Document:

Exhibit
10.3

 

 FORM OF 

 

AMENDED
AND RESTATED MANAGEMENT AGREEMENT

 

THIS
AMENDED AND RESTATED MANAGEMENT AGREEMENT (this “Agreement”) is entered into as of the Effective Date (as
defined below) by and between LANDWIN REALTY INVESTMENTS HOLDINGS LLC, a Delaware limited liability company, (“Landwin
Holdings”) and LANDWIN MANAGEMENT, LLC, a Delaware limited liability company (“Manager”, each
a “Party” and, collectively, the “Parties”).

 

RECITALS

 

WHEREAS,
Landwin Realty Investments I, LLC, a Delaware limited liability company (“Landwin Investments”), is a wholly-owned
subsidiary of Landwin Holdings and Landwin Holdings is, indirectly, a wholly owned subsidiary of Landwin Realty Trust, Inc., a
Maryland corporation (“Landwin REIT”, and, together with Landwin Holdings and Landwin Investments and any direct
or indirect subsidiary of Landwin Investments, collectively, “our”, “us”, “we” or any similar
word or phrase);

 

WHEREAS,
Landwin REIT has filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities
Act”) a registration statement on Form S-4 with respect to the merger described therein and the issuance of shares
of its common stock, par value $0.01 per share , all as described in such registration statement, as amended (the “Registration
Statement ”); 

 

WHEREAS,
Manager is engaged in the general business of real estate investment asset management and property management and as of the date
of this Agreement, an “affiliate” (as defined under the Securities Act);

 

WHEREAS,
on the effective date of the Registration Statement and pursuant to the assignment and assumption
of this Agreement in accordance with the terms of that certain Agreement and Plan of Merger, by and among Landwin Partners Fund
I, LLC, a Delaware limited liability company, Landwin Partners Fund II, LLC a Delaware limited liability company, Landwin
REIT, Landwin Holdings, Landwin TRS, LLC, a Delaware limited liability company, Landwin Investments, and Manager (the “Merger
Agreement”), whereby Landwin Investments assumed this Agreement and assigned the same to Landwin Holdings, Landwin Holdings
desires to engage the general business management services of Manager (the “Services”);

 

WHEREAS,
this Agreement reflects the substantive material terms of the management agreement with the Manager and Landwin Partners Fund
I, LLC and the Manager desires to be engaged to provide Services under the terms and conditions set forth herein;

 

WHEREAS,
the Parties hereto desire to amend and restate this Agreement under the terms and conditions set forth herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree
as follows:

 

Section
1. Term. The Agreement shall commence upon the date that the Merger is effective under applicable state law and the
Registration Statement is declared effective under the Securities Act (the “Effective Date”).
The term of the Agreement shall be for five (5) years from the Effective Date (the “Initial Term”), unless
sooner terminated in accordance with the terms of this Agreement. Manager has the right, at is option, to renew this Agreement
for successive two-year terms upon the expiration of the Initial Term upon notice to Landwin REIT that is provided not less than
60 days prior to the expiration of then effective term.

 

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Section
2. Services. Manager shall have the general responsibility to manage and oversee our operations.
More specifically, Manager’s Services will include the following services: 

 

(a)
Source, evaluate, select, negotiate, secure financing for and oversee acquisitions, property management, tenant leasing, dispositions
and replacement acquisitions of diverse existing and/or to-be-developed, income-producing real property assets and development/redevelopment
projects on our behalf;

 

(b)
General real estate investment asset management and property management services.

 

(c)
Oversight of preparation and revision of annual budgets and pro forma statements.

 

Section
3. Right of Manager to Provide Services to Any Party. The parties acknowledge that important considerations for
this Agreement are the obligation of Manager to provide Services hereunder and that Manager and its managers and principal officers may provide services similar to the Services to other existing and future fund entities and other parties.

 

Section
4. Manager’s Fees-for-Services and Performance-based Distribution-Sharing Income. During the term of this Agreement,
in consideration for Services, Landwin Holdings shall pay to Manager the following Fees-for-Services and performance-based Distribution-Sharing
Income:

 

(a)
Acquisition Fees: 2.5% of the total purchase price (equity plus debt) of any real property acquired by the Manager for
our benefit, paid in cash at closing;

 

(b)
Property Management Fees: 5.5% of actual gross monthly receipts from any real property acquired and taken under management
by the Manager for our benefit;

 

(c)
Leasing Fees: Negotiated on a case-by-case basis subject to factors including, but not limited to, term lengths of leases,
creditability of tenants, location of space within properties, competition, market rates, etc.;

 

(d)
Financing and Refinancing Fees: Not to exceed one hundred and twenty five basis points ( 11/4% )
of the amount of new and refinanced loans secured by the Manager for our benefit;

 

(e)
Development, Redevelopment and/or Construction Management Fees: Negotiated on a case-by-case basis subject to factors related
to specific projects, typically a minimum of 7% of the amounts expended;

 

(f)
Disposition Fees: 2.5% of the total sales price of any real property sold by the
Manager for our benefit, paid in cash at closing, and;

 

(g)
Distribution-Sharing Income: 30% of all distributions after each of the members
in Landwin Holdings has received total distributions from all sources equal to their capital contribution plus
a 7% preferential return , per annum, on their capital contribution , which amount as of the Effective Date shall be
as specified by the parties; provided, that for the purposes of this Agreement, capital contributions shall include capital
contributions made by any member in Landwin Partners Fund I, LLC or Landwin Partners Fund II, LLC, prior to the Effective Date
and the preferred return shall accrue on the date of such contributions; 

 

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(h)
Base Fee: In an annual amount to be determined, as of the end of each fiscal quarter, by Manager and Landwin REIT, which
amount shall remain in effect until changed by the Parties by mutual agreement and shall be paid monthly in advance , which
shall include 100% of the Manager’s out-of-pocket expenses for compensation, including tax obligations, for employees of
the Manager whose employment is dedicated exclusively to our business. 

