Document:

EXHIBIT 10.2

 

 

FIRST AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

FOR

TNP SRT SECURED HOLDINGS, LLC

A DELAWARE LIMITED LIABILITY COMPANY

 

 

THE SECURITIES REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR REGISTERED NOR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED UNDER APPLICABLE
STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION AND REGISTRATION
IS NOT REQUIRED. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT IS FURTHER SUBJECT TO OTHER RESTRICTIONS, TERMS AND
CONDITIONS WHICH ARE SET FORTH HEREIN.

 

 

    	 

    	 

    

 

FIRST AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

FOR

TNP SRT SECURED HOLDINGS, LLC

A DELAWARE LIMITED LIABILITY COMPANY

 

This First Amended and Restated Limited
Liability Company Agreement of TNP SRT Secured Holdings, LLC, a Delaware limited liability company (the “Company”),
is made as of July 9, 2013, by and among TNP Strategic Retail Operating Partnership, LP, a Delaware limited partnership (“OP”),
as a Member, and SRT SECURED HOLDINGS MANAGER, LLC, a Delaware limited liability company (“GLB”), as a Member
and Manager, and such other Persons that may be admitted from time to time to the Company and as parties to this Agreement (each,
a “Member”), with reference to the following facts:

 

A.On October 22, 2010, a Certificate
of Formation for the Company was filed with the Delaware Secretary of State.

 

B.On October 22, 2010, OP, as the sole
member of the Company, entered into a limited liability company agreement for the Company (the “Original Agreement”).

 

C.The Members now desire to enter into
this Agreement to replace the Original Agreement with this Agreement and to provide terms to govern the Company.

 

NOW, THEREFORE, the parties by this Agreement
set forth the limited liability company agreement for the Company under the laws of the State of Delaware upon the terms and subject
to the conditions of this Agreement.

 

Article
I. DEFINITIONS

 

When used in this Agreement, the following
terms shall have the meanings set forth below (all terms used in this Agreement that are not defined in this Article I shall
have the meanings set forth elsewhere in this Agreement):

 

1.1Act means the Delaware Limited
Liability Company Act, 6 Del. C. §18-101 through §18-1107, as the same may be amended from time to time, and the provisions
of succeeding law.

 

1.2Additional Member means a
Person admitted to the Company as an additional Member pursuant to Section 4.1 and shown as a Member on the books and records
of the Company.

 

1.3Affiliate of a Member or Manager
means any director, officer, shareholder, member, partner, employer, employee or agent of such Member or Manager or any Person,
directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with a Member or
Manager, as applicable. The term “control,” as used in the immediately preceding sentence, means with respect
to a corporation or limited liability company the right to exercise, directly or indirectly, more than fifty percent (50%) of the
voting rights attributable to the controlled corporation or limited liability company, and, with respect to any individual, partnership,
trust, other entity or association, the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of the controlled entity.

 

First
Amended and Restated Limited Liability Company Agreement

TNP
SRT Secured Holdings, LLC

    	 

    	 

    

 

1.4Agreement means this First
Amended and Restated Limited Liability Company Agreement, as originally executed and as amended from time to time.

 

1.5Business Day means any day
other than a Saturday, Sunday or a holiday on which national banking associations in San Mateo, California, are closed or are authorized
or required to close.

 

1.6Capital Account means with
respect to any Member the capital account which the Company establishes and maintains for such Member pursuant to Section 3.4.

 

1.7Capital Contribution means
the total amount of cash and property contributed to the Company by a Member.

 

1.8Capital Proceeds means funds
of the Company or a Subsidiary arising from a Capital Transaction, net of the actual costs incurred by the Company or such Subsidiary
in consummating the Capital Transaction, and net of any indebtedness of such Subsidiary or Property paid and satisfied with the
proceeds of such Capital Transaction.

 

1.9Capital Transaction means
the sale, financing, refinancing or similar transaction of or involving any Property or any Subsidiary (including condemnation
awards, receipt of title insurance proceeds or casualty loss insurance proceeds, other than business interruption or rental loss
insurance proceeds, to the extent such awards and proceeds are not applied to mortgage indebtedness of the Company or a Subsidiary
and not used to repair damage caused by a casualty or taking or in alleviation of any title defect).

 

1.10Certificate means the Certificate
of Formation for the Company originally filed with the Delaware Secretary of State and as amended from time to time.

 

1.11Code means the Internal Revenue
Code of 1986, as amended from time to time, the provisions of succeeding law, and to the extent applicable, the Treasury Regulations.

 

1.12Company means TNP SRT Secured
Holdings, LLC, a Delaware limited liability company.

 

1.13Craig Property means the
property and assets owned by TNP SRT Craig Promenade, LLC, a Delaware limited liability company and wholly owned Subsidiary of
the Company, or the Company’s equity interest therein.

 

1.14Craig Sale Parameters means
any sale by the Company or the applicable Subsidiary of the Craig Property for a gross purchase price before costs of sale, prorations
and other closing costs/adjustments in excess of $9,934,000.

 

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1.15DGCL means the Delaware General
Corporation Law, as amended from time to time, and the provisions of succeeding law.

 

1.16Economic Interest means a
Person’s right to share in the income, gains, Profits and Losses, deductions, credits or similar items of, and to receive
distributions from, the Company, but not any other rights of a Member including, without limitation, the right to vote or to participate
in management of the Company or, except as may be provided in the Act, any right to information concerning the business and affairs
of the Company.

 

1.17Fiscal Year means the Company’s
fiscal year, which shall commence on January 1st and end on December 31st of each year, or such other year as shall be
required under the Code.

 

1.18Interest means the entire
ownership interest of a Member in the Company at any particular time, including the right of such Member to any and all benefits
to which a Member may be entitled as provided in this Agreement, together with the obligations of such Member to comply with all
the terms and provisions of this Agreement.

 

1.19Internal Rate of Return means
the discount rate at which all invested capital has a zero net present value (“NPV”). The NPV of an investment
shall be the sum of (a) the total present value of the annual cash flows during ownership plus (b) the present value of estimated
or actual proceeds, as applicable, from the sale less the amount of the equity investment. IRR is formulated as follows:

 

	NPV	=	0	=	–C0	+	CF1/(l +IRR)1	+	CF2/(l +IRR)2	+	...	CFT /(l + IRR)T      	+	CT/(l + IRR)T

where,

 

C0 = initial capital
investment at time 0

 

i = time variable indicating years
from the initial year (i = 1) to the final year (i = T)

 

CFi = cash flow in
year i; value can be positive or negative

 

CT = actual or estimated,
as applicable, sale proceeds in the final year (i = T)

 

IRR = annual internal rate
of return

 

An example follows:

 

C0 = $1,000

 

i = 1, 2, 3 (3 years)

 

CF1 = $100

 

CF2 = $110

 

CF3 = $120

 

CT = $1,100

 

IRR = 13.83%.

 

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1.20Invested Capital means with
respect to each Member at any time, the aggregate amount of all Capital Contributions previously made by such Member less any amounts
that have previously been distributed to such Member pursuant to Section 6.6(c) of this Agreement.

 

1.21Keybank means Keybank National
Association.

 

1.22Keybank Loan means that certain
Revolving Credit Agreement dated December 17, 2010 by and between Keybank and the Company and related loan documents, in each case,
as amended from time to time.

 

1.23Lender means any third party
lender of funds to the Company, the agent for any such lender, any Member or any Affiliate of the Company or any Member, and such
lender’s or agent’s successors and assigns with respect to the Loan.

 

1.24Loan means any loan from
the Lender to the Company, any Member or any Affiliate of the Company or any Member.

 

1.25Loan Documents means any
and all documents evidencing or securing the Loan or any assumptions thereof including, without limitation, any loan or credit
agreement, promissory note, pledge agreement, deed of trust, assignment of leases and rents, indemnity agreement, certificate,
escrow agreement, consent or subordinate agreement or the functional equivalent of any of the aforementioned, and any and all other
documents evidencing or securing the Loan and any and all documents related thereto.

 

1.26Major Lease means any lease
agreement for the lease of space in excess of 10,000 s.f. in any single instance to tenants in any of the Properties.

 

1.27Manager means the manager
elected by the Members pursuant to Section 5.3 hereof or any other Person that succeeds such Person as a manager of the Company.

 

1.28Member means each Person
who is an initial signatory to this Agreement and each Additional Member, if any.

 

1.29Operating Cash means, with
respect to any period for which such calculation is being made, the positive difference of (a) Operating Revenues, minus (b) the
sum of the following (without duplication): (i) all Operating Expenses, (ii) all interest, scheduled or required principal payments
(including loan amortization or satisfaction, if applicable) and other debt and escrow and reserve account payments and deposits
(including prepayment of any debt) made during such period by the Company on account of or with respect to the Company’s
or any Subsidiary’s indebtedness for money borrowed, if any; (iii) all cash expenditures made or to be made by the Company
or any Subsidiary during such period (including all operating and capital expenditures, fees, and any and all capital contributions,
loans or other advances of funds made or to be made by the Company to any Subsidiary); and (iv) the amount of any Reserves (including
Reserves for working capital, operating deficits and capital) established or increased during such period.

 

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1.30Operating Expenses means,
with respect to the Company or any Subsidiary, as applicable, and for any period, the current obligations of the Company or such
Subsidiary for such period, determined in accordance with generally accepted accounting principles applicable to commercial real
estate and consistently applied, for (a) operating expenses of the Properties, including fees paid hereunder and organizational
expenses of the Company or the Subsidiaries, (b) capital expenditures, (c) increases in Reserves for working capital, operating
deficits and capital items, and (d) expenses incurred by the Company and properly allocable to such Subsidiary, or if not properly
allocable to a particular Subsidiary or Subsidiaries, then such expenses will be allocated among all Subsidiaries pro-rata according
to the fair market value of the Properties owned by such Subsidiaries; provided that Operating Expenses shall not include any of
the foregoing items paid from Reserves, Capital Proceeds or Capital Contributions. Operating Expenses shall include the fees paid
to the Manager or its Affiliate for the management of the Properties but shall not include any debt service (principal or interest)
on loans to the Company or any Subsidiary nor any non-cash expenses such as depreciation or amortization.

 

1.31Operating Revenues means,
with respect to the Company or any Subsidiary, as applicable, and for any period, the gross revenues of the Company or such Subsidiary
arising from the ownership and operation of the Properties during such period, including, without limitation, any rental income,
interest income, proceeds of any business interruption insurance and decreases in Reserves, but specifically excluding (i) Capital
Proceeds, (ii) Capital Contributions made by the Members and (iii) loans, advances or contributions of capital made by the Company
to such Subsidiary.

 

1.32Percentage Interest means,
with respect to each Member, the Interest held by a Member, expressed as a percentage of the total Interests held by all of the
Members in the Company. The Percentage Interests of the Members, which may be adjusted from time to time in accordance with the
terms of this Agreement, are referred to in Article III below and set forth opposite such Member’s name on Exhibit A
attached hereto.

 

1.33Person means an individual,
partnership, limited partnership, limited liability company, corporation, trust, estate, association or any other entity.

 

1.34Permitted Sale means any
sale by the Company or the applicable Subsidiary of (i) the Craig Property, provided such sale satisfies the Craig Sale Parameters
or (ii) the Willow Property, provided such sale satisfied the Willow Sale Parameters.

 

1.35Profits and Losses means
for each Fiscal Year or other period, the taxable income or taxable loss of the Company for such period determined in accordance
with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be separately stated
pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

 

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(a)any income of the Company that is exempt
from federal income tax and not otherwise taken into account in computing Profits or Losses shall be added to such taxable income
or loss;

 

(b)any expenditures of the Company described
in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits and Losses, shall be subtracted from
such taxable income or loss;

 

(c)any income, gain, loss, or deduction
required to be allocated specially to the Members under Sections 6.2 shall not be taken into account in computing Profits
or Losses;

 

(d)in lieu of any depreciation, amortization
and other cost recovery deductions taken into account in computing such taxable income or loss, the Company shall compute such
deductions based on the book value of the Company property, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3);

 

(e)gain or loss resulting from a taxable
disposition of Company property shall be computed by reference to the book value of the property disposed of (as adjusted under
Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3)), notwithstanding that the adjusted tax basis of such property differs
from its book value; and

 

(f)if the book value of Company assets
is adjusted to equal fair market value as provided in Section 6.7, then the profits or losses shall include the amount of
any increase or decrease in such book values attributable to such adjustment.

 

1.36Properties means any one
or more real properties that are now or hereafter owned from time to time, directly or indirectly, by the Company or a Subsidiary,
and any other real and personal property which are owned by the Company or a Subsidiary at any time. The term “Property”
shall refer to any of the Properties in the singular.

 

1.37REIT means TNP Strategic
Retail Trust, Inc., a Maryland corporation.

 

1.38Reserves means, at any time,
the total amount of the reasonable reserves established and maintained by the Company or its Subsidiaries, as applicable, as determined
by Manager, to be adequate and appropriate for current and future operating and working capital and for capital expenditures and
other costs and expenses incident to the Company’s business.

 

1.39Shortfall means, at any given
time, the aggregate amount of (i) costs and expenses that the Members specifically authorize in an operating budget to be funded
by Additional Capital Contributions, if any, plus (ii) the deficit or contemplated deficit (stated as a positive amount) between
(a) all Operating Revenues and all payments from Reserves designated for such purposes and (b) the sum of Operating Expenses, debt
service, including required escrow payments on all loans including loans to the Company or any Subsidiary, and other cash requirements
of the Company for the period as determined by Manager in its reasonable discretion.

 

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1.40Tax Matters Partner means
the Person designated as set forth in Section 5.13.

 

1.41Treasury Regulations means
the income tax regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding
provisions of succeeding regulations).

 

1.42Willow Property means the
property and assets owned by TNP SRT Willow Run, LLC, a Delaware limited liability company and wholly owned Subsidiary of the Company,
or the Company’s equity interest therein.

 

1.43Willow Sale Parameters means
any sale by the Company or the applicable Subsidiary of the Willow Property for a gross purchase price before costs of sale, prorations
and other closing costs/adjustments in excess of $10,589,000.

 

Article
II. ORGANIZATIONAL MATTERS

 

2.1Formation. The Members have
formed a Delaware limited liability company under the laws of the State of Delaware by filing the Certificate with the Delaware
Secretary of State and entering into this Agreement. The rights and liabilities of the Members shall be determined pursuant to
the Act and this Agreement. To the extent that the rights or obligations of any Member are different by reason of any provision
of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act,
control.

 

2.2Name. The name of the Company
shall initially be TNP SRT SECURED HOLDINGS, LLC. Promptly following the date hereof, OP and GLB shall use their best efforts to
cause an Amendment to the Company’s Certificate of Formation changing the name of the Company to “SRT SECURED HOLDINGS
LLC” to be filed with the Delaware Secretary of State. Thereafter, the business of the Company may be conducted under that
name or, upon compliance with applicable laws, any other name that the Manager deems appropriate or advisable.

 

2.3Term. The term of this Agreement
commenced on the date hereof and shall continue until terminated as hereinafter provided.

