Document:

Exhibit 4.85

 

Loan Agreement

 

This Loan Agreement (this “Agreement”)
is entered into by the following parties (the “Parties”) on July 28, 2017:

 

Lender: AMBOW EDUCATION MANAGEMENT
(HONG KONG) LTD. 

 

Registration number: 51387663-000-11-15-5,
Address: 12/F Ruttonjee House, 11 Duddell Street, Central, HK.

 

Borrower: Chiao-Ling Hsu

 

ID card number
: A220920613, Address: No.92, Alley 57, Lane 103, Linwulong Street, 23 Neiliaoli, Anle District,
Keelung City, Taiwan

 

Borrower: Shuhui Cai

 

ID card number : A220737216, Address: No.5,
Lane 1, Linxin East Street, 2 Futaili, Songshan District, Taipei City, Taiwan

 

(Chiao-Ling Hsu and Shuhui Cai are hereinafter
collectively referred to as “Borrowers”)

 

WHEREAS:

 

(1) IValley Co.,
Ltd. (“ IValley” or “the Company”) is an enterprise lawfully established under the laws of Taiwan,
with an additional registered capital of TWD 12 million, of which TWD 7.2 million is contributed by Chiao-Ling Hsu, representing
60% equity interest in the Company; TWD 4.8 million is contributed by Shuhui Cai, representing 40% equity interest in the Company;

 

(2) Chiao-Ling Hsu and Shuhui Cai are going
to borrow TWD 7.2 million and TWD 4.8 million from Lender, respectively;

 

Through friendly consultations and in the
spirit of equality and mutual benefits, the Parties agree as follows:

 

 

1. Loan 

 

1.1 Lender agrees to provide a loan to Chiao-Ling
Hsu, the principal of which amounts to TWD 7.2 million; and to provide a loan to Shuhui Cai, the principal of which amounts
to TWD 4.8 million (collectively “Loans”).

 

1.2 Borrowers agree to accept the aforementioned
Loans provided to them respectively by Lender and assume responsibilities in connection with their respective share in the Loans.

 

 

2. Pledge Security 

 

2.1 Borrowers hereby undertake that the Loans
hereunder shall be only used to repay the loans borrowed for purposes of making equity investment in the Company.

 

     

     

    

 

2.2 Without Lender’s prior written consent,
Borrowers shall not use their equity interest in IValley to pledge, assume obligations, create any third party interests, or transfer
such equity interest to any third party.

 

 

3. Repayment 

 

3.1 Borrowers and Lender hereby mutually agree
and confirm that the period of the loan of this agreement is 10 months from the date of activation, and the way of return is made
by the two parties separately.

 

3.2 The Parties agree that, subject to the
laws of Taiwan and necessary approvals of the Republic of China government (if applicable), if Borrowers transfer all or part of
their equity interest in the Company to Lender or a third party designated by Lender in accordance with the provisions of the Call
Option Agreement entered into between Borrowers and Lender on the even date herewith (including any amendments thereafter), the
loan that the Borrowers shall repay to Lender under this Agreement and is equivalent in amount to the price of the transferred
equity interest (“Price of Transferred Shares”, as defined below) shall be deemed repaid. For the purposes of this
Section, the Price of Transferred Shares shall be calculated as follows: Price of Transferred Shares = Total Amount of Loans x
(Number of Transferred Shares/Total Number of Shares).

 

3.3 Borrowers and Lender hereby mutually agree
and acknowledge that, under any of the following circumstances, Borrowers shall repay the loan immediately:

 

(1) Borrowers are dead, or have no legal capacity
or restricted legal capacity;

 

(2) Borrowers resign or are dismissed from
Lender or an affiliate of Lender;

 

(3) Borrowers commit a crime or are involved
in a crime;

 

(4) Any other third party claims against Borrowers
for payment of any debt above TWD 500,000.

 

 

4. Representations and Warranties 

 

4.1 Borrowers make the following representations
and warranties to Lender and acknowledge that Lender executes and performs this Agreement in reliance on such representations and
warranties:

 

(1) Borrowers have the right to execute and
perform this Agreement; Borrower’s execution and performance of this Agreement are in compliance with the articles of association
and other constitution documents of IValley; Borrowers have obtained all necessary and appropriate approvals and authorizations
to execute and perform this Agreement.

 

(2) Borrowers’ execution and performance
of this Agreement shall not violate any laws, regulations, or government approvals, authorizations, notices or other government
documents which they are subject to or may be affected, nor shall such execution and performance violate any agreements entered
into by Borrowers with any third party or any undertakings made to any third party.

 

(3) Upon execution, this Agreement shall constitute
lawful, valid obligations that may be enforced against Borrowers according to law.

 

     

     

    

 

(4) There is no actual or potential dispute,
lawsuit, arbitration, administrative proceedings or any other legal proceedings relating to the equity interest that Borrowers
holds in IValley.

 

4.2 Lender makes the following representations
and warranties to Borrowers:

 

(1) It is an enterprise lawfully established
under the laws of Hong Kong.

 

(2) It will execute and perform this Agreement
within its corporate power and business scope.

 

(3) It has taken necessary corporate actions
and appropriate authorizations and obtained consents and approvals from third parties and government departments.

 

(4) It will not violate any legal and contractual
restrictions which it is subject to or may be affected.

 

(5) Upon execution, this Agreement shall constitute
lawful, valid and binding obligations that may be enforced against Lender in accordance with the terms hereof.

 

 

5. Borrowers’ Undertakings 

 

Borrowers undertake that, during the term
of this Agreement, they shall:

 

(1) Complete the registration of IValley capital
addition according to laws of Taiwan before November 30, 2017, and obtain all government permission, authorization, license, registration
and filing etc. which are required that IValley engage within the scope of business license and own its assets.

 

(2) After capital addition of IValley is complete,
the Borrowers shall legally hold all the equity interest of IValley, which made Chiao-Ling Hsu 60% stake, Shuhui Cai 40% stake.
The Borrowers should produce a capital verification report issued by an accounting firm and indicate the full payment of capital
contributions to the lender.

 

(3) Not sell, transfer, pledge or otherwise
dispose of, or allow any other security interest to be created on the equity interest or other interests they hold in IValley other
than the equity pledged and other rights created for the benefit of Lender.

 

(4) Not vote to agree at any shareholders’
meetings of IValley or support or sign any shareholders’ resolutions that approve the sale, transfer, pledge or disposal
of the legal and beneficial interests in the equity interest of IValley, or allow any other security interest to be created on
such interests without Lender’s prior written consent, other than to Lender or a person designated by Lender;

 

(5) Not vote to agree at any shareholders’
meetings of IValley or support or sign any shareholders’ resolutions that approve IValley’s merger or affiliation with
any company or the acquisition of or investment in any company without Lender’s prior written consent;

 

(6) Notify Lender immediately of any action,
arbitration or administrative proceedings in relation to the equity interest in Domestic Company that have occurred or may occur;

 

     

     

    

 

(7) Execute all necessary or proper documents,
take all necessary or proper actions, and bring in all necessary or proper indictments or make necessary or proper defenses against
all claims in order to maintain their ownership of the equity interest in IValley;

 

(8) Not commit any act or omission that may
significantly affect IValley’s assets, business and liabilities without Lender’s prior written consent;

 

(9) Appoint any person nominated by Lender
as the Board member of IValley at the request of Lender;

 

(10) Immediately and unconditionally transfer
all of their equity interest in IValley to Lender and/or a person designated by Lender subject to and to the extent permitted by
the PRC laws in the event that Lender exercises the Call Option set forth herein;

 

(11) Not request IValley to distribute dividends
or profits to them without Lender’s consent;

 

(12) Repay Lender all equity transfer proceeds
as the principal of the Loan and the interest or the cost of occupied funds permitted under the laws as soon as they transfer the
equity interest in IValley to Lender or a person designated by Lender; and

 

(13) Strictly comply with various provisions
hereof, duly perform all their obligations hereunder, and not commit any act or omission that is sufficient to affect the validity
and enforceability of this Agreement.

