Document:

Exhibit
10.5

 

FORM
OF

 

HERTZ
GROUP REALTY TRUST, INC.

 

LONG-TERM
INCENTIVE PLAN

 

SECTION
1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS

 

The name of the plan is the Hertz Group
Realty Trust, Inc. Long-Term Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and enable Hertz
Group Realty Trust, Inc. (the “Company”) to attract and retain highly qualified service providers who will contribute
to the Company’s success and to provide such participants with the right to acquire a proprietary interest in the Company.
It is anticipated that providing such persons with a direct stake in the Company’s welfare will assure a closer identification
of their interests with those of the Company and its stockholders, thereby stimulating their efforts on the Company’s behalf
and strengthening their desire to remain with the Company.

 

The following terms shall be defined as
set forth below:

 

“Act” means the Securities
Act of 1933, as amended, and the rules and regulations thereunder.

 

“Administrator” means
either the Board or the compensation committee of the Board or a similar committee performing the functions of the compensation
committee and which is comprised of not less than two Non-Employee Directors who are independent.

 

“Advisor” means Hertz
Group REIT Advisor, LLC, the Company’s external manager and advisor.

 

“Affiliate” means, at
the time of determination and with respect to any person, any “parent” or “subsidiary” of such entity as
such terms are defined in Rule 405 of the Act (provided that the Board will have the authority to determine the time or times at
which “parent” or “subsidiary” status is determined within the foregoing definition).

 

“Award” or “Awards,”
except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Stock Appreciation Rights, Restricted Stock Units, Restricted Stock Awards, Unrestricted Stock Awards, Cash-Based Awards,
Dividend Equivalent Rights and Other Equity-Based Awards contemplated herein.

 

“Award Certificate” means
a written or electronic document setting forth the terms and provisions applicable to an Award granted under the Plan. Each Award
Certificate is subject to the terms and conditions of the Plan.

 

“Board” means the Board
of Directors of the Company.

 

     

     

    

 

“Cash-Based Award” means
an Award entitling the recipient to receive a cash-denominated payment.

 

“Code” means the Internal
Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

“Dividend Equivalent Right”
means an Award entitling the grantee to receive credits based on cash dividends that would have been paid on the shares of Stock
specified in the Dividend Equivalent Right (or other award to which it relates) if such shares had been issued to and held by the
grantee.

 

“Effective Date” means
the date on which the Plan becomes effective as set forth in Section 20.

 

“Eligible Person” shall
mean employees, officers, directors, advisors or consultants of the Company or any of their respective Affiliates.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Fair Market Value” of
the Stock on any given date means the fair market value of the Stock determined in good faith by the Administrator; provided, however,
that if the Stock is listed on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”),
NASDAQ Global Market, The New York Stock Exchange, or another national securities exchange or traded on any established market
(including the Tel Aviv Stock Exchange), the determination shall be made by reference to market quotations. If there are no market
quotations for such date, the determination shall be made by reference to the last date preceding such date for which there are
market quotations; provided further, however, that if the date for which Fair Market Value is determined is the Registration Date,
the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover page for the final
prospectus relating to the Company’s initial public offering.

 

“Incentive Stock Option”
means any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the
Code.

 

“Non-Employee Director”
means a member of the Board who is not also an employee of the Company, the Operating Partnership or any Subsidiary.

 

“Non-Qualified Stock Option”
means any Stock Option that is not an Incentive Stock Option.

 

“Operating Partnership” 
means Hertz Group Realty Operating Partnership, LP, a Delaware limited partnership.

 

“Option” or “Stock
Option” means any option to purchase shares of Stock granted pursuant to Section 5.

 

    2

     

    

 

“Registration Date” means
the date upon which the registration statement on Form S-11 that is filed by the Company with respect to its initial public offering
is declared effective by the Securities and Exchange Commission.

 

“Restricted Shares” means
the shares of Stock underlying a Restricted Stock Award that remain subject to a risk of forfeiture or the Company’s right
of repurchase.

 

“Restricted Stock Award”
means an Award of Restricted Shares subject to such restrictions and conditions as the Administrator may determine at the time
of grant.

 

“Restricted Stock Units”
means an Award of stock units subject to such restrictions and conditions as the Administrator may determine at the time of grant.

 

“Sale Event” shall mean
(i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity,
(ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power and
outstanding stock immediately prior to such transaction do not own a majority of the outstanding voting power and outstanding stock
or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion
of such transaction, (iii) the sale of all of the Stock of the Company to an unrelated person, entity or group thereof acting in
concert, or (iv) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to
such transaction do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately
upon completion of the transaction other than as a result of the acquisition of securities directly from the Company. Notwithstanding
the foregoing, no event or condition described above shall constitute a Sale Event if it results from a transaction between the
Company and the Advisor, or an Affiliate of the Advisor.

 

“Sale Price” means the
value as determined by the Administrator of the consideration payable, or otherwise to be received by stockholders, per share of
Stock pursuant to a Sale Event.

 

“Section 409A” means
Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Service Relationship” means
any relationship as an employee, officer, director, advisor or consultant of the Company, the Advisor or any of their respective
Affiliates. “

 

Stock” means the Common Stock,
par value $0.01 per share, of the Company, subject to adjustments pursuant to Section 3.

 

“Stock Appreciation Right”
means an Award entitling the recipient to receive shares of Stock (or cash, to the extent explicitly provided for in the applicable
Award Certificate) having a value equal to the excess of the Fair Market Value of the Stock on the date of exercise over the exercise
price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to which the Stock Appreciation
Right shall have been exercised.

 

“Subsidiary” means any
corporation or other entity (other than the Company) in which the Company has at least a 50 percent interest, either directly or
indirectly.

 

    3

     

    

 

“Ten Percent Owner” means
an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent
of the combined voting power of all classes of stock of the Company or any parent or subsidiary corporation.