 

(i)
Other Fees: For additional activities and services that we request from time to time to be performed by the Manager and
which are accepted by the Manager, which would be services that are not in the ordinary course of administering Landwin Holdings
and which are not activities noted above in items (a) - (h). These additional activities may include diligence and analysis of
an acquisition of a company and appearances in court and may include providing Services with respect to any assets that are not
Predecessor Fund Assets. Any fee would be proposed by the Manager as the amount that would be charged for a similar service by
a non-affiliated firm and subject to our acceptance including acceptance by our independent directors; and

 

(j)
Reimbursement Expenses: Reimbursement for reasonable direct out-of-pocket expenses that are incurred for our benefit
and are consistent with guidelines by the Internal Revenue Service for expenses that qualify as a deduction. 

 

Section
5. Termination For Cause. Landwin Holdings may terminate this Agreement for cause which shall be limited to the
final adjudication of intentional wrongdoing to the substantial detriment of Landwin Holdings.

 

Section
6. Indemnification. Landwin Holdings shall indemnify and hold harmless Manager and its managers , principals,
associates, consultants, employees, officers, directors, agents, brokers, contractors, parent and/or subsidiary entities (collectively,
the “Manager and Associates”) from any and all claims, demands, losses, damages, injuries, liabilities, costs, including
court costs, attorney fees and expert witnesses, expenses judgments, liens, encumbrances, orders and awards, known or unknown,
suspected or unsuspected, fixed or contingent, arising out of or relating to any statements, representations, acts or omissions
by Manager and Associates, whether occurring prior to or after Effective Date and in any way connected with, relating to, or affecting,
directly or indirectly, the Services to be rendered hereunder, except for the final adjudication of intentional wrongdoing to
the substantial detriment of Landwin Holdings, and in any litigation regarding Manager and Associates, same shall have the right
to choose its attorney(s) and use Landwin Holdings assets in its defense.

 

Section
7. During a Dispute. If there exists a dispute between Manager and Landwin Holdings, and Manager has not received
all funds which it claims are due it hereunder, then Landwin Holdings shall pay for and provide Manager with monthly reports
prepared by a reputable accountant selected by Manager, showing the operations of Landwin Holdings for each quarter including
rents, sales, purchases, expenses, receivables, payables, and all other information regarding the operations of Landwin
Holdings. Upon request by Manager, Landwin Holdings shall provide Manager with detailed quarterly income statements
and balance sheets resulting from a certified audit with a full opinion (no exceptions) ordered by Landwin Holdings. The
above shall continue until Manager has received all funds due Manager.

 

Section
8. Assignment. This Agreement shall be binding on, and shall inure to the benefit of, the undersigned and its or
their respective heirs, legal representatives, successors, and assigns. Neither this Agreement, nor any part hereof, nor any monies
due or to become due hereunder or any rights or obligations hereunder, may be assigned or transferred by either party without
the express written consent of Landwin Holdings. Any purported transfer or assignment in violation of this section shall be void
ab initio and of no effect.

 

Section
9. Authority of Landwin Holdings. This Agreement has been duly authorized, executed and delivered on behalf of the
Landwin Holdings and is a valid and enforceable Agreement in accordance with its terms and conditions. Landwin Holdings has full
power and lawful authority to appoint Manager as “Manager” under terms and conditions herein contained.

 

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Section
10. Certain Affiliated Transactions.

 

(a)
With respect to any indirect interest in real estate (“Affiliated Real Property Interests”) that is held by
us through an investment in any affiliate that the Manager controls (as such term is defined under the Securities Act, “Controls”),
then in addition to the covenants and agreements in this Agreement or any agreement, document or instrument that is related to
any such investment, the Manager shall accord rights (“Qualifying Real Estate Rights”) to us that are not less
than the rights of a holder of “Qualifying Interests” as such term is used in the various No-Action Letters issued
by the Staff of the Securities and Exchange Commission related to Section 3(c)(5) of the Investment Company Act of 1940, as amended
(the “Investment Company Act”). Such Qualifying Real Estate Rights shall be provided for so long as we have
any interest in such affiliate. The Manager shall confirm in writing such specific rights as may be from time to time reasonably
requested by us.

 

(b)
In furtherance thereof,

 

(i)
Manager shall undertake (A) any and all actions such that we will have rights in respect of any Affiliated Real Property Interests
that are not less favorable than those that a mezzanine lender would have in respect of a mezzanine loan, or (B) any other action
such that we will have rights that are not less favorable than the holder of “mortgages and other liens on and interests
in real estate” as interpreted within the meaning of Section 3(c)(5) of the Investment Company Act; and

 

(ii)
during an event of default under any of the mortgages securing the underlying real property interest held by any such affiliate
in which we have an Affiliated Real Property Interest, we shall have the option to purchase the mortgage loan then in default
or to cure such default with additional financing provided by us and, upon any such cure by us, we will have full subrogation
of the rights of such mortgage lender until such additional financing is repaid in full together with interest thereon.

 

(c)
With respect to any guaranty that is provided by us for the benefit of any affiliate that the Manager Controls, the Manager shall
use its commercially reasonable efforts so that the conditions or events that cause a payment obligation of any of us are not
satisfied without our prior written consent. Manager shall take such actions to confirm our rights under this paragraph as from
time to time reasonably requested by us.

 

Section
11. Application of the Agreement. This Agreement applies to the assets that we acquire as part of the Merger Agreement,
and the proceeds and reinvestment thereof (collectively, the “Predecessor Fund Assets”), and may not be terminated
by us other than in accordance with Section 5 of this Agreement. This Agreement may apply to any assets other than the Predecessor
Fund Assets that are directly or indirectly acquired by us on terms and conditions determined with the approval of the independent
directors of Landwin REIT.

