, title and interest in the Inventions to the Company.  In the event that the Company is unable for any reason to secure Employee’s signature to any document required to file, prosecute, register or memorialize the ownership and/or assignment of any Invention, Employee hereby irrevocably designates and appoints the Company’s duly authorized officers and agents as Employee’s agents and attorneys-in-fact to act for and on Employee’s behalf and stead to (i) execute, file, prosecute, register and/or memorialize the assignment and/or ownership of any Invention; (ii) to execute and file any documentation required for such enforcement and (iii) do all other lawfully permitted acts to further the filing, prosecution, registration, memorialization of assignment and/or ownership of, issuance of and enforcement of any Inventions, all with the same legal force and effect as if executed by Employee.
Employee acknowledges that he/she is not entitled to use the Inventions for Employee’s own benefit or the benefit of anyone except the Company without written permission from the Company, and then only subject to the terms of such permission.  Employee further agrees that Employee will communicate to the Company, as directed by the Company, any facts known to Employee and testify in any legal proceedings, sign all lawful papers, make all rightful oaths, execute all divisionals, continuations, continuations-in-part, foreign counterparts, or reissue applications, all assignments, all registration applications and all other instruments or papers to carry into full force and effect, the assignment, transfer and conveyance hereby made or to be made and generally do everything possible for title to the Inventions to be clearly and exclusively held by the Company as directed by the Company.
For purposes of this Agreement, “Inventions” means, without limitation, any and all formulas, algorithms, processes, techniques, concepts, designs, developments, technology, ideas, patentable and unpatentable inventions and discoveries, copyrights and works of authorship in any media now known or hereafter invented (including computer programs, source code, object code, hardware, firmware, software, mask work, applications, files, internet site content, databases and compilations, documentation and related items) patents, trade and service marks, logos, trade dress, corporate names and other source indicators and the good will of any business symbolized thereby, trade secrets, know-how, confidential and proprietary information, documents, analyses, research and lists (including current and potential customer and user lists) and all applications and registrations and recordings, improvements and licenses that (i) relate in any manner, whether at the time of conception, design or reduction to practice, to the Company’s Business or its actual or demonstrably anticipated research or development; (ii) result from any work performed by Employee on behalf of the Company; or (iii) result from the use of the Company’s equipment, supplies, facilities, Confidential Information or Trade Secrets. 
Employee recognizes that Inventions or proprietary information relating to Employee’s activities while working for the Company, and conceived, reduced to practice, created, derived, developed, or made by Employee, alone or with others, within three (3) months after termination of Employee’s employment may have been conceived, reduced to practice, created, derived, developed, or made, as applicable, in significant part while Employee was employed by the Company.  Accordingly, Employee agrees that such Inventions and proprietary information shall be presumed to have been conceived, reduced to practice, created, derived, developed, or made, as applicable, during Employee’s employment with the Company and are to be assigned to the Company pursuant to this Agreement and applicable law unless and until Employee has established the contrary by clear and convincing evidence.
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c.Work for Hire.  Employee acknowledges and agrees that any copyrightable works prepared by Employee within the scope of Employee’s employment are “works made for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works.  Any copyrightable works the Company specially commissions from Employee while Employee is employed also shall be deemed a work made for hire under the Copyright Act and if for any reason such work cannot be so designated as a work made for hire, Employee agrees to and hereby assigns to the Company, as directed by the Company, all right, title and interest in and to said work(s).  Employee further agrees to and hereby grants the Company, as directed by the Company, a non-exclusive, royalty-free, irrevocable, perpetual, worldwide, sublicensable and assignable license to make, have made, copy, modify, make derivative works of, use, publicly perform, display or otherwise distribute any copyrightable works Employee creates during Employee’s Employment.
d.Assignment of Other Rights.  In addition to the foregoing assignment of Inventions to the Company, Employee hereby irrevocably transfers and assigns to the Company:  (i) all worldwide patents, patent applications, copyrights, mask works, trade secrets and other intellectual property rights in any Inventions; and (ii) any and all “Moral Rights” (as defined below) that Employee may have in or with respect to any Inventions.  Employee also hereby forever waives and agrees never to assert any and all Moral Rights Employee may have in or with respect to any Inventions, even after termination of Employee’s work on behalf of the Company.  “Moral Rights” mean any rights to claim authorship of any Inventions, to object to or prevent the modification of any Inventions, or to withdraw from circulation or control the publication or distribution of any Inventions, and any similar right, existing under applicable judicial or statutory law of any country in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a “moral right.”
e.Applicability to Past Activities.  To the extent Employee has been engaged to provide services by the Company or its predecessor for a period of time before the effective date of this Agreement (the “Prior Engagement Period”), Employee agrees that if and to the extent that, during the Prior Engagement Period:  (i) Employee received access to any information from or on behalf of the Company that would have been proprietary information if Employee had received access to such information during the period of Employee’s Employment with the Company under this Agreement; or (ii) Employee conceived, created, authored, invented, developed or reduced to practice any item, including any intellectual property rights with respect thereto, that would have been an Invention if conceived, created, authored, invented, developed or reduced to practice during the period of Employee’s Employment with the Company under this Agreement; then any such information shall be deemed proprietary information hereunder and any such item shall be deemed an Invention hereunder, and this Agreement shall apply to such information or item as if conceived, created, authored, invented, developed or reduced to practice under this Agreement.
6.NONDISCLOSURE AGREEMENT.  
a.Employee expressly agrees that, throughout the term of Employee’s Employment with the Company and at all times following the termination of Employee’s Employment from the Company, for so long as the information remains confidential, Employee will not use or disclose any Confidential Information disclosed to Employee by the Company, other than for the purpose to carry out the Employment for the benefit of the Company (but in all cases preserving confidentiality by following the Company’s policies and obtaining appropriate non-disclosure 
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agreements).  Employee shall not, directly or indirectly, use or disclose any Confidential Information to third parties, nor permit the use by or disclosure of Confidential Information by third parties.  Employee agrees to take all reasonable measures to protect the secrecy of and avoid disclosure or use of Confidential Information in order to prevent it from falling into the public domain or into the possession of any Competing Business or any persons other than those persons authorized under this Agreement to have such information for the benefit of the Company.  Employee agrees to notify the Company in writing of any actual or suspected misuse, misappropriation, or unauthorized disclosure of Confidential Information that may come to Employee’s attention.  Employee acknowledges that if Employee discloses or uses knowledge of the Company’s Confidential Information to gain an advantage for Employee, for any Competing Business, or for any other person or entity other than the Company, such an advantage so obtained would be unfair and detrimental to the Company.  
b.Employee expressly agrees that Employee’s duty of non-use and non-disclosure shall continue indefinitely for any information of the Company that constitutes a Trade Secret under applicable law, so long as such information remains a Trade Secret.
c.Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
d.Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).  Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law.  The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.
7.RETURN OF COMPANY PROPERTY AND MATERIALS.  Any Confidential Information, trade secrets, materials, equipment, information, documents, electronic data, or other items that have been furnished by the Company to Employee in connection with the Employment are the exclusive property of the Company and shall be promptly returned to the Company by Employee, accompanied by all copies of such documentation, immediately when the Employment has been terminated or concluded, or otherwise upon the written request of the Company.  Employee shall not retain any copies of any Company information or other property after the Employment ends, and shall cooperate with the Company to ensure that all copies, both written and electronic, are immediately returned to the Company.  Employee shall cooperate with Company representatives and allow such representatives to oversee the process of erasing and/or permanently removing any such Confidential Information or other property of the Company from any computer, personal digital assistant, phone, or other electronic device, or any cloud-based storage account or other electronic medium owned or controlled by Employee.
8.LIMITED NONCOMPETE AGREEMENT.  Employee expressly agrees that Employee will not (either directly or indirectly, by assisting or acting in concert with others) Compete with the Company during the Restricted Period within the Restricted Territory.
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9.NONSOLICITATION OF CUSTOMERS/PROSPECTIVE CUSTOMERS.  Employee expressly agrees that during the Restricted Period, Employee will not (either directly or indirectly, by assisting or acting in concert with others), on behalf of himself/herself or any other person, business, entity, including but not limited to on behalf of a Competing Business, call upon, solicit, or attempt to call upon or solicit any business from any Customer or Prospective Customer for the purpose of providing services substantially similar to the Services.  
10.NONRECRUITMENT OF EMPLOYEES.  Employee expressly agrees that during the Restricted Period, Employee will not, on behalf of himself/herself or any other person, business, or entity (either directly or indirectly, by assisting or acting in concert with others), solicit, recruit, or encourage, or attempt to solicit, recruit, or encourage any of the Company’s employees, in an effort to hire such employees away from the Company, or to encourage any of the Company’s employees to leave employment with the Company to work for a Competing Business.
11.REMEDIES; INDEMNIFICATION.  Employee agrees that the obligations set forth in this Agreement are necessary and reasonable in order to protect the Company’s legitimate business interests and (without limiting the foregoing) that the obligations set forth in Sections 8, 9 and 10 are necessary and reasonable in order to protect the Company’s legitimate business interests in protecting its Confidential Information, Trade Secrets, customer and employee relationships and the goodwill associated therewith.  Employee expressly agrees that due to the unique nature of the Company’s Confidential Information, and its relationships with its Customers and other employees, monetary damages would be inadequate to compensate the Company for any breach by Employee of the covenants and agreements set forth in this Agreement.  Accordingly, Employee agrees and acknowledges that any such violation or threatened violation shall cause irreparable injury to the Company and that, in addition to any other remedies that may be available in law, in equity, or otherwise, the Company shall be entitled:  (a) to obtain injunctive relief against the threatened breach of this Agreement or the continuation of any such breach by Employee, without the necessity of proving actual damages; and (b) to be indemnified by Employee from any loss or harm; and (c) to recover any costs or attorneys’ fees, arising out of or in connection with any breach by Employee or enforcement action relating to Employee’s obligations under this Agreement.
12.INJUNCTIVE RELIEF; TOLLING.  Notwithstanding the arbitration provisions contained herein, or anything else to the contrary in this Agreement, Employee understands that the violation of any restrictive covenants of this Agreement may result in irreparable and continuing damage to the Company for which monetary damages will not be sufficient, and agrees that Company will be entitled to seek, in addition to its other rights and remedies hereunder or at law and both before or while an arbitration is pending between the parties under this Agreement, a temporary restraining order, preliminary injunction or similar injunctive relief from a court of competent jurisdiction in order to preserve the status quo or prevent irreparable injury pending the full and final resolution of the dispute through arbitration, without the necessity of showing any actual damages or that monetary damages would not afford an adequate remedy, and without the necessity of posting any bond or other security.  The aforementioned injunctive relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief through arbitration proceedings.  This Section shall not be construed to limit the obligation for either party to pursue arbitration.  The Restricted Period as defined in this Agreement may be extended during the pendency of any litigation (including appeals) or arbitration proceeding, in order to give the Company the full protection of the restrictive covenants as described in this Agreement.
13.DEFINITIONS.  For all purposes throughout this Agreement, the terms defined below shall have the respective meanings specified in this section.

