Document:

exv10w15

Exhibit 10.15

CONSULTING AGREEMENT

     THIS CONSULTING AGREEMENT (this “Agreement”), dated as of May 19, 2011 (the “Effective Date”),
is made between Alliance Bankshares Corporation, a Virginia corporation (the “Corporation”) and
Alliance Bank Corporation (the “Bank”) (together, “Alliance”), on the one hand, and Paul M.
Harbolick, Jr. (“Consultant” and together with the Corporation and the Bank, the “Parties”), on the
other.

     WHEREAS, prior to the Effective Date, Consultant has served as an employee of Alliance and has
invaluable financial accounting expertise and experience about Alliance and its industry; and

     WHEREAS, Alliance desires to avail itself of Consultant’s financial accounting expertise and
experience following Consultant’s cessation of service as an employee of Alliance; and

     WHEREAS, Consultant, as an independent contractor, and Alliance have agreed that Consultant
will serve as a consultant to Alliance under the terms of this Agreement.

     NOW, THEREFORE, in consideration of the premises herein, Alliance and Consultant agree,
effective as of the Effective Date, as follows:

     1. Engagement of Consultant. Alliance hereby engages Consultant, and Consultant
hereby accepts such engagement, to serve as a consultant and advisor to Alliance for the period and
on the terms and conditions set forth herein.

     2. Compensation and Expenses.

          (i) As compensation for the services to be rendered by Consultant during the Period of
Engagement (as defined below), Alliance shall pay to Consultant an initial consulting fee of
$62,500 on May 19, 2011, which shall be earned only if Consultant provides services as requested
hereunder for the full Period of Engagement, plus $10,417 at the end of every month that services
are provided hereunder during the Period of Engagement, beginning June 19, 2011. Provided,
however, that the failure of Alliance to request consulting services hereunder during any
particular month of the Period of Engagement shall not relieve Alliance from making the monthly
payment required herein.

          (ii) Alliance agrees to pay or reimburse Consultant’s reasonable travel and other business
expenses that are necessarily incurred incident to the performance of services under this
Agreement, provided satisfactory substantiation of the expenses is provided in writing to Alliance.

          (iii) Consultant shall repay to Alliance the initial consulting fee payable on May 19, 2011,
in the event the Consultant fails or refuses to continue to provide consulting services as provided
in Section 3 below at any time during the Period of Engagement. Such

 

repayment shall occur within ten (10) days of receiving notice from Alliance that repayment is
required.

     3. Services and Duties as Consultant.

          (i) Consultant shall, in person, in writing or by telephone, consult with and advise Alliance,
and such employees, officers and agents, of Alliance and/or its affiliates with respect to such
aspects of and matters pertaining to the business and operations of Alliance and/or its affiliates
as may be reasonably requested from time to time. The Consultant shall generally receive requests
for services hereunder from the Board of Directors of Alliance, or anyone designated thereby.

          (ii) It is expressly acknowledged and agreed that, unless otherwise agreed by the Parties, the
consulting services requested by Alliance shall be limited to a maximum of thirty-two (32) hours
for Consultant per month, including attendance at meetings as requested, and shall be rendered in
such manner and at such times as Consultant and Alliance mutually agree. Consultant agrees to
provide documentation of hours worked to Alliance as it may require.

          (iii) It is expressly acknowledged and agreed that Consultant will not be serving as the
principal financial officer and/or principal accounting officer of Alliance during the Period of
Engagement.

          (iv) Consultant shall have no authority under or by reason of this Agreement to bind Alliance
or any of its affiliates to or under any obligation, agreement, promise or representation unless
authorized by Alliance.

     4. Period of Engagement as a Consultant. The period or term of Consultant’s
engagement as a consultant (“Period of Engagement”) under this Agreement shall commence on the
Effective Date and shall continue for a term of six (6) months provided, however, that the Period
of Engagement shall automatically end on the date Consultant dies, becomes disabled from performing
services hereunder (as determined by Alliance) or becomes an employee of Alliance or an affiliate.
When the Period of Engagement ends for any reason, all further obligations of Alliance to
Consultant hereunder shall cease other than payment of any unpaid fees and expenses already earned.