 

Section
12. Notices. Any notice, request,
demand, instruction or other document to be given hereunder to any Party shall be in writing and shall either be personally delivered
to the person with signature of receipt set forth below (in which event, such notice shall be deemed effective only upon such
delivery) or delivered by United Parcel Service (UPS) Next Day with tracking number and/or signature of receipt, as follows:

 

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If
to Manager, at:

Landwin
Management, LLC

17200
Ventura Boulevard, Suite 206

Encino,
California 91316

Attn:
Martin Landis

 

If
to Landwin Holdings, at:

 

Landwin
Realty Holdings Investments LLC

c/o
Landwin Realty Trust, Inc.

17200
Ventura Boulevard, Suite 206

Encino
California, 91316

Attn:
Chief Executive Officer

 

Section
13. Entire Agreement. This Agreement constitutes the entire agreement between the Parties pertaining to the subject
matter contained herein and supersedes all prior and contemporaneous agreements, representations and understandings of the Parties.
There are no representations, warranties, or agreements between the Parties, relating hereto except as specifically set forth
in this Agreement.

 

Section
14. Attorneys’ Fees. In the event any legal action is brought for the violation of this Agreement, the successful
or prevailing party shall be entitled to recover attorneys’ fees and all other costs in connection therewith.

 

Section
15. Waiver or Amendment. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by the Parties. No action or conduct shall operate to waive any right or benefit under this Agreement unless such is
expressly set forth in writing (which for the purposes of this provision shall not include an email message) and is signed by
the party to be charged and then shall only be effective to the extent expressly provided.

 

Section
16. Governing Law. This Agreement shall be governed and controlled as to validity, enforcement, interpretation, construction,
effect and in all other respects by the law of State of California. This Agreement has been entered into by good faith negotiations
and shall therefore not be construed against the author of any provision.

 

Section
17. Arbitration.

 

(a)
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined
by arbitration in Los Angeles County, California before one arbitrator. The arbitration shall be administered by JAMS pursuant
to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered in any court having jurisdiction. This
clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction
or seeking injunctive relief.

 

(b)
The arbitrator may, in the Award, allocate all or part of the costs of the arbitration, including the fees of the arbitrator and
the reasonable attorneys’ fees of the prevailing party.

 

Section
18. Subject to the provisions of Section 17, all actions and proceedings arising out of, or relating to, this Agreement shall
be heard and determined in any state or federal court sitting in the West Los Angeles Branch in Santa Monica, California. Each
of Parties, by execution and delivery of this Agreement: (i) expressly and irrevocably consent and submit to the personal jurisdiction
of any of such courts in any such action or proceeding; (ii) consent to the service of any complaint, summons, notice or other
process relating to any such action or proceeding by delivery thereof to such party by hand or by U.S. certified mail without
return receipt requested, delivered or addressed as set forth in Section 12 of this Agreement; and (iii) waive any claim or defense
in any such action or proceeding based on any alleged lack of personal jurisdiction, improper venue or forum non conveniens or
any similar basis.

 

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Section
19. Interpretation.

 

(a)
Section titles and headings to sections herein are inserted for convenience of reference only and are not intended to be a part
of or to affect the meaning or interpretation of this Agreement. 

 

(b)
Any word or term used in this Agreement in any form shall be masculine, feminine, neuter, singular or plural, as proper reading
requires.

 

(c)
The words “herein”, “hereof”, “hereby” or “hereto” shall refer to this Agreement
unless otherwise expressly provided.

 

(d)
Any reference herein to a Section or any exhibit or schedule shall be a reference to a Section of, and an exhibit or schedule
to, this Agreement unless the context otherwise requires.

 

(e)
Any reference to a writing or written shall not include an email message unless otherwise expressly provided and shall, however,
include a signed attachment to an email or an electronic signature through docusign or similar application.

 

Section
20. Counsel. The Parties hereto, and each of them, further represent and declare that they have carefully read
this Agreement and understand all the contents hereof and that they sign the Agreement freely and voluntarily and have been given
the opportunity to receive counsel and advice of their respective attorneys.

 

Section
21. Time is of the Essence. Time is of the essence in the performance of each and every provision of this Agreement.

 

Section
22. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original
and all of which shall constitute one Agreement. The facsimile signatures of the parties shall be deemed to constitute original
signatures, and facsimile copies hereof shall be deemed to constitute duplicate original counterparts.

 

[SIGNATURES
ON NEXT PAGE]

 

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IN
WITNESS WHEREOF, this Agreement has been executed by duly authorized officers of each of the parties hereto as of the date
first above written.

 

	 	LANDWIN
    MANAGEMENT, LLC
	 	 	 
	 	By:	
	 	Name:	Martin Landis
	 	Title:	Manager

 

	 	LANDWIN
    REALTY INVESTMENTS HOLDINGS, LLC
	 	 	 
	 	By:	
	 	Name:	John E. Hartman
	 	Title:	Chief Executive
    Officer

 

    	7Exhibit
10.4

 

SENIOR
EXECUTIVE EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the Effective Date (as hereinafter defined) by and between
lANDWIN MANAGEMENT, LLC, a Delaware limited liability company (the “Landwin
Management”), and John E. Hartman, an individual (the “Employee”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Landwin Management, together with Landwin Realty Trust, Inc., a Maryland corporation (“Landwin Realty Trust”),
and its subsidiaries (Landwin Management, Landwin Realty Trust and together with its subsidiaries are hereinafter collectively
referred to as the “Company”), is engaged in the business of acquiring, owning, operating and investing in
portfolios of income-producing commercial real estate and related investments (collectively, the “Business”);