 

5.2 Borrowers undertake that, during the term
of this Agreement, as the shareholders of IValley, they shall cause IValley:

 

(1) Not to supplement, alter or modify its
constitutional documents in any way, or increase or decrease its registered capital, or change its capital structure in any way
without Lender’s prior written consent;

 

(2) To maintain its existence in accordance
with good financial and business standards and practice, and operate its business and handle its affairs diligently and efficiently;

 

(3) Not to sell, transfer, pledge or otherwise
dispose of its lawful or beneficial interest in any assets, business or income at any time from the date hereof, or allow any other
secure interest to be created on such interest without Lender’s prior written consent;

 

(4) Not to incur, assume, guarantee or allow
the existence of any obligations without Lender’s prior written consent, other than (i) any obligations arising during
the ordinary course of business rather than by means of loans and (ii) any obligations that have been disclosed to and approved
by Lender;

 

(5) To operate all its business during the
ordinary course of business all the time to maintain its asset value;

 

(6) Not to enter into any material contract
(for the purposes of this paragraph, if a contract’s value is more than RMB 1 million, it shall be deemed as a material
contract) without Lender’s prior written consent except during the ordinary course of business;

 

     

     

    

 

(7) To provide Lender with all information
about its operations and financial conditions at the request of Lender;

 

(8) Not to merge or affiliate with any company
or acquire or invest in any company without Lender’s prior written consent;

 

(9) Not to distribute dividends to shareholders
without Lender’s prior written consent, and to immediately distribute all of its distributable profits to its shareholders
at the request of Lender;

 

(10) To notify Lender immediately of any action,
arbitration or administrative proceedings in relation to its assets, business and revenue that have occurred or may occur;

 

(11) To execute all necessary or proper documents,
take all necessary or proper actions, and bring in all necessary or proper indictments or make necessary or proper defenses against
all claims in order to maintain its ownership of all of its assets; and

  

(12) To strictly comply with the service agreement
and other agreements entered into with any affiliate of Lender, duly perform all its obligations under the service agreement and
other agreements, and not to commit any act or omission that is sufficient to affect the validity and enforceability of the service
agreement and other agreements.

 

 

6. Breach 

 

6.1 Borrowers directly or indirectly in violation
of this Agreement any obligation or statement and guarantee, such as according to their nature may be corrected, Lender in writing
within a reasonable period of time to correct, but fails to be completed after the receipt of the notification on about correction
within the time limit, constitute a breach of this agreement or not according to their nature as correct, in the circumstances,
constitute a breach of this agreement.

 

6.2 If Borrowers defaults or loan to Borrowers
and to claim damages (including but not limited to the actual damage and loss of interest, because the action of criminal and administrative
procedures for civil, expenses and attorney's fees, expenses, and credit and) in accordance with the relevant provisions of the
civil law and other rights.

 

6.3 Where Borrowers fail to repay Lender the
Loans in accordance with this Agreement, Borrowers should pay the interest at an annual interest rate of 20%, and shall pay Lender
overdue interest at a daily rate of 0.01% for any loan which is due and payable but has not been repaid.

 

 

7. Effectiveness and Termination 

 

This Agreement shall come into effect from
the date of execution by the Parties and terminate after Borrowers fully repay the Loans under this Agreement.

 

 

8. Confidentiality 

 

8.1 Either Party agrees to use its best endeavors
to take all reasonable measures to keep confidential all confidential materials and information that is known to or accessed by
it by means of disclosure by the other Party (“Confidential Information”). Without the disclosing Party’s prior
written consent, the receiving Party shall not disclose, give or transfer any such Confidential Information to any third party.
Upon termination of this Agreement, the receiving Party shall return to the disclosing Party or destroy any documents, materials
or software that may contain the Confidential Information at the disclosing Party’s request, and delete any confidential
information from any relevant memory devices, and shall not continue to use such Confidential Information.

 

     

     

    

 

8.2 The Parties agree that this Section shall
survive regardless of whether this Agreement is altered, terminated or expired.

 

 

9. Notices 

 

9.1 Any notices or other communications given
by either Party as required hereunder shall be written in Chinese, and sent to the other Party’s address by personal delivery,
or generally accepted courier service or facsimile.

 

9.2 If the notices are sent by personal delivery,
they shall be deemed as effectively given on the date of delivery; if they are sent by facsimile, they shall be deemed as effectively
given on the day following the date of facsimile transmission; if they are sent by courier, they shall be deemed effectively given
on the day shown on the return receipt.

 

 

10. Governing Law and Dispute Resolution

 

10.1 This Agreement shall be governed by
and construed in accordance with the laws of Taiwan. 

 

10.2 If any dispute arises between the Parties
in connection with the interpretation and performance of the terms hereof, the Parties shall negotiate in good faith to resolve
such dispute. If no agreement can be reached, either Party shall have the right to submit such dispute to The Republic of China
Arbitration Association for arbitration in accordance with its then effective rules. The arbitration shall be held in Taipei.

 

10.3 Except the matters in dispute, the Parties
shall continue to perform their respective obligations hereunder in good faith in accordance with the provisions hereof.

 

 

11. Miscellaneous 

 

11.1 Any amendment and supplement to this
Agreement shall be made by written agreement duly signed by the Parties. Any signed amendment and supplement constitutes a part
of this Agreement and shall have the same force and effect as this Agreement.

 

11.2 Borrowers shall not assign their rights
and obligations hereunder to any third party without Lender’s prior written consent.

 

11.3 If any provisions hereof are deemed unlawful
or unenforceable under applicable laws, such provisions shall be deemed deleted from this Agreement and invalid. However, this
Agreement shall remain effective and shall be deemed not having such provisions from the beginning. The Parties shall discuss with
each other to replace the deleted provisions with lawful and valid provisions that are acceptable to Lender.

 

     

     

    

 

11.4 The headings herein are for convenience
only, and shall not affect the interpretation of any provisions hereof.

 

11.5 Unless otherwise provided herein, either
Party’s failure to exercise or delay in exercising any of its rights or powers hereunder shall not be construed as a waiver
of such rights or powers. Any single or partial exercise of any rights or powers shall not preclude the exercise of other rights
or powers.

 

11.6 This Agreement shall supersede any prior
or concurrent verbal or written agreement, understanding and communication between the Parties in connection with this Agreement.

 

11.7 This agreement is signed by one type
of three copies, each party holds one original.

 

IN WITNESS WHEREOF, the authorized representatives
of the Parties have executed this Agreement on the date first above written.

 

	 	 	 
	AMBOW EDUCATION MANAGEMENT (HONG KONG) LTD.

 

	 	 	 	 
	 	 	 
	Authorized Representative:	 	
        /s/
	 

 

	 	 	 	 
	 	 
	Chiao-Ling Hsu	 
	 	 	 
	Signature:	 	
        /s/ 
	 

 

	 	 	   	 
	 	 
	Shuhui Cai	 
	 	 	 
	Signature:	 	
        /s/Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) by and between Bluerock Residential Growth REIT, Inc., a Maryland corporation
(the “REIT”), Bluerock Residential Holdings, L.P, a Delaware limited partnership, the operating partnership
subsidiary of the REIT (the “Operating Partnership”), and the Operating Partnership’s subsidiary, Bluerock
REIT Operator, LLC, a Delaware limited liability company (“REIT Operator” and, together with the REIT and the
Operating Partnership, the “Company”), and Michael DiFranco (“Executive”) is dated as of
the Effective Date.

 

WHEREAS,
REIT Operator desires to employ Executive and Executive desires to be employed by REIT Operator to provide services for the Company
on the terms contained herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                  
Term of Employment.

 

(a)               
Subject to the terms and conditions of this Agreement, REIT Operator hereby employs Executive, and Executive hereby accepts
employment with REIT Operator, in the positions and with the duties and responsibilities as set forth in Section 2 hereof for the
Term of Employment (as defined below). The REIT and the Operating Partnership agree to be jointly and severally liable for all
obligations of the REIT Operator under this Agreement, including payment obligations.

 

(b)               
The term of employment under this Agreement will commence on November 5, 2018 (the “Effective Date”)
and continue for an initial term through December 31, 2020 (the “Initial Term”), unless the Agreement is terminated
sooner in accordance with Section 4 below. Commencing on the last day of the Initial Term and on each subsequent anniversary of
such date, the term of this Agreement shall automatically be extended for successive one-year periods (each such extension, a “Renewal
Term”); provided, however, that either the Company or Executive may elect not to extend the Term of Employment by giving
written notice to the other party at least sixty (60) days prior to any such anniversary date (a “Non-Renewal”).
The period commencing on the Effective Date and ending at the end of the Initial Term or any Renewal Term (or earlier termination
of Executive’s employment hereunder) shall hereinafter be referred to as the “Term of Employment” or “Term.”