 

2.4Office and Agent. The Company
shall continuously maintain an office and registered agent in the State of Delaware. The principal office of the Company shall
be located at such place as the Manager may determine. The Company may also have such offices, anywhere within and without the
State of Delaware, as the Manager may determine from time to time, or the business of the Company may require. The registered agent
shall be as stated in the Certificate or as otherwise determined by the Manager.

 

    	FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
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2.5Names and Addresses of the Members
and the Manager. The names and addresses of the Members are set forth on Exhibit A. The name and address of the
Manager are set forth on Exhibit B. A Member or Manager may change its address upon notice thereof to the Company.

 

2.6Purpose of the Company. The
Company’s business and purposes shall consist solely of:

 

(a)acquiring, owning, holding, pledging,
encumbering, selling, disposing and otherwise dealing with, publicly or privately and whether with unrelated third parties or with
affiliate entities, partnership, membership, economic, or other ownership interests (collectively, “Ownership Interests”)
in partnerships, limited liability companies, or other entities which acquire, own, maintain, manage, operate, improve, develop,
finance, pledge, encumber, mortgage, sell, lease, dispose and otherwise deal with real property;

 

(b)engaging in any other activities reasonably
related or incidental to the Ownership Interests; and

 

(c)engaging in any lawful act or activity
and to exercise any powers permitted to limited liability companies organized under the Act that are related or incidental to and
necessary, convenient or advisable for the accomplishment of the above mentioned purposes.

 

2.7Powers.

 

(a)Subject to Section 2.7(b), the Company
shall have all powers of a limited liability company formed under the Act and not prohibited by the Act or this Agreement.

 

(b)Notwithstanding any provisions of this
Agreement and any provision of law that otherwise so empowers the Company, so long as any obligations evidenced or secured by any
of the Loan Documents remains outstanding and not discharged in full, neither the Company nor any Member, the Manager or any other
Person acting on behalf of the Company shall have any authority to do any of the following without Lender’s prior written
consent:

 

(i)engage in any business
or activity other than those set forth in this Article II;

 

(ii)perform any act in contravention
of or constituting an event of default under the Loan Documents;

 

(iii)dissolve, wind-up or
liquidate under Section 18-801 of the Act;

 

(iv)to the fullest extent
permitted by law, take any action that might cause the Company to become insolvent, or file a voluntary petition or otherwise initiate
proceedings to be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against
the Company, or file a petition seeking or consenting to reorganization or relief of the Company as debtor under any applicable
federal or state law relating to bankruptcy, insolvency, or other relief for debtors with respect to the Company; or seek or consent
to the appointment of any trustee, receiver, conservator, assignee, sequestrator, custodian, liquidator (or other similar official)
of the Company or of all or any substantial part of the properties and assets of the Company, or make any general assignment for
the benefit of creditors of the Company, or admit in writing the inability of the Company to pay its debts generally as they become
due or declare or effect a moratorium on the Company debt or take any action in furtherance of any such action;

 

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(v)enter into any transaction
with an Affiliate unless such transaction is concluded on an arm’s-length basis and on commercially reasonable terms;

 

(vi)amend, modify or alter
this Agreement;

 

(vii)merge, combine or consolidate
with any other entity; or

 

(viii)sell all or substantially
all of its assets.

 

2.8Title to Company Property.
All property owned by the Company shall be deemed to be owned by the Company as an entity, and no Member, individually, shall have
any ownership interest in any such property.

 

2.9Failure to Observe Formalities.
Notwithstanding any other provision of this Agreement, so long as any obligation evidenced or secured by any of the Loan Documents
remains outstanding and not discharged in full, the Company shall (and the Manager shall cause the Company at all times to):

 

(a)observe statutory formalities with
respect to the administration of the Company and in conduct of the Company’s activities;

 

(b)not own, directly or indirectly, any
ownership interest (legal or equitable) in any assets other than cash or any interest in the Ownership Interests (described above)
(collectively, the “Permitted Assets”);

 

(c)maintain books and records and bank
accounts separate from those of any other Person;

 

(d)maintain its assets in such a manner
that it is not costly or difficult to segregate, identify or ascertain such assets;

 

(e)hold regular meetings, as appropriate,
to conduct the business of the Company, and observe all customary organizational and operational formalities;

 

(f)hold itself out to creditors and the
public as a legal entity separate and distinct from any other Person;

 

(g)allocate and charge fairly and reasonably
any common employee expenses or overhead shared with Affiliates;

 

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(h)except for contributions and distributions
permitted under the terms of this Agreement, transact all business with Affiliates on an arm’s-length basis and pursuant
to enforceable agreements;

 

(i)conduct business in its own name, and
use separate stationery, invoices and checks;

 

(j)not commingle its assets or funds with
those of any other Person;

 

(k)not incur indebtedness, secured or
unsecured, or pledge, encumber, or assign its assets other than in connection with a Loan;

 

(l)not assume, guarantee, or pay the debts
or obligations of any other Person;

 

(m)pay its own liabilities and expenses
out of its own funds;

 

(n)not hold out its credit as being available
to satisfy the obligations of others;

 

(o)not acquire obligations or securities
of its beneficiaries or Affiliates;

 

(p)not make any loans or advances to any
other Person;

 

(q)correct any known misunderstandings
regarding its separate identity; and

 

(r)maintain adequate capital in light
of its contemplated operations.

 

Notwithstanding the foregoing, a failure
to observe any formalities or requirements of this Agreement, the Certificate or the Act shall not be grounds for imposing personal
liability on the Members or the Manager for liabilities of the Company.

 

2.10No Partnership Intended for Nontax
Purposes. The Members have formed the Company under the Act, and expressly deny any intent hereby to form a partnership under
Delaware law, including a partnership under the Delaware Revised Uniform Limited Partnership Act, or a corporation under the DGCL.
Except for purposes of federal, state and local taxes, the Members do not intend to be partners to one another, or partners to
any third party.

 

2.11Liability of Members and Manager
to Third Parties; Reliance by Third-Party Creditors.

 

(a)Except as otherwise provided in the
Act, no Member or Manager shall be personally liable for any debt, obligation or liability of the Company, whether arising in contract
or otherwise, by reason of being a Member or acting as the Manager of the Company.

 

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(b)This Agreement is entered into among
the Company and the Members for the exclusive benefit of the Company, its Members, and their successors and assigns. This Agreement
is expressly not intended for the benefit of any creditor of the Company or any other Person. Except and only to the extent provided
by applicable statute, no such creditor or third party shall have any rights under this Agreement or any agreement between the
Company and any Member with respect to any contributions or otherwise.

 

Article
III. CAPITAL CONTRIBUTIONS

 

3.1Initial Capital Contributions.
In connection with the Original Agreement, OP made an initial Capital Contribution to the Company of the cash and/or other property
set forth on Exhibit A of the Original Agreement. In connection with this Agreement, GLB contributed cash to the Company in the
amounts set forth on Exhibit A hereto as such Member’s initial Capital Contribution. Each Member’s relative
Percentage Interest shall be as set forth on Exhibit A.

 

3.2Additional Capital Contributions.

 

(a)No Member shall be permitted to make
any additional Capital Contribution to the Company without the consent of the Manager. Except as specifically set forth in Section
3.2(b) of this Agreement, no Member shall be required to make an additional Capital Contribution, and this sentence may not be
amended without the unanimous consent of all the Members.

 

(b)Each additional Capital Contribution
made under this Section 3.2 is an “Additional Capital Contribution.” When requested, the Members shall make
Additional Capital Contributions to the Company in proportion to their respective Percentage Interests. When a Shortfall exists
the Manager may elect to call for Additional Capital Contributions to be made to satisfy all or a portion of such Shortfall up
to the Additional Capital Contribution Limit; provided, the Manager may not call for Additional Capital Contributions for
any purpose other than Shortfalls without the written consent of all the Members. For the purposes of this Section 3.2(b), “Additional
Capital Contribution Limit” means, at the time of determination, the aggregate amount of all distributions previously
received by the Members pursuant to Section 6.6 of this Agreement, less and amounts paid to the Company as Additional Capital Contributions
pursuant to this Section 3.2(b).

 

(c)If the Manager so elects to call for
Additional Capital Contributions, then the Members shall make the Additional Capital Contributions within fifteen (15) Business
Days after the date on which such notice is given.

 

(d)An “Additional Capital
Contribution Default” shall have occurred if any Member fails to make any Additional Capital Contribution required
to be made by it under this Section 3.2 by the date due if such failure continues for three (3) Business Days after written notice
thereof is given by the Manager or any Member to the Member that has failed to make such Additional Capital Contribution.

 

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3.3Failure To Make Project Capital
Contributions Or Additional Capital Contributions.

 

(a)A Member that fails to timely contribute
all or any portion of its share of any Additional Capital Contribution (“Delinquency”) shall be considered a
“Delinquent Member.” As its sole and exclusive remedies, the other Member (the “Non-Delinquent
Member”) shall, upon notice to a Delinquent Member, exercise one of the following rights or remedies:

 

(i)Request a refund of its
share of such requested Additional Capital Contribution within ten (10) days after the default by the Delinquent Member, in which
case the Company shall immediately refund such amount to the Non-Delinquent Member; or

 

(ii)Cause the Company to
retain the Non-Delinquent Member’s share of such requested Additional Capital Contribution and elect to pay to the Company
part or all of the Delinquency, in which case the Non-Delinquent Member may designate the Delinquency paid by the Non-Delinquent
Member as a loan (“Delinquency Loan”).

 

(iii)In the event the Non-Delinquent
Member elects to make a Delinquency Loan to the Company, then effective from the date of the making of such loan the Delinquency
Loan shall earn interest at the rate of fifteen percent (15%) per annum and any Delinquency Loan plus accrued interest shall be
paid to the Non-Delinquent Member out of amounts that would otherwise have been available for distribution pursuant to Section
6.6.

 

(b)If a Capital Contribution Default occurs,
then in addition to its specified rights and remedies under Section 3.3 hereof, the Non-Delinquent Member may, upon notice to the
Delinquent Member, exercise the Buy Sell Option pursuant to Section 7.3 hereof.

 

(c)During the pendency of any default
by a Delinquent Member of this Agreement, the Delinquent Member shall not be entitled to exercise any voting or approval rights
provided for in this Agreement.

 

(d)The express rights and remedies granted
to the Non-Delinquent Member and the Delinquent Member, as applicable, in this Section 3.3 and elsewhere in this Agreement are
exclusive of (and the Non-Delinquent Member and the Delinquent Member shall not be entitled to exercise) any other rights and remedies
granted or available to the Non-Delinquent Member or the Delinquent Member, as applicable, at law or in equity by reason of (i)
the failure of a Delinquent Member to contribute all or any portion of any required Additional Capital Contribution or (ii) the
occurrence or existence of a Capital Contribution Default.

 

3.4Capital Accounts. The Company
shall establish and maintain an individual Capital Account for each Member in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv).
If a Member transfers all or a part of its Interest in accordance with this Agreement, such Member’s Capital Account attributable
to the transferred Interest shall carry over to the new owner of such Interest pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(l).

 

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3.5Schedules. The Manager shall
be authorized, without the prior consent of the Members, to update Exhibit A to this Agreement from time to time to reflect
the issuance of additional Interests to the Members, to reflect the issuance of new Interests to Additional Members or changes
in any Member’s address, or to otherwise reflect changes in the number of Interests held by any Person, in each case, as
permitted by this Agreement. Similarly, the Manager shall be authorized, without the prior consent of the Members, to update Exhibit
B to this Agreement from time to time to reflect any change to the Manager’s address. No such changes shall be deemed to
be amendments to this Agreement for purposes of Section 12.12 hereof.

 

3.6Rights Regarding Capital Contributions.

 

(a)No Member shall be entitled to interest
on any Capital Contribution, and no Member shall have the right to withdraw or to demand the return of all or any part of its Capital
Contribution, except as specifically provided in this Agreement.

 

(b)Under circumstances requiring a return
of any Capital Contribution, no Member shall have the right to receive property, other than cash, except as may be specifically
provided herein.

 

(c)No Member shall have personal liability
for the repayment of the Capital Contribution of any Member or any obligation to make loans or advances to the Company, including
restoration of a deficit Capital Account as provided in Section 3.6.

 

3.7Deficit Capital Accounts.
Notwithstanding anything to the contrary contained in this Agreement, and notwithstanding any custom or rule of law to the contrary,
to the extent that any Member’s Capital Account has a deficit balance upon dissolution of the Company, such deficit shall
not be an asset of the Company and such Member shall not be obligated to contribute such amount to the Company to bring the balance
of such Member’s Capital Account to zero.

 

Article
IV. MEMBERS

 

4.1Procedures for Admission.
The admission of a Member shall require the unanimous vote or consent of the Members. To effect the admission of a Member (including
any Additional Member) to the Company, the Manager shall require the Person to be so admitted to the Company to execute and deliver
a counterpart signature page to this Agreement specifying the date of admission, such Person’s name and address, such Person’s
Capital Contribution (if any) and the Interest, expressed as a Percentage Interest, acquired thereby. The Manager shall attach
such counterpart signature page as a signature page to this Agreement and shall update Exhibit A hereto to reflect the admission
of the Additional Member. Additional Members may be admitted, and the terms of any such admission shall be determined, in the sole
discretion of the Manager. The admission of an Additional Member (including the execution of a counterpart signature page to this
Agreement and the related update to Exhibit A hereto) shall not be deemed an amendment to this Agreement and shall not require
the consent of the Members.

 

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4.2Limited Liability. Except
as required by law, no Member shall be personally liable for any debt, obligation or liability of the Company, whether that liability
or obligation arises in contract, tort or otherwise.

 

4.3Withdrawals or Resignations.
No Member shall have the right or power to voluntarily withdraw or resign as a Member from the Company.

 

4.4Competing Activities. The
Members and their Affiliates may engage or invest in, independently or with others, any business activity of any type or description,
including without limitation those that might be the same as or similar to the Company’s business and that might be in direct
or indirect competition with the Company. Neither the Company nor any other Member shall have any right in or to such other ventures
or activities or to the income or proceeds derived therefrom. The Members shall not be obligated to present any investment opportunity
or prospective economic advantage to the Company, even if the opportunity is of the character that, if presented to the Company,
could be taken by the Company. The Members shall have the right to hold any investment opportunity or prospective economic advantage
for their own account or to recommend such opportunity to Persons other than the Company. Each Member acknowledges that the other
Members and their Affiliates conduct other businesses, including businesses that may compete with the Company and for the Members’
time. Each Member hereby waives any and all rights and claims that they may otherwise have against the other Members and their
Affiliates as a result of any of such activities.

 

4.5Transactions with the Company.
Subject to Section 5.4, with the prior approval of the Manager, a Member may lend money to and transact other business with the
Company. Subject to applicable law, such Member has the same rights and obligations with respect thereto as a Person who is not
a Member.

 

4.6Remuneration to Members. No
Member, in such Person’s capacity as a Member, is entitled to remuneration for acting in the Company business.

 

4.7Members are not Agents. Pursuant
to Section 5.1 of this Agreement, the management of the Company is vested in the Manager. The Members shall have no power
to participate in the management of the Company except as expressly authorized by this Agreement or the Certificate or as expressly
required by the Act. No Member, acting solely in the capacity of a Member, is an agent of the Company nor does any Member, unless
expressly and duly authorized in writing to do so by the Manager, have any power or authority to bind or act on behalf of the Company
in any way, to pledge its credit, to execute any instrument on its behalf or to render it liable for any purpose.