a.“Customer” of the Company shall mean any business or entity with which Employee had Material Contact, for the purpose of providing Services, during the twelve (12) months preceding Employee’s termination date.
Page 6 of 13

b.“Compete” shall mean to provide Competitive Services, whether Employee is acting on behalf of himself/herself, or in conjunction with or in concert with any other entity, person, or business, including activities performed while working for or on behalf of a Customer.
c.“Competitive Services” shall mean the business or process of researching, developing, providing, distributing, selling, supplying, licensing, maintaining or otherwise dealing with hardware and software products providing professional services automation, helpdesk, ticketing, CRM, remote monitoring, file sync and share, IT networking, security, connectivity, backup, recovery, and business continuity solutions to managed service providers worldwide and in each case, all related services thereto, and any other services of the type or similar to the type provided, conducted, authorized, or offered by the Company or any predecessor within the two (2) years prior to the termination of your employment.
d.“Competing Business” shall mean any entity, including but not limited to any person, company, partnership, corporation, limited liability company, association, organization or other entity that provides Competitive Services.
e.“Confidential Information” shall mean sensitive business information having actual or potential value to the Company because it is not generally known to the general public or ascertainable by a Competing Business, and which has been disclosed to Employee, or of which Employee will become aware, as a consequence of the Employment with the Company, including any information related to: the Company’s investment strategies, management planning information, business plans, operational methods, market studies, marketing plans or strategies, patent information, business acquisition plans, past, current and planned research and development, formulas, methods, patterns, processes, procedures, instructions, designs, inventions, operations, engineering, services, drawings, equipment, devices, technology, software systems, price lists, sales reports and records, sales books and manuals, code books, financial information and projections, personnel data, names of customers, customer lists and contact information, customer pricing and purchasing information, lists of targeted prospective customers, supplier lists, product/service and marketing data and programs, product/service plans, product development, advertising campaigns, new product designs or roll out, agreements with third parties, or any such similar information.  Confidential Information shall also include any information disclosed to the Company by a third party (including, but not limited to, current or prospective customers) that the Company is obliged to treat as confidential.  Confidential Information may be in written or non-written form, as well as information held on electronic media or networks, magnetic storage, cloud storage service, or other similar media.  The Company has invested and will continue to invest extensive time, resources, talent, and effort to develop its Confidential Information, all of which generates goodwill for the Company.  Employee acknowledges that the Company has taken reasonable and adequate steps to control access to the Confidential Information and to prevent unauthorized disclosure, which could cause injury to the Company.  This definition shall not limit any broader definition of “confidential information” or any equivalent term under applicable state or federal law.  
f.“Material Contact” shall mean actual contact between Employee and a Customer with whom Employee dealt on behalf of the Company; or whose dealings with the Company were coordinated or supervised by Employee; or who received goods or services from the Company that resulted in payment of commissions or other compensation to Employee; or about whom Employee obtained Confidential Information because of Employee’s Employment with the Company.
g.“Prospective Customer” shall mean any business or entity with whom Employee had Material Contact, for the purpose of attempting to sell or provide Services, and to whom Employee provided a bid, quote for 
Page 7 of 13

Services, or other Confidential Information of the Company, during the twelve (12) months preceding Employee’s termination date.
h.“Restricted Period” shall mean the entire term of Employee’s employment with the Company and a two (2) year period immediately following the termination of Employee’s employment, unless otherwise delineated or described in the “end notes and exceptions” at the end of this Agreement.
i.“Restricted Territory” shall mean the geographic area in which or with respect to which Employee provided or attempted to provide any Services or performed operations on behalf of the Company as of the date of termination or during the twelve (12) months preceding Employee’s termination date.
j.“Trade Secrets” shall mean the business information of the Company that is competitively sensitive and which qualifies for trade secrets protection under applicable trade secrets laws, including but not limited to the Defend Trade Secrets Act. This definition shall not limit any broader definition of “trade secret” or any equivalent term under any applicable local, state or federal law. 
k.“Services” shall mean the types of work product, processes and work-related activities relating to the Business of the Company performed by Employee during the Employment.
14.MANDATORY ARBITRATION CLAUSE; NO JURY TRIAL.  A Party may bring an action in court to obtain a temporary restraining order, injunction, or other equitable relief available in response to any violation or threatened violation of the restrictive covenants set forth in this Agreement.  Otherwise, Employee expressly agrees and acknowledges that the Company and Employee will utilize binding arbitration to resolve all disputes that may arise out of the employment context.  
a.Both the Company and Employee hereby agree that any claim, dispute, and/or controversy that Employee may have against the Company (or its owners, directors, officers, managers, employees, agents, insurers and parties affiliated with its employee benefit and health plans), or that the Company may have against Employee, arising from, related to, or having any relationship or connection whatsoever to the Employment, shall be submitted to and determined exclusively by binding arbitration under the Federal Arbitration Act (9 U.S.C. §§ 1, et seq.) in conformity with the Federal Rules of Civil Procedure.  Included within the scope of this Agreement are all disputes including, but not limited to, any claims alleging employment discrimination, harassment, hostile environment, retaliation, whistleblower protection, wrongful discharge, constructive discharge, failure to grant leave, failure to reinstate, failure to accommodate, tortious conduct, breach of contract, and/or any other claims Employee may have against the Company for any exemption misclassification, unpaid wages or overtime pay, benefits, payments, bonuses, commissions, vacation pay, leave pay, workforce reduction payments, costs or expenses, emotional distress, pain and suffering, or other alleged damages arising out of the Employment or termination.  Also included are any claims based on or arising under Title VII, 42 USC Section 1981, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor Standards Act, Sarbanes-Oxley, all as amended, or any other state or federal law or regulation, equitable law, or otherwise relating in any way to the employment relationship.
b.Nothing herein, however, shall prevent Employee from filing and pursuing proceedings before the United States Equal Employment Opportunity Commission or similar state agency (although if Employee chooses to pursue any type of claim for relief following the exhaustion of such administrative remedies, such claim would be subject to resolution under these mandatory 
Page 8 of 13

arbitration provisions).  In addition, nothing herein shall prevent Employee from filing an administrative claim for unemployment benefits or workers’ compensation benefits.
c.Nothing in the confidentiality or nondisclosure or other provisions of this Agreement shall be construed to limit Employee’s right to respond accurately and fully to any question, inquiry or request for information when required by legal process or from initiating communications directly with, or responding to any inquiry from, or providing testimony before, any self-regulatory organization or state or federal regulatory authority, regarding the Company, Employee’s Employment, or this Agreement.  Employee is not required to contact the Company regarding the subject matter of any such communications before engaging in such communications.  Employee also understands that Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Employee also understands that disclosure of trade secrets to attorneys, in legal proceedings if disclosed under seal, or pursuant to court order is also protected under 18 U.S. Code §1833 when disclosure is made in connection with a retaliation lawsuit based on the reporting of a suspected violation of law.