 

WHEREAS,
Landwin Management provides general business management services to Landwin Realty Trust and its subsidiaries, pursuant to their
respective management agreements; and

 

WHEREAS,
the Landwin Management desires to employ the Employee, and the Employee desires to accept such employment, on the terms and conditions
herein set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants and conditions provided herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby
agree as follows:

 

1.
Employment, Duties and Authority.

 

1.1
Exclusive Devotion of Business Time. Landwin Management agrees to employ the Employee and, unless otherwise agreed to by
the parties in writing, the Employee agrees to devote his full business time, effort, skills and loyalty to the Business of the
Company, subject to any exclusions that are mutually agreed, to effectively carry out his responsibilities to the Company hereunder
and to the render his services and skills in the furtherance of the business of the Company; provided, that this provision
shall not prevent the Employee from: (i) serving on civil, charitable and corporate boards and committees, subject to the Company’s
policies and standards; and (ii) managing his investments and the investments of his immediate family, subject to the Company’s
policies and standards; provided that the activities referenced in clauses (i) and (ii) above do not, individually or in
the aggregate, interfere with the performance of the Employee’s duties under this Agreement.

 

1.2
Title; Position. Landwin Management agrees to employ the Employee, and Employee shall serve as the Chief Executive Officer
and Director of Landwin Realty Trust. The primary responsibilities of the Employee shall include, but not be limited to: (i) performing
the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of a chief executive
officer of a public company, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee
from time to time that are not inconsistent with the Employee’s position with the Company; (ii) coordinating the management
of the Business between Landwin Management and Landwin Realty Trust and/or its subsidiaries; (iii) executing and/or certifying
all annual or periodic reports required to be filed with the United States Securities and Exchange Commission, unless such execution
and/or certification would violate applicable securities laws; and (iv) preparing all minutes of the Board of Directors of Landwin
Realty Trust (the “Board”). Without limiting the foregoing, the Employee shall serve at the request of the
Board as a director or officer of any corporation of any type or kind, domestic or foreign, or any partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise in the furtherance of the Business and shall otherwise
assist in the preparation of, and implementation of, the strategic business plans and developments of the Company.

 

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1.3
Reporting. The Employee shall report to: (a) individual that controls Landwin Management, (b) with respect to Landwin Realty
Trust, the Board, or (c) such other person as may be designated by the Board from time to time.

 

1.4
Cooperation. During the term of this Agreement, the Employee agrees to give prompt written notice to the Company of any
claim or injury relating to the Company, and to fully cooperate in good faith and to the best of his ability with the Company
in connection with all pending, potential or future claims, investigations or actions which directly or indirectly relate to any
transaction, event or activity about which the Employee may have knowledge because of his employment with the Company. Such cooperation
shall include all assistance that the Company, its counsel, or its representatives may reasonably request, including reviewing
and interpreting documents, meeting with counsel, providing factual information and material, and appearing or testifying as a
witness.

 

1.5
Primary Office Location; Travel Commitment. The Company shall reimburse the Employee for the reasonable amount for suitable
office space and the Employee shall perform his duties primarily from such office as the Company may reasonably determine from
time to time; provided, that the Employee shall be available and shall travel from such location from time to time as is
necessary or desirable in furtherance of the Business.

 

1.6
Performance of Duties. During the term of this Agreement, the Employee shall perform the duties assigned to him, which
duties shall be consistent with the duties described above in this Section 1, and shall observe and carry out such rules, regulations,
policies, directions and restrictions as the Board shall from time to time establish. In performance of his duties hereunder,
the Employee shall always maintain the highest ethical standard, and comply in each and every respect with applicable laws, rules
and regulations applicable to the Company and the Business.

 

1.7
Certain Defined Terms. For the purposes of this Agreement, the following terms shall have the respective meanings ascribed
thereto in this Section:

 

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1.7.1.
“Cause” shall mean any of the following conditions occurred, and after a determination by the Board that such
condition occurred, was not cured:

 

(i)
The Employee commits (A) a breach of this Agreement, (B) a breach of his fiduciary duty to the Company or any of its affiliates
(C) negligence, or (D) willful misconduct, including any violation of a material securities law;

 

(ii)
The Employee violates the internal procedures or policies of the Company in a manner which has a material adverse effect on the
reputation, business of the Company such as conduct constituting employment discrimination or sexual harassment;

 

which, in
any event, is not cured promptly by the Employee, and in any event, within 30 days.

 

1.7.2.
“Confidential Information” means all confidential and proprietary information of the Company, including, without
limitation, information relating to or concerning Proprietary Products (as defined below) and the exploitation of proprietary
rights relating thereto; the Business; trade secret information; client, investor, customer and supplier lists, identities and
contracts or arrangements; financial information (including financial statements, budgets and projections); market research and
development procedures, processes, techniques, plans and results (including inconclusive results); all information which may be
included in any patent or copyright application or amendment thereof or defense or litigation with respect thereto; marketing,
licensing and distribution or franchising strategies, plans or projections; investment or acquisition opportunities, plans or
strategies; products and asset composition; pricing information or policies; royalty, franchising or licensing arrangements; computer
software, passwords, programs or data; and all other business related information which has not been publicly disclosed by the
Company or its affiliates, whether such information is in written, graphic, recorded, photographic, data or any machine readable
form or is orally conveyed to, or memorized by, or developed by the Employee; provided, that Confidential Information shall
not include information which: (i) at the time of disclosure is generally known in the business and industry in which the Company
is engaged; or (ii) after disclosure is published or otherwise becomes generally known in such business or industry through no
fault of the Employee.