 

2.                  
Position; Duties and Responsibilities.

 

(a)               
During the Term of Employment, Executive will be employed by the REIT Operator and will serve as the Executive Vice President,
Operations, reporting directly to the President and Chief Operating Officer of the REIT. In this capacity, Executive shall have
the duties, authorities and responsibilities as are required by Executive’s position commensurate with the duties, authorities
and responsibilities of persons in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities
as may reasonably be assigned to Executive as the Chief Executive Officer or the Board of Directors of the REIT (the “Board
of Directors” or the “Board”) shall designate from time to time that are not inconsistent with Executive’s
position and that are consistent with the bylaws of the REIT, the limited partnership agreement of the Operating Partnership, and
the operating agreement of REIT Operator, each as may be amended from time to time, including, but not limited to, managing the
affairs of the Company.

 

(b)               
During the Term of Employment, Executive will, without additional compensation, also serve as an officer of, and/or perform
such executive and consulting services for, or on behalf of, such subsidiaries of the Company as the Chief Executive Officer may,
from time to time, request.

     

     

    

 

(c)               
During the Term of Employment, Executive will serve the Company faithfully, diligently, and to the best of his ability and
will devote substantially all of his business time and attention to the performance of his duties hereunder, and shall have no
other employment (unless approved by the Chief Executive Officer); provided, that, nothing contained herein shall prohibit Executive
from (i) participating in trade associations or industry organizations in furtherance of the Company’s interests, (ii) engaging
in charitable, civic, educational or political activities, (iii) engaging in passive personal investment activities for himself
and his family, (iv) devoting time as he determines in good faith to be necessary or appropriate to fulfill his duties to Bluerock
Real Estate, LLC and its affiliates (“Bluerock”), or (v) accepting directorships or similar positions (together,
the “Personal Activities”), in each case so long as the Personal Activities do not unreasonably interfere, individually
or in the aggregate, with the performance of Executive’s duties to the Company under this Agreement or the restrictive covenants
set forth in Section 9 of this Agreement.

 

(d)               
During the Term of Employment, Executive shall perform the services required by this Agreement at the Company’s principal
offices located in New York, New York (the “Principal Location”), except for travel to other locations as may
be necessary to fulfill Executive’s duties and responsibilities hereunder.

 

3.                  
Compensation and Benefits.

 

(a)               
Base Salary. During the Term of Employment, Executive will be entitled to receive an annualized base salary (the
 “Base Salary”) of not less than $300,000. The Base Salary shall be paid in accordance with REIT Operator’s
normal payroll practices, but no less often than semi-monthly.

 

(b)               
Incentive Compensation. In addition to the Base Salary, Executive shall be entitled to participate in any short-term
and long-term incentive programs (including without limitation equity compensation plans) established by the Company, including
for its senior level executives. However, during the Term of Employment, and subject to subsection (f) below, such arrangements
will include:

 

(1)   
Annual Performance Bonus. In each calendar year of the Term of Employment, Executive shall be eligible to receive
an annual incentive bonus (the “Annual Bonus”) payable in cash, pursuant to the performance criteria and targets
established and administered by the Board (or a committee of directors to whom such responsibility has been delegated by the Board),
with a target Annual Bonus of 66.67% of his Base Salary. The Annual Bonus payable to Executive each year shall be determined and
payable as soon as practicable after year-end for such year (but no later than March 15th). The Executive’s cash
bonus for the stub period of 2018 will be prorated and determined in the reasonable business judgment of the Board or another committee
of directors to whom such responsibility has been delegated by the Board. To be entitled to receive any Annual Bonus, except as
otherwise provided in Sections 4(c) and 4(d), Executive must remain employed through the last day of the calendar year to which
the Annual Bonus relates.

 

(2)   
Long-Term Equity Incentives. In connection with the Company’s long term incentive plan as established by the
Board (or a committee of directors to whom such responsibility has been delegated by the Board) on a rolling three year basis:

 

a.                  
Time-Vested Performance Equity Award. At the beginning of each calendar year of the
Term of Employment beginning with the year ending December 31, 2019, Executive shall be granted an annual award of time-vested
equity in the form of long term incentive plan units of the Operating Partnership (“LTIPs”) (the “Annual
LTIP Award”). The number of LTIPs to be issued pursuant to the Annual LTIP Award shall be determined by dividing an amount
equal to $100,000 by the volume weighted average price of a share of the REIT’s Class A Common Stock, as reported on the
NYSE MKT (or then-applicable Exchange), for the twenty (20) trading days immediately preceding the date of grant of such LTIP award.
Each Annual LTIP Award will vest and become nonforfeitable in three equal installments on the effective date of each anniversary
of grant, subject to provisions set forth in Sections 3(g) and 4 of this Agreement. 

 

    	 	2	 

     

    

 

b.                 
Long Term Equity Performance Award. At the beginning of each calendar year of the Term
of Employment beginning with the year ending December 31, 2019, Executive shall be granted an annual performance award of equity
in the form of LTIPs for a three-year performance period, which award shall be subject to performance criteria and targets established
and administered by the Board (or the compensation committee of the Board (the “Compensation Committee”) or
another committee of directors to whom such responsibility has been delegated by the Board) (the “Long Term Performance
Award”). The number of LTIPs to be issued pursuant to the Long Term Performance Award shall be in a target amount equal
to $100,000 with the final vested amount to be determined with a threshold of 50% to a maximum of 150% at the end of the three-year
performance period and based upon satisfaction of the performance criteria and targets. Satisfaction of the performance criteria
and targets established and administered by the Board (or the Compensation Committee or another committee of directors to whom
such responsibility has been delegated by the Board) with respect to each Long Term Performance Award will be determined by the
Board (or the Compensation Committee or such other committee to whom such responsibility has been delegated) and, to the extent
earned, will thereupon vest and become nonforfeitable effective as of the last day of the performance period, subject to provisions
set forth in Sections 3(f) and 4 of this Agreement.

 

(c)               
Employee Benefit Programs and Fringe Benefits. During the Term of Employment, Executive will be eligible to participate
in all executive incentive and employee benefit programs of the Company made available to the Company’s senior level executives
generally, as such programs may be in effect from time to time; provided that nothing herein shall prevent the Company from amending
or terminating any such programs pursuant to the terms thereof (except to the extent the amendment or termination would prevent
the Company from satisfying its obligations under Sections 3(a), 3(b) and 4). The REIT Operator will reimburse Executive for any
and all necessary, customary and usual business expenses incurred and paid by Executive in connection with his employment upon
presentation to the Company of reasonable substantiation and documentation, and in accordance with, and subject to the terms and
conditions of, applicable Company policies. During the Term, Executive shall be entitled to paid vacation and, if applicable paid
time off, per year of the Term (as pro-rated for any stub employment period) in accordance with the Company’s policy on accrual
and use applicable to employees as in effect from time to time, but in no event shall Executive accrue less than four (4) weeks
of vacation per calendar year (pro-rated for any stub employment period).

 

(d)               
Relocation and Housing Expenses. Executive will be eligible to receive the following relocation and housing reimbursements,
upon presentation to the Company of reasonable substantiation and documentation, and in accordance with, and subject to, Section
29(c) and the terms and conditions of applicable Company policies: (i) temporary housing expenses incurred during the Term for
up to six (6) months in an amount representing the lesser of (x) actual rent or (y) $5,000 per month, and (iii) if Executive sells
his current home in California during the Term, a payment in the amount of $50,000 to cover closing costs.

 

(e)               
Insurance; Indemnification. Executive shall be covered by such comprehensive directors’ and officers’
liability insurance and errors and omissions liability insurance as the Company or the REIT shall have established and maintained
in respect of its directors and officers generally and at its expense, and the Company or the REIT shall cause such insurance policies
to be maintained in a manner reasonably acceptable to Executive both during and, in accordance with Section 4(i) below, after Executive’s
employment with the Company. Executive shall also be entitled to indemnification rights, benefits and related expense advances
and reimbursements to the same extent as any other director or officer of the Company or the REIT and to the maximum extent permitted
under applicable law pursuant to an indemnification agreement, including “tail” coverage following termination of service
(the “Indemnification Agreement”).