 

“Units” means units partnership
interest, including one or more classes of profits interests in the Operating Partnership.

 

“Unrestricted Stock Award”
means an Award of shares of Stock free of any restrictions.

 

 SECTION 2. ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 

(a)              
Administration of Plan. The Plan shall be administered by the Administrator.

 

(b)              
Powers of Administrator. The Administrator shall have the power and authority to grant Awards consistent with the
terms of the Plan, including the power and authority:

 

(i)                
to select the individuals to whom Awards may from time to time be granted;

 

(ii)             
to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options,
Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Unrestricted Stock Awards, Cash-Based Awards, Dividend
Equivalent Rights and Units, or any combination of the foregoing, granted to any one or more grantees;

 

(iii)           
to determine the number of shares of Stock to be covered by any Award;

 

(iv)            
to determine and modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms
of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the forms
of Award Certificates;

 

(v)              
to accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

(vi)            
subject to the provisions of Section 5(c), to extend at any time the period in which Stock Options may be exercised;
and

 

(vii)         
at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own
acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including related
written instruments); to make all determinations it deems advisable for the administration of the Plan; to decide all disputes
arising in connection with the Plan; and to otherwise supervise the administration of the Plan.

 

All decisions and interpretations of the
Administrator shall be binding on all persons, including the Company and Plan grantees.

 

    4

     

    

 

(c)              
Delegation of Authority to Grant Awards. Subject to applicable law, the Administrator, in its discretion, may delegate
to the Chief Executive Officer of the Company all or part of the Administrator’s authority and duties with respect to the
granting of Awards to individuals who are (i) not subject to the reporting and other provisions of Section 16 of the Exchange
Act and (ii) not members of the delegated committee. Any such delegation by the Administrator shall include a limitation as to
the amount of Stock underlying Awards that may be granted during the period of the delegation and shall contain guidelines as to
the determination of the exercise price and the vesting criteria. The Administrator may revoke or amend the terms of a delegation
at any time but such action shall not invalidate any prior actions of the Administrator’s delegate or delegates that were
consistent with the terms of the Plan.

 

(d)              
Award Certificate. Awards under the Plan shall be evidenced by Award Certificates that set forth the terms, conditions
and limitations for each Award which may include, without limitation, the term of an Award and the provisions applicable in the
event employment or service terminates.

 

(e)              
Indemnification. Neither the Board nor the Administrator, nor any member of either or any delegate thereof, shall
be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan,
and the members of the Board and the Administrator (and any delegate thereof) shall be entitled in all cases to indemnification
and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’
fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the Company’s articles or bylaws
or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification
agreement between such individual and the Company.

 

(f)               
Foreign Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the
laws in other countries in which the Company and its Subsidiaries operate or have employees or other individuals eligible for Awards,
the Administrator, in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries shall be covered
by the Plan; (ii) determine which individuals outside the United States are eligible to participate in the Plan; (iii) modify the
terms and conditions of any Award granted to individuals outside the United States to comply with applicable foreign laws; (iv)
establish subplans and modify exercise procedures and other terms and procedures, to the extent the Administrator determines such
actions to be necessary or advisable (and such subplans and/or modifications shall be attached to this Plan as appendices); provided,
however, that no such subplans and/or modifications shall increase the share limitations contained in Section 3(a) hereof; and
(v) take any action, before or after an Award is made, that the Administrator determines to be necessary or advisable to obtain
approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Administrator
may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable
United States securities law, the Code, or any other applicable United States governing statute or law.

 

    5

     

    

 

 SECTION 3. STOCK ISSUABLE UNDER THE PLAN; MERGERS; SUBSTITUTION

 

(a)              
Stock Issuable. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be
_________ shares (the “Share Maximum”)1,
subject to adjustment as provided in this Section 3. For purposes of this limitation, the shares of Stock underlying any awards
under the Plan that are forfeited, canceled, held back upon exercise of an Option or settlement of an Award to cover the exercise
price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated
(other than by exercise) shall be added back to the shares of Stock available for issuance under the Plan and, to the extent permitted
under Section 422 of the Code and the regulations promulgated thereunder, the shares of Stock that may be issued as Incentive Stock
Options. In the event the Company repurchases shares of Stock on the open market, such shares shall not be added to the shares
of Stock available for issuance under the Plan. Subject to such overall limitations, shares of Stock may be issued up to such maximum
number pursuant to any type or types of Award; provided, however, that the maximum aggregate number of shares of Stock that may
be issued in the form of Incentive Stock Options shall not exceed the Share Maximum. The shares available for issuance under the
Plan may be authorized but unissued shares of Stock or shares of Stock reacquired by the Company.

 

(b)              
Changes in Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding
shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the
Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed
with respect to such shares of Stock or other securities, or, if, as a result of any merger or consolidation, sale of all or substantially
all of the assets of the Company, the outstanding shares of Stock are converted into or exchanged for securities of the Company
or any successor entity (or a parent or subsidiary thereof), the Administrator shall make an appropriate or proportionate adjustment
in (i) the maximum number of shares reserved for issuance under the Plan, including the maximum number of shares that may be issued
in the form of Incentive Stock Options, (ii) the number and kind of shares or other securities subject to any then outstanding
Awards under the Plan, (iii) the repurchase price, if any, per share subject to each outstanding Restricted Stock Award, and (iv) the
exercise price for each share subject to any then outstanding Stock Options and Stock Appreciation Rights under the Plan, without
changing the aggregate exercise price (i.e., the exercise price multiplied by the number of shares subject to Stock Options and
Stock Appreciation Rights) as to which such Stock Options and Stock Appreciation Rights remain exercisable. The Administrator shall
also make equitable or proportionate adjustments in the number of shares subject to outstanding Awards and the exercise price and
the terms of outstanding Awards to take into consideration cash dividends paid other than in the ordinary course or any other extraordinary
corporate event. The adjustment by the Administrator shall be final, binding and conclusive. No fractional shares of Stock shall
be issued under the Plan resulting from any such adjustment, but the Administrator in its discretion may make a cash payment in
lieu of fractional shares.