d.In addition to any other requirements imposed by law, the arbitrator selected shall be a qualified individual mutually selected by the Parties, and shall be subject to disqualification on the same grounds as would apply to a judge.  All rules of pleading, all rules of evidence, all statutes of limitations, all rights to resolution of the dispute by means of motions for summary judgment, and judgment on the pleadings shall apply and be observed.  Resolution of the dispute shall be based solely upon the law governing the claims and defenses pleaded, and the arbitrator may not invoke any basis (including but not limited to, notions of “just cause”) other than such controlling law.  Likewise, all communications during or in connection with the arbitration proceedings are privileged.  The arbitrator shall have the authority to award appropriate substantive relief under relevant laws, including the damages, costs and attorneys’ fees that would be available under such laws.
e.Employee’s initial share of the arbitration fee shall be in an amount equal to the filing fee as would be applicable in a court proceeding, or $100, whichever is less.  Beyond the arbitration filing fee, Employer will bear all other fees, expenses and charges of the arbitrator.
f.Employee understands and agrees that all claims against the Company must be brought in Employee’s individual capacity and not as a plaintiff or class member in any purported class or representative proceeding.  Employee understands that there is no right or authority for any dispute to be heard or arbitrated on a collective action basis, class action basis, as a private attorney general, or on bases involving claims or disputes brought in a representative capacity on behalf of the general public, on behalf of other Company employees (or any of them) or on behalf of other persons alleged to be similarly situated.  Employee understands that there are no bench or jury trials and no class actions or representative actions permitted under this Agreement.  The Arbitrator shall not consolidate claims of different employees into one proceeding, nor shall the Arbitrator have the power to hear an arbitration as a class action, collective action, or representative action.  The interpretation of this subsection shall be decided by a judge, not the Arbitrator. 
Page 9 of 13

g.Procedure.  Employee and Company agree that prior to the service of an Arbitration Demand, the parties shall negotiate in good faith for a period of thirty (30) days in an effort to resolve any arbitrable dispute privately, amicably and confidentially.  To commence an arbitration pursuant to this Agreement, a party shall serve a written arbitration demand (the “Demand”) on the other party by hand delivery or via overnight delivery service (in a manner that provides proof of receipt by respondent).  The Demand shall be served before expiration of the applicable statute of limitations.  The Demand shall describe the arbitrable dispute in sufficient detail to advise the respondent of the nature and basis of the dispute, state the date on which the dispute first arose, list the names and addresses of every person whom the claimant believes does or may have information relating to the dispute, including a short description of the matter(s) about which each person is believed to have knowledge, and state with particularity the relief requested by the claimant, including a specific monetary amount, if the claimant seeks a monetary award of any kind.  If respondent does not provide a written Response to the Demand, all allegations will be considered denied. The parties shall confer in good faith to attempt to agree upon a suitable arbitrator, and if unable to do so, they will select an arbitrator from the American Arbitration Association (“AAA”)’s employment arbitration panel for the area.  The arbitrator shall allow limited discovery, as appropriate in his or her discretion.  The arbitrator’s award shall include a written reasoned opinion.
h.Employee understands, agrees, and consents to this binding arbitration provision, and Employee and the Company hereby each expressly waive the right to trial by jury of any claims arising out of Employment with the Company.  By initialing below, Employee acknowledges that Employee has read, understands, agrees and consents to the binding arbitration provision, including the class action waiver.  Employee’s Initials: _/S/ JFA_____  
15.NOTICE OF VOLUNTARY TERMINATION OF EMPLOYMENT.  Unless otherwise stated in Employee’s offer letter of employment, Employee agrees to use reasonable efforts to provide the Company fourteen (14) days written notice of Employee’s intent to terminate Employee’s Employment; provided, however, that this provision shall not change the at-will nature of the employment relationship between Employee and the Company.  It shall be within the Company’s sole discretion to determine whether Employee should continue to perform services on behalf of the Company during this notice period.
16.NON-DISPARAGEMENT.  During and after Employee’s Employment with the Company, except to the extent compelled or required by law, Employee agrees he/she shall not disparage the Company, its customers and suppliers or their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors or assigns or their respective products or services, in any manner (including but not limited to, verbally or via hard copy, websites, blogs, social media forums or any other medium); provided, however, that nothing in this Section shall prevent Employee from: engaging in concerted activity relative to the terms and conditions of Employee’s Employment and in communications protected under the National Labor Relations Act, filing a charge or providing information to any governmental agency, or from providing information in response to a subpoena or other enforceable legal process or as otherwise required by law.
17.NOTIFICATION OF NEW EMPLOYER.  Before Employee accepts Employment or enters into any consulting, independent contractor, or other professional or business engagement with any other person or entity while any of the provisions of Sections 8, 9 or 10 of this Agreement are in effect, Employee will provide such person or entity with written notice of the provisions of Sections 8, 9 and/or 10 and will deliver a copy of that notice to the Company.  While any of Sections 8, 9 or 10 of this Agreement are in effect, Employee agrees that, upon the request of the Company, Employee will furnish the Company with the name and address of any new employer or entity for whom Employee provides contractor or consulting services, as well as the capacity in which Employee will be employed or otherwise 
Page 10 of 13

engaged.  Employee hereby consents to the Company’s notifying Employee’s new employer about Employee’s responsibilities, restrictions and obligations under this Agreement.
18.WITHHOLDING.  To the extent allowed by applicable law, Employee agrees to allow Company to deduct from the final paycheck(s) any amounts due as a result of the Employment, including, but not limited to, any expense advances or business charges incurred on behalf of the Company, charges for property damaged or not returned when requested, and any other charges incurred that are payable to the Company.  Employee agrees to execute any authorization form as may be provided by Company to effectuate this provision.
19.NO RIGHTS GRANTED.  Nothing in this Agreement shall be construed as granting to Employee any rights under any patent, copyright, or other intellectual property right of the Company, nor shall this Agreement grant Employee any rights in or to Confidential Information of the Company other than the limited right to review and use such Confidential Information solely for the purpose of participating in the Employment for the benefit of the Company.
20.SUCCESSORS AND ASSIGNS.  This Agreement will be binding upon Employee’s heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, its assigns and licensees.  This Agreement, and Employee’s rights and obligations hereunder, may not be assigned by Employee; however, the Company may assign its rights hereunder without Employee’s consent, whether in connection with any sale, transfer or other disposition of any or all of its business or assets or otherwise.
21.SEVERABILITY AND REFORMATION.  Employee and the Company agree that if any particular paragraphs, subparagraphs, phrases, words, or other portions of this Agreement are determined by an appropriate court, arbitrator, or other tribunal to be invalid or unenforceable as written, they shall be modified as necessary to comport with the reasonable intent and expectations of the parties and in favor of providing maximum reasonable protection to the Company’s legitimate business interests.  Such modification shall not affect the remaining provisions of this Agreement.  If such provisions cannot be modified to be made valid or enforceable, then they shall be severed from this Agreement, and all remaining terms and provisions shall remain enforceable.  Paragraphs 6, 8 and 9 and each restrictive covenant within them are intended to be divisible and to be interpreted and applied separately and independently.
22.ENTIRE AGREEMENT; AMENDMENT.  This Agreement contains the entire agreement between the Parties relating to the subject matters contained herein.  No term of this Agreement may be amended or modified unless made in writing and executed by both Employee and an authorized agent of the Company.  This Agreement replaces and supersedes all prior representations, understandings, or agreements, written or oral, between Employee and the Company with regard to restrictive covenants, post-employment restrictions, and mandatory arbitration.
23.WAIVER.  Failure to fully enforce any provision of this Agreement by either Party shall not constitute a waiver of any term hereof by such Party; no waiver shall be recognized unless expressly made in writing, and executed by the Party that allegedly made such waiver.
24.CONSTRUCTION.  The Parties agree that this Agreement has been reviewed by each Party, each Party had an opportunity to make suggestions about the provisions of the Agreement, and each Party had sufficient opportunity to obtain the advice of legal counsel on matters of contract interpretation, if desired.  The Parties agree that this Agreement shall not be construed or interpreted more harshly against one Party merely because one Party was the original drafter of the Agreement.
25.COUNTERPARTS.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same legally recognized instrument.
26.THIRD-PARTY BENEFICIARIES.  Employee specifically acknowledges and agrees that the direct and indirect subsidiaries, parents, owners, and affiliated companies of the Company are intended to be beneficiaries of this 
Page 11 of 13