 

    	 	3	 

     

    

 

(f)                
Annual Review. Beginning in 2019, the Compensation Committee of the Board of Directors (the “Compensation
Committee”) will undertake a formal review of the amounts payable and potentially payable to Executive pursuant to this
Section 3 (the “Compensation and Benefits”) no less frequently than annually. The Compensation Committee shall
be entitled to make all determinations relating to this Section 3(e) in its sole discretion; provided, however, that neither the
Compensation Committee nor the Company shall be entitled to decrease Executive’s Base Salary or the annual or long-term target
incentive opportunities (as referenced in Section 3(b)).

 

(g)               
Clawback/Recoupment. Notwithstanding any other provisions in this Agreement to the contrary, any compensation provided
to, or gain realized by, Executive pursuant to this Agreement or any other agreement or arrangement with the Company shall be subject
to repayment and/or forfeiture by Executive to the Company if and to the extent any such compensation or gain (i) is or becomes
subject to the “clawback” policy adopted by the REIT and in effect as of the date hereof that is applicable to Executive
and other similarly situated executives, or (ii) is, or in the future, becomes subject to, any law, rule, requirement or regulation
which imposes mandatory recoupment or forfeiture, under circumstances set forth in such law, rule, requirement or regulation.

 

4.                  
Termination of Employment.

 

(a)               
Termination Due to Disability. The Company may cause the REIT Operator to terminate Executive’s employment,
to the extent permitted by applicable law, if Executive (i) is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, actually receiving income replacement benefits for a period of not less than three months under an accident and health
plan covering employees of the Company (“Disability”). If Executive’s employment is terminated under this
Section 4(a) for Disability, (A) the Company shall pay to Executive the Accrued Benefits pursuant to Section 4(i) below, and (B)
Executive’s outstanding equity awards (x) that are subject solely to time-based vesting conditions (including, but not limited
to, each Annual LTIP Award), shall become fully vested as of Executive’s date of termination for Disability and (y) that
are subject to performance-based vesting conditions (including each Long Term Performance Award), will vest if and to the extent
the applicable performance-based vesting conditions are satisfied as of the date of termination (without regard to the original
length of the performance period); provided, however, that any performance-based award that vests pursuant to clause (y) will be
pro-rated for the actual number of days in the applicable vesting period preceding the date of termination of Executive’s
employment.

 

(b)               
Termination Due to Death. Executive’s employment shall terminate automatically upon Executive’s death
during the Term of Employment. If Executive’s employment is terminated because of Executive’s death, (i) the Company
shall pay to Executive’s executor, legal representative, administrator or designated beneficiary, as applicable, the Accrued
Benefits pursuant to Section 4(i) below, and (ii) Executive’s executor, legal representative, administrator or designated
beneficiary, as applicable, shall be entitled to all of Executive’s outstanding equity awards (x) that are subject solely
to time-based vesting conditions (including, but not limited to, each Annual LTIP Award), which shall become fully vested as of
Executive’s date of termination and (y) that are subject to performance-based vesting conditions (including each Long Term
Performance Award), will vest if and to the extent the applicable performance-based vesting conditions are satisfied as of the
date of termination (without regard to the original length of the performance period); provided, however, that any performance-based
award that vests and becomes payable pursuant to clause (y) will be pro-rated for the actual number of days in the applicable performance
period preceding Executive’s death. Otherwise, the Company shall have no further liability or obligation under this Agreement
to Executive’s executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through
Executive.

 

    	 	4	 

     

    

 

(c)               
Company Non-Renewal. In the event that Executive’s employment is terminated by reason of a Non-Renewal by the
Company and Executive is willing and able, at the time of such Non-Renewal, to continue performing services on the terms and conditions
set forth herein for the Renewal Term that would have occurred but for the Non-Renewal, then Executive shall be entitled to the
payments and benefits provided in Section 4(d) below, subject to the terms and conditions of Section 4(d) including the
Release Requirement.

 

(d)               
Termination by the Company Without Cause or by Executive for Good Reason. The Company may cause the REIT Operator
to terminate Executive’s employment at any time without Cause (as provided in Section 6) upon not less than sixty (60) days’
prior written notice to Executive, and Executive may terminate Executive’s employment by resigning for Good Reason (as provided
in Section 6) upon not less than sixty (60) days’ prior written notice of such resignation to the Company. Upon any such
termination of Executive’s employment without Cause or for Good Reason, Executive shall be entitled to receive the following:

 

(i)                
The Accrued Benefits, pursuant to Section 4(i) below; and

 

(ii)              
if Executive signs a general release of claims in favor of the Company, subject to the expiration of any applicable or legally
required revocation period, all within sixty (60) days after the effective date of termination (the “Release Requirement”):

 

(1)               
the Company shall pay Executive a cash amount (the “Severance Amount”) equal to the sum of (A) his then-current
Base Salary and (B) the Annual Bonus paid to Executive in accordance with Section 3(b) hereof for the year preceding the termination;
provided, however, if Executive’s termination pursuant to this Section 4(d) occurs (I) during the year ending December 31,
2018, Executive’s Target Bonus (as per the incentive plan established for Executive) (“Target Bonus”)
will be used in lieu of the Annual Bonus described in Section 4(d)(ii)(1)(B), or (II) during the year ending December 31, 2019,
the Annual Bonus paid or payable to Executive for the year ending December 31, 2018 will be annualized for purposes of determining
the amount payable under Section 4(d)(ii)(1)(B). Subject to Section 29, the Severance Amount will be paid in accordance with the
normal payroll practice of the REIT Operator over the twelve-month period beginning within sixty (60) days following the effective
date of Executive’s termination (with the first payment to include any installment payments that would have been made during
such sixty (60) day period if payments had commenced on the effective date of Executive’s termination);

 

(2)               
within sixty (60) days following the effective date of termination, the Company shall pay Executive an amount equal to Executive’s
Target Bonus for the then-current calendar year of Executive’s employment (annualized, to the extent the 2018 Target Bonus
is used), pro-rated for the number of days in such calendar year ending on the effective date of Executive’s termination
of employment; and

 

(3)               
Executive’s outstanding equity awards (x) that are subject solely to time-based vesting conditions, will become fully
vested as of the effective date of Executive’s termination and (y) that are subject to performance-based vesting conditions,
will vest if and to the extent the applicable performance-based vesting conditions are satisfied as of the date of termination
(without regard to the original length of the performance period and as determined by the Board); provided, however, that any performance-based
award that vests pursuant to clause (y) will be pro-rated for the actual number of days in the applicable vesting period preceding
the effective date of Executive’s termination of employment.

 

    	 	5	 

     

    

 

(4)               
If Executive is entitled to elect continuation of coverage under any Company group health plan pursuant to applicable law,
the REIT Operator will reimburse Executive for 100% of the COBRA premiums incurred by Executive for Executive and his dependents
under such health care plan during the duration of Executive’s COBRA continuation period.

 

(e)               
Termination by the Company for Cause. The Company may cause the REIT Operator to terminate Executive’s employment
at any time for Cause pursuant to the provisions of Section 6(a) below, in which event as of the effective date of such termination
all payments and benefits under this Agreement shall cease and all then unvested awards or benefits shall be forfeited, except
for the continuing obligation to pay Executive his Accrued Benefits.

 

(f)                
Voluntary Termination by Executive without Good Reason. Executive may voluntarily terminate his employment without
Good Reason upon sixty (60) days’ prior written notice. In any such event, after the effective date of such termination,
no further payments or benefits shall be due under this Agreement and all then unvested awards or benefits shall be forfeited,
except for the obligation to pay Executive after the effective date of such termination his Accrued Benefits. For the avoidance
of doubt, Non-Renewal by Executive shall constitute a termination under this Section 4(f).

 

(g)               
Notice of Termination. Any termination of Executive’s employment shall be communicated by a written notice
of termination to the other party hereto given in accordance with Section 19 and shall specify the termination date in accordance
with the requirements of this Agreement.