 

 

1
Insert number of shares reserved.

 

    6

     

    

 

(c)              
Mergers and Other Transactions. In the case of and subject to the consummation of a Sale Event, the parties thereto
may cause the assumption or continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards
with new Awards of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares and,
if appropriate, the per share exercise prices, as such parties shall agree. To the extent the parties to such Sale Event do not
provide for the assumption, continuation or substitution of Awards, upon the effective time of the Sale Event, the Plan and all
outstanding Awards granted hereunder shall terminate. In the event of such termination, (i) the Company shall have the option (in
its sole discretion) to make or provide for a payment, in cash or in kind, to the grantees holding Options and Stock Appreciation
Rights, in exchange for the cancellation thereof, in an amount equal to the difference between (A) the Sale Price multiplied by
the number of shares of Stock subject to outstanding Options and Stock Appreciation Rights (to the extent then exercisable at prices
not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding Options and Stock Appreciation Rights
(provided that, in the case of an Option or Stock Appreciation Right with an exercise price equal to or greater than the Sale Price,
such Option or Stock Appreciation Right shall be cancelled for no consideration); or (ii) each grantee shall be permitted, within
a specified period of time prior to the consummation of the Sale Event as determined by the Administrator, to exercise all outstanding
Options and Stock Appreciation Rights (to the extent then exercisable) held by such grantee. The Company shall also have the option
(in its sole discretion) to make or provide for a payment, in cash or in kind, to the grantees holding other Awards in an amount
equal to the Sale Price multiplied by the number of vested shares of Stock under such Awards.

 

 SECTION 4. ELIGIBILITY

 

Grantees under the Plan will be such Eligible
Persons as are selected from time to time by the Administrator in its sole discretion.

 

 SECTION 5. STOCK OPTIONS

 

(a)              
Award of Stock Options. The Administrator may grant Stock Options under the Plan. Any Stock Option granted under
the Plan shall be in such form as the Administrator may from time to time approve.

 

Stock Options granted under the Plan may
be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the
Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code.
To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

 

Stock Options granted pursuant to this Section 5
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent
with the terms of the Plan, as the Administrator shall deem desirable. If the Administrator so determines, Stock Options may be
granted in lieu of cash compensation at the optionee’s election, subject to such terms and conditions as the Administrator
may establish.

 

    7

     

    

 

(b)              
Exercise Price. The exercise price per share for the Stock covered by a Stock Option granted pursuant to this Section 5
shall be determined by the Administrator at the time of grant but shall not be less than 100 percent of the Fair Market Value on
the date of grant. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the exercise price of such
Incentive Stock Option shall be not less than 110 percent of the Fair Market Value on the grant date. Notwithstanding the foregoing,
Stock Options may be granted with an exercise price per share that is less than 100 percent of the Fair Market Value on the date
of grant (i) pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code, (ii) to individuals
who are not subject to U.S. income tax on the date of grant or (iii) the Stock Option is otherwise compliant with Section 409A.

 

(c)              
Option Term. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable
more than ten years after the date the Stock Option is granted. In the case of an Incentive Stock Option that is granted to a Ten
Percent Owner, the term of such Stock Option shall be no more than five years from the date of grant.

 

(d)              
Exercisability; Rights of a Stockholder. Stock Options shall become exercisable at such time or times, whether or
not in installments, as shall be determined by the Administrator at or after the grant date. The Administrator may at any time
accelerate the exercisability of all or any portion of any Stock Option. An optionee shall have the rights of a stockholder only
as to shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options.

 

(e)              
Method of Exercise. Stock Options may be exercised in whole or in part, by giving written or electronic notice of
exercise to the Company, specifying the number of shares to be purchased. Payment of the purchase price may be made by one or more
of the following methods except to the extent otherwise provided in the Award Certificate:

 

(i)                
In cash, by certified or bank check or other instrument acceptable to the Administrator;

 

(ii)             
Through the delivery (or attestation to the ownership following such procedures as the Company may prescribe) of shares
of Stock that are not then subject to restrictions under any Company plan. Such surrendered shares shall be valued at Fair Market
Value on the exercise date;

 

(iii)           
By the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to
a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided
that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with
such procedures and enter into such agreements of indemnity and other agreements as the Company shall prescribe as a condition
of such payment procedure; or

 

(iv)            
With respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement pursuant
to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with
a Fair Market Value that does not exceed the aggregate exercise price.

 

    8

     

    

 

Payment instruments will be received subject to collection.
The transfer to the optionee on the records of the Company or of the transfer agent of the shares of Stock to be purchased pursuant
to the exercise of a Stock Option will be contingent upon receipt from the optionee (or a purchaser acting in his stead in accordance
with the provisions of the Stock Option) by the Company of the full purchase price for such shares and the fulfillment of any other
requirements contained in the Award Certificate or applicable provisions of laws (including the satisfaction of any withholding
taxes that the Company is obligated to withhold with respect to the optionee). In the event an optionee chooses to pay the purchase
price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the optionee
upon the exercise of the Stock Option shall be net of the number of attested shares. In the event that the Company establishes,
for itself or using the services of a third party, an automated system for the exercise of Stock Options, such as a system using
an internet website or interactive voice response, then the paperless exercise of Stock Options may be permitted through the use
of such an automated system.

 

(f)               
Annual Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment
under Section 422 of the Code, the aggregate Fair Market Value (determined as of the time of grant) of the shares of Stock
with respect to which Incentive Stock Options granted under this Plan and any other plan of the Company or its parent and subsidiary
corporations become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. To the extent
that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option.