Agreement and shall have every right to enforce the terms and provisions of this Agreement in accordance with the provisions of this Agreement.
27.NOTICES.  Notices regarding this Agreement shall be sent via email or to the mailing addresses of the Parties as set forth in the signature block to this Agreement. 
28.GOVERNING LAW AND FORUM SELECTION.  This Agreement shall be governed by and construed in accordance with the Federal Arbitration Act.  Any non-arbitration-covered disputes shall be resolved under the substantive laws and in the jurisdiction of the state where Employee most recently worked for the Company.
29.ENDNOTES AND EXCEPTIONS.  Certain foregoing provisions of this Agreement are hereby modified in certain states as described in the following subparagraphs.
a.Paragraph 6:  the “Nondisclosure Agreement” shall apply not for the entire time period following Employee’s Employment, but rather shall apply only during the Restricted Period, in the following states: Arizona, Florida, Illinois, Indiana, New Jersey, Virginia and Wisconsin.  Additionally, to the extent Paragraph 6.a applies in Wisconsin to Confidential Information that does not constitute a trade secret under applicable law, it shall apply only in geographic areas where the unauthorized disclosure or use of Confidential Information would be competitively damaging to the Company.  

b.Paragraph 9:  the “Nonsolicitation of Customers/Prospective Customers” provision shall apply not to any Prospective Customer, but rather shall apply only to any Customer, in the following states:  Wisconsin.  Additionally, in Wisconsin, Paragraph 9 shall not apply to “attempts.”  

c.Paragraph 10:  “Nonrecruitment of Employees” shall not apply in Wisconsin.  The Restricted Period for the nonrecruitment of Company employees in Paragraph 10 shall be eighteen (18) months in the following states:  Alabama.    
d.Paragraph 12: The final sentence of Paragraph 12 shall not apply in the following states:  Arkansas, Louisiana, and Wisconsin. 

e.Paragraph 13(e):  “Confidential Information” The definition of Confidential Information shall include only information that has actual value to the Company in the following States:  Wisconsin.
 
f.Paragraph 13(h):  “Restricted Period” shall mean the entire term of Employee’s Employment with the Company and a one (1) year period immediately following the termination of Employee’s Employment, in the following states: Arizona; Missouri; Montana, New Mexico, Utah, and Wyoming.  “Restricted Period” shall mean the entire term of Employee’s Employment with the Company and an eighteen (18) month period immediately following the termination of Employee’s Employment, in the following states: Alabama and Oregon.  “Restricted Period” shall mean a two (2) year period immediately following the termination of Employee’s Employment, but does not include the entire term of Employee’s employment with the Company, in the following states: North Carolina.

Page 12 of 13

The Parties have executed this Employment and Restrictive Covenants Agreement, which is effective as of the Effective Date written above.

						
	For Employee:

Signature:  /s/ John Abbot            

Printed Name:  John Abbot    
                         
Address:  _____________________________
                                                                                               ______________________________________

Email: ________________________________

Date: January 9, 2020    
	For Company

Signature:  /s/ Timothy Weller            

Printed Name:  Timothy Weller        

Address: 101 Merritt 7, Norwalk, CT 06851
                                                                                               ______________________________________

Title: Chief Executive Officer
                         
Date: January 9, 2020    

		

Page 13 of 13

EXHIBIT B

Certain Definitions

“Cause” means any of the following: (i) a material failure by you to perform your responsibilities or duties to the Company under this letter or those other responsibilities or duties as requested from time to time by the Board, after written demand for performance has been given by the Board that identifies how you have not performed your responsibilities or duties and such failure, if susceptible of cure, has not been cured for a period of ten (10) days after you receive notice from the Board; (ii) your engagement in illegal conduct or gross misconduct that the Company in good faith believes has or may harm the standing and reputation of the Company; (iii) your commission or conviction of, or plea of guilty or nolo contendere to, a felony, a crime involving moral turpitude or any other act or omission that the Company in good faith believes has or may harm the standing and reputation of the Company; (iv) a material breach of your duty of loyalty to the Company or your material breach of the Company’s written code of conduct and business ethics or Sections 4 through 10 and 16 of the Employment and Restrictive Covenants Agreement, or any other material written agreement between you and the Company; (v) dishonesty, fraud, gross negligence or repetitive negligence committed without regard to corrective direction in the course of discharge of your duties as an employee; or (vi) excessive and unreasonable absences from your duties for any reason (other than authorized leave) or as a result of your Disability (as defined below).
“Disability” means your inability to perform the essential functions of your job, with or without accommodation, as a result of any mental or physical disability or incapacity for an extended period but not less than sixty (60) business days in any consecutive 6 month period, as determined in the sole discretion of the Company.  
“Good Reason” means that you voluntarily terminate your employment with the Company if there should occur without your written consent:  

(i) a material, adverse change in your title, authority, reporting level, duties or responsibilities with the Company, (other than temporarily while you are physically or mentally incapacitated or as required by applicable law); 

(ii) a reduction in your Base Salary; 

(iii) the material breach by the Company of any offer letter or employment agreement between you and the Company; and/or

(iv) the CEO or the Board requires or directs you, as part of your duties hereunder to take such actions, or fail to take such actions, that would reasonably be expected to constitute fraud or result in a material misstatement or material facts associated with the operation or financial condition of the Company; 

provided, however, that in each case above, you must (a) first provide written notice to the Company of the existence of the Good Reason condition within thirty (30) days of the initial existence of such event specifying the basis for your belief that you are entitled to terminate your employment for Good Reason, (b) give the Company an opportunity to cure any of the foregoing within thirty (30) days following your delivery to the Company of such written notice, and (c) 
Page 1 of 2

actually resign your employment within thirty (30) days following the expiration of the Company’s thirty (30) day cure period.

All references to the Company in these definitions shall include parent, subsidiary, affiliate and successor entities of the Company. 
Page 2 of 2Exhibit 10.1

   

  

  AMENDED AND RESTATED

   

  ADVISORY AGREEMENT

   

  among

   

  COTTONWOOD COMMUNITIES, INC.

   

  and

   

  COTTONWOOD RESIDENTIAL O.P., LP

   

  and

   

  CC ADVISORS III, LLC

   

  May 7, 2021

   

  
     

    
      
 

  

  
   

  TABLE OF CONTENTS

   

  

  	 	 	 	Page
	 	 	 	 
	1.	DEFINITIONS	1
	 	 	 
	2.	APPOINTMENT; TERMINATION OF PRIOR ADVISORY AGREEMENT	5
	 	 	 
	3.	DUTIES OF THE ADVISOR	5
	 	3.1	Organizational and Offering Services	5
	 	3.2	Acquisition Services	6
	 	3.3	Asset Management Services	6
	 	3.4	Stockholder Services	9
	 	3.5	Other Services	9
	 	 	 	 
	4.	AUTHORITY OF ADVISOR	9
	 	4.1	General.	9
	 	4.2	Powers of the Advisor	9
	 	4.3	Approval by the Board	10
	 	4.4	Modification or Revocation of Authority of Advisor	10
	 	 	 	 
	5.	BANK ACCOUNTS	10
	 	 	 
	6.	RECORDS AND FINANCIAL STATEMENTS	10
	 	 	 
	7.	LIMITATION ON ACTIVITIES	11
	 	 	 
	8.	FEES	 	11
	 	8.1	Management Fees	11
	 	8.2	Form of Consideration	11
	 	8.3	Pro-Rata Payment for Partial-Year Service	12
	 	8.4	Management Fee in Event of Liquidation	12
	 	 	 	 
	9.	EXPENSES	12
	 	9.1	Advisor Expenses	12
	 	9.2	Company Expenses	12
	 	9.3	Affiliates	14
	 	9.4	Non-Waiver	14
	 	9.5	Limitation on Reimbursements	14
	 	 	 	 