 

1.7.3.
“Developments” means discoveries, concepts, ideas, designs, methods, formulas, know-how, techniques, systems
or any improvements or enhancements thereon, whether or not patentable or copyrightable, made, conceived, improved or developed,
in whole or in part, by the Employee during the term of this Agreement relating to: (i) any of the Company’s or its affiliates’
products or services, potential products or services, developments or techniques; or (ii) any work in which the Employee is or
may be engaged on behalf of the Company or its affiliates.

 

1.7.4.
“Disability” means the Employee’s physical or mental incapacity which, in the reasonable good faith determination
of the Board, renders the Employee incapable of performing the essential functions of his duties under this Agreement for any
consecutive forty-five (45) day period or for any sixty (60) days within any period of one hundred and twenty (120) days.

 

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1.7.5.
“Documents” means any and all books, textbooks, letters, pamphlets, drafts, memoranda, notes, records, drawings,
files, documents, manuals, compilations of information, correspondence or other writings of any kind and all copies, abstracts
and summaries of any of the foregoing, whether in printed, written or electronic data or any machine readable form: (i) of the
Company or its affiliates; or (ii) in the possession or control of the Employee and pertaining to, and used in the furtherance
of, the Business.

 

1.7.6.
“Effective Date” means the date that the Registration Statement on Form S-4 filed by the Company, Registration
No. 333-203925 is declared effective.

 

1.7.7.
“Proprietary Products” means collectively Documents, Developments and Related Property.

 

1.7.8.
“Related Property” means all tangible and intangible property owned by, or licensed to, or otherwise used by
the Company or its affiliates including, without limitation, business opportunities of the Company or transactions that are proposed
to the Company, ideas, concepts, projects, programs, computer software or hardware, data bases, specifications, documentation,
algorithms, source codes, object codes, program listings, product platforms and architectures, concepts, screens, formats, technology,
know-how, Developments, research and development and patents, copyrights, trademarks, trade names, service names, service marks,
logos and designs and other proprietary rights and registrations and applications and the rights to apply therefor.

 

2.
Compensation and Benefits.

 

2.1
Annual Compensation. From the date hereof until the earlier of (i) the termination of the Employee’s employment hereunder
in accordance with Section 4 and (ii) the expiration of the Initial Period (as hereafter defined), the Company shall pay to the
Employee a fixed base salary at an annual rate of $120,000 per annum (the “Initial Annual Payment”). From the
date of the expiration of the Initial Period until the termination of the Employee’s employment hereunder in accordance
with Section 4, the Company may pay to the Employee a fixed base salary that is determined by mutual agreement (the “Annual
Payment”). For the purposes of this Agreement, “Initial Period” shall be defined as the period commencing
on the date hereof and terminating on the mutually agreed upon date at which Landwin Realty Trust has raised an amount of capital
through a public offering, or private investment in public entity transaction that will be specified by the parties by mutual
agreement. Both the Initial Annual Payment and the Annual Payment shall be paid to the Employee in accordance with the normal
payroll practices of the Company as in effect from time to time.

 

2.2
Performance Bonus. The Employee may receive a performance bonus that is determined by the Compensation Committee which
may be based on specified financial or operational targets.

 

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2.3
Equity Compensation Plan. The Employee may receive equity based compensation on terms and conditions that may be determined
by the Compensation Committee.

 

2.4
Reimbursement of Expenses. The Company shall reimburse the Employee for all reasonable out-of-pocket expenses incurred
by the Employee for the benefit of the Company upon presentation of appropriate documentation and in accordance with the Company’s
policy in effect from time to time.

 

2.5
Paid Time Off. The Employee shall be entitled to two (2) weeks’ vacation and/or sick leave per year, with the rights
to such vacation and/or sick leave to be prorated for partial years.

 

2.6
Benefits. During the period that the Employee is employed by the Company and for such longer period as required by applicable
law, the Employee shall be entitled to participate in the employee benefit plans, policies and programs, including health and
disability insurance (collectively, “Benefits”), on the same terms and conditions made available to other employees
of the Company, including coverage under all E&O D&O policies and benefits under the separate Indemnity Agreement.

 

2.7
Withholding. All payments of compensation shall be subject to all applicable withholding taxes and other legally required
payroll deductions. The Employee shall provide the Company with all information reasonably requested by the Company with respect
to such deductions and withholdings.

 

3.
Term. The term of this Agreement shall commence on the date
hereof, and shall continue until terminated in accordance with the provisions of Section 4.1 hereof.

 

4.
Termination.

 

4.1
Termination. Notwithstanding any provision herein to the contrary, the Employee’s employment hereunder shall be terminated
upon any of the following events: (i) by mutual agreement; (ii) the death or Disability of the Employee; (iii) the termination
of the Employee’s employment by the Company for any reason or no reason; or (iv) the termination
by the Employee; provided that any termination pursuant to this clause (iv) of Section 4.1 shall be communicated by a notice
from the Employee to the Company and such termination shall be effective after either: (A) sixty (60) days’ written notice,
or (B) ninety (90) days’ written notice if any periodic or annual report would be required to be filed by the Company within
that sixty-day period, and in such event, the Company has the right to extend Employee’s employment with Landwin Management.
Upon notice from the Employee that the Employee’s will terminate his employment pursuant to clause (iv) of the foregoing,
the Company shall have the option to terminate Employee’s employment within two (2) weeks. In the event of the Disability
or temporary disability of the Employee, the Company shall have the right to appoint: (i) a temporary replacement to assume some
or all of the Employee’s duties, if the Company, in its sole discretion, determines that the Employee’s condition
may render him incapable of effectively performing some or all of your essential duties for your position with the Company described
in this Agreement (any such determination to be made by the Company in good faith); and (ii) a permanent replacement if the Employee’s
employment hereunder is terminated because of such Disability. During any period the Employee is temporarily disabled, the Company
will continue, on the same terms and conditions, the Employee’s Annual Payment and Benefits. Any period of paid disability
leave under this Section shall be counted against any period of unpaid leave to which the Employee may be entitled under any federal,
state or local family and medical leave laws. Notwithstanding the foregoing, it is the intention of the parties that the rights
of either of the parties to terminate the employment of the Employee under this Agreement after the expiration of the Initial
Period shall be amended as determined by the parties to this Agreement prior to the expiration of the Initial Period.