 

 SECTION 6. STOCK APPRECIATION RIGHTS

 

(a)              
Award of Stock Appreciation Rights. The Administrator may grant Stock Appreciation Rights under the Plan. A Stock
Appreciation Right is an Award entitling the recipient to receive shares of Stock (or cash, to the extent explicitly provided for
in the applicable Award Certificate) having a value equal to the excess of the Fair Market Value of a share of Stock on the date
of exercise over the exercise price of the Stock Appreciation Right multiplied by the number of shares of Stock with respect to
which the Stock Appreciation Right shall have been exercised.

 

(b)              
Exercise Price of Stock Appreciation Rights. The exercise price of a Stock Appreciation Right shall not be less than
100 percent of the Fair Market Value of the Stock on the date of grant.

 

(c)              
Grant and Exercise of Stock Appreciation Rights. Stock Appreciation Rights may be granted by the Administrator independently
of any Stock Option granted pursuant to Section 5 of the Plan.

 

(d)              
Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and conditions
as shall be determined on the date of grant by the Administrator. The term of a Stock Appreciation Right may not exceed ten years.
The terms and conditions of each such Award shall be determined by the Administrator, and such terms and conditions may differ
among individual Awards and grantees.

 

    9

     

    

 

 SECTION 7. RESTRICTED STOCK AWARDS

 

(a)              
Nature of Restricted Stock Awards. The Administrator may grant Restricted Stock Awards under the Plan. A Restricted
Stock Award is any Award of Restricted Shares subject to such restrictions and conditions as the Administrator may determine at
the time of grant. Conditions may be based on continuing employment (or other Service Relationship) and/or achievement of pre-established
performance goals and objectives.

 

(b)              
Rights as a Stockholder. Upon the grant of the Restricted Stock Award and payment of any applicable purchase price,
a grantee shall have the rights of a stockholder with respect to the voting of the Restricted Shares and receipt of dividends;
provided that if the lapse of restrictions with respect to the Restricted Stock Award is tied to the attainment of performance
goals, any dividends paid by the Company during the performance period shall accrue and shall not be paid to the grantee until
and to the extent the performance goals are met with respect to the Restricted Stock Award. Unless the Administrator shall otherwise
determine, (i) uncertificated Restricted Shares shall be accompanied by a notation on the records of the Company or the transfer
agent to the effect that they are subject to forfeiture until such Restricted Shares are vested as provided in Section 7(d) below,
and (ii) certificated Restricted Shares shall remain in the possession of the Company until such Restricted Shares are vested as
provided in Section 7(d) below, and the grantee shall be required, as a condition of the grant, to deliver to the Company
such instruments of transfer as the Administrator may prescribe.

 

(c)              
Restrictions. Restricted Shares may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed
of except as specifically provided herein or in the Restricted Stock Award Certificate. Except as may otherwise be provided by
the Administrator either in the Award Certificate or, subject to Section 17 below, in writing after the Award is issued, if a grantee’s
employment (or other Service Relationship) terminates for any reason, any Restricted Shares that have not vested at the time of
termination shall automatically and without any requirement of notice to such grantee from or other action by or on behalf of,
the Company be deemed to have been reacquired by the Company at its original purchase price (if any) from such grantee or such
grantee’s legal representative simultaneously with such termination of employment (or other Service Relationship), and thereafter
shall cease to represent any ownership of the Company by the grantee or rights of the grantee as a stockholder. Following such
deemed reacquisition of Restricted Shares that are represented by physical certificates, a grantee shall surrender such certificates
to the Company upon request without consideration.

 

(d)              
Vesting of Restricted Shares. The Administrator at the time of grant shall specify the date or dates and/or the attainment
of pre-established performance goals, objectives and other conditions on which the non-transferability of the Restricted Shares
and the Company’s right of repurchase or forfeiture shall lapse. Subsequent to such date or dates and/or the attainment of
such pre-established performance goals, objectives and other conditions, the shares on which all restrictions have lapsed shall
no longer be Restricted Shares and shall be deemed “vested.”

 

 SECTION 8. RESTRICTED STOCK UNITS

 

(a)              
Nature of Restricted Stock Units. The Administrator may grant Restricted Stock Units under the Plan. A Restricted
Stock Unit is an Award of stock units that may be settled in shares of Stock (or cash, to the extent explicitly provided for in
the Award Certificate) upon the satisfaction of such restrictions and conditions at the time of grant. Conditions may be based
on continuing employment (or other Service Relationship) and/or achievement of pre-established performance goals and objectives.
The terms and conditions of each such Award shall be determined by the Administrator, and such terms and conditions may differ
among individual Awards and grantees. Except in the case of Restricted Stock Units with a deferred settlement date that complies
with Section 409A, at the end of the vesting period, the Restricted Stock Units, to the extent vested, shall be settled in the
form of shares of Stock. Restricted Stock Units with deferred settlement dates are subject to Section 409A and shall contain such
additional terms and conditions as the Administrator shall determine in its sole discretion in order to comply with the requirements
of Section 409A.

 

    10

     

    

 

(b)              
Election to Receive Restricted Stock Units in Lieu of Compensation. The Administrator may, in its sole discretion,
permit a grantee to elect to receive a portion of future cash compensation otherwise due to such grantee in the form of an award
of Restricted Stock Units. Any such election shall be made in writing and shall be delivered to the Company no later than the date
specified by the Administrator and in accordance with Section 409A and such other rules and procedures established by the Administrator.
Any such future cash compensation that the grantee elects to defer shall be converted to a fixed number of Restricted Stock Units
based on the Fair Market Value of Stock on the date the compensation would otherwise have been paid to the grantee if such payment
had not been deferred as provided herein. The Administrator shall have the sole right to determine whether and under what circumstances
to permit such elections and to impose such limitations and other terms and conditions thereon as the Administrator deems appropriate.
Any Restricted Stock Units that are elected to be received in lieu of cash compensation shall be fully vested, unless otherwise
provided in the Award Certificate.