	10.	VOTING AGREEMENT	15
	 	 	 
	11.	RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR	 
	 	11.1	Relationship	15
	 	11.2	Time Commitment	15
	 	11.3	Investment Opportunities and Allocation	15

   

  
    i 

    
      
 

  

   

  	12.	TERM AND TERMINATION OF THE AGREEMENT	16
	 	12.1	Term	16
	 	12.2	Termination by Either Party	16
	 	12.3	Payments on Termination	16
	 	12.4	Duties of Advisor Upon Termination	16
	 	 	 	 
	13.	ASSIGNMENT	17
	 	 	 
	14.	INDEMNIFICATION AND LIMITATION OF LIABILITY	17
	 	14.1	Indemnification	17
	 	14.2	Limitation on Indemnification	17
	 	14.3	Limitation on Payment of Expenses	18
	 	 	 	 
	15.	MISCELLANEOUS	18
	 	15.1	Notices	18
	 	15.2	Modification	18
	 	15.3	Severability	18
	 	15.4	Governing Law; Venue	19
	 	15.5	Entire Agreement	19
	 	15.6	Waiver	19
	 	15.7	Gender	19
	 	15.8	Titles Not to Affect Interpretation	19
	 	15.9	Counterparts	19
	 	15.10	Binding Effect	19

   

  
    ii 

    
      
 

  

  
   

  ADVISORY AGREEMENT

   

  This Advisory Agreement (this “Agreement”), dated as of May 7, 2021, is entered into by and among Cottonwood Communities, Inc., a Maryland corporation (the “REIT”), Cottonwood Residential O.P., LP (the “Operating Partnership”) and CC Advisors III, LLC, a
      Delaware limited liability company (the “Advisor”). The Operating Partnership, the REIT and their subsidiaries are collectively referred to herein as the “Company.”

   

  W I T N E S S E T H

   

  WHEREAS, the Company desires to continue to avail itself of the
      knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision
      of, the board of directors of the REIT (the “Board”), all as provided herein;

   

  WHEREAS, the REIT and the Operating Partnership are parties to the
      Agreement and Plan of Merger by and among the REIT, Cottonwood Communities GP Subsidiary, LLC, Cottonwood Communities O.P., LP, Cottonwood Residential II, Inc. and the Operating Partnership, dated as of January 26, 2021 (the “Merger Agreement”),
      pursuant to which, Cottonwood Residential II, Inc. will merge into the REIT and Cottonwood Communities O.P., LP will merge into the Operating Partnership (collectively, the “Merger”);

   

  WHEREAS, as a result of the Merger, the Company has acquired personnel
      who have historically performed certain services for the Company on behalf of the Advisor; and

   

  WHEREAS, the Advisor is willing to undertake to render such services,
      subject to the supervision of the Board, on the terms and conditions hereinafter set forth.

   

  NOW, THEREFORE, in consideration of the foregoing and of the mutual
      covenants and agreements contained herein, the parties hereto agree as follows:

   

  1.             Definitions. The following defined terms used in this Agreement shall have the meanings specified below:

   

  “Acquisition Expenses” means any and all costs and expenses
      incurred by the Company, any Subsidiary, the Advisor or their Affiliates, in connection with the selection, acquisition or development of any Property, Loan or other Permitted Investment, whether or not acquired or originated, as applicable,
      including, without limitation, due diligence expenses, legal fees and expenses, travel and communications expenses, mortgage tax, escrow fees, loan origination fees and expenses, costs of appraisals, environmental and other third party reports,
      earnest money deposits and nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, and title insurance premiums, transfer taxes, transfer fees and recording fees and other customary acquisition
      closing costs.

   

  “Acquisition Fees” shall have the meaning set forth in the REIT’s
      Charter.

   

  
    1 

    
      
 

  

   

  “Affiliate” or “Affiliated” means, with respect to any
      first Person, any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or indirectly owning, controlling, or holding with the power to
      vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or general partner; (iv) any other Person 10% or more of whose outstanding
      voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such first Person; and (v) any executive officer, director, trustee, or general partner of such first Person. An entity shall not be deemed to control or
      be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing body) of such program is composed of
      Affiliates of the entity.

   

  “Agreement” shall mean this Advisory Agreement between the
      Company and the Advisor, as amended from time to time.

   

  “Average Invested Assets” means, for a specified period, the
      average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash
      reserves, computed by taking the average of such book values at the end of each month during such period.

   

  “Board” means the board of directors of the REIT, as of any
      particular time.

   

  “Bylaws” means the bylaws of the REIT, as amended from time to
      time.

   

  “Charter” means the articles of incorporation of the Company, as
      amended from time to time.

   

  “Code” means the Internal Revenue Code of 1986, as amended from
      time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable
      regulations as in effect from time to time.

   

  “Company” shall mean the Operating Partnership, the REIT and
      their Subsidiaries.

   

  “Conflicts Committee” shall have the meaning set forth in the
      REIT’s Charter.

   

  “Dealer Manager” means (i) Orchard Securities, LLC, or (ii) any
      successor dealer manager to the Company.

   

  “Director” means a member of the board of directors of the
      Company.

   

  “Distribution Fee” means any
        distribution fee payable to the dealer manager and reallowable to soliciting dealers with respect to shares of REIT common stock in any offering of securities as described the prospectus or private placement memorandum related thereto.

   

  
    2 

    
      
 

  

   

  “Distributions” means any distributions of money or other
      property by the Company to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes.

   

  “GAAP” means accounting principles generally accepted in the
      United States.

   

  “GAV” shall mean the Operating Partnership’s gross asset value,
      calculated pursuant to the Valuation Guidelines and reflective of the ownership interest held by the Operating Partnership in such gross assets.

   

  “Joint Venture” means any joint venture, limited liability
      company or other arrangement between the Company and a third party or an Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments.

   

  “Loans” means mortgage loans and other types of debt financing
      investments made by the Company, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage
      loans, construction mortgage loans, loans on leasehold interests, and participations in such loans.

   

  “Management Fee” shall have the meaning set forth in Section 8.1.

   

  “NAV” shall mean the Operating Partnership’s net asset value,
      calculated pursuant to the Valuation Guidelines.

   

  “NASAA Guidelines” means the NASAA Statement of Policy Regarding
      Real Estate Investment Trusts as in effect on the date hereof.

   

  “Net Income” means, for any period, the total revenues applicable
      to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating
      Expenses (as defined herein) shall exclude the gain included in the Company’s consolidated accounts arising from the sale of assets.

   

  “Operating Partnership Agreement” means the Fifth Amended and
      Restated Limited Partnership Agreement of CROP, to be executed upon the closing of the Merger and substantially in the form of Exhibit C to the Merger Agreement, and as further amended from time to time.

   

  “Operating Expenses” means all costs and expenses incurred by the
      Company, as determined under GAAP, that in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital to the extent paid by the Company, including
      Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and
      listing of the Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition
      Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of
      assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property.

   

  
    3 

    
      
 

  

   

  “Organization and Offering Expenses” means all expenses incurred
      by or on behalf of the Company in connection with or preparing the Company for the offering and distributing of its Shares in a Public Offering, whether incurred before or after the date of this Agreement, which may include but are not limited to,
      (i) total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); (ii) placement agent fees and expenses; (iii) legal, accounting, tax planning and escrow costs; (iv) printing, attending, supplementing,
      mailing and distribution costs; (v) expenses for printing, engraving and mailing; (vi) salaries of employees while engaged in sales activity; (vii) charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and
      (viii) expenses of obtaining exemption or qualification of the sale of the securities under Federal and state laws, including taxes and fees, accountants’ and attorneys’ fees.

   

  “Permitted Investments” means all investments (other than
      Properties and Loans) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment objectives and policies
      adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management.

   

  “Person” means an individual, corporation, partnership, estate,
      trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation
      within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities
      Exchange Act of 1934, as amended.

   

  “Prior Advisory Agreement” means the Advisory Agreement among the
      REIT, Cottonwood Communities O.P., LP and the Advisor, dated August 13, 2020.

   

  “Property” means any real property transferred or conveyed to the
      Company, either directly or indirectly, including through ownership interests in a Joint Venture or partnership.

   

  “Public Offering” means any offering of the Company’s securities
      that is registered with the SEC, excluding Shares offered under any employee benefit plan.

   

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

   

  “Shares” means shares of capital stock of the Company.

   

  “Stockholders” means the registered holders of the Shares.

   

  
    4 

    
      
 

  

   

  “Subsidiary” means, with respect to any Person (the “parent”), at
      any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were
      prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more
      than 50% of the ordinary voting power or, in the case of a partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or
      indirectly, by one or more of the parent and its Subsidiaries.