 

    	5

    	 

    

 

4.2
Payments Upon Termination of Employment. In the event of termination of the Employee’s employment hereunder pursuant
to this Section 4:

 

4.2.1.
The Employee (or his heirs, legatees or personal representatives) shall be entitled to receive all compensation and benefits specified
in this Agreement which shall have accrued prior to the date of such termination and the obligation of the Company for the payment
of compensation, and the right of the Employee to receive all accrued and unpaid compensation and other benefits required by applicable
law including the benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)
or any successor statute thereto.

 

4.2.2.
All rights of the Company or the Employee which shall have accrued hereunder prior to the date of the Employee’s termination,
and the provisions of this Agreement which are stated herein to survive termination, shall survive such termination and the Company
and the Employee shall continue to be bound by such provisions in accordance with the terms hereof.

 

4.2.3.
The Company may provide severance compensation to the Employee upon the Employee provide a full release of all claims against
the Company. Should the Company terminate Employee’s employment without Cause, then Employee will be paid a severance equal
to base compensation continuation for 6 months.

 

4.3
Exclusive Benefits. Except as so provided in this Section 4, no further benefits, compensation or rights of the Employee
shall continue to accrue after the date of the termination of the employment of the Employee hereunder.

 

5.
Ownership of Rights to Proprietary Products.

 

5.1
The Employee acknowledges and agrees that the Proprietary Products, are and shall be the exclusive and valuable property of the
Company and its affiliates, as the case may be, and, except as provided below, the Employee shall neither have, nor claim to have,
any right, title or interest therein or thereto. All opportunities relating to the Proprietary Products whether or not involving
third parties shall belong to and be carried out for the account of the Company.

 

    	6

    	 

    

 

5.2
Any and all Developments shall be deemed work specifically ordered or commissioned by the Company and each such work shall be
considered a “work made for hire” within the meaning of 17 U.S.C. §101 of the United States Copyright Act and
all rights to such work shall belong entirely to the Company. The Employee shall from time to time upon the request of the Company
promptly execute and deliver to the Company any instruments necessary to effect the irrevocable assignment of all of his right,
title and interest, including copyright and author rights, in such works to the Company and for the Company to obtain proprietary
rights in connection therewith. The Company acknowledges that Employee has in his possession an existing data base of institutional,
family office and other persons with whom Employee has an existing relationship. This data base shall remain the property of the
Employee and may be kept by Employee after any separation of employment; provided, that the Company shall have the right
to maintain the information in this data base to the extent that, at any time during the term of this Agreement, such information
is provided by Employee to the Company or any such person has any relationship with the Company or any of its affiliates or any
of their respective officers or managers (other than Employee).

 

5.3
The Employee’s covenants under this Section 5 of this Agreement shall survive the expiration or termination of this Agreement.

 

6.
Confidentiality. The Employee acknowledges and agrees that
it is imperative to the success of the Company and its affiliates that all Confidential Information be maintained in strict confidence
at all times. The Employee shall therefore retain in strict confidence and not, directly or indirectly, copy or disclose or transfer
to any third party any Confidential Information except in the furtherance of the Business for the benefit of the Company; nor
shall he use Confidential Information for any purpose except for the benefit of the Company or its affiliates. The Employee’s
covenants under this Section 6 of this Agreement shall survive the expiration or termination of this Agreement. Notwithstanding
anything herein to the contrary, the provisions of this Section 6 shall not apply if Employee is required to provide reports to
a regulatory agency pursuant to a “whistle-blower” statute or applicable securities laws.

 

7.
Documents. The Employee agrees that any and all Documents
made or kept by him shall be and are the sole and exclusive property of the Company. The Employee agrees to execute and deliver
to the Company or its affiliates, as the case may be, any and all agreements or instruments of any nature which the Company or
its affiliates deem necessary or appropriate to acquire, enhance, protect, perfect, assign, sell or transfer his rights under
this Section. The Employee also agrees that upon request he will place all Documents in the Company’s possession and will
not remove or cause to be removed any Documents or reproductions thereof, except as is necessary and customary to directly further
the Business for the benefit of the Company or with the prior consent of the Chairman. Upon the expiration or termination of the
employment of the Employee hereunder, all Documents shall remain in the possession or control of the Company and any Documents
within the possession or control of the Employee or any of his affiliates shall be promptly returned to the Company at its principal
office. The Employee’s covenants under this Section 7 of this Agreement shall survive the expiration or termination of this
Agreement.

 

    	7

    	 

    

 

8.
Developments.

 

8.1
The Employee shall communicate and fully disclose to the Company any and all Developments made or conceived by him during or prior
to his employment with the Company, and any and all Developments which he may conceive or make, during his employment or has conceived
or made, prior to his employment, with the Company, shall be at all times and for all purposes regarded as acquired and held by
him in a fiduciary capacity and solely for the benefit of the Company and shall be the sole and exclusive property of the Company;
unless the parties have otherwise agreed to in writing.