     5. Independent Contractor Status. The services to be rendered by Consultant as a
consultant shall be rendered by him as a self-employed individual, and the nature of Consultant’s
engagement by and relationship to Alliance is that of an independent contractor and not an
employee. As such, Consultant shall have the sole and absolute discretion to determine the manner
and means of performing the services required under this Agreement, and he shall have no right to
participate in any of the benefit plans and programs of Alliance that are made available to its
employees.

     6. No Withholding. The fees to be paid to Consultant hereunder shall constitute “net
earnings from self-employment” as that term is defined in Section 1402 of the Internal Revenue Code
of 1986, as amended. Accordingly, Alliance shall not withhold from consultation fees or expense
reimbursements any federal and state income, FICA, FUTA or other taxes.

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Consultant shall prepare and file such federal and state income, self-employment and other tax
returns as may be required to be prepared and filed by him and shall pay such federal and state
income, self-employment and other taxes as may be required to be paid by him under applicable laws
as a result of the payments made to him hereunder.

     7. No Employment Benefits. As the nature of Consultant’s engagement by and
relationship to Alliance as a consultant is that of an independent contractor, Consultant shall not
be entitled to participate in or to receive any benefits under any insurance, retirement or other
plan or program maintained by Alliance for the benefit of its employees.

     8. Remedies. The Parties hereto shall have all remedies at law and in equity to
enforce the terms of this Agreement, including the right to injunctive relief. Before instituting
any legal action, both Parties agree to attempt to settle any dispute by negotiation and, if
unsuccessful, by mediation.

     9. Entire Agreement. This Agreement constitutes the entire agreement among the
Parties with respect to the matters set forth herein and supersedes all prior agreements and
understandings among the Parties with respect to the same. Notwithstanding the foregoing, however,
nothing in this Agreement shall affect any obligations of the Parties to one another under that
certain Amended and Restated Employment Agreement between Alliance Bank Corporation and Consultant
dated March 1, 2007, as amended by a certain Amendment to Amended and Restated Employment Agreement
dated December 30, 2008.

     10. Modification. No provision of this Agreement may be modified, deleted or amended
in any manner except by an agreement in writing executed by the Parties.

     11. Miscellaneous.

          (i) Non-assignability. Consultant may not assign this Agreement or any interest
herein or delegate any duty or obligation incurred by Consultant hereunder to another.

          (ii) Notices. All communications, including without limitation, notices, consents,
requests or approvals, required or permitted to be given hereunder may be made orally or in
writing.

          (iii) Governing Law. The validity, interpretation, construction and performance of
this Agreement will be governed by and construed in accordance with the substantive laws of the
Commonwealth of Virginia, without giving effect to any choice of law or conflict of law rules or
provisions (whether of the Commonwealth of Virginia or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the Commonwealth of Virginia.

          (iv) Binding Effect. This Agreement shall be binding upon and inure to the benefit of
Alliance, its successors and assigns, and Consultant and Consultant’s heirs, executors,
administrators and legal representatives.

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          (v) Severability. If any provision of this Agreement should for any reason be
declared invalid or unenforceable by a court of competent jurisdiction, the remaining provisions
shall nevertheless remain in full force and effect.

          (vi) Gender and Number. In the construction of this Agreement, the masculine shall
include the feminine or neuter and the singular shall include the plural and vice-versa in all
cases where such meanings would be appropriate.

          (vii) Titles and Captions. Titles and captions and headings herein have been inserted
for convenience of reference only and are to be ignored in any construction of the provisions
hereof.

          (viii) Counterparts. This Agreement may be executed in more than one counterpart,
each of which shall be deemed an original.

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of May 16, 2011.

	 	 	 	 
	ALLIANCE BANKSHARES CORPORATION

 	 
	By  	/s/  Donald W. Fisher, PhD
 	 
	 	Name:  	Donald W. Fisher, PhD 	 
	 	Its:                  Chairman of the Board of Directors 	 

	 	 	 	 
	ALLIANCE BANK CORPORATION

 	 
	By  	/s/  Donald W. Fisher, PhD
 	 
	 	Donald W. Fisher, PhD 	 

	 	 	 	 
	 	 
	/s/  Paul M. Harbolick, Jr.
 	 
	PAUL M. HARBOLICK, JR. 	 
	 	 