   

  “Termination Date” means the date of termination of the Agreement
      determined in accordance with Section 12.

   

  “Valuation Guidelines” shall mean the valuation guidelines
      adopted by the Board, as amended from time to time.

   

  “2%/25% Guidelines” shall have the meaning set forth in Section
      9.5.

   

  2.            Appointment; Termination of Prior Advisory Agreement.

   

  The Company hereby appoints the Advisor to serve as its advisor and
      asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. The Prior Advisory Agreement is hereby terminated effective as of the date hereof by the Advisor, and the Parties agree that such
      termination does not give rise to any payments under Sections 8.1.6 or 8.3.5 under the Prior Advisory Agreement nor any reimbursement of Organization and Offering Expenses related to the Public Offering covered by the Company’s registration statement
      on Form S-11 (file no. 333-215272).

   

  3.             Duties of the Advisor.

   

  The Advisor is responsible for managing, operating, directing and
      supervising the operations and administration of the Company and its assets. The Advisor undertakes to use commercially reasonable efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the
      Company subject to the limitations in the Company’s Charter, the direction and oversight of the Board and Section 4.3, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies
      of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Section 4, and the continuing and exclusive authority of the Board over the management of the Company, the
      Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties:

   

  3.1            Organizational and Offering Services. The Advisor
      shall perform all services related to the organization of the Company or any offering of its securities or the securities of any Subsidiary, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform
      directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state.

   

  
    5 

    
      
 

  

   

  3.2            Acquisition Services.

   

  3.2.1        Serve as the Company’s investment and financial advisor and
      provide relevant market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies;

   

  3.2.2        Subject to Section 4 and the investment objectives and
      policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c)
      acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in
      Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments of the Company and its Subsidiaries;

   

  3.2.3        Perform due diligence on prospective investments and create
      due diligence reports summarizing the results of such work;

   

  3.2.4        With respect to prospective investments presented to the
      Board, prepare reports regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments;

   

  3.2.5        Obtain reports (which may be prepared by the Advisor or its
      Affiliates), where appropriate, concerning the value of contemplated investments of the Company and its Subsidiaries;

   

  3.2.6        Deliver to or maintain on behalf of the Company copies of all
      appraisals obtained in connection with the Company’s and its Subsidiaries’ investments; and

   

  3.2.7        Negotiate and execute approved investments and other
      transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments of the Company and its Subsidiaries.

   

  3.3           Asset Management Services.

   

  3.3.1        Real Estate and Related Services:

   

  (a)               Investigate, select and, on behalf of the Company,
      engage and conduct business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders,
      technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, property managers and any and all Persons
      acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services (when making this determination, the Advisor shall take into account the Company’s internalization of certain of the above
      functions such as property management and development and construction services in connection with the Merger);

   

  
    6 

    
      
 

  

   

  (b)              Negotiate and service the Company’s and its
      Subsidiaries’ debt facilities and other financings;

   

  (c)               Monitor applicable markets and obtain reports (which
      may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company and its Subsidiaries;

   

  (d)              Monitor and evaluate the performance of each asset of
      the Company and its Subsidiaries and the Company’s and its Subsidiaries’ overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s
      and its Subsidiaries’ investments;

   

  (e)               Formulate and oversee the implementation of strategies
      for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis;

   

  (f)               Consult with the Company’s officers and the Board and
      assist the Board in the formulation and implementation of the Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the Board with advice and recommendations with
      respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and its Subsidiaries;

   

  (g)              Aggregate property budgets into the Company’s overall
      budget;

   

  (h)              Conduct periodic on-site property visits to some or all
      (as the Advisor deems reasonably necessary in light of the Company’s internalization of property management functions in connection with the Merger) of the Properties to inspect the physical condition of the Properties;

   

  (i)                Coordinate and manage relationships between the
      Company and its Subsidiaries, on the one hand, and any Joint Venture partners on the other; and

   

  (j)                Consult with the Company’s officers and the Board and
      provide assistance with the evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board.

   

  3.3.2        Accounting and Other Administrative Services. To the
      extent the Advisor (acting in its fiduciary capacity) deems appropriate in light of the Company’s internalization of accounting services in connection with the Merger:

   

  (a)               Provide the day-to-day management of the Company and
      perform and supervise the various administrative functions reasonably necessary for the management of the Company and its Subsidiaries;

   

  
    7 

    
      
 

  

   

  (b)              From time to time, or at any time reasonably requested
      by the Board, make reports to the Board on the Advisor’s performance of services to the Company and its Subsidiaries under this Agreement;

   

  (c)               Provide or arrange for any administrative services and
      items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s and its Subsidiaries’ businesses and operations;

   

  (d)              Provide financial and operational planning services;

   

  (e)               Maintain accounting and other record-keeping functions
      at the Company and investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC,
      the Internal Revenue Service and any other regulatory agency;

   

  (f)               Maintain and preserve all appropriate books and
      records of the Company and its Subsidiaries;

   

  (g)              Provide tax and compliance services and coordinate with
      appropriate third parties, including the Company’s independent auditors and other consultants, on related tax matters;

   

  (h)              Provide the Company and its Subsidiaries with all
      necessary cash management services;

   

  (i)                Manage and coordinate with the transfer agent the
      periodic dividend process and payments to Stockholders;

   

  (j)                Consult with the Company’s officers and the Board and
      assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations;

   

  (k)               Consult with the Company’s officers and the Board
      relating to the corporate governance structure and appropriate policies and procedures related thereto;

   

  (l)                Perform all reporting, record keeping, internal
      controls and similar matters in a manner to allow the Company and its Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the Company’s officers and the Board with
      timely updates regarding the Company’s compliance with applicable law;

   

  (m)              Notify the Board of all proposed material transactions
      before they are completed and get approval where necessary; and

   

  (n)              Do all things necessary to assure its ability to render
      the services described in this Agreement.

   

  
    8 

    
      
 

  

   

  3.4            Stockholder Services. To the extent the Advisor
      (acting in its fiduciary capacity) deems appropriate in light of the Company’s internalization of personnel historically performing stockholder services in connection with the Merger:

   

  3.4.1        Manage services for and communications with Stockholders and
      holders of other securities of the Company, including answering phone calls, preparing and sending written and electronic reports and other communications;

   

  3.4.2        Oversee the performance of the transfer agent and registrar;

   

  3.4.3        Establish technology infrastructure to assist in providing
      Stockholder support and service; and

   

  3.4.4        Consistent with Section 3.1, the Advisor shall perform the
      various subscription processing services reasonably necessary for the admission of new Stockholders.

   

  3.5            Other Services. Except as provided in Section 7,
      the Advisor shall perform any other services reasonably requested by the Company (acting through the Conflicts Committee).

   

  3.6            In-House Functions. In connection with the Merger,
      the Company internalized personnel who have historically performed the following services for the Company on behalf of the Advisor: property management, legal, accounting, property development oversight, certain construction management services,
      certain shareholder services, certain human resources services, certain renter insurance services and certain information technology services. It is acknowledged that the services previously performed by such personnel on behalf of the Advisor will
      now be performed directly by Company personnel and that the Advisor will have no obligation to perform those services notwithstanding the description of Advisor functions above but rather will oversee and supplement those services to the extent the
      Advisor (acting in its fiduciary capacity) deems appropriate.

   

  4.            Authority of Advisor.

   

  4.1            General. Subject to the discretion and supervision
      of the Board, all rights and powers to manage and control the day-to-day business and affairs of the Company and its Subsidiaries shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to
      manage and control the business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to
      any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter.

   

  4.2            Powers of the Advisor. Subject to the express
      limitations set forth in this Agreement, the investment guidelines and policies adopted by the Board from time to time and the continuing and exclusive authority of the Board over the management of the Company, at the direction of the Board the power
      to direct the management, operation and policies of the Company, including making, financing and disposing of investments, may be vested in the Advisor, and as so vested the Advisor shall have the power to carry out any and all of the objectives and
      purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement.

   

  
    9 

    
      
 

  

   

  4.3            Approval by the Board. Notwithstanding the
      foregoing, the Advisor may not take any action on behalf of the Company (or its Subsidiaries) without the prior approval of the Board or duly authorized committees thereof if investment guidelines and policies adopted by the Board from time to time,
      Charter, Bylaws or Maryland General Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any Subsidiary require the prior approval of the governing body of such Subsidiary). If the
      Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such investment, financing
      or disposition. If the Advisor engages a sub-advisor to perform any of the duties of the Advisor as set forth in Section 3, the Company will have no obligation to reimburse the Advisor for the cost of such sub-advisor without the approval of the
      Board. When deemed by the Advisor to be in the best interests of the Company (taking into account the Company’s “in-house” functions described in Section 3.6) and consistent with the Company’s policies, the Advisor may engage consultants and other
      third parties at the Company’s expense in order to supplement the Advisor’s performance hereunder.