 

8.2
The Employee shall assist the Company in every proper way upon request to obtain for its benefit patents, copyrights, trade names,
trademarks, service names, service marks for any and all Proprietary Products and Developments in the United States and all foreign
countries. All such patents, copyrights, trade names, trademarks, service names, service marks and any registrations and applications
therefor are to be, and remain, the exclusive property of the Company and the Employee agrees that he will, whenever so requested
by the Company or its duly authorized agent, make, execute and deliver to the Company its affiliates, successors, assigns, or
nominees, without charge, any and all applications, assignments and all other instruments which the Company or its affiliates
shall deem necessary or appropriate in order to apply for and obtain such patents, copyrights, trade names, trademarks, service
names, and service marks or in order to assign and convey to the Company or its affiliates, their successors, assigns or nominees,
the sole and exclusive right, title and interest therein and thereto. The Employee’s obligations to execute any such instruments
shall continue notwithstanding the termination or expiration of this Agreement.

 

9.
Post-Termination Covenants. The Employee acknowledges and
agrees that the Proprietary Products are the exclusive and valuable property of the Company and may not be used by the Employee
for any purpose of any kind, directly or indirectly, except during the term of this Agreement for the sole and exclusive benefit
of the Company in his capacity as an employee of the Company and that the success of the Company depends on the Employee’s
observance of his covenants in this Section 9.

 

9.1
Non-Disparagement. After the Term of this Agreement, the provisions of Section 1.8 hereof shall survive for a period of
2 years after any termination or separation. Neither the Employee, on the one hand, nor the Company or any of its affiliates,
on the other, shall in any way, directly or indirectly, disparage the other, which in the case of the Company and its affiliates
will include their respective executive officers or any person that exercises any similar authority, or the Proprietary Products,
it being acknowledged that statements made in good faith in any legal proceeding, arbitration or mediation of any dispute shall
not be deemed any disparagement.

 

9.2
Cooperation. After the term of this Agreement, Employee agrees that he will fully cooperate in good faith and to the best
of his ability with the Company in connection with all pending, potential or future claims, investigations or actions which directly
or indirectly relate to any transaction, event or activity about which the Employee may have knowledge because of his employment
with the Company. Such cooperation shall include all assistance that the Company, its counsel, or its representatives may reasonably
request, including reviewing and interpreting documents, meeting with counsel, providing factual information and material, and
appearing or testifying as a witness.

 

    	8

    	 

    

 

9.3
For purposes of this Section 9, the term “Company” shall include the Company and its affiliates in the Business, including
any entity that directly or indirectly controls the business and affairs of the Company.

 

10.
Specific Enforcement.

 

10.1
The Employee is obligated under this Agreement to render services and comply with covenants of a special, unique, unusual and
extraordinary character, thereby giving this Agreement peculiar value so that the loss of such service or violation by the Employee
of this Agreement could not reasonably or adequately be compensated in damages in an action at law. Therefore, in addition to
any other remedies or sanctions provided by law, whether criminal or civil, and without limiting the right of the Company and
successors or assigns to pursue all other legal and equitable rights available to them, the Company shall have the right during
the Employee’s employment hereunder (or thereafter with respect to obligations continuing after the termination of this
Agreement) to compel specific performance hereof by the Employee or to obtain temporary and permanent injunctive relief against
violations hereof by the Employee, and, in furtherance thereof, to apply to any court with jurisdiction over the parties hereto
in accordance with Section 19 to enforce the provisions hereof.

 

10.2
The Employee waives any requirement for security or the posting of any bond or other surety and proof of damages in connection
with any temporary or permanent award of injunctive, mandatory or other equitable relief and further agrees to waive the defense
in any action for specific performance that a remedy at law would be adequate.

 

11.
Legal Costs and Expenses. If any party hereto prevails in
any proceedings, legal or equitable, to enforce any obligations under this Agreement, such party shall also be entitled to recover
all costs and expenses incurred by such party in connection therewith, including reasonable attorneys’ and accountants’
fees and disbursements.

 

12.
Assignment. The rights and duties of the Employee hereunder
are not assignable. The Company may assign this Agreement and all rights and obligations hereunder to any third party who becomes
a successor to the Company’s Business. Upon any such assignment by the Company, the term “Company” as used herein
shall be deemed to include any such assignee of the Company, and the assignee shall have the right to enforce all of the Company’s
rights and remedies hereunder in its own name as if a party hereto in the place and stead of the Company. The Employee agrees
to confirm his obligations to any assignee, transferee, licensee or sublicensee of the Company or their successors and assigns
(a “Successor Employer”) by executing a new contract with such Successor Employer containing substantially
the same terms and conditions as herein provided; provided that such Successor Employer also confirms to the Employee all
of the Company’s obligations as herein provided.

 

    	9

    	 

    

 

13.
Binding Effect. This Agreement shall be binding upon the
parties hereto and their respective successors-in-interest, heirs and personal representatives and, to the extent permitted herein,
the assigns of the Company.

 

14.
Severability. If any provision of this Agreement or any part
hereof or the application hereof to any person or circumstance shall be finally determined by a court of competent jurisdiction
or by any arbitration panel to be invalid or unenforceable to any extent or in violation of any applicable securities laws, the
remainder of this Agreement, or the remainder of such provision or the application of such provision to persons or circumstances
other than those as to which it has been held invalid or unenforceable, shall not be affected thereby and each provision of this
Agreement shall remain in full force and effect to the fullest extent permitted by law. The parties also agree that if any portion
of this Agreement, or any part hereof or application hereof, to any person or circumstance shall be finally determined by a court
of competent jurisdiction or arbitration panel to be invalid or unenforceable to any extent or in violation of any applicable
securities laws, then such objectionable provision shall be deemed modified to the extent necessary so as to make it valid, reasonable
and enforceable including, without limitation, modification of the restrictive covenants of Section 9 with respect to geography,
time or scope of business.