 

(h)               
Resignation of All Other Positions. Upon termination of Executive’s employment for any reason, Executive shall
be deemed to have resigned from all positions that Executive holds as an officer of the Company or any affiliate of the Company,
and from all positions that he holds as a member of the Board of Directors (or a committee thereof) or the board of directors (or
a committee thereof) of any subsidiary or affiliate of the REIT, unless otherwise mutually agreed with the Board of Directors,
and shall take all actions reasonably requested by the Company to effectuate the foregoing.

 

(i)                
General Provisions. (1) Upon any termination of Executive’s employment, Executive shall be entitled to receive
the following: (A) any unpaid Base Salary and accrued but unused vacation and/or paid time off (determined in accordance with Company
policy) through the date of termination (paid in cash within 30 days, or such shorter period required by applicable law, following
the effective date of termination), (B) reimbursement for all necessary, customary and usual business expenses and fees incurred
and paid by Executive prior to the effective date of termination, in accordance with Section 3(c) above (payable in accordance
with the Company’s expense reimbursement policy), and (C) vested benefits, if any, to which Executive may be entitled under
the Company’s employee benefit plans, including those as provided in Section 3(c) above (payable in accordance with the applicable
employee benefit plan), and directors and officers liability coverage pursuant to Section 3(d) for actions and inactions occurring
during the Term, and continued coverage for any actions or inactions by Executive while providing cooperation under this Agreement
(collectively, “Accrued Benefits”).

 

(2)
During any notice period required under Section 4 or Section 6, as applicable, (A) Executive shall remain employed by the Company
and shall continue to be bound by all the terms of this Agreement and any other applicable duties and obligations to the Company,
(B) the Company may direct Executive not to report to work, and (C) Executive shall only undertake such actions on behalf of the
Company, consistent with his position, as expressly directed by the Chief Executive Officer.

 

    	 	6	 

     

    

 

The
parties agree that a termination of Executive’s employment pursuant to this Section 4 will not be a breach of this Agreement
and does not relieve either party of its other obligations hereunder.

 

5.                  
Code Section 280G.

 

(a)               
Treatment of Payments. Notwithstanding anything in this Agreement or any other plan, arrangement or agreement to
the contrary, in the event that an independent, nationally recognized, accounting firm which shall be designated by the Company
with Executive’s written consent (which consent shall not be unreasonably withheld) (the “Accounting Firm”)
shall determine that any payment or benefit received or to be received by Executive from the Company or any of its affiliates or
from any person who effectuates a change in control or effective control of the Company or any of such person’s affiliates
(whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits,
the “Total Payments”) would fail to be deductible under Section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”), or otherwise would be subject (in whole or part) to the excise tax imposed by Section
4999 of the Code (the “Excise Tax”) then the payments or benefits to be received by Executive that are subject
to Section 280G or 4999 of the Code shall be reduced to the extent necessary so that no portion of the Total Payments is subject
to the Excise Tax, but such reduction shall occur if and only to the extent that the net amount of such Total Payments, as so reduced
(and after subtracting the net amount of federal, state and local income taxes, and employment, Social Security and Medicare taxes
on such reduced Total Payments), is greater than or equal to the net amount of such Total Payments without such reduction (but
after subtracting the net amount of federal, state and local income taxes and employment, Social Security and Medicare taxes on
such Total Payments and the amount of Excise Tax (or any other excise tax) to which Executive would be subject in respect of such
unreduced Total Payments). For purposes of this Section 5(a), the above tax amounts shall be determined by the Accounting Firm,
applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied (or is likely to apply)
to Executive’s taxable income for the tax year in which the transaction which causes the application of Section 280G or 4999
of the Code occurs, or such other rate(s) as the Accounting Firm determines to be likely to apply to Executive in the relevant
tax year(s) in which any of the Total Payments is expected to be made. If the Accounting Firm determines that Executive would not
retain a larger amount on an after-tax basis if the Total Payments were so reduced, then Executive shall retain all of the Total
Payments.

 

(b)               
Ordering of Reduction. In the case of a reduction in the Total Payments pursuant to Section 5(a), the Total Payments
will be reduced in the following order: (A) payments that are payable in cash (and that are not deferred compensation within
the meaning of Section 409A of the Code) that are valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a)
will be reduced (if necessary, to zero), with amounts that are payable last reduced first; (B) payments and benefits due in
respect of any equity valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) (and that are not deferred
compensation within the meaning of Section 409A of the Code), with the highest values reduced first (as such values are determined
under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; (C) payments that are payable in cash (and that are
not deferred compensation within the meaning of Section 409A of the Code) that are valued at less than full value under Treasury
Regulation Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, will next be reduced; (D) payments
and benefits (that are not deferred compensation within the meaning of Section 409A of the Code) due in respect of any equity valued
at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with the highest values reduced first (as such
values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; and (E) all other cash
or non-cash benefits not otherwise described in above will be next reduced pro-rata with any payments or benefits that are deferred
compensation within the meaning of Section 409A of the Code being reduced last.

 

    	 	7	 

     

    

 

(c)               
Certain Determinations. For purposes of determining whether and the extent to which the Total Payments will be subject
to the Excise Tax: (A) no portion of the Total Payments the receipt or enjoyment of which Executive shall have waived at such
time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code will be
taken into account; (B) no portion of the Total Payments will be taken into account which, in the opinion of the Accounting
Firm, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by
reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments will be taken
into account which, in the opinion of the Accounting Firm, constitutes reasonable compensation for services actually rendered,
within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in Section 280G(b)(3)
of the Code) that is allocable to such reasonable compensation; and (C) the value of any non-cash benefit or any deferred
payment or benefit included in the Total Payments will be determined by the Accounting Firm in accordance with the principles of
Sections 280G(d)(3) and (4) of the Code. Executive and the Company shall furnish such documentation and documents as may be necessary
for the Accounting Firm to perform the requisite calculations and analysis under this Section 5 (and shall cooperate to the extent
necessary for any of the determinations in this Section 5(c) to be made), and the Accounting Firm shall provide a written report
of its determinations hereunder, including detailed supporting calculations. If the Accounting Firm determines that aggregate Total
Payments should be reduced as described above, it shall promptly notify Executive and the Company to that effect. In the absence
of manifest error, all determinations by the Accounting Firm under this Section 5 shall be binding on Executive and the Company
and shall be made as soon as reasonably practicable following the later of Executive’s date of termination of employment
or the date of the transaction which causes the application of Section 280G of the Code. The Company shall bear all costs, fees
and expenses of the Accounting Firm and any legal counsel retained by the Accounting Firm.

 

(d)               
Additional Payments. If Executive receives reduced payments and benefits by reason of this Section 5 and it is established
pursuant to a determination of a court of competent jurisdiction which is not subject to review or as to which the time to appeal
has expired, or pursuant to an Internal Revenue Service proceeding, that Executive could have received a greater amount without
resulting in any Excise Tax, then the Company shall thereafter pay Executive the aggregate additional amount which could have been
paid without resulting in any Excise Tax as soon as reasonably practicable following such determination.

 

6.                  
Definitions.

 

(a)               
“Cause” shall mean any of the following grounds for termination of Executive’s employment:

 

(i)                   
Executive’s conviction of, or plea of guilty or nolo contendere to, a felony (excluding traffic-related felonies),
or any financial crime involving the Company (including, but not limited to, fraud, embezzlement or misappropriation of Company
assets) which termination shall become effective immediately as of the date the Board of Directors determines to terminate this
Agreement, which action must be taken on or after the date of such conviction or plea or within sixty (60) days thereafter;

 

(ii)              
Executive’s willful and gross misconduct in the performance of his duties (other than by reason of his incapacity
or disability) it being expressly understood that the Company’s dissatisfaction with Executive’s performance shall
not constitute Cause;

 

    	 	8	 

     

    

 

(iii)            
Executive’s continuous, willful and material breach of this Agreement after written notice of such breach has been
given by the Board in its reasonable discretion exercised in good faith; provided that, in no event shall any action or omission
in subsection (ii) or (iii) constitute “Cause” unless (1) the Company gives notice to Executive stating that Executive
will be terminated for Cause, specifying the particulars thereof in reasonable detail and the effective date of termination (which
shall be no less than ten (10) business days following the date on which such written notice is received by Executive) (the “Cause
Termination Notice”), (2) the Company provides Executive and his counsel with an opportunity to appear before the Board
to rebut or dispute the alleged reason for termination on a specified date that is at least three (3) business days following the
date on which the Cause Termination Notice is given, but prior to the stated termination date described in clause (1), and (3)
a majority of the Board (calculated without regard to Executive, if applicable) determines that Executive has failed to materially
cure or cease such misconduct or breach within ten (10) business days after the Cause Termination Notice is given to him. For purposes
of the foregoing sentence, no act, or failure to act, on Executive’s part shall be considered willful unless done or omitted
to be done, by him not in good faith and without reasonable belief that his action or omission was in the best interest of the
Company, and any act or omission by Executive pursuant to the authority given pursuant to a resolution duly adopted by the Board
or on the advice of counsel to the Company will be deemed made in good faith and in the best interest of the Company.