 

4.8Voting Rights. Except as expressly
provided in this Agreement or as required by the Act, Members shall have no voting, approval or consent rights. All Interests shall
be voting. For purposes of determining the voting interest of a Member, a Member’s voting power shall be based upon the Percentage
Interest held.

 

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4.9Meetings of and Voting by Members.

 

(a)A meeting of the Members may be called
at any time by the Manager or any Member or Members holding at least one-third (1⁄3) of the Percentage Interests. Meetings
of the Members shall be held upon four (4) days’ notice by first-class mail or 48 hours’ notice given personally or
by telephone, telegraph, facsimile, telex, e-mail or other similar means of communication. Any such notice shall be addressed or
delivered to each Member entitled to vote at such Member’s address as it is shown upon the records of the Company. Notice
by mail shall be deemed to have been given at the time a written notice is deposited in the United States mails, postage prepaid.
Any other written notice shall be deemed to have been given at the time it is personally delivered to the recipient or is delivered
to a common carrier for transmission, or actually transmitted by the person giving the notice by electronic means, to the recipient.
Oral notice shall be deemed to have been given at the time it is communicated, in person or by telephone or wireless, to the recipient
or to a person at the office of the recipient who the person giving the notice has reason to believe will promptly communicate
it to the receiver.

 

(b)Members may participate in a meeting
through use of conference telephone, electronic video screen communication or other communications equipment, so long as all Members
participating in such meeting can hear one another.

 

(c)Any action required or permitted to
be taken by the Members may be taken without a meeting, if a consent or consents in writing, setting forth the action so taken,
shall be signed by Members having not less than the Percentage Interests that would be necessary to authorize or take such action
at a meeting at which all Members entitled to vote thereon were present and voted. Prompt notice of the taking of any action without
a meeting by less than unanimous consent shall be given to all Members who have not consented in writing.

 

Article
V. MANAGEMENT AND CONTROL OF THE COMPANY

 

5.1Management of the Company by Manager.
Subject to the provisions of Section 5.4 of this Agreement relating to actions to be approved by a the Members, the business,
property and affairs of the Company shall be managed and all powers of the Company shall be exercised by or under the direction
of the Manager.

 

5.2Meetings of Manager. The Manager
is not required to hold any meetings. Any action required or permitted to be taken by the Manager may be taken without a meeting.

 

5.3Election of Manager.

 

(a)Number and Qualifications. The
number of Managers of the Company shall be fixed at one (1). The Manager shall serve until the earlier of (i) the election
of such Manager’s successor, (ii) the removal of such Manager in accordance with this Agreement, (iii) such Manager’s
resignation or (iv) such Manager’s death. The Manager may, but need not be, a Member. The Manager may be an individual
or an entity. Upon execution of this Agreement, GLB shall be appointed as the Manager of the Company.

 

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(b)Removal; Appointment. The Manager
may be removed at any time (i) for Cause (as defined below), or (ii) by the unanimous vote of all the Members at a meeting called
expressly for that purpose, or by the unanimous written consent of all the Members which vote shall include that of the Manager,
if a Member. Any vacancy in the position of Manager shall be promptly filled by a unanimous vote of all the Members. For the purposes
of this Agreement, “Cause” means conduct constituting fraud, deceit, gross negligence, reckless or intentional
misconduct, or a knowing violation of law by the Manager.

 

5.4Powers of the Manager.

 

(a)Powers of the Manager. Without
limiting the generality of Section 5.1, but subject to Section 5.4(b) and to the express limitations set forth elsewhere in
this Agreement, the Manager shall have all necessary powers to manage and carry out the purposes, business, property and affairs
of the Company, including, without limitation, the power to exercise on behalf and in the name of the Company all of the powers
described in the Act. Manager, on behalf of the Company, shall implement, or cause to be implemented, the decisions of the Members
and shall conduct or cause to be conducted the ordinary and usual business affairs of the Company as provided in this Agreement,
in each case using the same standard of care, devotion of time, diligence and prudence used by Manager as it does in the conduct
of business for its own account but Manager shall be entitled to delegate its duties to a property manager. Subject to the limitations
set forth in this Agreement, the Manager shall have continuing exclusive authority over the management of the Company and the conduct
of the Company’s affairs in accordance with this Agreement, including, without limitation, monitoring the strategies and
policies of the Company and its Subsidiaries and determining distributions of income and capital. Without limiting the foregoing
(but subject to and limited by the provisions of this Agreement), the Manager shall have full power and sole authority to conduct
the Company’s business, including, without limitation, to do each of the following to the extent necessary for the conduct
of the Company’s business:

 

(i)to supervise or arrange
for the supervision of day-to-day operations of the Company and its Subsidiaries;

 

(ii)to institute, prosecute,
defend or settle any legal, arbitration or administrative actions or proceedings on behalf of or against the Company or a Subsidiary;

 

(iii)retain attorneys, consultants
and other independent contractors to the extent such professional services are required to carry on the business of the Company
and its Subsidiaries, provided that, unless such fees have been contemplated in the Business Plan in any Fiscal Year the professional
fees to any one service provider shall not exceed $20,000 and to all service providers shall not exceed $100,000;

 

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(iv)to enter into lease agreements
other than Major Leases for the lease of space to tenants in each of the Properties;

 

(v)to collect all rents and
other payments due and owing to the Company and its Subsidiaries;

 

(vi)to incur normal operating
expenses of, and to pay the obligations of, the Company and its Subsidiaries, and to enter into, perform and carry out contracts
and agreements on behalf of the Company or its Subsidiaries for the conduct of the Company’s business;

 

(vii)to establish and maintain,
in its sole discretion, Reserves for the Company and each Subsidiary as required from time to time;

 

(viii)subject to Section
6.6, to declare and pay distributions for the Company and each Subsidiary;

 

(ix)to perform, or cause
to be performed, all of the Company’s and its respective Subsidiaries’ obligations, and to exercise or cause to be
exercised all of Company’s and its Subsidiaries’ rights under any agreement (including, without limitation, any financing
documents, any limited liability company agreement, partnership agreement, joint venture agreement, shareholder’s agreement
or other similar agreement) to which the Company, any Subsidiary or any nominee of the Company or a Subsidiary is a party;

 

(x)to pay all taxes, assessments,
rents and other impositions applicable to Company and Subsidiary assets and undertake when appropriate any action or proceeding
seeking to reduce such taxes, assessments, rents or other imposition;

 

(xi)to obtain and maintain
insurance coverage for the Properties and other assets of the Company and its Subsidiaries, including any commercially reasonable
and customary insurance to protect the Manager against liability from third parties, in such amounts and with such coverages as
the Manager maintains for its other assets and properties of similar types and in similar locations (including, for example, hurricane
insurance or earthquake insurance if available at commercially reasonable rates); such insurance may be maintained as part of a
portfolio wide coverage or blanket policy that includes other properties owned or managed by Manager or its Affiliates;

 

(xii)to open or maintain
bank accounts for the deposit of Company and Subsidiary funds, provided that withdrawals may be made only upon the Manager’s
signature or any other signature that all of the Members designate;

 

(xiii)to prepare and file
tax returns on behalf of the Company and its Subsidiaries in any federal, state, local or foreign tax jurisdiction which may apply;

 

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(xiv)to do any and all acts
which may be necessary or desirable for the proper management and maintenance (excluding any capital expenditures) of the Properties,
including any matters provided for in a property management agreement;

 

(xv)to execute and deliver
such documents on behalf of the Company or a Subsidiary as it reasonably deems necessary or desirable in connection with the foregoing
provisions;

 

(xvi)to call for Additional
Capital Contributions as permitted by this Agreement;

 

(xvii)subject to Section
5.4(b)(ix), to negotiate with Keybank for any amendment to the material terms and conditions of any existing financing with respect
to interest rates, prepayment or other material provisions under any existing financing with Keybank including, but not limited
to, the Keybank Loan;

 

(xviii)subject to Section
5.4(b)(x) negotiate for any financing, refinancing or loan transaction, or grant a security interest in all or any portion of the
Properties or amend the material terms and conditions of any existing financing (other than the Keybank Loan) with respect to interest
rates, prepayment or other material provisions under any financing;

 

(xix)to cause the Company
or any Subsidiary to effect a Permitted Sale;

 

(xx)to do, or to cause the
Company or any Subsidiary to do, any and all acts which may be necessary or desirable to implement any directives contained in
any Business Plan approved by the Members; or

 

(xxi)to do any act which
is necessary or desirable to carry out any of the foregoing.

 

Manager shall devote sufficient time and
effort to the Company’s business and operation as is necessary to perform its duties hereunder.

 

(b)Limitations on Powers of the Manager.
Notwithstanding any other provisions of this Agreement, the Manager shall not have any authority hereunder to cause the Company
to engage in the following transactions without first obtaining the unanimous affirmative vote or written consent of the Members:

 

(i)Any amendment of the Certificate
or this Agreement;

 

(ii)Any transactions between
the Company and any Member;

 

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(iii)The sale, exchange or
other disposition of all, or substantially all, of the Company’s assets occurring as part of a single transaction or plan,
or in multiple transactions over a twelve (12) month period;

 

(iv)The merger or consolidation
of the Company with another Person wherein the holders of Interests do not hold at least a majority of the voting power of the
Person surviving such merger or consolidation;

 

(v)The call for Capital Contributions
other than Additional Capital Contributions as permitted by this Agreement;

 

(vi)The entry into, or amendment
of in any material respect, any contract, agreement or arrangement between the Company or a Subsidiary, on the one hand, and on
the other hand, Manager or an Affiliate of Manager (including, any contract, agreement or arrangement providing for compensation
to the Manager or an Affiliate of the Manager), provided, however, that with respect to the entry into any contract or agreement
between the Company or a Subsidiary, on the one hand, and Manager or an Affiliate of Manager, on the other hand, on the date of
this Agreement, the Members shall be deemed to have consented thereto;

 

(vii)Any act which would
make it impossible to carry on the ordinary business of the Company;

 

(viii)Effecting a liquidation,
dissolution or winding up of the Company;

 

(ix)For so long as any existing
financing arrangement with Keybank including, but not limited to, the Keybank Loan remains outstanding and guaranteed by the REIT,
any amendment to the material terms and conditions of such financing arrangement;

 

(x)The borrowing of any money
or entry into any financing, refinancing or loan transaction, or granting of a security interest in all or any portion of the Properties
or amendment of the material terms and conditions of any existing financing with respect to interest rates, prepayment or other
material provisions under any financing if such financing, refinancing, transaction or amendment would require a guarantee by the
REIT or would otherwise be recourse to the REIT in any manner;

 

(xi)to enter into any Major
Leases for the lease of space to tenants in each of the Properties;

 

(xii)Any sales of Properties
(other than a Permitted Sale), subject to Section 5.5 below;

 

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(xiii)The purchase or acquisition,
or entry into a contract or committing to purchase or acquire, any property or asset unrelated to the Properties and current operations
of the Company or otherwise outside the ordinary course of business;

 

(xiv)Subject to Section 5.7,
the implementation of any Business Plan; or

 

(xv)Any other transaction
described in this Agreement as requiring the vote, consent or approval of the Members.

 

(c)Creation of Committees. The
Manager may create committees to assist the Manager and the Company’s officers, if any, in the governance of areas of importance
to the Company. Subject to the terms of this Agreement, such committees shall have such powers and perform such duties as may be
prescribed by the resolutions creating such committees. Committee members need not be Members.

 

5.5Member’s Right Of First
Offer. In the event that a proposed disposition of a Property (a “Proposed Disposition”) is approved by
one Member but not by the unanimous vote or consent of all Members, the Manager shall notify the other Member (a “Non-Consenting
Member”) of such event in writing and provide such Non-Consenting Member with a right of first opportunity to acquire
any Property that was the subject of the Proposed Disposition (a “ROFO Notice”). The Non-Consenting Member may
provide the Company with a cash offer to acquire the Property in writing within thirty (30) days of receiving a ROFO Notice. If
the Non-Consenting Member does not provide a written offer within such time period, the Manager shall be free to pursue the Proposed
Disposition on behalf of the Company, provided that the Property is broadly marketed to unrelated third parties. All sales shall
be managed and conducted by the Manager, including all related rights, including, but not limited to, broker selection, pricing,
selection of a buyer, negotiation of transaction terms, and the like. If the Non-Consenting Member does provide a written offer
within such time period, the Manager shall have ten (10) Business Days to accept the other Member’s offer on behalf of the
Company. If the Manager rejects the Non-Consenting Member’s offer, the Property will be marketed for sale to unrelated third
parties at a price equal to or greater than 105% of the offering price made by the Non-Consenting Member. In the event a third
party offers less than 105% of the price of the Non-Consenting Member’s offer and the Manager elects to dispose of the Property
(provided, however, the Manager has no obligation to dispose of the Property) the Manager must re-offer the Property to the Non-Consenting
Member at the third party price. The Non-Consenting Member will have ten (10) Business Days to determine whether it will acquire
the Property at such re-offer price. If the Non-Consenting Member declines to purchase the Property at the re-offer price, the
Manager may cause the Company to sell the Property to the third-party at such price. In the event the Non-Consenting Member elects
to purchase the Property, it may, in its sole discretion, elect to acquire the Company’s membership interest in the entity
that owns the Property in lieu of the Property.

 

5.6Compensation and Management Fees.

 

(a)The Manager or its Affiliate shall
be entitled to compensation pursuant to one or more written property management agreements between or among the REIT or an Affiliate
of the REIT, the Company or any Subsidiary and the Manager.

 

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(b)In connection with a sale or other
transfer of any assets of the Company, the Company shall pay to the Manager or its affiliate a disposition fee of up to 50.0% of
a competitive real estate commission, but not to exceed 1.0% of the contract sales price (a “Disposition Fee”).
Any Disposition Fee payable under this Section may be paid in addition to real estate commissions paid to non-Affiliates, provided
that the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for the sale of each
property shall not exceed the lesser of the competitive real estate commission or an amount equal to 6.0% of the contract sales
prices. The foregoing notwithstanding, the Members hereby approve the payment of a Disposition Fee payable to the Manager or affiliate
of the Manager for the sales of the Willow Property and the Craig Property in the amount of 50bps of the contract sales price.

 

(c) The Manager shall receive an asset
management fee as compensation for services rendered in connection with the management of the Company’s assets (an “Asset
Management Fee”). The Asset Management Fee shall be equal to a monthly fee of one twelfth (1/12th) of 0.6% of the higher
of (i) aggregate cost on a GAAP basis (before non-cash reserves and depreciation) of all investments the Company owns, including
any debt attributable to such Investments or (ii) the fair market value of investments (before non-cash reserves and deprecation).
With the exception of any portion of the Asset Management Fee related to the disposition of Investments, which shall be payable
at the time of such disposition and prorated based on the number of days such Investment was managed by the Advisor before disposition,
the Asset Management Fee shall be calculated as of the last business day of each month during the term and of this Agreement payable
in arrears on the first business day of each month.