   

  4.4            Modification or Revocation of Authority of Advisor.
      The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Section 3 and this Section 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt
      by the Advisor and shall not be applicable to investment transactions to which the Advisor has in good faith reliance on the authority vested in the Advisor committed the Company or its Subsidiaries prior to the date of receipt by the Advisor of such
      notification.

   

  5.             Bank Accounts.

   

  The Advisor may establish and maintain one or more bank accounts in the
      name of the Company (and its Subsidiaries) and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and its Subsidiaries, under such terms and conditions as the
      Board (or the governing body of such Subsidiary) may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board
      and the independent auditors of the Company.

   

  6.             Records and Financial Statements.

   

  The Advisor, in the conduct of its responsibilities to the Company,
      shall maintain adequate and separate books and records for the Company’s and its Subsidiaries’ operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and
      accurately recorded. Such books and records shall be the property of the Company and its Subsidiaries and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to
      time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over
      accounting and financial transactions as is reasonably required to protect the Company’s and its Subsidiaries’ assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an
      accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors
      with the reports and other information that the Company so requests.

   

  
    10 

    
      
 

  

   

  7.             Limitation on Activities.

   

  Notwithstanding any provision in this Agreement to the contrary, the
      Advisor shall not take any action that, in its sole judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a “real estate investment trust” under Sections 856 through 860 of the Code,
      (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its
      other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, (v) violate the Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event that an action that would
      violate (i) through (vi) of the preceding sentence has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further
      clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given.

   

  8.             Fees.

   

  8.1            Management Fees. The Operating Partnership will
      pay the Advisor a monthly management fee (the “Management Fee”) equal to 0.0625% of GAV (subject to a cap of 0.125% of NAV), before giving effect to any accruals (related to the month for which the Management Fee is being calculated) for the
      Management Fee, the Distribution Fee, the Performance Allocation (as defined in the Operating Partnership Agreement) or any distributions. The Advisor shall receive the Management Fee as compensation for services rendered hereunder. If the REIT owns
      assets other than through the Operating Partnership, the REIT will pay a corresponding fee.

   

  8.2            Form of Consideration. The Management Fee may be
      paid, at the Advisor’s election, in cash or cash equivalent aggregate NAV amounts of shares of REIT common stock or units of the Operating Partnership. If the Advisor elects to receive any portion of its Management Fee in shares of REIT common stock
      or units of the Operating Partnership, the Advisor may elect to have the REIT or the Operating Partnership repurchase such securities from the Advisor at a later date. Securities obtained by the Advisor pursuant to this Section 8.2 will not be
      subject to repurchase plan limits or any reduction or penalty for an early repurchase. Upon the Advisor’s request, the REIT or the Operating Partnership will repurchase any such securities for cash unless the Board determines that any such repurchase
      would be prohibited by applicable law, the Charter or the Operating Partnership Agreement, or otherwise cause Company cash levels or leverage levels to be imprudent as determined by the Board. The Operating Partnership will waive the
      one-year-holding-period requirement with respect to the “Exchange Right” provided for in the Operating Partnership Agreement. The Advisor will have registration rights with respect to shares of the REIT’s common stock.

   

  
    11 

    
      
 

  

   

  8.3            Pro-Rata Payment for Partial-Year Service. In the
      event this Agreement is terminated or its term expires without renewal, the Advisor will be entitled to receive its prorated Management Fee through the date of termination. Such pro ration shall take into account the number of days of any partial
      calendar month or calendar year for which this Agreement was in effect.

   

  8.4            Management Fee in Event of Liquidation. In the
      event the REIT or the Operating Partnership commences a liquidation of its investments during any calendar year, the REIT and the Operating Partnership will pay the Advisor the Management Fee from the proceeds of the liquidation.

   

  9.             Expenses.

   

  9.1           Advisor Expenses. Subject to Sections 9.2 and 9.3,
      the Advisor shall be responsible for the expenses related to any and all personnel of the Advisor who provide investment advisory services to the Company pursuant to this Agreement (including, without limitation, each of the officers of the Company
      and any Directors who are also directors, officers or employees of the Advisor or any of its Affiliates), including, without limitation, salaries, bonus and other wages, payroll taxes and the cost of employee benefit plans of such personnel, and
      costs of insurance with respect to such personnel (“Advisor Expenses”); provided that the Company shall be responsible for the personnel costs of its employees even if they are also directors or officers of the Advisor or any of its Affiliates
      except as provided for in a Transitional Services Agreement among the parties hereto or any subsequent agreement.

   

  9.2           Company Expenses. In addition to the compensation
      paid to the Advisor pursuant to Section 8 hereof, the Company shall pay all of its costs and expenses directly or reimburse the Advisor or its Affiliates for costs and expenses of the Advisor and its Affiliates incurred on behalf of the Company,
      other than Advisor Expenses. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company are not Advisor Expenses and shall be paid by the Company and shall not be paid by the
      Advisor or Affiliates of the Advisor:

   

  9.2.1        all expenses incurred by or on behalf of the Company from the
      date of this agreement in connection with or preparing the Company for an offering and distribution of its securities or the securities of any Subsidiary; provided that within 60 days after the end of the month in which a Public Offering
      terminates, the Advisor shall reimburse the Company to the extent the Organization and Offering Expenses, selling commissions and Distribution Fees borne by the Company exceed 15.0% of the gross proceeds raised in the completed Public Offering;

   

  9.2.2        Acquisition Expenses, subject to limitations set forth in the
      Charter;

   

  9.2.3        fees, costs and expenses in connection with the issuance and
      transaction costs incident to the trading, settling, disposition and financing of the investments of the Company (whether or not consummated), including brokerage commissions, hedging costs, prime brokerage fees, custodial expenses, clearing and
      settlement charges, forfeited deposits, and other investment costs fees and expenses actually incurred in connection with the pursuit, making, holding, settling, monitoring or disposing of actual or potential investments;

   

  
    12 

    
      
 

  

   

  9.2.4      the actual cost of goods and services used by the Company and
      obtained from Persons not Affiliated with the Advisor, including fees paid to administrators, consultants, attorneys, technology providers and other services providers, and brokerage fees paid in connection with the purchase and sale of investments;

   

  9.2.5      all fees, costs and expenses of legal, tax, accounting,
      consulting, auditing (including internal audit), finance, administrative, investment banking, capital market, transfer agency, escrow agency, custody, prime brokerage, asset management, property management, data or technology services and other
      non-investment advisory services rendered to the Company by the Advisor or its Affiliates;

   

  9.2.6      the compensation and expenses of the Directors (excluding those
      directors who are directors, officers or employees of the Advisor) and the cost of liability insurance to indemnify the Company’s directors and officers;

   

  9.2.7      interest and fees and expenses arising out of borrowings made
      by the Company, including, but not limited to, costs associated with the establishment and maintenance of any of the Company’s credit facilities, other financing arrangements, or other indebtedness of the Company (including commitment fees,
      accounting fees, legal fees, closing and other similar costs) or any of the Company’s securities offerings;

   

  9.2.8      expenses connected with communications to holders of the
      Company’s securities or securities of the Subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental
      bodies or agencies, including, without limitation, all costs of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar, expenses in connection with the listing and/or trading of the
      Company’s securities on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to the Stockholders and proxy materials with respect to
      any meeting of the Stockholders and any other reports or related statements;

   

  9.2.9      the Company’s allocable share of costs associated with
      technology-related expenses, including without limitation, any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors, technology service providers and related software/hardware
      utilized in connection with the Company’s investment and operational activities;

   

  9.2.10    the Company’s allocable share of expenses incurred by managers,
      officers, personnel and agents of the Advisor for travel on the Company’s behalf and other out-of-pocket expenses incurred by them in connection with the purchase, financing, refinancing, sale or other disposition of an investment;

   

  9.2.11    expenses relating to compliance-related matters and regulatory
      filings relating to the Company’s activities;

   

  9.2.12    the costs of any litigation involving the Company or its assets
      and the amount of any judgments or settlements paid in connection therewith, directors and officers, liability or other insurance and indemnification or extraordinary expense or liability relating to the affairs of the Company;

   

  
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  9.2.13    all taxes and license fees;

   

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

   

  9.2.15    expenses connected with the payments of interest, dividends or
      Distributions in cash or any other form authorized or caused to be made by the Board to or on account of holders of the Company’s securities, including, without limitation, in connection with any distribution reinvestment plan;

   

  9.2.16    any judgment or settlement of pending or threatened proceedings
      (whether civil, criminal or otherwise) against the Company, or against any Director or officer of the Company or in his or her capacity as such for which the Company is required to indemnify such Director or officer by any court or governmental
      agency;

   

  9.2.17    expenses incurred in connection with the formation, organization
      and continuation of any corporation, partnership, Joint Venture or other entity through which the Company’s investments are made or in which any such entity invests; and

   

  9.2.18    the Company’s allocable share of expenses incurred related to
      industry association memberships or attending industry conferences on behalf of the Company.