 

(c)              
Rights as a Stockholder. A grantee shall have the rights as a stockholder only as to shares of Stock acquired by
the grantee upon settlement of Restricted Stock Units; provided, however, that the grantee may be credited with Dividend Equivalent
Rights with respect to the stock units underlying his Restricted Stock Units, subject to the provisions of Section 11 and such
terms and conditions as the Administrator may determine.

 

(d)              
Termination. Except as may otherwise be provided by the Administrator either in the Award Certificate or, subject
to Section 17 below, in writing after the Award is issued, a grantee’s right in all Restricted Stock Units that have
not vested shall automatically terminate upon the grantee’s termination of employment (or cessation of Service Relationship)
for any reason.

 

 SECTION 9. UNRESTRICTED STOCK AWARDS

 

Grant or Sale of Unrestricted Stock.
The Administrator may grant (or sell at par value or such higher purchase price determined by the Administrator) an Unrestricted
Stock Award under the Plan. An Unrestricted Stock Award is an Award pursuant to which the grantee may receive shares of Stock free
of any restrictions under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration,
or in lieu of cash compensation due to such grantee.

 

    11

     

    

 

 SECTION 10. CASH-BASED AWARDS

 

Grant of Cash-Based Awards. The Administrator
may grant Cash-Based Awards under the Plan. A Cash-Based Award is an Award that entitles the grantee to a payment in cash upon
the attainment of specified performance goals. The Administrator shall determine the maximum duration of the Cash-Based Award,
the amount of cash to which the Cash-Based Award pertains, the conditions upon which the Cash-Based Award shall become vested or
payable, and such other provisions as the Administrator shall determine. Each Cash-Based Award shall specify a cash-denominated
payment amount, formula or payment ranges as determined by the Administrator. Payment, if any, with respect to a Cash-Based Award
shall be made in accordance with the terms of the Award and may be made in cash.

 

 SECTION 11. DIVIDEND EQUIVALENT RIGHTS

 

(a)              
Dividend Equivalent Rights. The Administrator may grant Dividend Equivalent Rights under the Plan. A Dividend Equivalent
Right is an Award entitling the grantee to receive credits based on cash dividends that would have been paid on the shares of Stock
specified in the Dividend Equivalent Right (or other Award to which it relates) if such shares had been issued to the grantee.
A Dividend Equivalent Right may be granted hereunder to any grantee as a component of an award of Restricted Stock Units, Units
or Other Equity-Based Award or as a freestanding award. The terms and conditions of Dividend Equivalent Rights shall be specified
in the Award Certificate. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may
be deemed to be reinvested in additional shares of Stock, which may thereafter accrue additional equivalents. Any such reinvestment
shall be at Fair Market Value on the date of reinvestment or such other price as may then apply under a dividend reinvestment plan
sponsored by the Company, if any. Dividend Equivalent Rights may be settled in cash or shares of Stock or a combination thereof,
in a single installment or installments. A Dividend Equivalent Right granted as a component of an Award of Restricted Stock Units,
Units or Other Equity-Based Award shall provide that such Dividend Equivalent Right shall be settled only upon settlement or payment
of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled
under the same conditions as such other Award.

 

(b)              
Termination. Except as may otherwise be provided by the Administrator either in the Award Certificate or, subject
to Section 17 below, in writing after the Award is issued, a grantee’s rights in all Dividend Equivalent Rights shall
automatically terminate upon the grantee’s termination of employment (or cessation of Service Relationship) for any reason.

 

 SECTION 12. Other equity-based awards

 

The Administrator shall have the right to
grant Units or any other membership or ownership interests (which may be expressed as units or otherwise) in the Operating Partnership
or a Subsidiary (or other affiliate of the Company), with any shares of Stock being issued in connection with the conversion of
(or other distribution on account of) an interest granted under the authority of this Section 12 to be subject to Section 3 and
the other provisions of the Plan.

 

    12

     

    

 

 SECTION 13. Transferability of Awards

 

(a)              
Transferability. Except as provided in Section 13(b) below, during a grantee’s lifetime, his or her Awards
shall be exercisable only by the grantee, or by the grantee’s legal representative or guardian in the event of the grantee’s
incapacity. No Awards shall be sold, assigned, transferred or otherwise encumbered or disposed of by a grantee other than by will
or by the laws of descent and distribution or pursuant to a domestic relations order. No Awards shall be subject, in whole or in
part, to attachment, execution, or levy of any kind, and any purported transfer in violation hereof shall be null and void.

 

(b)              
Administrator Action. Notwithstanding Section 13(a), the Administrator, in its discretion, may provide either
in the Award Certificate regarding a given Award or by subsequent written approval that the grantee (who is an employee or director)
may transfer his or her Non-Qualified Stock Options to his or her immediate family members, to trusts for the benefit of such family
members, or to partnerships in which such family members are the only partners, provided that the transferee agrees in writing
with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award. In no event may an Award
be transferred by a grantee for value.

 

(c)              
Family Member. For purposes of Section 13(b), “family member” shall mean a grantee’s child,
stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the grantee’s
household (other than a tenant of the grantee), a trust in which these persons (or the grantee) have more than 50 percent of the
beneficial interest, a foundation in which these persons (or the grantee) control the management of assets, and any other entity
in which these persons (or the grantee) own more than 50 percent of the voting interests.

 

(d)              
Designation of Beneficiary. To the extent permitted by the Company, each grantee to whom an Award has been made under
the Plan may designate a beneficiary or beneficiaries to exercise any Award or receive any payment under any Award payable on or
after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Administrator and shall
not be effective until received by the Administrator. If no beneficiary has been designated by a deceased grantee, or if the designated
beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate.