 

(d)As compensation for providing services
in connection with (i) any financing obtained, directly or indirectly, by the Company or any Subsidiary and used to acquire or
originate investments, (ii) any financing assumed, directly or indirectly, by the Company in connection with the acquisition of
investments, or (iii) the refinancing of any financing obtained or assumed, directly or indirectly, by the Company and or its Subsidiaries,
the Company will pay the Manager a financing coordination fee equal to 1.0% of the amount made available and/or outstanding under
such financing or refinancing (a “Financing Coordination Fee”). The Manager may reallow some or all of the Financing
Coordination Fee to reimburse third parties with whom the Manager may subcontract to procure such financing. The Manager shall
submit an invoice to the Company following the closing of any financing obtained or assumed by the Company or the Operating Partnership,
accompanied by a computation of the Financing Coordination Fee. The Company shall pay the Financing Coordination Fee promptly following
receipt of the invoice.

 

(e)The Manager shall receive an acquisition
fee payable by the Company as compensation for services rendered in connection with the investigation, selection and acquisition
(by purchase, investment or exchange) of investments, if any (an “Acquisition Fee”). The total Acquisition Fees
payable to the Manager or its Affiliates shall equal 1.0% of the cost of all investments, including acquisition expenses and any
debt attributed to such investments. With respect to the acquisition of real estate assets through a joint venture, the Acquisition
Fee payable by the Company to the Manager shall equal 1.0% of the Company’s allocable cost of such real estate assets, including
acquisition expenses and any debt attributed to such investments. The Manager shall submit an invoice to the Company following
the closing or closings of each investment, accompanied by a computation of the Acquisition Fee. The Company shall pay the Acquisition
Fee promptly following receipt of the invoice.

 

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5.7Business Plan.

 

(a)The Manager may propose to the Members
for approval a strategic business plan for the Company. Any such business plan that is in effect is called the “Business
Plan”.

 

(b)Following delivery of a proposed Business
Plan, the Members shall approve or disapprove the Business Plan no later than ten (10) business days after the date on which Manager
has met with, or attempted in good faith to meet with, an Authorized Representative of each Member to discuss the proposed Business
Plan. To be effective, any notice which disapproves any proposed Business Plan must contain specific objections thereto in reasonable
detail. Unless otherwise mutually agreed:

 

(c)If the Member disapproves or raises
any objections to any items contained in a proposed Business Plan or any amendments thereto, the undisputed portions of the proposed
Business Plan shall be deemed to be adopted and approved.

 

(d)Failure to agree or disagree in writing
within ten (10) business days after submission shall be deemed approval.

 

(e)The Manager shall have the right, from
time to time, to submit a proposed amendment to a Business Plan. Following delivery of any proposed amendment to a Business Plan,
the Members shall be required to approve or disapprove such proposed amendment to such Business Plan no later than ten (10) business
days after the date on which the Manager has met with, or attempted in good faith to meet with, the Member regarding the proposed
amendment. To be effective, any notice which disapproves proposed amendments to an Business Plan must contain specific objections
thereto in reasonable detail.

 

(f)The Manager shall not be deemed to
have made any guarantee or warranty of any fiscal estimations set forth in any Business Plan.

 

5.8Performance of Duties; Liability
of Manager; Fiduciary Standard. The Manager shall not be liable to the Company or to any Member for any loss or damage sustained
by the Company or any Member, unless the loss or damage shall have been the result of fraud, deceit, gross negligence, reckless
or intentional misconduct, or a knowing violation of law by the Manager. The Manager shall perform the Manager’s managerial
duties in good faith, in a manner the Manager reasonably believes to be in the best interests of the Company and its Members, and
with such care as an ordinarily prudent person in a like position would use under similar circumstances. The Members agree that
the fiduciary duties of the Manager to the Company and its Members shall be those of a director to a corporation and its stockholders
under the DGCL and not those of a partner to a partnership and its partners. Any Manager who performs the duties of Manager in
compliance with this Section 5.8 shall not have any liability by reason of being or having been a Manager of the Company.

 

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5.9Devotion of Time. Except if
the Manager is an employee of the Company, the Manager is not obligated to devote all of the Manager’s time or business efforts
to the affairs of the Company. The Manager shall devote whatever time, effort, and skill as the Manager deems appropriate for the
operation of the Company.

 

5.10Transactions between the Company
and the Manager. Notwithstanding that it may constitute a conflict of interest, the Manager may, and may cause the Manager’s
Affiliates to, engage in any transaction (including, without limitation, the purchase, sale, lease or exchange of any property
or the rendering of any service, or the establishment of any salary, other compensation or other terms of employment) with the
Company so long as such transaction is not expressly prohibited by this Agreement and the terms and conditions of such transaction,
on an overall basis, are fair and reasonable to the Company and are at least as favorable to the Company as those that are generally
available from Persons capable of similarly performing them and in similar transactions between parties operating at arm’s
length.

 

5.11Limited Liability. No entity
or person who is a Manager or officer of the Company shall be personally liable under any judgment of a court, or in any other
manner, for any debt, obligation or liability of the Company, whether that liability or obligation arises in contract, tort or
otherwise, solely by reason of being a Manager or officer of the Company.

 

5.12Officers. The Company shall
have no officers.

 

5.13Tax Matters Partner. Until
the Manager designates otherwise, Manager shall be the Tax Matters Partner of the Company as provided in the Treasury Regulations
pursuant to Code Section 6231(a)(7), and shall be indemnified and reimbursed by the Company for all expenses, including legal
and accounting fees, claims, liabilities, losses and damages incurred in connection with serving in that capacity. Notwithstanding
the preceding sentence, the Tax Matters Partner shall not be entitled to indemnification for such costs and expenses if such party
has not acted in good faith. The Tax Matters Partner shall represent the Company (at the Company’s expense) in connection
with all examinations of the Company’s affairs by tax authorities, including any resulting judicial and administrative proceedings,
and shall expend the Company funds for professional services and costs associated therewith.

 

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Article
VI. ALLOCATIONS OF PROFITS AND LOSSES

AND DISTRIBUTIONS

 

6.1Allocations of Profits and Losses.
Except as otherwise provided in this Article VI, Profits and Losses shall be allocated among the Members in accordance with the
following provisions:

 

(a)Except as otherwise provided in Section
6.2, for accounting, federal, state and local (if any) income tax purposes, the Manager shall reasonably allocate all Profits and
Losses (and items thereof) of the Company to the Members so as to, as nearly as possible, increase or decrease, as the case may
be, each Member’s Capital Account to the extent necessary such that each Member’s Capital Account is equal to the amount
that such Member would receive if the Company were dissolved, its assets sold for their book value, its liabilities satisfied in
accordance with their terms and all remaining amounts were distributed to the Members in accordance with Section 6.6 of this Agreement
immediately after making such allocation. The intent of the foregoing allocation is to comply with Treasury Regulations Section
1.704-1(b) and ensure that the Members receive allocations of Profits and Losses pursuant to this Section 6.1 in accordance with
their relative Interests, with the Interest of each Member determined by reference to such Member’s relative rights to receive
distributions from the Company pursuant to Section 6.6 in respect of the Profits and Losses of the Company.

 

(b)If the Capital Accounts of the Members
are in such ratios or balances that distributions in the manner set forth in Section 6.6 would not be in accordance with the positive
Capital Account balances of the Members, such failure shall not affect or alter the distributions set forth in Section 6.6. Instead,
the Manager shall have the authority to make other allocations of Profits and Losses, or items of income, gain, loss or deduction
among the Members which result in the Capital Accounts of each Member having a balance prior to such distributions equal to the
amount of distributions to be received by such Member in accordance with the manner set forth in Section 6.6.

 

6.2Special Allocations. Notwithstanding
the allocations set forth in Section 6.1, if a Member unexpectedly receives any adjustments, allocations or distributions
described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), or any other event creates a deficit balance
in such Member’s Capital Account in excess of such Member’s share of “partner minimum gain” (as defined
in Treasury Regulations Section 1.704-2(d)), items of Company income and gain shall be specially allocated to such Member
in an amount and manner sufficient to eliminate such excess deficit balance as quickly as possible. Any special allocations of
items of income and gain pursuant to this Section 6.2 shall be taken into account in computing subsequent allocations of income
and gain pursuant to Section 6.1 so that the net amount of any item so allocated and the income, gain and losses allocated
to each Member pursuant to this Section 6.2, to the extent possible, shall be equal to the net amount that would have been
allocated to each such Member pursuant to Section 6.1 if such unexpected adjustments, allocations, or distributions had not
occurred.

 

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6.3Transfer of Interests During Taxable
Year. In the case of the transfer of a Member’s Interest or the admission of an additional Member or interest at any
time other than the end of a Fiscal Year, the distributive share of the various items of income, gain, loss, deduction, credit
or allowance in respect of the Interest so transferred, issued or assigned, shall be allocated between the transferor and the transferee
(or, with respect to an additional Member, such additional Member and all other Members) to take into account the varying interests
of the Members during the taxable year in accordance with Code Section 706, using a convention permitted by law and selected
by the Manager.

 

6.4Tax Allocations. If any property
is reflected in the Capital Accounts of the Members and on the books of the Company at a book value that differs from the adjusted
tax basis of such property, then the tax items with respect to such property shall (to the extent not governed by Code Section 704(c)),
in accordance with the requirements of Treasury Regulations Section 1.704-1(b)(4)(i), be shared among the Members in a manner
that takes account of the variation between the adjusted tax basis of the applicable property and its book value in the same manner
as variations between the adjusted tax basis and fair market value of property contributed to the Company are taken into account
in determining the share of tax items under Code Section 704(c). The Company shall use the traditional method, as described
in Treasury Regulations Section 1.704-3(b), in a manner determined by the Manager. Except as otherwise provided in this Agreement,
all items of Company income, gain, loss or deduction, and any other allocations not otherwise provided for shall be divided among
the Members in the same proportions as they share Profits and Losses, as the case may be, for the year.

 

6.5Section 754 Election. The
Company shall be authorized to file an election under Section 754 of the Code to adjust the basis of property of the Company in
the case of a transfer of an interest in the Company if such election under Section 754 would, in the good faith judgment
of the Tax Matters Partner, be beneficial to the Company or any Member.

 

6.6Distributions by the Company.

 

(a)Distributions in General. From
time to time, but not less often than quarterly, after having made provision for adequate Reserves, the Manager shall distribute
available Operating Cash to the Members in accordance with Section 6.6(b).

 

(b)Distributions of Operating Cash.
Except as set forth in Section 6.6(c), Operating Cash for any particular period shall be distributed to the Members in proportion
to their Percentage Interests. Quarterly distributions shall be made on the last day of each calendar quarter unless such day is
not a Business Day in which event the distribution shall be made on the last Business Day of such quarter. Annual distributions
shall be made on December 31 of each year unless such day is not a Business Day in which event the distribution will be made on
the last Business Day of the year.

 

(c)Distributions from Sale. In
the event of the disposition or refinancing of any of the Properties or destruction or condemnation of any of the Properties, in
whole or in part, the net proceeds thereof (other than insurance and condemnation proceeds which will be used to rebuild such Property)
available for distribution shall be distributed within thirty (30) days of such event in the following manner:

 

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(i)first, to GLB until it
shall have received its previously unreturned Invested Capital with respect to such Property;

 

(ii)second, to GLB until
it has achieved an 7.0% Internal Rate of Return with respect to such Member’s Invested Capital for such Property; and

 

(iii)next, to the Members
other than GLB in proportion to their Percentage Interests (excluding GLB) until each such Members shall have received their previously
unreturned Invested Capital with respect to such Property;

 

(iv)next, to all Members
in proportion to their Percentage Interests.

 

(d)To the extent that the Company is required
by law to withhold or to make tax or other payments on behalf of or with respect to any Member, the Company shall withhold such
amounts from any distribution and make such payments as so required. For purposes of this Agreement, any such payments or withholdings
shall be treated as a distribution to the Member on behalf of whom the withholding or payment was made. All such distributions
shall be made only to the Persons who, according to the books and records of the Company, are the holders of record of the Interests
in respect of which such distributions are made on the actual date of distribution. Neither the Company nor the Manager shall incur
any liability for making distributions in accordance with this Section 6.6.

 

6.7Book-Up of Company Assets.
The book value of all Company assets may, in the Manager’s sole discretion, be adjusted to equal their respective gross fair
market values, as determined in good faith by the Manager, as of the following times: (i) the acquisition of an additional interest
in the Company by any new or existing Member in exchange for more than a de minimis capital contribution; (ii) the distribution
by the Company to a Member of more than a de minimis amount of money or Company property as consideration for an interest in the
Company; and (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g),
including the termination of the Company for federal income tax purposes pursuant to Section 708(b)(1)(B) of the Code. The book-up
shall be made in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f).

 

Article
VII. TRANSFER AND ASSIGNMENT OF INTERESTS

 

7.1Transfer and Assignment of Interests.
Except as expressly provided in this Agreement, a Member shall not transfer any part of the Member’s Interest, whether now
owned or later acquired, unless the Manager and the non-transferring Members approve the transferee’s admission to the Company
as a Member upon such transfer. Except as provided in this Agreement, no Member may encumber or permit or suffer any encumbrance
of all or any part of the Member’s Interest unless such encumbrance has been approved in writing by the Manager. With respect
to both a proposed transfer and any encumbrance, such approval may be granted or withheld in the Manager’s sole discretion.
Any transfer or encumbrance of an Interest without such approval shall be void. Notwithstanding any other provision of this Agreement
to the contrary, a Member who is a natural person may transfer all or any portion of his or her Interest to any revocable trust
created for the benefit of the Member, or any combination between or among the Member, the Member’s spouse, and the Member’s
immediate family; provided that the Member retains a beneficial interest in the trust and all of the voting Interest included in
such Interest and, provided further, the Manager is provided with prior written notice of such transfer. A transfer of a Member’s
beneficial interest in such trust, or failure to retain such voting Interest, shall be deemed a transfer of an Interest.

 

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7.1AIn connection
with the KeyBank Loan to
the Company, the OP has pledged all
of its membership
interests in the Company to
KeyBank National Association,
as Agent, ("Agent") pursuant to one
or more pledge
agreements (the "Pledge Agreements"). Except for the
Pledge Agreements, no Member may sell, transfer, assign, pledge (other than
the Pledge Agreements) or in any other manner whatsoever
alienate such Member's interest in the
Company without the prior written
consent of Agent so long as
the KeyBank Loan is outstanding.
All parties acquiring an interest
in or to any
Member's membership
interests in the Company
are hereby put on notice of
the existence of the Pledge Agreements and shall be subject
to the terms hereof (which include, without limitation, restrictions
on the transferability of membership interests in
the Company). The
Company, all of the Members, and
Manager hereby (i) consent to
the Pledge Agreements, (ii) acknowledge that the
pledge of the membership interests in the Company
shall be a pledge
not only of profits and losses of
the Company but also a pledge of all rights and
obligations of the OP, (iii) consent to the
transfer of membership interests that may occur in connection
with the enforcement of the Pledge
Agreements and
agree that upon a foreclosure, sale
or other transfer of the
membership interests of the Company pursuant to
the Pledge Agreements, the holder of such
membership interests
(whether Agent or any purchaser from
Agent) shall, upon the execution of a counterpart to
this Agreement or a bill of sale or
an assignment of membership
interests, automatically be admitted as a
Member of the Company with all of the rights
and obligations of the Members hereunder. Notwithstanding anything to
the contrary in this Agreement,
(i) membership interests in the Company shall be uncertificated (that
is, not evidenced by any certificate) and the Members
and the Company shall
not take any action to opt into Article
8 of the Uniform Commercial Code as in effect in the
State of Delaware or to have any
membership interests be
a "security" as
defined in Article 8 of the Uniform
Commercial Code as in effect in the State
of Delaware, and (ii) additional membership interests
shall not be issued without the prior
written consent of Agent. This paragraph may not be
amended or modified without Agent's written consent until after
the KeyBank Loan is paid and discharged in full.