4exv10w2

Exhibit
10.2

SUB-ADVISORY AGREEMENT

by and between

PLYMOUTH REAL ESTATE INVESTORS INC.

and

HALEY REAL ESTATE GROUP LLC

________, 2011

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 DEFINITIONS
	 	 	1	 
	ARTICLE 2 APPOINTMENT
	 	 	2	 
	ARTICLE 3 DUTIES OF THE SUB-ADVISOR
	 	 	2	 
	3.01 Acquisition Services
	 	 	3	 
	3.02 Other Services
	 	 	3	 
	ARTICLE 4 AUTHORITY OF SUB-ADVISOR
	 	 	3	 
	4.01 Approval by the Advisor
	 	 	3	 
	4.02 Modification or Revocation of Authority of Sub-Advisor
	 	 	3	 
	4.03 Joint Ventures
	 	 	3	 
	ARTICLE 5 LIMITATION ON ACTIVITIES
	 	 	4	 
	ARTICLE 6 FEES
	 	 	4	 
	6.01 Acquisition Fee
	 	 	4	 
	6.02 Property Management Fee
	 	 	4	 
	ARTICLE 7 RELATIONSHIP OF ADVISOR AND SUB-ADVISOR; OTHER ACTIVITIES OF THE SUB-ADVISOR
	 	 	4	 
	7.01 Relationship
	 	 	4	 
	7.02 Time Commitment
	 	 	5	 
	ARTICLE 8 TERM AND TERMINATION OF THE AGREEMENT
	 	 	5	 
	8.01 Term
	 	 	5	 
	8.02 Termination by Either Party
	 	 	5	 
	8.03 Payments on Termination and Survival of Certain Rights and Obligations
	 	 	5	 
	ARTICLE 9 ASSIGNMENT
	 	 	6	 
	ARTICLE 10 INDEMNIFICATION AND LIMITATION OF LIABILITY
	 	 	6	 
	10.01 Indemnification
	 	 	6	 
	10.02 Limitation on Indemnification
	 	 	7	 
	10.03 Limitation on Payment of Expenses
	 	 	7	 
	ARTICLE 11 MISCELLANEOUS
	 	 	7	 
	11.01 Notices
	 	 	7	 
	11.02 Modification
	 	 	8	 
	11.03 Severability
	 	 	8	 
	11.04 Construction
	 	 	8	 
	11.05 Entire Agreement
	 	 	8	 
	11.06 Waiver
	 	 	8	 
	11.07 Gender
	 	 	8	 
	11.08 Titles Not to Affect Interpretation
	 	 	8	 

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SUB-ADVISORY AGREEMENT

     This Sub-Advisory Agreement, dated as of ___________, 2011 (the “Agreement”), is by and
between Plymouth Real Estate Investors Inc., a Massachusetts corporation (the “Advisor”) and Haley
Real Estate Group LLC, a ____________ limited liability company (the “Sub-Advisor”).

W I T N E S S E T H

     WHEREAS, the Advisor desires to avail itself of the knowledge, experience, sources of
information, advice, assistance and certain facilities of the Sub-Advisor and to have the
Sub-Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision of, the Advisor, all as provided herein; and

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

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

ARTICLE 1

DEFINITIONS

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

     “Advisor” means (i) Plymouth Real Estate Investors Inc., a Massachusetts corporation, or (ii)
any successor advisor to Plymouth.

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

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

 

 

     “Investments” means multi-family properties or Loans secured by multi-family properties.

     “Loans” means, as to Investments, mortgage loans and other types of debt financing investments
made by Plymouth or one of its subsidiaries, either directly or indirectly, including through
ownership interests in a joint venture or partnership, and including, without limitation, mezzanine
loans, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans,
loans on leasehold interests, and participations in such loans.

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

     “Plymouth” means Plymouth Opportunity REIT, Inc., a corporation organized under the laws of
the State of Maryland.

     “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code.

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

     “Shares” means the shares of common stock of Plymouth, par value $.01 per share.

     “Termination Date” means the date of termination of the Agreement determined in accordance
with Article 9 hereof.

ARTICLE 2

APPOINTMENT

     The Advisor hereby appoints the Sub-Advisor to serve as its advisor on the terms and
conditions set forth in this Agreement, and the Sub-Advisor hereby accepts such appointment. The
Advisor agrees that, during the term of this Agreement, Sub-Advisor shall have the exclusive right
to investigate and identify all prospective Investments for evaluation by the Advisor.