 

(e)              
Lockup Provision in an Initial Public Offering. If requested by the Company, a grantee shall not sell or otherwise
transfer or dispose of any Awards, Units or shares of Stock issued in respect thereof (including, without limitation, pursuant
to Rule 144 under the Securities Act) held by him or her for such period following the effective date of the Company’s initial
public offering as the Company shall specify reasonably and in good faith. If requested by the underwriter engaged by the Company
for the initial public offering, each grantee shall execute a separate letter confirming his or her agreement to comply with this
Section.

 

    13

     

    

 

 SECTION 14. TAX WITHHOLDING

 

(a)              
Payment by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Stock
or other amounts received thereunder first becomes includable in the gross income of the grantee for Federal income tax purposes,
pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes
of any kind required by law to be withheld by the Company with respect to such income. The Company and its Subsidiaries shall,
to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee.
The Company’s obligation to deliver evidence of book entry (or stock certificates) to any grantee is subject to and conditioned
on tax withholding obligations being satisfied by the grantee.

 

(b)              
Payment in Stock. The Administrator may require the Company’s tax withholding obligation to be satisfied, in
whole or in part, by the Company withholding from shares of Stock to be issued pursuant to any Award a number of shares with an
aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the withholding amount due; provided,
however, that the amount withheld does not exceed the maximum statutory tax rate or such lesser amount as is necessary to avoid
liability accounting treatment. For purposes of share withholding, the Fair Market Value of withheld shares shall be determined
in the same manner as the value of Stock includible in income of the grantees. The Administrator may also require the Company’s
tax withholding obligation to be satisfied, in whole or in part, by an arrangement whereby a certain number of shares of Stock
issued pursuant to any Award are immediately sold and proceeds from such sale are remitted to the Company in an amount that would
satisfy the withholding amount due.

 

 SECTION 15. Section 409A awards

 

Awards are intended to be exempt from Section
409A to the greatest extent possible and to otherwise comply with Section 409A. The Plan and all Awards shall be interpreted in
accordance with such intent. To the extent that any Award is determined to constitute “nonqualified deferred compensation”
within the meaning of Section 409A (a “409A Award”), the Award shall be subject to such additional rules and requirements
as specified by the Administrator from time to time in order to comply with Section 409A. In this regard, if any amount under a
409A Award is payable upon a “separation from service” (within the meaning of Section 409A) to a grantee who is then
considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to
the date that is the earlier of (i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s
death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or
additional tax imposed pursuant to Section 409A. Further, the settlement of any 409A Award may not be accelerated except to the
extent permitted by Section 409A.

 

    14

     

    

 

 SECTION 16. TERMINATION OF SERVICE RELATIONSHIP, TRANSFER, LEAVE OF ABSENCE, ETC.

 

(a)              
Termination of Service Relationship. If the grantee’s Service Relationship is with an Affiliate and such Affiliate
ceases to be an Affiliate, the grantee shall be deemed to have terminated his or her Service Relationship for purposes of the Plan.

 

(b)              
For purposes of the Plan, the following events shall not be deemed a termination of a Service Relationship:

 

(i)                
a transfer to the employment of the Company from the Advisor or an Affiliate of the Company or the Advisor, or from the
Company to an Affiliate, or from one Affiliate to another; or

 

(ii)             
an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the
employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which
the leave of absence was granted or if the Administrator otherwise so provides in writing.

 

 SECTION 17. AMENDMENTS AND TERMINATION

 

The Board may, at any time, amend or discontinue
the Plan and the Administrator may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in
law or for any other lawful purpose, but no such action shall materially and adversely affect rights under any outstanding Award
without the holder’s consent. Except as provided in Section 3(b) or 3(c), without prior stockholder approval, in no event
may the Administrator exercise its discretion to reduce the exercise price of outstanding Stock Options or Stock Appreciation Rights
or effect repricing through cancellation and re-grants or cancellation of Stock Options or Stock Appreciation Rights in exchange
for cash or other Awards. To the extent required under the rules of any securities exchange or market system on which the Stock
is listed, to the extent determined by the Administrator to be required by the Code to ensure that Incentive Stock Options granted
under the Plan are qualified under Section 422 of the Code, Plan amendments shall be subject to approval by Company stockholders.
Nothing in this Section 17 shall limit the Administrator’s authority to take any action permitted pursuant to Section 3(b)
or 3(c).

 

 SECTION 18. STATUS OF PLAN

 

With respect to the portion of any Award
that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have
no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine
in connection with any Award or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other
arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided
that the existence of such trusts or other arrangements is consistent with the foregoing sentence.

 

    15

     

    

 

 SECTION 19. GENERAL PROVISIONS

 

(a)              
No Distribution. The Administrator may require each person acquiring Stock pursuant to an Award to represent to and
agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof.

 

(b)              
Issuance of Stock. To the extent certificated, stock certificates to grantees under this Plan shall be deemed delivered
for all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States
mail, addressed to the grantee, at the grantee’s last known address on file with the Company. Uncertificated Stock shall
be deemed delivered for all purposes when the Company or a Stock transfer agent of the Company shall have given to the grantee
by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known
address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic “book
entry” records). Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any
evidence of book entry or certificates evidencing shares of Stock pursuant to the exercise or settlement of any Award, unless and
until the Administrator has determined, with advice of counsel (to the extent the Administrator deems such advice necessary or
advisable), that the issuance and delivery is in compliance with all applicable laws, regulations of governmental authorities and,
if applicable, the requirements of any exchange on which the shares of Stock are listed, quoted or traded. Any Stock issued pursuant
to the Plan shall be subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable
to comply with federal, state or foreign jurisdiction, securities or other laws, rules and quotation system on which the Stock
is listed, quoted or traded. The Administrator may place legends on any Stock certificate or notations on any book entry to reference
restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Administrator may require that
an individual make such reasonable covenants, agreements, and representations as the Administrator, in its discretion, deems necessary
or advisable in order to comply with any such laws, regulations, or requirements. The Administrator shall have the right to require
any individual to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including
a window-period limitation, as may be imposed in the discretion of the Administrator.