 

 

(b)               
“Good Reason” shall mean, without Executive’s consent:

 

(i)                
the assignment to Executive of duties or responsibilities substantially inconsistent with Executive’s title at the
Company or a material diminution in Executive’s title, authority or responsibilities;
provided, that, a change in title or modification of authority or responsibilities in connection with hiring new or elevating
other executives as reasonably required or commensurate with the growth of the Company shall not constitute Good Reason;

 

(ii)              
A material reduction in Executive’s Base Salary or the annual or long-term target incentive opportunities (as referenced
in Section 3(b)) during the Term;

 

(iii)            
A continuous, willful and material breach by the Company of this Agreement; or

 

(iv)             
the relocation (without the written consent of Executive) of Executive’s principal place of employment by more than
thirty-five (35) miles from the Principal Location.

 

 

Notwithstanding
the foregoing, (1) Good Reason shall not be deemed to exist unless notice of termination on account thereof (specifying a termination
date of at least sixty (60) days but no more than ninety (90) days from the date of such notice) is given no later than ninety
(90) days after the time at which the event or condition purportedly giving rise to Good Reason first occurs or arises and (2)
if there exists an event or condition that constitutes Good Reason, the Company shall have thirty (30) days from the date notice
of such termination is received to cure such event or condition and, if the Company does so, such event or condition shall not
constitute Good Reason hereunder; provided, however, that the Company’s right to cure such event or condition shall not apply
if there have been repeated breaches by the Company.

 

7.                  
Confidentiality/Non-Disclosure. Executive acknowledges that, in the course of his employment with the Company, he
has become and/or will become acquainted and trusted with (a) certain confidential information and trade secrets, which confidential
information includes, but is not limited to, proprietary software, customer lists and information, information concerning the Company’s
finances, business practices, long-term and strategic plans and similar matters, information concerning the Company’s formulas,
designs, methods of business, trade secrets, technology, business operations, business records and files, and any other information
that is not generally known to the public or within the industry or trade in which the Company competes and was not known to Executive
prior to his employment with the Company, and (b) information of third parties that the Company is under a duty to maintain as
confidential (collectively, “Confidential Information”). Except in furtherance of his duties hereunder, Executive
agrees that he will not cause any Confidential Information to be disclosed to third parties without the prior written consent of
the Company and that he will not, without the prior written consent of the Company, divulge or make any use of such Confidential
Information, except as may be required by law and/or to fulfill his obligations hereunder. Upon the termination of Executive’s
employment for whatever reason, or at any time the Company may request, Executive shall immediately deliver to the Company all
of the Company’s property in Executive’s possession or under Executive’s control, including but not limited to
all originals and copies of memoranda, notes, plans, records, reports, computer files, disks and tapes, thumb drives, printouts,
worksheets, source code, software, programming work, and all documents, forms, records or other information, in whatever form it
may exist, regarding the Company’s business, clients, products or services. Confidential Information does not include information
that: (i) becomes generally known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any
representative of Executive; (ii) was known to the public prior to its disclosure to Executive; or (iii) Executive is required
to disclose by applicable law, regulation or legal process. Additionally, the Parties acknowledge and agree that the obligations
of this Section 7 shall be in addition to and shall not diminish any obligations that Executive may have to Company or any customer
of Company under any separate Non-Disclosure and Confidentiality Agreement that Executive may execute during his employment with
the Company.

 

    	 	9	 

     

    

 

8.                  
Intellectual Property, Inventions and Patents. Executive acknowledges that all discoveries, concepts, ideas, inventions,
innovations, improvements, developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work
and mask work (whether or not including any Confidential Information) and all registrations or applications related thereto, all
other proprietary information and all similar or related information (whether or not patentable) which relate to the Company’s
actual or anticipated business, research and development or existing or future products or services and which were or are conceived,
developed, contributed to or made or reduced to practice by Executive (whether alone or jointly with others) while employed by
the Company, whether before or after the date of this Agreement (“Work Product”), belong to the Company. Executive
shall promptly disclose such Work Product to the Chief Executive Officer and, at the Company’s expense, perform all actions
reasonably requested by the Chief Executive Officer (whether during or after the Term of Employment) to establish and confirm such
ownership (including assignments, consents, powers of attorney and other instruments). Executive acknowledges that all copyrightable
Work Product shall be deemed to constitute “works made for hire” under the U.S. Copyright Act of 1976, as amended,
and that the Company shall own all rights therein. To the extent that any such copyrightable work is not a “work made for
hire,” Executive hereby assigns and agrees to assign to the Company all right, title and interest, including a copyright,
in and to such copyrightable work. The foregoing provisions of this Section 8 shall not apply to any invention that Executive developed
entirely on Executive’s own time without using the Company’s equipment, supplies, facilities or trade secret information,
except for those inventions that (i) relate to the Company’s business or actual or demonstrably anticipated research or development,
or (ii) result from any work performed by Executive for the Company.

 

9.                  
Restrictive Covenants.

 

(a)               
Notification of New Employer. During Executive’s employment and for a period of twelve (12) months immediately
following the termination of his employment with the Company, Executive will advise the Company of any new employer of his, or
any other person or entity for whom he may perform services, within three (3) days after commencing to work for such employer or
other person or entity. Executive hereby agrees to notify, and grant consent to notification by the Company to, any new employer,
or other person or entity for whom he may perform services, of his obligations under this Agreement.

 

    	 	10	 

     

    

 

(b)               
Solicitation of Employees. Executive agrees that during his employment and for a period of twelve (12) months immediately
following the termination of his employment with the Company for any reason, whether with or without cause, he will not directly
or indirectly, for himself or any other person or entity:

 

(i)                
solicit, induce, recruit or encourage any of the Company’s employees, exclusive consultants or exclusive independent
contractors or any person who provides services to the Company to terminate or reduce their employment or other relationship with
the Company;

 

(ii)              
hire any individual who is (or was, within the six (6) month period immediately preceding such hiring) an employee, exclusive
consultant, or exclusive independent contractor of the Company; or

 

(iii)            
attempt to do any of the foregoing.

 

(c)               
Solicitation of Customers. Executive agrees that during his employment and for a period of eighteen (18) months immediately
following the termination of his employment with the Company for any reason, whether with or without cause, he will not directly
or indirectly, (i) solicit, entice, or induce any Customer for the purpose of providing, or provide, products or services that
are competitive with the products or services provided by the Company, or (ii) solicit, entice, or induce any Customer to terminate
or reduce its business with (or refrain from increasing its business with) the Company.

 

As
used in this Section 9(c), “Customer” means any person or entity to which the Company provided products or services
(or was invested in products offered by the Company), and with which Executive had contact on behalf of the Company, within the
last twelve (12) months of his employment with the Company.

 

(d)               
Non-Disparagement. The Company and Executive each acknowledge that any disparaging comments by either party against
the other are likely to substantially depreciate the business reputation of the other party. The Company and Executive further
agree that neither party will directly or indirectly defame, disparage, or publicly criticize the services, business, integrity,
veracity or reputation of the of the other party, including but not limited to, the Company or its owners, officers, directors,
or employees in any forum or through any medium of communication. Nothing in this Agreement will preclude Executive or the Company
from supplying truthful information to any governmental authority or in response to any lawful subpoena or other legal process.

 

(e)               
Executive acknowledges and agrees that during his employment with Company he will owe the Company duties of good faith,
loyalty and non-disclosure and such statutory duties that are applicable to an officer of the Company under the laws of the State
of New York.