ARTICLE 3

DUTIES OF THE SUB-ADVISOR

     The Sub-Advisor undertakes to use its best efforts to present to the Advisor potential
investment opportunities consistent with the investment objectives and policies of Plymouth.
Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the

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continuing and exclusive authority of the Advisor over the activities of the Sub-Advisor with
respect to its obligations under this Agreement, the Sub-Advisor shall perform the following
duties:

     3.01 Acquisition Services.

     (i) Serve as one of the Advisor’s investment and financial advisors and provide
relevant market research and economic and statistical data in connection with potential
Investments;

     (ii) Subject to Article 4 hereof and the investment objectives and policies of the
Plymouth: (a) locate and analyze potential Investments; (b) assist the Advisor in
structuring the terms and conditions of transactions pursuant to which Investments will be
made; and (c) assist the Advisor in arranging for financing and refinancing of Investments;

     (iii) Perform due diligence on prospective Investments and create due diligence reports
summarizing the results of such work;

     (iv) Prepare reports regarding prospective Investments that include recommendations and
supporting documentation necessary for the Advisor to evaluate the proposed Investments; and

     (v) Obtain reports, where appropriate, concerning the value of potential Investments.

     3.02 Other Services. Except as provided in Article 5 hereof, the Sub-Advisor shall
perform any other services reasonably requested by the Advisor.

ARTICLE 4

AUTHORITY OF SUB-ADVISOR

     4.01 Approval by the Advisor. The Sub-Advisor may not take any action on behalf of
the Advisor without the prior approval of the Advisor. The Sub-Advisor will deliver to the Advisor
all documents required by it to evaluate a proposed investment.

     4.02 Modification or Revocation of Authority of Sub-Advisor. The Advisor may, at any
time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set
forth in Article 3 hereof.

     4.03 Joint Ventures. Notwithstanding anything herein to the contrary, the Sub-Advisor
and/or any of its affiliates shall be permitted to enter joint ventures, limited liability
companies partnerships or similar relationships with Plymouth and/or any of its affiliates with
respect to the acquisition of any Investment.

3

 

ARTICLE 5

LIMITATION ON ACTIVITIES

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

ARTICLE 6

FEES

     6.01 Acquisition Fee. As compensation for the investigation and identification of
Investments, the Advisor shall pay an acquisition fee to the Sub-Advisor in an amount equal to 1.5%
of the “contract purchase price” or the “amount advanced for a Loan” with respect to each
Investment acquired by Plymouth. For purposes of this Agreement, “contract purchase price” or the
“amount advanced for a Loan” means the amount actually paid or allocated in respect of the
purchase, development, construction or improvement of an Investment or the amount actually paid or
allocated in respect of the purchase of a Loan, in each case inclusive of acquisition expenses and
any indebtedness assumed or incurred in respect of such Investment.

     6.02 Property Management Fee. The Advisor hereby agrees that, to the extent permitted
by the Code, it will retain the Sub-Advisor or any of its affiliates, which shall be agreed upon by
the Advisor, to serve as property manager (the “Property Manager”) for each of the Investments,
pursuant to the terms of a property management agreement to be entered into between the Advisor or
one of its affiliates and the Property Manager. The fees payable to the Property Manager for the
services provided under such agreement shall not exceed 4.5% of the gross revenues generated by the
applicable Investment.

ARTICLE 7

RELATIONSHIP OF ADVISOR AND SUB-ADVISOR;

OTHER ACTIVITIES OF THE SUB-ADVISOR

     7.01 Relationship. The Advisor and the Sub-Advisor are not partners or joint
venturers with each other, and nothing in this Agreement shall be construed to make them

4

 

such partners or joint venturers. Nothing herein contained shall prevent the Sub-Advisor from
engaging in other activities, including, without limitation, the rendering of advice to other
Persons (including other REITs). This Agreement shall not limit or restrict the right of any
manager, director, officer, employee or equityholder of the Sub-Advisor or its Affiliates to engage
in any other business or to render services of any kind to any other Person. The Sub-Advisor may,
with respect to any investment in which Plymouth is a participant, also render advice and service
to each and every other participant therein. The Sub-Advisor shall promptly disclose to the Advisor
the existence of any condition or circumstance, existing or anticipated, of which it has knowledge,
that creates or could create a conflict of interest between the Sub-Advisor’s obligations to the
Advisor and its obligations to or its interest in any other Person.