 

(c)              
Stockholder Rights. Until Stock is deemed delivered in accordance with Section 19(b), no right to vote or receive
dividends or any other rights of a stockholder will exist with respect to shares of Stock to be issued in connection with an Award,
notwithstanding the exercise of a Stock Option or any other action by the grantee with respect to an Award.

 

(d)              
Other Compensation Arrangements; No Employment Rights. Nothing contained in this Plan shall prevent the Board from
adopting other or additional compensation arrangements, including trusts, and such arrangements may be either generally applicable
or applicable only in specific cases. The adoption of this Plan and the grant of Awards do not confer upon any employee any right
to continued employment with the Company or any Subsidiary.

 

    16

     

    

 

(e)              
Trading Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s
insider trading policies and procedures, as in effect from time to time.

 

(f)               
Clawback Policy. Awards under the Plan shall be subject to the Company’s clawback policy, as in effect from
time to time.

 

 SECTION 20. EFFECTIVE DATE OF PLAN

 

This Plan shall become effective upon the
date immediately preceding the Registration Date subject to prior stockholder approval in accordance with applicable state law,
the Company’s bylaws and articles of incorporation, and applicable stock exchange rules. No grants of Stock Options and other
Awards may be made hereunder after the tenth anniversary of the Effective Date and no grants of Incentive Stock Options may be
made hereunder after the tenth anniversary of the date the Plan is approved by the Board.

 

 SECTION 21. GOVERNING LAW

 

This Plan and all Awards and actions taken
thereunder shall be governed by, and construed in accordance with, the laws of the State of Maryland, applied without regard to
conflict of law principles.

 

DATE APPROVED BY BOARD OF DIRECTORS:

 

DATE APPROVED BY STOCKHOLDERS:

 

    17Exhibit
10.6

 

FORM OF TAX PROTECTION
AGREEMENT

 

This Tax Protection
Agreement (this "Agreement"), effective as of August 12, 2019, is entered into as of                    , 2019, by and among Hertz Group Realty Operating Partnership,
LP, a Delaware limited partnership (the "Partnership"); each Initial Unitholder and each Protected Partner other
than the Initial Unitholders, all as identified on Annex A hereto, as amended from time to time; and the representative(s)
of the Initial Unitholders as designated in Section 5(a), in each case solely in his or her capacity as representative of
the Initial Unitholders and any Protected Partner that becomes a beneficiary of this Agreement (each, a "Representative").

 

WHEREAS, pursuant
to (i) the Contribution Agreements (the "Contribution Agreements") between each of the parties designated as
a "Contributor" therein, Hertz Properties Group, LLC, a Delaware limited liability company ("HPG") and
the Partnership, dated as of August 12, 2019, and (ii) the Exchange and Subscription Agreements
between each of the parties designated as an "Exchanging Member" therein and the Partnership, dated as August 12,
2019, the Initial Unitholders shall contribute their beneficial interests in each property set forth on Annex C hereto
to the Partnership on August 12, 2019 in exchange for a combination of OP Units and the assumption of existing debt (each, a
"Contribution");

 

WHEREAS, in consideration
for the agreement of the relevant Initial Unitholders to make the Contributions of the Protected Properties, the parties hereto
desire to enter into this Agreement;

 

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

 

Section
1.               
Definitions. Capitalized terms employed herein and not otherwise defined shall have the meaning assigned
to them in the Contribution Agreements.

 

(a)               "Accounting
Firm" shall have the meaning set forth in Section 3(e)(ii).

 

(b)               "Aggregate
Initial Built-In Gain" shall mean, for each Protected Property, the sum of the Built-In Gains (determined as of
August 12, 2019) of each Protected Partner with respect to such Protected Property. The Aggregate Initial Built-In Gain for
each Protected Property is set forth on Annex C hereto, as such Annex C may be updated pursuant to Section
3(d)(i).

 

(c)              
"Agreement" shall have the meaning set forth in the Preamble.

 

(d)               "Applicable
Tax Liability" shall mean:

 

(i)                
with respect to each Protected Partner that is allocated gain under Code Section 704(c) with respect to a particular
Protected Property as a result of a breach of Section 2(a), an amount equal to the product of (A) the amount of Built-In
Gain allocated to such Protected Partner under Code Section 704(c) with respect to such Protected Property and the applicable Contribution
as a result of such breach (taking into account any adjustments under Code Section 743 or 734 to which such Protected Partner is
entitled or that would be available if any applicable intermediate entity classified as a partnership for U.S. federal income tax
purposes had made an election under Code Section 754) multiplied by (B) the Effective Tax Rate;

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	1	TAX PROTECTION AGREEMENT

     

    

 

(ii)              with
respect to each Protected Partner that recognizes gain resulting from a disposition of the OP Units of such Protected Partner
in a Fundamental Transaction as a result of a breach of Section 2(a), an amount equal to the product of (A) the lesser
of (x) the aggregate Built-In Gain for each Protected Partner with respect to all of the Protected Properties as of August
12, 2019 and (y) the amount of gain recognized by such Protected Partner from such Fundamental Transaction multiplied by (B)
the Effective Tax Rate, provided, however, that if Built-In Gain has previously been taken into account
under clause (i) of this definition of Applicable Tax Liability or in a prior Fundamental Transaction with respect to the
Protected Partner, or if such Fundamental Transaction also results in an allocation of Built-In Gain to the Protected Partner
described in clause (i) of this definition, the amount of Built-In Gain taken into account for purposes of subclause (A)(x)
of this clause (ii) with respect to such Fundamental Transaction shall be reduced by the amount taken into account under
clause (i) of this definition prior to or as a result of the Fundamental Transaction or as a result of any prior Fundamental
Transaction (and this proviso shall be interpreted and applied so as to avoid double counting of Built-In Gain when
calculating any Applicable Tax Liability resulting from a Fundamental Transaction);

 