 

15.
Notices. Wherever provision is made in this Agreement for
the giving of any notice, such notice shall be in writing and shall be deemed to have been duly given if mailed by first class
United States mail, postage prepaid, addressed to the party entitled to receive the same or if delivered personally or sent by
overnight courier to such party at the address specified below:

 

If
to Landwin Management:

 

Landwin
Management

17200
Ventura Boulevard, Suite 206

Encino,
California

Attn:
Chairman of the Board

 

With
a copy (which shall not constitute notice) to:

Herrick,
Feinstein LLP

2
Park Avenue

New
York, New York 10016

Attn:
Richard M. Morris, Esq.

Facsimile:
(212) 545-3371

 

If
to the Employee:

 

to
the address that is then on record with Landwin Management for payroll purposes.

 

or
to such other address or by such other method of transmittal, in any such case, as any party hereto shall have last designated
by notice to each other party.

 

    	10

    	 

    

 

All
such notices, requests and other communications will: (i) if delivered personally to the address as provided in this Section,
be deemed given upon delivery; (ii) if delivered by facsimile transmission to the facsimile number as provided in this Section,
be deemed given upon the completion of the facsimile transmission, if the receipt is confirmed by the telefax machine; (iii) if
delivered by overnight courier, be deemed given upon the first business day after such notice, request or other communication
is given to such courier with all charges and fees prepaid and any required signature of the deliveree is waived; and (iv) if
delivered by mail in the manner described above to the address as provided in this Section, be deemed given 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, request or other communication is to be delivered pursuant to this Section).

 

16.
Entire Agreement; Amendment. Except as agreed to in that
certain Indemnification Agreement, dated as of April 21, 2015, by and between Landwin Realty Trust and the Employee, this Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
written or oral negotiations, representations, agreements, commitments, contracts or understandings with respect thereto and no
modification, alteration or amendment to this Agreement may be made unless the same shall be in writing and signed by both of
the parties hereto.

 

17.
Waivers. No failure by either party to exercise any of such
party’s rights hereunder or to insist upon strict compliance with respect to any obligation hereunder, and no custom or
practice of the parties at variance with the terms hereof, shall constitute a waiver by either party to demand exact compliance
with the terms hereof. Waiver by either party of any particular default by the other party shall not affect or impair such party’s
rights in respect to any subsequent default of the same or a different nature, nor shall any delay or omission of either party
to exercise any rights arising from any default by the other party affect or impair such party’s rights as to such default
or any subsequent default.

 

18.
Arbitration. Any dispute or claim arising out of or in connection
with your employment with the Company will be finally settled by binding arbitration conducted in accordance with the then-current
California Arbitration Act Rules (the “California Rules”), to the extent not inconsistent with the American Arbitration
Association (AAA) Rules (as defined below), and pursuant to California law without reference to rules of conflicts of law or rules
of statutory arbitration. The parties agree that any arbitration will be administered by the AAA and that one neutral arbitrator
will be selected in a manner consistent with the AAA National Rules for the Resolution of Employment Disputes (the “AAA
Rules”). The location of the arbitration shall be in the same city as the Company’s headquarters at the time of
the arbitration. Except as provided by the California Rules, arbitration shall be the sole, exclusive, and final remedy for any
dispute between the Employee and the Company. Judgment on the award rendered by the arbitrator may be entered in any court having
jurisdiction hereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary
or interim relief, or to compel arbitration in accordance with this paragraph, without breach of this arbitration provision. This
section shall survive the term of this Agreement, through and including the latter Restrictive Period.

 

    	11

    	 

    

 

19.
Governing Law. For purposes of construction, interpretation
and enforcement, this Agreement shall be deemed to have been entered into under the laws of the State of California and its validity,
effect, performance, interpretation, construction and enforcement shall be governed by and subject to the laws of the State of
California without reference to its choice of law rules.

 

20.
Exclusive Jurisdiction. Subject to the provisions of Section
18, all actions and proceedings arising out of, or relating to, this Agreement shall be heard and determined in any state or federal
court sitting in the West Los Angeles Branch in Santa Monica, California. Each of the Company and the Employee, by execution and
delivery of this Agreement: (i) expressly and irrevocably consent and submit to the personal jurisdiction of any of such courts
in any such action or proceeding; (ii) consent to the service of any complaint, summons, notice or other process relating to any
such action or proceeding by delivery thereof to such party by hand or by U.S. certified mail without return receipt requested,
delivered or addressed as set forth in Section 15 of this Agreement; and (iii) waive any claim or defense in any such action or
proceeding based on any alleged lack of personal jurisdiction, improper venue or forum non conveniens or any similar basis.

 

21.
Interpretation. Section titles and headings to sections herein
are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation
of this Agreement.

 

22.
Expenses. Each of the Company, on the one hand, and the Employee,
on the other, will pay all of their own costs and expenses incident to the negotiation and preparation of this Agreement.

 

23.
Miscellaneous.

 

23.1
This Agreement may be executed in one or more counterparts, each of which shall be considered an original instrument, but all
of which shall be considered one and the same agreement.

 

23.2
The Section headings herein are for convenience of reference only and shall not be used to construe the meaning of any provision
of this Agreement.

 

23.3
Any word or term used in this Agreement in any form shall be masculine, feminine, neuter, singular or plural, as proper reading
requires. The words “herein”, “hereof”, “hereby” or “hereto” shall refer to this
Agreement unless otherwise expressly provided. Any reference herein to a Section or any exhibit or schedule shall be a reference
to a Section of, and an exhibit or schedule to, this Agreement unless the context otherwise requires.

 

[THE
NEXT PAGE IS THE SIGNATURE PAGE].

 

    	12

    	 

    

 

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

 

	 	COMPANY:
	 	Landwin Management, LLC
	 	 	 
	 	By:	/s/
    Martin Landis
	 	Name:	Martin Landis
	 	Title:	Chief Executive Officer
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	 	/s/
    John E. Hartman

 

Signature
Page to Employment Agreement

  

    	13

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