 

10.              
Remedies. Executive acknowledges and agrees that the restrictions set forth in this Agreement are critical and necessary
to protect the Company’s legitimate business interests; are reasonably drawn to this end with respect to duration, scope,
and otherwise; are not unduly burdensome; are not injurious to the public interest; and are supported by adequate consideration.
Executive agrees that it would be impossible or inadequate to measure and calculate the Company’s damages from any breach
of the restrictions set forth herein. Accordingly, Executives agrees that if he breaches or threatens to breach any of such restrictions,
the Company will have available, in addition to any other right or remedy available, the right to obtain an injunction from a court
of competent jurisdiction restraining such breach or threatened breach and to specific performance of any such provision of this
Agreement. Executive further agrees that no bond or other security will be required in obtaining such equitable relief and he hereby
consents to the issuance of such injunction and to the ordering of specific performance. Executive further acknowledges and agrees
that (a) any claim he may have against the Company, whether under this Agreement or otherwise, will not be a defense to enforcement
of the restrictions set forth in this Agreement, (b) the circumstances of his termination of employment with the Company will have
no impact on his obligations under this Agreement, and (c) this Agreement is enforceable by the Company and its respective subsidiaries,
affiliates, successors and permitted assigns.

 

    	 	11	 

     

    

 

11.              
LTIP General Provisions. Distributions on LTIPs will be paid from the date of grant; provided that, only for the
Long Term Performance Awards, distributions until the last day of the three year performance period (or the date of forfeiture
if earlier), shall be paid at the rate of ten percent (10%) of the distributions otherwise payable with respect to LTIPs granted
under such Long Term Performance Awards; provided further, with respect to each LTIP granted for Long Term Performance Awards and
that vests in accordance with this Agreement, Executive shall be entitled to receive, as of the date of such vesting, a single
cash payment equal to the distributions payable with respect thereto back to the date of grant, minus the distributions already
paid in accordance with the preceding clause. The REIT will use its best efforts to ensure that there are sufficient shares of
Common Stock and/or LTIPs available under a shareholder approved equity plan of the REIT to provide for the equity grants described
in Section 3(b) of this Agreement; however, in the event there are insufficient shares of Common Stock and/or LTIPs available under
a shareholder approved equity plan of the REIT to support any such grant of any LTIPs, on the vesting date of any LTIP grant contemplated
pursuant to Section 3(b), as applicable, had such LTIPs been granted as provided therein, the Company shall make a cash payment
to Executive equal to the number of LTIPs that would have vested on such date multiplied by (a) to the extent the Economic Capital
Account Balance of the LTIPs has not achieved capital account equivalence with a Common Unit held by the General Partner as of
such date (assuming, for purposes of this clause (a) that the LTIPs had been granted and treated as outstanding under and received
allocations and/or adjustments pursuant to the Second Amended and Restated Agreement of Limited Partnership of Bluerock Residential
Holdings, L.P., as amended (the “LP Agreement”)), an amount equal to such deemed Economic Capital Account Balance
of the LTIPs, and (b) to the extent the Economic Capital Account Balance of the LTIPs has achieved capital account equivalence
with a Common Unit held by the General Partner as of such date (assuming, for purposes of this clause (b) that the LTIPs had been
granted and treated as outstanding under and received allocations and/or adjustments pursuant to the LP Agreement), an amount equal
to the average of the closing sales price of the Common Stock for the 10 trading dates preceding the vesting date. The capitalized
terms used in this section, if not otherwise defined in this Agreement, will have the meanings set forth in the LP Agreement.

 

12.              
Additional Acknowledgments.

 

(a)               
Executive and the Company each agree and intend that Executive’s obligations under this Agreement (to the extent not
perpetual) be tolled during any period that Executive is in breach of any of the obligations under this Agreement, so that the
Company is provided with the full benefit of the restrictive periods set forth herein.

 

(b)               
Executive also agrees that, in addition to any other remedies available to the Company and notwithstanding any provision
of this Agreement to the contrary, in the event Executive breaches in any material respect any of his obligations under Sections
7, 8 or 9, the Company shall immediately cease all payments and benefits (including vesting of equity-based awards) under Section
4 and will have no further obligations thereunder.

 

(c)               
Executive and the Company further agree that, in the event that any provision of Section 9 is determined by a court of competent
jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic scope or too great
a range of activities, that provision will be deemed to be modified to permit its enforcement to the maximum extent permitted by
law. Each of Executive and the Company acknowledges and agrees that the Company will suffer irreparable harm from a breach by Executive
of any of the covenants or agreements contained in Sections 7, 8, or 9. Executive further acknowledges that the restrictive covenants
set forth in those Sections are of a special, unique, and extraordinary character, the loss of which cannot be adequately compensated
by monetary damages. Executive agrees that the terms and provisions of Sections 7, 8, or 9 are fair and reasonable and are reasonably
required for the protection of the Company in whose favor such restrictions operate. Executive acknowledges that, but for Executive’s
agreements to be bound by the restrictive covenants set forth in Sections 7, 8, or 9, the Company would not have entered into this
Agreement. In the event of an alleged or threatened breach by Executive of any of the provisions of Sections 7, 8, or 9, the Company
or its successors or assigns may, in addition to all other rights and remedies existing in its or their favor, apply to any court
of competent jurisdiction for specific performance and/or injunctive or other equitable relief in order to enforce or prevent any
violations of the provisions hereof (including, without limitation, the extension of the noncompetition period or nonsolicitation
period, as applicable, by a period equal to the duration of the violation).

 

    	 	12	 

     

    

 

(d)               
Executive and the Company further agree that REIT Operator is the employer of Executive for all U.S. federal income tax
and employment tax purposes. In accordance with such status, to the extent that any provision herein permits the Company to control,
supervise, or otherwise determine the rights, responsibilities, or obligations of Executive hereunder; to remunerate, reimburse,
or otherwise provide any economic benefit to Executive hereunder (or to determine the amount of such payments or benefits); or
to otherwise initiate, terminate, or otherwise alter the terms of Executive’s employment with REIT Operator hereunder, it
is acknowledged and agreed by all parties hereto that such actions are taken on behalf of REIT Operator, which hereby grants all
necessary power and authority to the Company to take such actions on behalf of REIT Operator.

 

13.              
Executive’s Cooperation. During the Term of Employment and, to the extent that the Company pays Executive’s
actual, reasonable and documented legal fees for legal counsel, also for a reasonable period thereafter, Executive shall reasonably
cooperate with the Company in any internal investigation, any administrative, regulatory or judicial investigation or proceeding
or any dispute with a third party as reasonably requested by the Company to the extent that such investigation, proceeding or dispute
may relate to matters in which Executive has knowledge as a result of Executive’s employment with the Company or Executive’s
serving as an officer or director of the Company (including Executive being available to the Company upon reasonable notice for
interviews and factual investigations, appearing at the Company’s request, after reasonable notice, to give testimony without
requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over
to the Company all relevant documents which are or may come into Executive’s possession, all at times and on schedules that
are reasonably consistent with Executive’s other permitted activities and commitments). Without limiting the generality of
the foregoing, to the extent that the Company seeks such assistance, the Company shall use reasonable business efforts, whenever
possible, to provide Executive with reasonable advance notice of its need for Executive’s assistance and will attempt to
coordinate with Executive the time and place at which Executive’s assistance will be provided with the goal of minimizing
the impact of such assistance on any other material pre-scheduled business commitment that Executive may have. In the event the
Company requires Executive’s reasonable assistance or cooperation in accordance with this Section 13, the Company shall reimburse
Executive solely for reasonable travel expenses (including lodging and meals) upon submission of receipts and, for cooperation
following the Term of Employment, Executive’s actual, reasonable and documented legal fees.

 

14.              
Executive’s Representations. Executive hereby represents and warrants to the Company that (a) the execution,
delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default
under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which Executive is bound,
(b) Executive is not a party to or bound by any employment agreement, non-compete agreement or confidentiality agreement with any
other person or entity and (c) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid
and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that
Executive has consulted with independent legal counsel regarding Executive’s rights and obligations under this Agreement
and that Executive fully understands the terms and conditions contained herein.