   

  9.3            Affiliates. Notwithstanding the foregoing, the
      reimbursement of fees paid to an Affiliate of the Advisor for services the Advisor deems necessary or advisable in connection with the management of the Company shall only be made to the extent such services are approved by a majority of the
      Directors (including a majority of the members of the Conflicts Committee) not otherwise interested in such transactions as being fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available
      from non-Affiliated third parties.

   

  9.4           Non-Waiver. The Advisor may, at its option, elect
      not to seek reimbursement for certain expenses during a given period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods.

   

  9.5            Limitation on Reimbursements. The Company shall
      not reimburse the Advisor at the end of any fiscal quarter for Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or
      25% of Net Income (the “2%/25% Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts
      Committee does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after
      the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the
      record holders of the holders of common stock of the REIT in writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of
      such quarter end), together with an explanation of the factors the Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the
      meetings of the Board.

   

  
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  10.           Voting Agreement.

   

  The Advisor agrees that, with respect to any Shares now or hereinafter
      owned by it, neither the Advisor nor any Affiliate will vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company or
      its Subsidiaries and the Advisor or any of its Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company.

   

  11.           Relationship of Advisor and Company; Other Activities of the Advisor.

   

  11.1          Relationship. The Company and the Advisor are not
      partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without
      limitation, the rendering of advice to other Persons (including other real estate investment trusts) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the
      right of any manager, director, officer, employee or equity holder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the
      Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge,
      that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person.

   

  11.2          Time Commitment. The Advisor shall, and shall
      cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of
      this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any
      of its Affiliates.

   

  11.3          Investment Opportunities and Allocation. The
      Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company as described in the most recent
      prospectus for any Public Offering of the Company (and subject to any limitations described in such prospectus), but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to
      the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company.

   

  
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  12.           Term and Termination of the Agreement.

   

  12.1          Term. Subject to Section 4.2 hereof, this
      Agreement shall continue in full force for a period of 365 days. Thereafter, this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts Committee)
      will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts Committee.

   

  12.2          Termination by Either Party. This Agreement may be
      terminated upon 60 days written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Sections 1, 4, 10, 12, 14 and 15 shall survive termination of this Agreement.

   

  12.3          Payments on Termination. Payments to the Advisor
      pursuant to this Section 12.3 shall be subject to the 2%/25% Guidelines to the extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except that the Company shall pay within 30
      days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement, including Contingent Acquisition Fees and Contingent Financing Fees
      (both as defined and provided for in the Prior Advisory Agreement among the Company, its former operating partnership and the Advisor dated August 13, 2020); provided that the amount of Contingent Acquisition
        Fees and Contingent Financing Fees shall be equal to $22,269,303 minus the product obtained by multiplying 10% of $22,269,303 by the number of years that the Advisor has been engaged to perform advisory services since the date hereof (but in no
        event less than $0); and provided further that no Contingent Acquisition Fees or Contingent Financing Fees need be paid if this Agreement is (i) terminated or not renewed by the Company for cause or (ii) notwithstanding the Company’s good
      faith performance under this Agreement or any renewal thereof, terminated or not renewed by the Advisor.

   

  12.4          Duties of Advisor Upon Termination. The Advisor
      shall promptly upon termination:

   

  12.4.1    pay over to the Company all money collected pursuant to this
      Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled;

   

  12.4.2    deliver to the Board a full accounting, including a statement
      showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

   

  12.4.3    deliver to the Board all assets and documents of the Company
      then in the custody of the Advisor; and

   

  
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  12.4.4    cooperate with the Company to provide an orderly transition of
      advisory functions.

   

  13.           Assignment.

   

  This Agreement may be assigned by the Advisor to an Affiliate with the
      consent of the Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the
      Advisor, except in the case of an assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and
      by the terms of said assignment in the same manner as the Company is bound by this Agreement.

   

  14.           Indemnification and Limitation of Liability.

   

  14.1          Indemnification. Except as prohibited by the
      restrictions provided in this Section 14.1, Section 14.2 and Section 14.3, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees,
      from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully
      reimbursed by insurance. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders.

   

  Notwithstanding the foregoing, the Company shall not indemnify the
      Advisor or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful
      adjudication on the merits of each count involving alleged material securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular
      indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request
      for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities
      laws.

   

  14.2          Limitation on Indemnification. Notwithstanding the
      foregoing, the Company shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of
      the following conditions are met:

   

  14.2.1    The Advisor or its Affiliates have determined, in good faith,
      that the course of conduct that caused the loss or liability was in the best interests of the Company.

   

  14.2.2    The Advisor or its Affiliates were acting on behalf of or
      performing services for the Company.

   

  
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  14.2.3    Such liability or loss was not the result of negligence or
      misconduct by the Advisor or its Affiliates.

   

  14.3          Limitation on Payment of Expenses. The Company
      shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as
      amended from time to time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who
      is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company,
      together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification.

   

  15.           Miscellaneous.

   

  15.1          Notices. Any notice, report or other communication
      required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given
      by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein:

   

  To the Company or the Board:

   

  Cottonwood Communities, Inc. 

  1245 Brickyard Road, Suite 250 

  Salt Lake City, Utah 84106

   

  To the Advisor:

   

  CC Advisors III, LLC 

  1245 Brickyard Road, Suite 250 

  Salt Lake City, Utah 84106

   

  Either party may at any time give notice in writing to the other party
      of a change in its address for the purposes of this Section 16.1.

   

  15.2          Modification. This Agreement shall not be changed,
      modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns.

   

  15.3          Severability. The provisions of this Agreement are
      independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

   

  
    18 

    
      
 

  

   

  15.4          Governing Law; Venue. This Agreement shall be
      governed by and construed in accordance with the internal laws of the State of Utah without regard to any choice of law rules. Any action relating to or arising out of this Agreement shall be brought only in a court of competent jurisdiction located
      in Salt Lake City, Utah.

   

  15.5         Entire Agreement. The Prior Advisory Agreement (for
      purposes of defined terms used in this Agreement), the Offset Agreement by and among the Advisor, CROP and Cottonwood Communities Advisors, LLC, the Amended and Restated Promissory Note between Cottonwood Communities Advisors, LLC and CROP, the
      Allonge to Amended and Restated Promissory Note, the Second Amended and Restated Three-Party Agreement by and among the REIT, Cottonwood Communities O.P., LP and the Advisor and this Agreement contain the entire agreement and understanding among the
      parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
      matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing.

   

  15.6          Waiver. Neither the failure nor any delay on the
      part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the
      same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other
      occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

   

  15.7          Gender. Words used herein regardless of the number
      and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

   

  15.8          Titles Not to Affect Interpretation. The titles of
      Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.

   

  15.9          Counterparts. This Agreement may be executed in
      any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or
      more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

   

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

   

  
    19 

    
      
 

  

   

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

   

  

  	 	REIT:	 	 
	 	 	 	 
	 	COTTONWOOD COMMUNITIES, INC.,
	 	a Maryland corporation
	 	 	 	 
	 	By:	/s/ Gregg Christensen
	 	 	Gregg Christensen, Chief Legal Officer
	 	 	 	 
	 	OPERATING PARTNERSHIP:
	 	 	 	 
	 	COTTONWOOD RESIDENTIAL O.P., LP,
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	Cottonwood Communities, Inc.,
	 	 	a Maryland corporation, its general partner
	 	 	 	 
	 	 	By: 	/s/ Gregg Christensen
	 	 	 	Gregg Christensen, Chief Legal Officer

  	 	 	 	 
	 	CC ADVISORS III:
	 	 	 	 
	 	CC ADVISORS III, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Cottonwood Communities Advisors, LLC, a
	 	 	Delaware limited liability, its sole member
	 	 	 	 
	 	 	 	By:	/s/ Gregg Christensen
	 	 	 	Gregg Christensen, Chief Legal Officer

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