 

7.2Further Restrictions on Transfer
of Interests. In addition to other restrictions found in this Agreement, no Member shall transfer, assign, convey, sell, encumber
or in any way alienate all or any part of its Interest: (A) without compliance with all federal and state securities laws,
(B) if the Interest to be transferred, when added to the total of all other Interests transferred in the preceding twelve
(12) consecutive months prior thereto, would cause the tax termination of the Company under Code Section 708(b)(1)(B), or (C) if
such transfer would cause the number of holders of the Company’s securities to exceed 100 or such other number as may be
permitted for purposes of determining that the Company is exempt from the Securities Exchange Act of 1934, as amended, or the Investment
Company Act of 1940, as amended, or for purposes of determining whether the Company is a “publicly traded partnership”
within the meaning of Section 7704 of the Code.

 

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7.3Buy Sell Option. 

 

(a)Buy Sell Option. For so long
as OP remains a Member of the Company, OP shall have the right, at any time, to initiate the provisions of this Section 7.3 (the
“Buy Sell Option”). Should OP desire to exercise the Buy Sell Option, OP shall do so by giving notice (the “Initiating
Notice”) to GLB setting forth a statement of intent to invoke its rights under this Section 7.3. The purchase price of
the Interest shall be based upon an estimate of the respective amounts that would be received by the Members pursuant to Section
6.6 (subject to adjustment on the Buy Sell Closing Date for outstanding cash balances, accounts payable and accounts receivable
less than 30 days past due) assuming that all of the Properties and assets of the Company were sold for the Net Asset Valuation
Amount (as defined below), the Company had paid all Company and Subsidiary liabilities (including all mortgage loans and any and
all prepayment premiums on such mortgage loans assuming such mortgage loans were required to be prepaid in full on the Buy Sell
Closing Date) and any and all applicable transfer taxes, document stamps, or similar fees that would be incurred if the Company
and its Subsidiaries, if any, sold all of the Properties and distributed the net proceeds to the Members pursuant to Section 6.6
hereof (the “B/S Distribution Amount”). For the purposes of this Agreement, “Net Asset Valuation Amount”
means the net asset value of the Company using third party appraisals for all of the Properties of the Company free and clear of
all liabilities (other than then-existing mortgage loans), assuming that no Capital Contributions are made or Capital Proceeds
distributed between the date of the Initiating Notice and the Buy Sell Closing Date. After receipt of an Initiating Notice, GLB
shall, within thirty (30) days thereafter, elect to exercise its option to sell or purchase by giving written notice of its election
(the “Electing Notice”) to OP:

 

(i)to purchase the Interest
of OP for the B/S Distribution Amount allocable to OP on the Buy Sell Closing Date, or

 

(ii)to sell to OP GLB’s
Interest for the B/S Distribution Amount allocable to GLB on the Buy Sell Closing Date.

 

If GLB does not deliver such Electing Notice
within said period, then GLB shall be deemed to have elected to sell GLB’s Interest to OP. Notwithstanding the foregoing,
in the event of an election by GLB to purchase the Interest of OP, such purchase and transfer of such Interest shall be subject
to the prior written consent of the Agent. Within three (3) Business Days after an election has been made under this Section 7.3(a)
(whether deemed or otherwise) the acquiring Member shall deposit with an escrow agent selected by the acquiring Member but not
Affiliated with the acquiring Member and reasonably acceptable to the selling Member, an earnest money deposit in an amount equal
to one percent (1%) of the applicable B/S Distribution Amount, which deposit will be applied to the purchase price at closing.
The acquiring Member may assign its right to acquire the Interest to another party designated by the acquiring Member only contemporaneously
with the closing under Section 7.3(b), and so long as the acquiring Member remains liable for such purchase.

 

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(b)Closing. The closing of an acquisition
pursuant to Section 7.3 shall be held at the principal place of business of the Company on a mutually acceptable date (the “Buy
Sell Closing Date”) not later than ninety (90) days after the Initiating Notice. At the closing of the disposition and
acquisition of such interests the following shall occur:

 

(i)the selling Member’s
entire Interest shall be assigned to the acquiring Member or its designee, free and clear of all liens and security interests,
and the Company, any applicable subsidiaries and the selling Member shall execute and deliver to the acquiring Member or its designee
all documents which may be reasonably required to give effect to the transfer of such Interest;

 

(ii)if any non-acquiring
Member holds (i.e., is owed) any loans from the Company or a Subsidiary as of the Buy Sell Closing Date, then such loans shall
be paid out of the Capital Proceeds from such sale (or assigned, if applicable) as an expense;

 

(iii)the Company shall pay
for any and all transfer or similar taxes, recording fees, title insurance premiums or fees and other closing costs in connection
with such transfer except in the case where there is a Buy Sell Default in which event the defaulting Member shall pay such costs;
and

 

(iv)the acquiring Member
shall pay the selling Member the selling Member’s B/S Distribution Amount, as the purchase price for the selling Member’s
entire Interest, in cash or other immediately available funds.

 

(c)Buy-Sell Default.

 

(i)If the acquiring Member
(for such purposes the “Defaulted Acquirer”) should default in its obligation to buy in accordance with Section
7.3(b), the other Member (for such purposes, the “Replacement Acquirer”) shall exercise one of the following
alternative remedies within thirty (30) days after the Defaulted Acquirer’s default as the Replacement Acquirer’s sole
and exclusive remedy for such default:

 

(1)The Replacement Acquirer may elect
to purchase the Defaulted Acquirer’s Interest on the terms set forth above in Sections 7.3(a) and Section 7.3(b) hereof (including
payment of the 1% earnest money deposit), such closing to occur not later than 270 days after the Initiating Notice on a date selected
by the Replacement Acquirer upon not less than fifteen (15) Business Days’ notice to the Defaulted Acquirer, except that
the purchase price shall be ninety percent (90%) of the Defaulted Acquirer’s B/S Distribution Amount under Section 7.3(a)
hereof; or

 

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(2)The Replacement Acquirer may receive
the earnest money deposit as full liquidated damages for such default of the Defaulted Acquirer, the Members hereby acknowledging
and agreeing that it is impossible to more precisely estimate the damages to be suffered by the Replacement Acquirer upon the Defaulted
Acquirer’s default and the Members acknowledge and agree that the earnest money deposit which may be received by the Replacement
Acquirer is intended not as a penalty, but as full liquidated damages for such default of the Defaulted Acquirer. In the event
the Defaulted Acquirer failed to make its earnest money deposit as required in Section 7.3(a) hereof and the Replacement Acquirer
has elected its remedy under this Section 7.3(c), then the Replacement Acquirer shall have the right to recover an award or judgment
against the Defaulted Acquirer in the amount of such required earnest money deposit, together with its reasonable attorneys’
fees and costs incurred in obtaining such award or judgment.

 

(ii)If the non-acquiring
Member should default in its obligation to transfer its Interest in accordance with Section 7.3(b), the acquiring Member shall
exercise one of the following alternative remedies within thirty (30) days after the non-acquiring Member’s default as the
acquiring Member’s sole and exclusive remedy for such default:

 

(1)The acquiring Member shall be entitled
to demand and receive a return of its earnest money deposit previously deposited with an escrow agent, in which event after return
of such deposit, the non-acquiring Member’s default hereunder shall be deemed waived; or

 

(2)The acquiring Member shall be entitled
to seek specific performance of the non-acquiring Member’s obligations under Section 7.3(b), the Members’ expressly
agreeing that the remedy at law for breach of the obligations of the non-acquiring Member set forth in this Section 7.3(c) is inadequate
in view of (A) the complexities and uncertainties in measuring the actual damage to be sustained by the acquiring Member on account
of the default of the selling Member; and (B) the uniqueness of the Company business and the Members’ relationships.

 

(d)Payment of Debts. If, at the
Buy Sell Closing Date, the non-acquiring Member has any outstanding debts to the Company or the acquiring Member, all proceeds
of the purchase price for such exercise will be paid to the Company or the acquiring Member (pro rata in accordance with the amounts
owed by the non-acquiring Member to each) for and on behalf of the non-acquiring Member until all such debts will have been paid
and discharged in full.

 

(e)Release of Capital Contribution
Obligations. At the time of closing pursuant to Section 7.3(b), each non-acquiring Member will be released from any further
obligation to make Capital Contributions to the Company.

 

(f)Offset. At the time of closing
pursuant to Section 7.3(b), the acquiring Member will be entitled to deduct from the amounts otherwise payable to the Company any
and all amounts owed to the acquiring Member, including damages owed by the non-acquiring Member by reason of any Event of Default,
to the extent agreed by the parties or to the extent such damages have been reduced to an arbitration award or a final nonappealable
judgment, as applicable.

 

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(g)Minimum Purchase Price. Notwithstanding
anything to the contrary contained in this Agreement, in no event will the purchase price paid for an Interest pursuant to Section
7.3(a), 7.3(b) or 7.3(c) be less than Ten Dollars ($10.00).

 

(h)Operations In Pre-Closing Period.
From the date of the Initiating Notice until the date the closing occurs under Sections 7.3(b) or 7.3(c), as applicable, or, if
earlier, the date on which the Members agree not to proceed with such closing, the Company and the applicable Subsidiaries will
continue to be operated in the ordinary course, as if the closing were not going to occur, the Members and the Manager will continue
to have all power and authority granted in this Agreement (including the power to make distributions), and the Members and the
Manager will exercise their power and authority in good faith and without regard to the fact that such closing may occur; provided,
however, that, any Capital Contributions made by the non-acquiring Member to the Company during such period shall be added to and
increase the B/S Distribution Amount otherwise payable to the non-acquiring Member (without double-counting for the adjustments
specified in the definition of B/S Distribution Amount), and neither the Company nor any subsidiary shall enter into any contracts
or agreements, or otherwise agree, to sell or otherwise dispose of any Properties; except that (1) the Company and each subsidiary
shall be authorized to consummate any transactions which were the subject of binding contractual obligations entered into prior
to the commencement of such period, and (2) in the event that during such period the selling Member fails to make a Capital Contribution
for the acquisition of another Property that has been approved in advance by the Members, then the acquiring Member may, in addition
to and without waiver of any and all other rights and remedies it may have under this Agreement, advance such Capital Contributions
to the Company.

 

Article
VIII. ACCOUNTING, RECORDS, REPORTING BY MEMBERS

 

8.1Books and Records. The books
and records of the Company shall be kept, and the financial position and the results of its operations recorded, in accordance
with generally accepted accounting principles and the accounting methods followed for federal income tax purposes. The books and
records of the Company shall reflect all the Company transactions and shall be appropriate and adequate for the Company’s
business. The Company shall maintain at its principal office all of the following:

 

(a)A current list of the full name and
last known business or residence address of each Member, together with the Capital Contributions, Capital Account and Percentage
Interest held by each Member;

 

(b)A current list of the full name and
address of the Manager;

 

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(c)A copy of the Certificate and any and
all amendments thereto together with executed copies of any powers of attorney pursuant to which the Certificate or any amendments
thereto have been executed;

 

(d)Copies of the Company’s federal,
state and local income tax or information returns and reports, if any, for the six (6) most recent taxable years;

 

(e)A copy of this Agreement and any and
all amendments hereto together with executed copies of any powers of attorney pursuant to which this Agreement or any amendments
hereto have been executed;

 

(f)Copies of the financial statements
of the Company, if any, for the six (6) most recent Fiscal Years; and

 

(g)The Company’s books and records
as they relate to the internal affairs of the Company for at least the current and past four (4) Fiscal Years.

 

8.2Reports. The Company shall
cause to be filed, in accordance with the Act, all reports and documents required to be filed with any governmental agency. The
Company shall cause to be prepared at least annually information concerning the Company’s operations necessary for the completion
of the Members’ federal and state income tax returns. The Company shall send or cause to be sent to each Member, within sixty
(60) days after the end of each taxable year, such information concerning the Company as is necessary to complete the Members’
federal and state income tax or information returns. The Company shall provide each Member with a copy of the Company’s federal,
state, and local income tax or information returns for the year.

 

8.3Bank Accounts. The Manager
shall maintain the funds of the Company in one or more separate bank accounts in the name of the Company, and shall not permit
the funds of the Company to be commingled in any fashion with the funds of any other Person.

 

Article
IX. ARTICLE IX. DISSOLUTION AND WINDING UP

 

9.1Dissolution. The Company shall
be dissolved, its assets shall be disposed of, and its affairs wound up on the first to occur of the following:

 

(a)The happening of any event of dissolution
specified in the Certificate;

 

(b)The entry of a decree of judicial dissolution;

 

(c)The unanimous vote or consent of the
Members; or

 

(d)The sale of all or substantially all
of the assets of the Company.

 

9.2Certificate of Dissolution.
As soon as practicable following the occurrence of any of the events specified in Section 9.1, the Manager shall execute a
Certificate of Dissolution in such form as shall be prescribed by the Delaware Secretary of State and file the Certificate of Dissolution
as required by the Act. Dissolution of the Company shall be effective on the date which the event occurs giving rise to the dissolution,
but the Company shall not terminate until the Certificate of Dissolution shall have been cancelled and the assets of the Company
shall have been distributed as provided herein.

 

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9.3Winding Up. Upon the dissolution
of the Company, the Company’s assets shall be disposed of and its affairs wound up. The Company shall give written notice
of the commencement of the dissolution to all of its known creditors.

 

9.4Order of Payment Upon Dissolution.
The assets and proceeds on liquidation shall be applied in the following order:

 

(a)To creditors, including Members who
are creditors, to the extent permitted by law and in accordance with their relative rights of priority, if any; and

 

(b)All remaining assets and proceeds shall
be distributed pro rata to the Members in accordance with their positive Capital Account balances, after taking into account the
allocation of Profits and Losses for the Company’s Fiscal Year during which the liquidation occurs.

 

9.5Limitations on Payments Made in
Dissolution. Except as otherwise specifically provided in this Agreement, each Member shall only be entitled to look to the
assets of the Company for the return of its positive Capital Account balance and shall have no recourse for its Capital Contribution
and/or share of income or gain of the Company (upon dissolution or otherwise) against the Manager or any other Member.

 

9.6Distributions in Kind. The
Manager may make dissolution distributions to the Members in cash or distribute Company assets in kind, and the distribution of
any such assets in kind shall be made on the basis of the fair market value of such asset as of the date of distribution, as determined
by the Manager in good faith. The Capital Accounts of the Members shall be adjusted accordingly to preserve the economic interests
of the Members as the result of any distribution in kind.