 

    	 	13	 

     

    

 

15.              
Corporate Opportunity. Executive agrees that during his Term of Employment and for a period of twenty-four (24) months
immediately following the termination of his employment with the Company for any reason, whether with or without Cause, Executive
will not use opportunities discovered in the course of his employment hereunder for his own personal gain or benefit. For example,
if in in any capacity described in Section 2 of this Agreement, Executive is approached about or otherwise becomes aware of a potential
investment or other business transaction that may be appropriate for the Company, Executive will not take that opportunity for
himself, or share or disclose it to any third party, but rather Executive will bring it to the attention of the Chief Executive
Officer or the Board of Directors.

 

16.              
Insurance for Company’s Own Behalf. The Company may, at its discretion, apply for and procure in its own name
and for its own benefit life and/or disability insurance on Executive in any amount or amounts considered advisable. Executive
agrees to cooperate in any medical or other examination, supply any information and execute and deliver any applications or other
instruments in writing as may be reasonably necessary to obtain and constitute such insurance.

 

17.              
Withholding. The Company shall be entitled to deduct or withhold from any amounts owing from the Company to Executive
any federal, state, local or foreign withholding taxes, excise tax, or employment taxes that it reasonably determines are required
to be imposed with respect to Executive’s compensation or other payments or benefits from the Company or Executive’s
ownership interest in the Company (including wages, bonuses, the receipt or exercise of equity options and/or the receipt or vesting
of restricted equity).

 

18.              
Survival. The rights and obligations of the parties under this Agreement shall survive as provided herein or if necessary
or desirable to accomplish the purposes of other surviving provisions following the termination of Executive’s employment
with the Company, regardless of the manner of or reasons for such termination.

 

19.              
Notices. All notices, requests and other communications hereunder must be in writing and will be deemed to have been
duly given only if delivered personally against written receipt or mailed by prepaid first class certified mail, return receipt
requested, or mailed by overnight courier prepaid, to (a) Executive at the address on file with the Company, and (b) Company at
the following address:

 

Notices
to the Company:

 

Bluerock
REIT Operator, LLC

c/o
Bluerock Residential Growth REIT, Inc.

712
Fifth Avenue, 9th Floor

New
York, NY 10019

 

Attention:
Chief Executive Officer

 

    	 	14	 

     

    

  

Notices
to Executive:

 

c/o
Bluerock Residential Growth REIT, Inc.

712
Fifth Avenue, 9th Floor

New
York, NY 10019

 

All such
notices, requests and other communications will (i) if delivered personally to the address as provided in this Section 19, be deemed
given on the day so delivered, or, if delivered after 5:00 p.m. local time or on a day other than a Saturday, Sunday or any day
on which banks located in the State of New York are authorized or obligated to close (a “Business Day”), then
on the next proceeding Business Day, (ii) if delivered by certified mail in the manner described above to the address as provided
in this Section 19, be deemed given on the earlier of the third Business Day following mailing or upon receipt and (iii) if delivered
by overnight courier to the address as provided for in this Section 19, be deemed given on the earlier of the first Business Day
following the date sent by such overnight courier or upon receipt, in each case regardless of whether such notice, request or other
communication is received by any other Person to whom a copy of such notice is to be delivered pursuant to this Section 19. Any
party hereto from time to time may change its address or other information for the purpose of notices to that party by giving notice
specifying such change to the other party hereto.

 

20.              
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect
under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 

21.              
Entire Agreement. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter
hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties.
For the avoidance of doubt, Executive shall not be eligible to participate in any severance plan or program during the Term of
Employment to the extent such participation would result in a duplication of benefits. This Agreement will control the vesting
and payment of any short term or long term incentive compensation (including equity compensation whether settleable in cash or
Common Stock) to the extent this Agreement provides for more favorable vesting regardless of whether such awards are granted after
the Effective Date.

 

22.              
No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction shall be applied against any party.

 

23.              
Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original
and all of which taken together constitute one and the same agreement.

 

24.              
Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive,
the Company and their respective heirs, successors and assigns, except that Executive may not assign Executive’s rights or
delegate Executive’s duties or obligations hereunder without the prior written consent of the Company. The Company may only
assign this Agreement to a successor to all or substantially all of the business and/or assets of the Company. As used in this
Agreement, “Company” shall mean the Company and any successor to its business and/or assets, which assumes and agrees
to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

 

25.              
Choice of Law. All issues and questions concerning the construction, validity, enforcement and interpretation of
this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State
of New York, without giving effect to any choice-of-law or conflict-of-law rules or provisions (whether of the State of New York
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

 

    	 	15	 

     

    

 

26.              
Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent
of the Company (as approved by the Chief Executive Officer) and Executive, and no course of conduct or course of dealing or failure
or delay by any party hereto in enforcing or exercising any of the provisions of this Agreement (including the Company’s
right to terminate the Term of Employment for Cause) shall affect the validity, binding effect or enforceability of this Agreement
or be deemed to be an implied waiver of any provision of this Agreement.

 

27.              
Consent to Jurisdiction. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND
FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT,
ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE
OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL, RETURN RECEIPT REQUESTED, TO SUCH PARTY’S RESPECTIVE
ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN THE STATE OF NEW YORK WITH
RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS SECTION 27. EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY
RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF NEW
YORK, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

28.              
Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED-FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS
AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY
IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

29.              
Section 409A.

 

(a)               
Interpretation. Notwithstanding the other provisions hereof, this Agreement is intended to comply with the requirements
of Section 409A of the Code and regulations thereunder (“Section 409A”) or any exemption thereunder, to the
extent applicable, and this Agreement shall be interpreted accordingly. If necessary, any provisions of this Agreement that would
otherwise violate Section 409A shall be deemed amended to comply with Section 409A. For purposes of Section 409A, each payment
made under this Agreement shall be treated as a separate payment. In no event may Executive, directly or indirectly, designate
the calendar year of any payment that constitutes deferred compensation for purposes of Section 409A. To the extent any payment
or benefit provided under Sections 4 or 5 is contingent upon Executive’s execution of the general release of claims described
in Section 4(d)(ii), if such payment or benefit constitutes deferred compensation for purposes of Section 409A and the 60-day period
described in Section 4(d)(ii) spans calendar years, such payment and/or benefit shall be paid or commence, as applicable, in the
latter calendar year. Executive will be deemed to have a termination of employment for purposes of determining the timing of any
payments or benefits hereunder that constitute deferred compensation for purposes of Section 409A only upon a “separation
from service” within the meaning of Section 409A.

 

    	 	16	 

     

    

 

(b)               
Payment Delay. Notwithstanding any provision to the contrary in this Agreement, if on the date of Executive’s
termination of employment, Executive is a “specified employee” (as such term is used in Section 409A), then any amounts
payable to Executive that constitute deferred compensation for purposes of Section 409A that are payable due to Executive’s
termination of employment shall be postponed and paid (without interest) to Executive in a lump sum on the date that is six (6)
months and one (1) day following Executive’s “separation from service” with the Company (or any successor thereto);
provided, however, that if Executive dies during such six-month period and prior to payment of the postponed cash amounts hereunder,
the amounts delayed on account of Section 409A shall be paid to the personal representative of Executive’s estate on the
sixtieth (60th) day after Executive’s death.

 

(c)               
Reimbursements. All reimbursements provided under this Agreement that constitute deferred compensation under Section
409A shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement
that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified
in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible
for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last
day of the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject
to liquidation or exchange for another benefit.

 

 

 

*     *     *     *    *

 

 

 

 

 

 

 

 

[Signature
Page Follows]

 

    	 	17	 

     

    

 

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

 

	 	Bluerock Residential Growth REIT, Inc.
	 	 	 
	 	By:	 /s/ Jordan Ruddy	 
	 	Name: Jordan Ruddy	 
	 	Title: President	 
	 	 	 
	 	Bluerock Residential Holdings, L.P.
	 	 	 
	 	 	 
	 	By:	 /s/ Jordan Ruddy	 
	 	Name: Jordan Ruddy	 
	 	Title: President	 
	 	 	 
	 	BLUEROCK REIT OPERATOR, LLC 
	 	 	 
	 	 	 
	 	By: 	/s/ Mike DiFranco	 
	 	Name: Mike DiFranco	 
	 	Title: EVP Property Operations	 
	 	 	 
	 	/s/ Michael DiFranco	 
	 	Michael DiFranco	 

 

  

 

    	 	18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]