     7.02 Time Commitment. The Sub-Advisor shall, and shall cause its Affiliates and their
respective employees, officers and agents to, devote to the Advisor such time as shall be
reasonably necessary to fulfill the Sub-Advisor’s responsibilities hereunder in an appropriate
manner consistent with the terms of this Agreement. The Advisor acknowledges that the Sub-Advisor
and its Affiliates and their respective employees, officers and agents may also engage in
activities unrelated to the Advisor and may provide services to Persons other than the Advisor or
any of its Affiliates.

ARTICLE 8

TERM AND TERMINATION OF THE AGREEMENT

     8.01 Term. This Agreement shall have an initial term of one year from the date hereof
and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the
parties. The Advisor will evaluate the performance of the Sub-Advisor annually before renewing this
Agreement, and each such renewal shall be for a term of no more than one year.

     8.02 Termination by Either Party. This Agreement may be terminated upon 60 days
written notice without cause or penalty by either the Advisor or the Sub-Advisor. The provisions of
Articles 1, 8, 10 and 11 hereof shall survive termination of this Agreement.

     8.03 Payments on Termination and Survival of Certain Rights and Obligations.

     (i) After the Termination Date, the Sub-Advisor shall not be entitled to compensation
for further services hereunder except it shall be entitled to receive from the Advisor
within 30 days after the effective date of such termination all unpaid reimbursements of
expenses and all earned but unpaid fees payable to the Sub-Advisor prior to termination of
this Agreement. For purposes of this Section 8.03, a fee will be deemed to be “earned” if
Plymouth acquires an Investment within 15 days of the date of termination of this Agreement.

     (ii) The Sub-Advisor shall promptly upon termination:

5

 

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

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

     (c) deliver to the Advisor all assets and documents of the Advisor then in the
custody of the Sub-Advisor.

ARTICLE 9

ASSIGNMENT

     This Agreement may be assigned by the Sub-Advisor to an Affiliate with the consent of the
Advisor. The Sub-Advisor may assign any rights to receive fees or other payments under this
Agreement without obtaining the approval of the Advisor. This Agreement shall not be assigned by
the Advisor without the consent of the Sub-Advisor.

ARTICLE 10

INDEMNIFICATION AND LIMITATION OF LIABILITY

     10.01 Indemnification. Except as prohibited by the restrictions provided in this
Section 10.01 and Section 10.02 and Section 10.03 hereof, the Advisor shall indemnify, defend and
hold harmless the Sub-Advisor and its Affiliates, including their respective officers, directors,
equity holders, partners and employees, from all liability, claims, damages or losses arising in
the performance of their duties hereunder, and related expenses, including reasonable attorneys’
fees, to the extent such liability, claims, damages or losses and related expenses are not fully
reimbursed by insurance. Any indemnification of the Sub-Advisor may be made only out of the net
assets of the Advisor.

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

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

     (i) The Sub-Advisor or its Affiliates have determined, in good faith, that the course
of conduct that caused the loss or liability was in the best interests of the Advisor.

     (ii) The Sub-Advisor or its Affiliates were acting on behalf of or performing services
for the Advisor.

     (iii) Such liability or loss was not the result of negligence or misconduct by the
Sub-Advisor or its Affiliates.

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

ARTICLE 11

MISCELLANEOUS

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

     To the Advisor:

Plymouth Real Estate Investors Inc.

Two Liberty Square, 10th Floor

Boston, Massachusetts 02109

Attention: Jeffrey Witherell

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     To the Sub-Advisor:

Haley Real Estate Group LLC

10703 J Street, Suite 101

Omaha, Nebraska 68127

Attention: Carl J. Troia, Jr.

     Either party may at any time give notice in writing to the other party of a change in its
address for the purposes of this Section 11.01.

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

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

     11.04 Construction. The provisions of this Agreement shall be construed and
interpreted in accordance with the laws of the State of Massachusetts.

     11.05 Entire Agreement. This Agreement contains the entire agreement and
understanding between the parties hereto with respect to the subject matter hereof, and supersedes
all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The
express terms hereof control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than
by an agreement in writing.

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

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

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

8

 

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

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

	 	 	 	 	 	 	 

	 	 	PLYMOUTH REAL ESTATE INVESTORS INC.	 	 
	 
	 	 	 	 	 	 
	 

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	 	 	HALEY REAL ESTATE GROUP LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

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	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]