 

9.7Certificate of Cancellation.
The Manager or Members who filed the Certificate of Dissolution shall cause to be filed in the office of, and on a form prescribed
by, the Delaware Secretary of State, a Certificate of Cancellation of the Certificate upon the completion of the winding up of
the affairs of the Company.

 

Article
X. EXCULPATION, INDEMNIFICATION AND INSURANCE

 

10.1Exculpation. No Manager,
Member nor any officer of the Company, shall, to the fullest extent permitted by law, be liable to the Company or any other person
for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Manager, Member or officer
of the Company, in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority
conferred on such person by this Agreement, except that each Manager, Member or officer of the Company shall be liable for any
such loss, damage or claim incurred by reason of such person’s gross negligence or willful misconduct.

 

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10.2Indemnification. The Company
shall defend and indemnify any Member or Manager and may indemnify any other Person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding by reason of the fact that it, he or she is or
was a Member, Manager, officer, employee or other agent of the Company or that, being or having been such a Member, Manager, officer,
employee or agent, it, he or she is or was serving at the request of the Company as a manager, director, officer, employee or other
agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise (all such persons
being referred to hereinafter as an “agent”), to the fullest extent permitted by applicable law in effect on the date
hereof and to such greater extent as applicable law may hereafter from time to time permit. The Manager shall be authorized, on
behalf of the Company, to enter into indemnity agreements from time to time with any Person entitled to be indemnified by the Company
hereunder, upon such terms and conditions as the Manager deems appropriate.

 

10.3Insurance. The Company shall,
to the extent commercially reasonable (as determined by the Manager), purchase and maintain insurance on behalf of any Person who
is or was an agent of the Company against any liability asserted against such Person and incurred by such Person in any such capacity,
or arising out of such Person’s status as an agent, whether or not the Company would have the power to indemnify such Person
against such liability under the provisions of Section 10.2 or under applicable law.

 

Article
XI. INVESTMENT REPRESENTATIONS

 

Each Member hereby represents and warrants
to, and agrees with, the Manager, the other Members, and the Company as follows:

 

11.1Preexisting Relationship or Experience.
By reason of his, her or its business or financial experience, or by reason of the business or financial experience of his, her
or its financial advisor who is unaffiliated with and who is not compensated, directly or indirectly, by the Company or any Affiliate
or selling agent of the Company, he, she or it is capable of evaluating the risks and merits of an investment in the Interest and
of protecting his, her or its own interests in connection with this investment.

 

11.2Investment Intent. He, she
or it is acquiring the Interest for investment purposes for his, her or its own account only and not with a view to or for sale
in connection with any distribution of all or any part of the Interest. No other Person will have any direct or indirect beneficial
interest in or right to the Interest.

 

11.3Accredited Investor. He,
she or it is an “accredited investor” as defined in Rule 501(c) promulgated by the Securities and Exchange Commission.

 

    	FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
TNP SRT SECURED HOLDINGS, LLC
34

    	 

    

 

11.4Purpose of Entity. If an
entity, it was not organized for the specific purpose of acquiring the Interest.

 

11.5Economic Risk. He, she or
it is financially able to bear the economic risk of an investment in the Interest, including the total loss thereof.

 

11.6No Registration of Interests.
He, she or it acknowledges that the Interest has not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or qualified under the securities laws of any state in reliance, in part, on his, her or its representations,
warranties and agreements herein.

 

11.7Investment in Restricted Security.
He, she or it understands that the Interest is a “restricted security” under the Securities Act in that the Interest
will be acquired from the Company in a transaction not involving a public offering, and that the Interest may be resold without
registration under the Securities Act only in certain limited circumstances and that otherwise the Interest must be held indefinitely.

 

11.8No Obligations to Register.
He, she or it acknowledges that the Company and the Manager are under no obligation to register or qualify the Interest under the
Securities Act or under any state securities law, or to assist her, him or it in complying with any exemption from registration
or qualification.

 

11.9No Disposition in Violation of
Law. Without limiting the representations set forth above, and without limiting Article VII of this Agreement, he, she
or it will not make any disposition of all or any part of the Interest which will result in the violation by her, him or it or
by the Company of the Securities Act, the DGCL, the Act or any other applicable securities law. Without limiting the foregoing,
he, she or it agrees not to make any disposition of all or any part of the Interest unless and until he, she or it has notified
the Company of the proposed disposition and, if requested by the Manager, has furnished the Company with a detailed statement of
the circumstances surrounding the proposed disposition, and, if requested by the Manager, he, she or it has furnished the Company
with a written opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration
of any securities under the Securities Act or the consent of or a permit from appropriate authorities under any applicable state
securities law.

 

11.10Investment Risk. He, she
or it acknowledges that the Interest is a speculative investment which involves a substantial degree of risk of loss of an entire
investment in the Company, that he, she or it understands and takes full cognizance of the risks related to the purchase of the
Interest, and that the Company is newly organized and has no financial or operating history.

 

11.11Investment Experience. He,
she or it is an experienced investor in unregistered and restricted securities of limited liability companies.

 

    	FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
TNP SRT SECURED HOLDINGS, LLC
35

    	 

    

 

11.12Restrictions on Transferability.
He, she or it acknowledges that there are substantial restrictions on the transferability of the Interest pursuant to this Agreement,
that there is no public market for the Interest and none is expected to develop, and that, accordingly, it may not be possible
to liquidate his, her or its investment in the Company.

 

11.13Information Reviewed. He,
she or it has received and reviewed this Agreement and all other information he, she or it considers necessary or appropriate for
deciding whether to purchase the Interest. He, she or it has not relied on any oral statements or representations not otherwise
set forth in writing in making his, her or its investment decision.

 

11.14Tax Consequences. He, she
or it acknowledges that the tax consequences of investing in the Company will depend on his, her or its particular circumstances,
and neither the Company, the Manager, the Members, nor the partners, shareholders, members, managers, agents, officers, directors,
employees, Affiliates or consultants of any of them will be responsible or liable for the tax consequences to him, her or it of
an investment in the Company. He, she or it will look solely to, and rely upon, his, her or its own advisers with respect to the
tax consequences of this investment.

 

11.15No Assurance of Tax Benefits.
He, she or it acknowledges that there can be no assurance that the Code or the Treasury Regulations will not be amended or interpreted
in the future in such a manner so as to deprive the Company and the Members of some or all of the tax benefits they might now receive
nor that some of the deductions claimed by the Company or the allocations of items of income, gain, loss, deduction or credit among
the Members may not be challenged by the Internal Revenue Service.

 

11.16Indemnity. He, she or it
shall defend, indemnify and hold harmless the Company, the Manager, each and every other Member, and any officers, directors, shareholders,
managers, members, employees, partners, agents, attorneys, registered representatives and control persons of any such entity who
was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative, by reason of or arising from any misrepresentation or misstatement of facts or
omission to represent or state facts made by him, her or it including, without limitation, the information in this Agreement, against
losses, liabilities and expenses of the company, the Manager, each and every other Member, and any officers, directors, shareholders,
managers, members, employees, partners, attorneys, accountants, agents, registered representatives and control persons of any such
Person (including attorneys’ fees, judgments, fines and amounts paid in settlement, payable as incurred) incurred by such
person in connection with such action, suit, proceeding or the like.

 

Article
XII. MISCELLANEOUS

 

12.1Complete Agreement. This
Agreement and the Certificate constitute the complete and exclusive statement of agreement among the Members and the Manager with
respect to the subject matter herein and therein and replace and supersede all prior written and oral agreements or statements
by and among the Members and the Manager or any of them. No representation, statement, condition or warranty not contained in this
Agreement or the Certificate will be binding on the Members or the Manager or have any force or effect whatsoever. To the extent
that any provision of the Certificate conflicts with any provision of this Agreement, the Certificate shall control.

 

    	FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
TNP SRT SECURED HOLDINGS, LLC
36

    	 

    

 

12.2Binding Effect. Subject to
the provisions of this Agreement relating to transferability, this Agreement will be binding upon and inure to the benefit of the
Members and their respective successors and assigns.

 

12.3Parties in Interest. Except
as expressly provided in the Act, nothing in this Agreement shall confer any rights or remedies under or by reason of this Agreement
on any Persons other than the Members and the Manager and their respective successors and permitted assigns nor shall anything
in this Agreement relieve or discharge the obligation or liability of any third person to any party to this Agreement, nor shall
any provision give any third person any right of subrogation or action over or against any party to this Agreement.

 

12.4Pronouns; Statutory References.
All pronouns and all variations thereof shall be deemed to refer to the masculine, feminine, or neuter, singular or plural, as
the context in which they are used may require. Any reference to the Code, the Treasury Regulations, the Act, the DGCL, the Securities
Act or other statutes or laws will include all amendments, modifications or replacements of the specific sections and provisions
concerned.

 

12.5Headings. All headings herein
are inserted only for convenience and ease of reference and are not to be considered in the construction or interpretation of any
provision of this Agreement.

 

12.6Interpretation. In the event
any claim is made by any Member relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of
proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular
Member or its counsel.

 

12.7References to this Agreement.
Numbered or lettered articles, sections and subsections herein contained refer to articles, sections and subsections of this Agreement
unless otherwise expressly stated.

 

12.8Exhibits. All Exhibits attached
to this Agreement are incorporated and shall be treated as if set forth herein.

 

12.9Severability. If any provision
of this Agreement or the application of such provision to any person or circumstance shall be held invalid, the remainder of this
Agreement or the application of such provision to persons or circumstances other than those to which it is held invalid shall not
be affected thereby.

 

12.10Additional Documents and Acts.
Each Member agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may
be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement
and the transactions contemplated hereby.

 

    	FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
TNP SRT SECURED HOLDINGS, LLC
37

    	 

    

 

12.11Notices. Any notice to be
given or to be served upon the Company or any party hereto in connection with this Agreement must be in writing (which may include
facsimile) and will be deemed to have been given and received when delivered to the address specified by the party to receive the
notice. Such notices will be given to a Member or the Manager at the address specified in Exhibit A or Exhibit B
hereto. Any party may, at any time by giving five (5) business days’ prior written notice to the other parties, designate
any other address in substitution of the foregoing address to which such notice will be given.

 

12.12Amendments. All amendments
to this Agreement must be in writing and approved and executed by all of the Members. Sections 3.5 and 4.1 of this Agreement specifies
certain changes to this Agreement which shall not be deemed to be amendments to this Agreement for purposes of this Section 12.12.

 

12.13Reliance on Authority of Person
Signing Agreement. Neither the Company nor any Member will be required to determine the authority of the individual signing
this Agreement to make any commitment or undertaking on behalf of such entity or to determine any fact or circumstance bearing
upon the existence of the authority of such individual.

 

12.14No Interest in Company Property;
Waiver of Action for Partition. No Member has any interest in specific property of the Company. Without limiting the foregoing,
each Member irrevocably waives during the term of the Company any right that he, she or it may have to maintain any action for
partition with respect to the property of the Company.

 

12.15Multiple Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same instrument.

 

12.16Remedies Cumulative. The
remedies under this Agreement are cumulative and shall not exclude any other remedies to which any person may be lawfully entitled.

 

[Remainder of this page intentionally left blank]

 

 

    	FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
TNP SRT SECURED HOLDINGS, LLC
38

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
or caused to be executed this Limited Liability Company Agreement for TNP SRT Secured Holdings, LLC, a Delaware limited liability
company, as of the date first set forth above.

 

	 	MEMBERS:
	 	 	 
	 	TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, L.P.,

 AS MEMBER OF TNP SRT SECURED HOLDINGS, LLC
	 	 	 
	 	By:	TNP STRATEGIC RETAIL TRUST, INC., AS GENERAL PARTNER OF TNP STRATEGIC RETAIL OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	By:  	/s/ Jeffrey S. Rogers
	 	 	Jeffrey S. Rogers
	 	 	 
	 	 	 
	 	SRT SECURED HOLDINGS MANAGER, LLC,
	 	AS MEMBER OF TNP SRT SECURED HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Andrew Bainovich
	 	Name:	 Andrew Bainovich
	 	Title:	CEO
	 	 	 
	 	MANAGER:
	 	 	 
	 	SRT SECURED HOLDINGS MANAGER, LLC,
	 	AS MANAGER OF TNP SRT SECURED HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Andrew Bainovich
	 	Name:	 Andrew Bainovich
	 	Title:	CEO

 

    	FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT
TNP SRT SECURED HOLDINGS, LLC
39

    	 

    

 

EXHIBIT A

 

CAPITAL CONTRIBUTION AND ADDRESSES OF MEMBERS

AS OF JULY __, 2013

	Member’s Name and Address	 	Member’s
 Capital
 Contribution	 	Percentage Interest	 
	TNP Strategic Retail Operating Partnership, LP	 	As indicated on Exhibit A to the Original Agreement	 	 	88.0	%
	 	 	 	 	 	 	 
	Address:
 4695 MacArthur Court, Suite 1100, 
 Newport Beach, CA 92660	 	 	 	 	 	 
	 	 	 	 	 	 	 
	SRT SECURED HOLDINGS MANAGER, LLC	 	Cash in the amount of 
 $1,929,088.00	 	 	12.0	%
	 	 	 	 	 	 	 
	Address:
 400 S. El Camino Real, Suite 1100
 San Mateo, CA 94402	 	 	 	 	 	 
	 	 	 	 	 	 	 
	TOTAL:	 	 	 	 	100.00	%

 

 

 

First
Amended and Restated Limited Liability Company Agreement

TNP
SRT Secured Holdings, LLC

Exhibit
A

    	 

    	 

    

 

EXHIBIT B

 

NAME AND ADDRESS OF MANAGER

AS OF JULY __, 2013

 

	Manager	Address
	SRT SECURED HOLDINGS MANAGER, LLC	400 S. El Camino Real, Suite 1100 San Mateo, CA  94402
	 	 
	 	 
	 	 
	 	 

 

 

 

First
Amended and Restated Limited Liability Company Agreement

TNP
SRT Secured Holdings, LLC

Exhibit
B

    	 

    	 

    

 

	ARTICLE I. DEFINITIONS	1
	ARTICLE II. ORGANIZATIONAL MATTERS	7
	2.1	Formation	7
	2.2	Name	7
	2.3	Term	7
	2.4	Office and Agent	7
	2.5	Names and Addresses of the Members and the Manager	8
	2.6	Purpose of the Company	8
	2.7	Powers	8
	2.8	Title to Company Property	9
	2.9	Failure to Observe Formalities	9
	2.10	No Partnership Intended for Nontax Purposes	10
	2.11	Liability of Members and Manager to Third Parties; Reliance by Third-Party Creditors	10
	ARTICLE III. CAPITAL CONTRIBUTIONS	11
	3.1	Initial Capital Contributions	11
	3.2	Additional Capital Contributions	11
	3.3	Failure To Make Project Capital Contributions Or Additional Capital Contributions	12
	3.4	Capital Accounts	12
	3.5	Schedules	13
	3.6	Rights Regarding Capital Contributions	13
	3.7	Deficit Capital Accounts	13
	ARTICLE IV. MEMBERS	13
	4.1	Procedures for Admission	13
	4.2	Limited Liability	14
	4.3	Withdrawals or Resignations	14
	4.4	Competing Activities	14
	4.5	Transactions with the Company	14
	4.6	Remuneration to Members	14
	4.7	Members are not Agents	14
	4.8	Voting Rights	14
	4.9	Meetings of and Voting by Members	15

 

    	40

    	 

    

 

	ARTICLE V. MANAGEMENT AND CONTROL OF THE COMPANY	15
	5.1	Management of the Company by Manager	15
	5.2	Meetings of Manager	15
	5.3	Election of Manager	15
	5.4	Powers of the Manager	16
	5.5	Member’s Right Of First Offer	20
	5.6	Compensation And Management Fees	20
	5.7	Business Plan	22
	5.8	Performance of Duties; Liability of Manager; Fiduciary Standard	22
	5.9	Devotion of Time	23
	5.10	Transactions between the Company and the Manager	23
	5.11	Limited Liability	23
	5.12	Officers	23
	5.13	Tax Matters Partner	23
	ARTICLE VI. ALLOCATIONS OF PROFITS AND LOSSES  AND DISTRIBUTIONS	24
	6.1	Allocations of Profits and Losses:	24
	6.2	Special Allocations	24
	6.3	Transfer of Interests During Taxable Year	25
	6.4	Tax Allocations	25
	6.5	Section 754 Election	25
	6.6	Distributions by the Company	25
	6.7	Book-Up of Company Assets	26
	ARTICLE VII. TRANSFER AND ASSIGNMENT OF INTERESTS	26
	7.1	Transfer and Assignment of Interests	26
	7.2	Further Restrictions on Transfer of Interests	27
	7.3	Buy Sell Option	28
	ARTICLE VIII. ACCOUNTING, RECORDS, REPORTING BY MEMBERS	31
	8.1	Books and Records	31
	8.2	Reports	32
	8.3	Bank Accounts	32

 

    	41

    	 

    

 

	ARTICLE IX. ARTICLE IX.  DISSOLUTION AND WINDING UP	32
	9.1	Dissolution	32
	9.2	Certificate of Dissolution	32
	9.3	Winding Up	33
	9.4	Order of Payment Upon Dissolution	33
	9.5	Limitations on Payments Made in Dissolution	33
	9.6	Distributions in Kind	33
	9.7	Certificate of Cancellation	33
	ARTICLE X. EXCULPATION, INDEMNIFICATION AND INSURANCE	33
	10.1	Exculpation	33
	10.2	Indemnification	34
	10.3	Insurance	34
	ARTICLE XI. INVESTMENT REPRESENTATIONS	34
	11.1	Preexisting Relationship or Experience	34
	11.2	Investment Intent	34
	11.3	Accredited Investor	34
	11.4	Purpose of Entity	35
	11.5	Economic Risk	35
	11.6	No Registration of Interests	35
	11.7	Investment in Restricted Security	35
	11.8	No Obligations to Register	35
	11.9	No Disposition in Violation of Law	35
	11.10	Investment Risk	35
	11.11	Investment Experience	35
	11.12	Restrictions on Transferability	36
	11.13	Information Reviewed	36
	11.14	Tax Consequences	36
	11.15	No Assurance of Tax Benefits	36
	11.16	Indemnity	36
	ARTICLE XII. MISCELLANEOUS	36
	12.1	Complete Agreemen	36
	12.2	Binding Effect	37

 

    	42

    	 

    

 

	12.3	Parties in Interest	37
	12.4	Pronouns; Statutory References	37
	12.5	Headings	37
	12.6	Interpretation	37
	12.7	References to this Agreement	37
	12.8	Exhibits	37
	12.9	Severability	37
	12.10	Additional Documents and Acts	37
	12.11	Notices	38
	12.12	Amendments	38
	12.13	Reliance on Authority of Person Signing Agreement	38
	12.14	No Interest in Company Property; Waiver of Action for Partition	38
	12.15	Multiple Counterparts	38
	12.16	Remedies Cumulative	38

 

    	43Exhibit 10.1

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT  AGREEMENT (this "Agreement") is dated as of July 1st, 2013
(the  "Effective  Date"),  and  is by  and  between  Tungsten  Corp.,  a  Nevada
corporation (the "Corporation"), and Guy Martin (the "Executive").

     WHEREAS, the Corporation desires to employ the Executive, and the Executive
desires to be employed by the  Corporation  and to render services to it, on the
terms and subject to the conditions in this Agreement.

     NOW,  THEREFORE,  in  consideration  of the  premises  and  the  respective
undertakings  of  the  Corporation  and  the  Executive  set  forth  below,  the
Corporation and the Executive agree as follows:

     1.  EMPLOYMENT.  The  Corporation  hereby  employs  the  Executive  in  the
positions of Chief Executive  Officer and President,  and the Executive  accepts
such  employment  and agrees to perform  services for the  Corporation,  for the
period and upon the other terms and conditions set forth in this  Agreement.  As
Chief  Executive  Officer,  the  Executive  shall be  responsible  for:  (i) the
day-to-day  operations of the  Corporation;  (ii) the development of a strategic
course of  direction  for the  Corporation;  (iii)  developing  a strong team of
managers  for the  Corporation  reporting  to the Chief  Executive  Officer  and
ensuring  that each have a  competent  replacement;  (iv)  developing  an annual
operating plan for the Corporation to be submitted to the Corporation's Board of
Directors (the "Board") against which (as modified and/or approved by the Board)
the  Executive  and the  Executive's  management  team will be measured  and, if
appropriate,  compensated with bonus; and (v) such other duties, consistent with
the Executive's  position,  as the Board may delegate to the Executive from time
to time.

     The Executive shall report to the Board.

     The  Executive  shall devote  sufficient  business  time and efforts to the
performance of the Executive's duties and responsibilities  under this Agreement
and to the business and affairs of Corporation, its subsidiaries and affiliates.
The Executive may engage in personal,  charitable,  professional  and investment
activities to the extent such activities do not materially conflict or interfere
with  the  Executive's  duties  and  obligations  under  this  Agreement  or the
Executive's  ability to  perform  his  duties  and  responsibilities  under this
Agreement.  The  Corporation  recognizes that the Executive is not employed on a
full time basis and has outside  business  interests  whereby the  Executive may
serve in the capacity of officer and/or  director of other public and/or private
entities pursuant to Section 6.

     2. TERM. The "Term" shall,  unless sooner terminated as provided herein, be
a period of two (2) years  commencing  on the  Effective  Date and ending at the
close of business on the day before the second anniversary of the Effective Date
(day before the second  anniversary  of the Effective Date is referred to as the
"Initial Extension Date").  Notwithstanding the preceding  sentence,  on Initial
Extension Date and on each annual anniversary of the Initial Extension Date (the
Initial Extension Date and each annual anniversary  thereof is referred to as an
"Extension  Date"),  the Term shall be automatically  extended through and shall
end with the close of business on the first (1st)  anniversary of that Extension
Date (for example, on the Initial Extension Date, the Period of Employment shall
be  automatically  extended  through the close of business on the day before the
third anniversary of the Effective Date),  unless at least sixty (60) days prior
to such Extension  Date, the Corporation or the Executive has provided the other
with written notice that the Term shall not be extended or further extended,  as
the case may be. The term "Term" shall include any extension thereof pursuant to
the preceding sentence.  Provision of notice that the Term shall not be extended
or further  extended,  as the case may be, shall not constitute a breach of this
Agreement, and shall not entitle the Executive to severance benefits pursuant to
Section 7.

                                       1
<PAGE>
     3. COMPENSATION.

     3.1 BASE SALARY. As compensation in full for the services to be rendered by
the Executive under this Agreement during the Term, the Corporation shall pay to
the  Executive  a base  salary  (the "Base  Salary")  at a monthly  rate of Five
Thousand  Dollars  ($5,000)  per  month,  which  Base  Salary  shall  be paid in
accordance with the Corporation's  normal payroll  procedures and policies.  The
Base Salary shall be subject to annual upward (but not downward)  adjustments as
shall be approved by the Compensation  Committee of the Board (the  "Committee")
based upon the extent of the Corporation and the Executive's activities.

     3.2 BONUS  COMPENSATION.  The  Corporation  shall pay the  Executive  bonus
compensation  in addition to the  Executive's  Base Salary as  determined by the
Committee.

     3.3  PARTICIPATION  IN BENEFIT PLANS.  During the Term, the Executive shall
also be entitled to participate in all employee benefit plans or programs of the
Corporation to the extent that his position,  title, tenure, salary, age, health
and other qualifications make him eligible to participate in accordance with the
terms of the applicable plans or programs.  The Corporation intends to implement
an employee stock option plan, and Executive shall be eligible to receive awards
of stock options,  restricted stock,  restricted stock units, stock appreciation
rights, performance units and performance shares or other equity awards pursuant
to the employee stock option plan or any other arrangements the Company may have
in effect from time to time.  The Board or the Committee  will  determine in its
discretion  the amount of any such award to  Executive  in  accordance  with the
terms of the employee stock option plan in effect at the time of grant.

     3.4 WITHHOLDING  TAXES.  The Corporation may withhold from any compensation
or other benefits  payable under this  Agreement,  all federal,  state,  city or
other  taxes  as  shall  be  required  to be  withheld  pursuant  to any  law or
governmental regulation or ruling.

     4. CONFIDENTIAL INFORMATION.  Except as provided below, the Executive shall
not,  during  the  Term or at any  time  thereafter,  divulge,  furnish  or make
accessible to anyone or use in any way (other than in the ordinary course of the
business  of  the   Corporation  or  any  of  its  respective   affiliates)  any
confidential  or secret  knowledge or information of the  Corporation  which the
Executive  has  acquired  or become  acquainted  with or will  acquire or become
acquainted  with prior to the termination of the period of his employment by the
Corporation  (including  employment  by the  Corporation  or any  affiliated  or
predecessor companies prior to the date of this Agreement), whether developed by
himself or by  others,  concerning  any trade  secrets,  confidential  or secret
designs,  processes,  formulae,  plans,  devices  or  material  (whether  or not
patented  or  patentable)  directly  or  indirectly  useful in any aspect of the
business of the Corporation,  any customer or supplier lists of the Corporation,
any confidential or secret  development or research work of the Corporation,  or
any other  confidential  information  or secret  aspects of the  business of the
Corporation.  The Executive  acknowledges that the above-described  knowledge or
information  constitutes  a unique and  valuable  asset of the  Corporation  and
represents a substantial investment of time and expense by the Corporation,  and
that any disclosure or other use of such knowledge or information other than for
the sole benefit of the  Corporation  and its  affiliates  would be wrongful and
would cause irreparable harm to the Corporation. Both during and after the Term,
the  Executive  shall  refrain from any acts or omissions  that would reduce the
value  of such  knowledge  or  information  to the  Corporation.  The  foregoing
obligations  of  confidentiality,  however,  shall not apply to any knowledge or
information  which is now  published  or which  subsequently  becomes  generally
publicly known,  other than as a direct or indirect result of the breach of this
Agreement by the Executive.  The foregoing  obligations of confidentiality shall
not, however,  limit the Executive's disclosure of information (1) to the extent
necessary to comply with government disclosure  requirements or other applicable

                                       2
<PAGE>
laws, (2) pursuant to subpoena or order of any judicial, legislative, executive,
regulatory  or  administrative  body,  or  for  the  Executive  to  enforce  the
Executive's rights under this Agreement,  (3) to employees,  advisors,  counsel,
financial  advisors and other third parties as may be necessary and  appropriate
in connection with the proper performance and enforcement of this Agreement; and
(4) pursuant to the Executive's normal reporting procedures as an executive of a
publicly  traded  company  (e.g.,  pursuant to  Sarbanes-Oxley  requirements  or
otherwise).

     5. VENTURES. If, during the Term, the Executive is engaged in or associated
with the planning or implementing of any project,  program or venture  involving
the  Corporation  and a third party or parties,  all rights with respect to such
project, program or venture shall belong to the Corporation.  Except as approved
by the Board,  the  Executive  shall not be  entitled  to any  interest  in such
project,  program  or  venture  or to any  commission,  finder's  fee  or  other
compensation  in  connection  therewith  other than the salary to be paid to the
Executive as provided in this Agreement.

     6. NONCOMPETITION COVENANT.

     6.1 AGREEMENT NOT TO COMPETE.  The Executive agrees that during the Term of
this  Agreement  and for a period  of six (6)  months  thereafter,  such six (6)
months not being  applicable  if the end of the Term is occasioned by a decision
by the Corporation not to renew the Agreement,  the Executive shall not, without
the written consent of the Board, directly or indirectly,  engage in competition
with the Corporation in any manner or capacity (e.g., as an advisor,  principal,
agent,  partner,  officer,  director,  stockholder,   employee,  member  of  any
association, or otherwise) in any phase of the business which the Corporation is
conducting  during the Term, as it relates to the  exploration,  development and
mining of tungsten, where tungsten is the main mineralization deposit; provided,
however,  that nothing  herein shall prevent the Executive  from  investing as a
less-than-five-percent (5%) stockholder in the securities of any company.

     6.2 SCOPE OF COVENANT.  The  obligations of the Executive under Section 6.1
shall  apply to any  geographic  area in which the  Corporation  has  engaged in
business during the Term.

     6.3  NON-SOLICITATION.  The Executive agrees that during the Term and for a
period of twenty-four  (24) months  thereafter,  he will not,  without the prior
written approval of the Board, hire, solicit or endeavor to entice away from the
Corporation or, following termination of the Executive's  employment,  otherwise
interfere  with the  relationship  of the  Corporation  with any employee of the
Corporation or one of its subsidiaries who earned annually $50,000 or more as an
employee of the  Corporation or one of its  subsidiaries  during the last twelve
months of the  Executive's own employment by the  Corporation,  or any person or
entity who was, within the then most recent prior 12-month  period,  a customer,
supplier or contractor of the Corporation or any of its affiliates.

     7. TERMINATION.

     7.1  TERMINATION  OF  EMPLOYMENT.   The   Executive's   employment  by  the
Corporation,  and the Term, may be terminated at any time during the Term by the
Corporation:  (1) with Cause (as such term is  defined  below),  or (2)  without
Cause, or (3) in the event of the Executive's  death, or (4) in the event of the
Executive's  Disability  (as  such  term  is  defined  below)  (in  the  case of
Disability,  the  termination  shall be  effective  ten (10) days  after  notice
thereof  is  given  to  the  Executive).   The  Executive's  employment  by  the
Corporation,  and the Term, may be terminated at any time during the Term by the
Executive,  on no  less  than  sixty  (60)  days  prior  written  notice  to the
Corporation.  After the  expiration  of the Term,  the  Board may  continue  the
employment of the  Executive  and the Executive may accept the  employment on an
at-will basis.

                                       3
<PAGE>
     7.2  BENEFITS  UPON  TERMINATION.  If  the  Executive's  employment  by the
Corporation is terminated  during the Term for any reason by the  Corporation or
by the  Executive,  or  upon  or  following  the  expiration  of the  Term,  the
Corporation  shall  have  no  further  obligation  to  make  or  provide  to the
Executive,  and the  Executive  shall have no further right to receive or obtain
from the Corporation, any payments or benefits except:

     (a)  the  Corporation  shall  pay the  Executive  (or,  in the event of his
          death, the Executive's estate) any Accrued Obligations; and

     (b)  if, during the Term (but not upon or following  the  expiration of the
          Term),  the  Executive's   employment  is  terminated  either  by  the
          Corporation  or the  Executive  due to the death or  Disability of the
          Executive,  by the  Corporation  other than for Cause (as such term is
          defined below), the Corporation  shall,  subject to the conditions set
          forth in the following  paragraph,  also pay the Executive (or, in the
          event of the Executive's  death,  the Executive's  estate) a severance
          benefit  equal  to  three  months  of  Base  Salary.  Subject  to  the
          conditions set forth in the following paragraph,  the aggregate amount
          of such  severance  benefit  shall be paid in a series of twelve  (12)
          substantially equal monthly installments (without interest,  with each
          installment  equal to approximately  1/12th of the aggregate amount of
          the severance  benefit)  commencing with the month following the month
          in which the Executive's  employment by the Corporation terminates and
          continuing for the following eleven months until paid in full (subject
          to the  Executive's  compliance  with the following  paragraph and the
          provisions of Section 6); and

     (c)  if, during the Term (but not upon or following  the  expiration of the
          Term),  the  Executive's  employment is terminated by the  Corporation
          without  Cause  (and,  in each case,  other than due to either (1) the
          Executive's death, or (2) a good faith determination by the Board that
          the Executive has a Disability), the Corporation shall, subject to the
          conditions  set  forth  in  the  following  paragraph,  also  pay  the
          Executive a one-time lump sum amount equal to three (3) months of Base
          Salary.

As a condition precedent to any Corporation obligation to the Executive pursuant
to Section  7.2(b) or (c) above,  the Executive  (or, in the event of his death,
the  Executive's  estate on behalf of the  Executive)  shall,  upon or  promptly
following  his  last  day  of  employment  with  the  Corporation,  provide  the
Corporation  with a valid,  executed,  written  Release (as such term is defined
below) (in a form provided by the  Corporation)  and such release shall have not
been revoked by the  Executive  pursuant to any  revocation  rights  afforded by
applicable law. The Corporation  shall have no obligation to make any payment to
the  Executive  pursuant  to  Section  7.2(b) or (c) above  unless and until the
Release  contemplated by this paragraph becomes  irrevocable by the Executive in
accordance with all applicable laws, rules and regulations.

The  Executive  agrees  that the  payments  contemplated  by  Section  7.2 shall
constitute  the exclusive and sole remedy for any  termination of his employment
and the Executive  covenants not to assert or pursue any other remedies,  at law
or in equity, with respect to any termination of employment. The Corporation and
Executive  acknowledge  and  agree  that  there is no duty of the  Executive  to
mitigate  damages  under  this  Agreement.  All  amounts  paid to the  Executive
pursuant to Section 7.2 shall be paid  without  regard to whether the  Executive
has taken or takes actions to mitigate damages.

The  foregoing  provisions  of this Section 7.2 shall not affect any rights that
the  Executive  may have under and with respect to a stock option or  restricted
stock award,  to the extent that such award was granted before the date that the
Executive's employment by the Corporation terminates and to the extent expressly
provided in the written agreement evidencing such award.

                                       4
<PAGE>
     7.3 CERTAIN DEFINED TERMS.

As used herein, "Accrued Obligations" means:

     *    any Base  Salary  that had  accrued but had not been paid prior to the
          date of termination; and
     *    any  reimbursement  of reasonable  business  expenses  incurred by the
          Executive prior to the  termination of the Executive's  employment and
          in accordance with the Corporation's  expense  reimbursement  policies
          and which had not previously been paid.

As used herein, "Cause" means:

     *    The  Executive's  willful and  material  failure to perform his duties
          hereunder (other than any such failure due to the Executive's physical
          or mental illness),  or the Executive's willful and material breach of
          his obligations hereunder;
     *    The  Executive's  engaging in willful and serious  misconduct that has
          caused or is reasonably  expected to result in material  injury to the
          Corporation;
     *    The  Executive's  being  convicted of, or entering a plea of guilty or
          nolo contendre to, a crime that constitutes a felony; or
     *    The  Executive's  failure or inability to obtain or retain any license
          required to be obtained  or  retained  by him in any  jurisdiction  in
          which the Corporation does or proposes to do business.

As used  herein,  "Disability"  means a  physical  or  mental  impairment  which
substantially  limits a major life  activity of the  Executive and which renders
the  Executive  unable to perform the  essential  functions  of the  Executive's
position,  even with  reasonable  accommodation  which  does not impose an undue
hardship on the Corporation, for ninety (90) days in any consecutive one-hundred
eighty (180) day period.  The Board reserves the right,  in good faith,  to make
the  determination  of whether or not a  Disability  exists for purposes of this
Agreement based upon  information  supplied by the Executive  and/or his medical
personnel, as well as information from medical personnel (or others) selected by
the Corporation or its insurers.

As used herein,  "Release" shall mean a written release,  discharge and covenant
not to sue entered into by the Executive on behalf of himself,  his descendants,
dependents, heirs, executors, administrators,  assigns, and successors, and each
of  them,  of  and in  favor  of the  Corporation,  its  parent  (if  any),  the
Corporation's  subsidiaries and affiliates,  past and present, and each of them,
as well as its and  their  trustees,  directors,  officers,  agents,  attorneys,
insurers,  employees,  stockholders,  members,  representatives,   assigns,  and
successors, past and present, and each of them (the "releases"), with respect to
and  from  any  and all  claims,  wages,  demands,  rights,  liens,  agreements,
contracts,  covenants,  actions,  suits, causes of action,  obligations,  debts,
costs, expenses,  attorneys' fees, damages, judgments, orders and liabilities of
whatever  kind or  nature  in law,  equity or  otherwise,  whether  now known or
unknown, suspected or unsuspected, and whether or not concealed or hidden, which
he may then own or hold or he at any  time  theretofore  owned or held or may in
the future hold as against any or all of said releases, arising out of or in any
way connected with the Executive's employment  relationship with the Corporation
and  each  of  its  subsidiaries  with  which  the  Executive  has  had  such  a
relationship,  or the  termination of his employment or any other  transactions,
occurrences,  acts or omissions or any loss, damage or injury whatever, known or
unknown,  suspected or unsuspected,  resulting from any act or omission by or on
the part of said  releases,  or any of them,  committed or omitted  prior to the
date  of  such  release  including,  without  limiting  the  generality  of  the
foregoing,  any claim under Section 1981 of the Civil Rights Act of 1866,  Title
VII of the Civil Rights Act of 1964, the Age  Discrimination  in Employment Act,
the Americans with  Disabilities  Act, the Family and Medical Leave Act of 1993,
the California  Fair  Employment  and Housing Act, the California  Family Rights
Act, any other claim under any other federal,  state or local law or regulation,

                                       5
<PAGE>
and any other claim for  severance  pay,  bonus or  incentive  pay,  sick leave,
holiday pay,  vacation pay, life insurance,  health or medical  insurance or any
other fringe benefit,  medical expenses, or disability (except that such release
shall not  constitute a release of any  Corporation  obligation to the Executive
that  may  be due to the  Executive  pursuant  to  Section  7.2(b)  or  (c),  as
applicable,  upon the  Corporation's  receipt of such release or any obligations
referred  to in the last  paragraph  of Section  7.2).  The  Release  shall also
contain  the  Executive's  warrant  that  he has  not  theretofore  assigned  or
transferred to any person or entity,  other than the  Corporation,  any released
matter or any part or portion  thereof and that he will  defend,  indemnify  and
hold harmless the Corporation and the  aforementioned  releases from and against
any claim (including the payment of attorneys' fees and costs actually  incurred
whether or not litigation is commenced) that is directly or indirectly  based on
or in connection  with or arising out of any such  assignment or transfer  made,
purported or claimed.

     7.4 RESIGNATION FROM BOARD.  Upon or promptly  following any termination of
Executive's employment with the Corporation, the Executive agrees to resign from
(1) each and every board of directors  (or similar  body, as the case may be) of
the Corporation and each of its affiliates on which the Executive may then serve
(if any),  and (2) each and  every  office  of the  Corporation  and each of its
affiliates  that the Executive may then hold, and all positions that he may have
previously held with the Corporation and any of its affiliates.

     7.5 MEANS AND EFFECT OF  TERMINATION.  Any  termination of the  Executive's
employment  under this  Agreement  shall be  communicated  by written  notice of
termination  from the  terminating  party to the  other  party.  The  notice  of
termination  shall indicate the specific  provision(s) of this Agreement  relied
upon in effecting the termination.

     8. MISCELLANEOUS.

     8.1 GOVERNING LAW. This Agreement and all rights and obligations hereunder,
including,   without   limitation,   matters  of   construction,   validity  and
performance,  is made under and shall be governed by and construed in accordance
with the internal laws of the State of Nevada,  without  regard to principles of
conflict of laws.

     8.2  AMENDMENTS.  No amendment or  modification  of this Agreement shall be
deemed effective unless made in writing and signed by all of the parties hereto.

     8.3 NO WAIVER.  No term or condition of this  Agreement  shall be deemed to
have been waived,  nor shall there be any estoppel to enforce any  provisions of
this  Agreement,  except by a statement in writing  signed by the party  against
whom  enforcement of the waiver or estoppel is sought.  Any written waiver shall
not be deemed a continuing waiver unless specifically stated, shall operate only
as to the specific term or condition waived and shall not constitute a waiver of
such  term  or  condition  for  the  future  or as to any act  other  than  that
specifically waived.

     8.4  SEVERABILITY.  To the extent any provision of this Agreement  shall be
invalid  or  unenforceable,  it shall be  considered  deleted  herefrom  and the
remainder of such provision and of this Agreement  shall be unaffected and shall
continue in full force and effect.  In furtherance  and not in limitation of the
foregoing, should the duration or geographical extent of, or business activities
covered by, any provision of this  Agreement be in excess of that which is valid
and enforceable  under applicable law, then such provision shall be construed to
cover only that duration, extent or activities which may validly and enforceably
be  covered.  The  Executive  acknowledges  the  uncertainty  of the law in this
respect and expressly  stipulates that this Agreement be given the  construction
which renders its  provisions  valid and  enforceable to the maximum extent (not
exceeding its express terms) possible under applicable law.

                                       6
<PAGE>
     8.5  ASSIGNMENT.  This Agreement  shall not be  assignable,  in whole or in
part, by either party without the written consent of the other party.

     8.6  INJUNCTIVE  RELIEF.  Each party  agrees that it would be  difficult to
compensate  the  non-breaching  party fully for damages for any violation of any
provision  set forth in Section 4 or Section 6 hereof.  Accordingly,  each party
specifically  agrees that the other party  shall be  entitled to  temporary  and
permanent  injunctive  relief to enforce the  provisions  of Sections 4 and 6 of
this  Agreement  and that such relief may be granted  without the  necessity  of
proving actual damages.  This provision with respect to injunctive  relief shall
not, however, diminish the right of the non-breaching party to claim and recover
damages in addition to injunctive relief.

     8.7  ARBITRATION.  Any  controversy  or claim arising out of or relating to
this Agreement or the Executive's  employment by the Corporation  shall,  except
for claims for injunctive  relief set out in paragraph 8.6 above,  be settled by
binding  arbitration,  with a single neutral arbitrator,  in accordance with the
rules of the American  Arbitration  Association  relating to employment.  In any
action to enforce this Agreement,  the Executive and the Corporation  each agree
to accept service of process by mail at its address, as applicable, as set forth
in Section 8.8 below (or at any  different  address of which the  Executive  has
notified the  Corporation,  or the  Corporation  has notified the Executive,  as
applicable, in writing). In any action in which service is made pursuant to this
paragraph,  the  Executive and the  Corporation  each waive any challenge to the
personal jurisdiction of the American Arbitration  Association.  Any judgment on
the  award  rendered  by the  arbitrator  may be  entered  in any  court  having
jurisdiction thereof. In reaching his or her decision, the arbitrator shall have
no authority to change or modify any provision of this Agreement.

     8.8  NOTICES.  All  notices,  requests,  demands  and other  communications
required  or  permitted  under this  Agreement  shall be in writing and shall be
deemed to have been duly given and made if (1) delivered by hand,  (2) otherwise
delivered against receipt therefor, or (3) sent by registered or certified mail,
postage prepaid, return receipt requested. Any notice shall be duly addressed to
the parties as follows:

If to the Corporation:

                     Tungsten Corp.
                     1671 SW 105 Lane
                     Davie, Florida 33324

With a copy to:      Each member of the Board by electronic mail at such address
                     as  such  member  shall  provide  to  the  Corporation  for
                     receiving Board notices.

If to the Executive:

                     Guy Martin
                     1671 SW 105 Lane
                     Davie, Florida 33324

Any party may alter the address to which communications or copies are to be sent
by giving  notice of such  change of address in  conformity  with the  foregoing
provisions.  Any  communication  shall be effective when delivered by hand, when
otherwise  delivered against receipt  therefor,  or five (5) business days after
being mailed in accordance with the foregoing.

                                       7
<PAGE>
     8.9 SECTION HEADINGS. The section headings of, and titles of paragraphs and
subparagraphs  contained in, this  Agreement are for the purpose of  convenience
only,  and they neither form a part of this Agreement nor are they to be used in
the construction or interpretation thereof.

     8.10 PROVISIONS THAT SURVIVE  TERMINATION.  The provisions of Sections 3.4,
4, 5, 6, 7 and 8 shall survive any termination of the Term.

     8.11  COUNTERPARTS.  This  Agreement  may  be  executed  in any  number  of
counterparts,  each of which  shall be deemed an  original  as against any party
whose signature appears thereon,  and all of which together shall 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.  Facsimiles  and
electronic  copies in  portable  document  format  ("PDF")  containing  original
signatures  shall be deemed for all purposes to be  originally  signed copies of
the documents that are the subject of such facsimiles or PDF versions.

     8.12 ENTIRE AGREEMENT.  This Agreement embodies the entire agreement of the
parties  hereto   respecting  the  matters  within  its  scope.  This  Agreement
supersedes all prior and  contemporaneous  agreements of the parties hereto that
directly  or  indirectly  bears  upon  the  subject  matter  hereof.  Any  prior
negotiations,  correspondence,  agreements, proposals or understandings relating
to the  subject  matter  hereof  shall be deemed to have been  merged  into this
Agreement,   and  to  the  extent  inconsistent  herewith,   such  negotiations,
correspondence,  agreements,  proposals, or understandings shall be deemed to be
of no force or effect. There are no representations,  warranties, or agreements,
whether  express or  implied,  or oral or written,  with  respect to the subject
matter hereof, except as expressly set forth herein.

                           [SIGNATURE PAGE TO FOLLOW]

                                       8
<PAGE>
     IN WITNESS  WHEREOF,  the Executive and the Corporation  have executed this
Agreement as of the date set forth in the first paragraph.

TUNGSTEN CORP.                                EXECUTIVE

By: /s/ Douglas Oliver                        /s/ Guy Martin
   ----------------------------------         ----------------------------------
   Douglas Oliver                             Guy Martin
Its: Vice President

                                       9

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