(iii)           
with respect to each Protected Partner that recognizes gain resulting from a breach of the covenant set forth in
Section 2(c), an amount equal to the product of (A) the amount of Built-In Gain allocated to such Protected Partner under
Code Section 704(c) with respect to Gateway Center and the Gateway Center Contribution as a result of such breach (taking into
account any adjustments under Code Section 743 or 734 to which such Protected Partner is entitled or that would be available if
any applicable intermediate entity classified as a partnership for U.S. federal income tax purposes had made an election under
Code Section 754) multiplied by (B) the Effective Tax Rate;

 

For purposes
of calculating the amount of Built-In Gain allocated to a Protected Partner under Code Section 704(c) with respect to a particular
Protected Property, (i) any "reverse Section 704(c) gain" allocated to such Protected Partner after the date of the Contributions
pursuant to Treasury Regulations Section 1.704-3(a)(6) shall not be taken into account and (ii) any Built-In Gain recognized by
such Protected Partner pursuant to Code Section 704(c)(1)(B) (i.e., as a result of the distribution of such Protected Property
by the Partnership to a partner of the Partnership other than the Protected Partner) and Code Section 737 (i.e., as a result
of an in-kind distribution made by the Partnership to the Protected Partner) shall be taken into account.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	2	TAX PROTECTION AGREEMENT

     

    

 

(e)               "Built-In
Gain" shall mean, with respect to any Protected Partner and a Protected Property at any time, the gain that
is allocable to such Protected Partner pursuant to Code Section 704(c) with respect to such Protected Property (or, for
purposes of clause (ii) of the definition of Applicable Tax Liability prior to any adjustment pursuant to the proviso of such
clause (ii), the gain that would be allocable to such Protected Partner under Code Section 704(c) with respect to such
Protected Property if such Protected Property were sold by the Partnership in a taxable sale for fair market value as of
August 12, 2019). The initial Built-In Gain for each Initial Unitholder with respect to each Protected Property shall be
determined and set forth on Annex B hereto in accordance with Section 3(d)(i). For the avoidance of doubt and
notwithstanding the foregoing, the parties acknowledge that any Applicable Tax Liability is calculated with reference to the
Built-In Gain for the applicable Protected Partner and Protected Property immediately prior to the breach (to the extent
recognized as a result of the breach) and the initial Built-In Gain for a Protected Property will be reduced over time to the
extent required under Treasury Regulations Section 1.704-3. The parties hereto agree that any pre-existing adjustments under
Section 743 of the Code that are attributable to a Protected Partner with respect to a Protected Property, as determined by
the Partnership's accountants, shall be taken into account in determining the amount of Built-In Gain that is allocable to
such Protected Partner.

 

(f)               
"Code" means the Internal Revenue Code of 1986, as amended.

 

(g)              
"Contribution" shall have the meaning set forth in the Recitals.

 

(h)              
"Contribution Agreements" shall have the meaning set forth in the Recitals.

 

(i)                "Effective Tax Rate" shall mean, with respect to a Protected Partner who is entitled to receive
a payment under Section 3(a), the highest combined individual U.S. federal, state and local income tax rate (applicable
to individuals residing in California) in respect of the income or gain that gave rise to such payment, taking into account the
character and type of the income recognized in the hands of the Protected Partner for the taxable year in which the transaction
giving rise to such taxes occurred, the varying tax rates applicable to different categories of taxable income and gain and to
different taxable years in which taxable income or gain is recognized, taking into account Code Section 199A (if applicable), and,
solely to the extent permitted under applicable law, the deductibility of state and local taxes for U.S. federal income tax purposes,
provided, however, that in the case of a Protected Partner that is a C corporation for U.S. federal income tax purposes,
the Effective Tax Rate shall be based on the combined U.S. federal, state and local corporate income tax rate in respect of the
income or gain that gave rise to such payment, taking into account any of the assumptions described above as are applicable to
such entity.

 

(j)                
"Fundamental Transaction" means a merger, consolidation or other combination of the Partnership
with or into any other entity, a transfer of all or substantially all of the assets of the Partnership, any reclassification, recapitalization
or change of the outstanding equity interests of the Partnership, a conversion of the Partnership into another form of entity,
or any other strategic transaction undertaken by the Partnership pursuant to which the OP Units of a Protected Partner are required
to be exchanged for cash or equity in any other entity. Notwithstanding the above, a Fundamental Transaction shall not include
(i) any transaction to the extent that as part of such transaction a Protected Partner is offered (whether or not such offer is
accepted) consideration that would not result in the recognition of Built-In Gain by such Protected Partner (if the consideration
were accepted by the Protected Partner) or (ii) a redemption of OP Units pursuant to Section 8.6 of the OP Agreement or other voluntary
conversion of OP Units into cash or REIT Shares by a Protected Partner.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	3	TAX PROTECTION AGREEMENT

     

    

 

(k)              
"Government Entity" means any nation or government, any state, province or other political subdivision
thereof, and any agency, authority, department, board, tribunal, commission or instrumentality thereof, and any person exercising
executive, legislative, judicial, regulatory or administration functions of or pertaining to any of the foregoing.

 

(l)                "Initial
Notice" shall have the meaning set forth in Section 5(a).

 

(m)              "Initial
Unitholder" shall mean the persons designated on Annex A hereto as receiving OP Units on the date of the
Contributions.

 

(n)               "OP
Units" means (i) the limited partnership interests in the Partnership that were received by the Initial Unitholders and
(ii) equity interests in an entity treated as a partnership for U.S. federal income tax purposes received by any Protected Partner
in exchange for OP Units pursuant to a Fundamental Transaction with respect to which the Protected Partner's tax basis in such
equity interests is determined in whole or in part with reference to the Protected Partner's tax basis in such OP Units.

 

(o)               "Partnership"
shall have the meaning set forth in the Preamble.

 

(p)               "Pass
Through Entity" means a partnership, disregarded entity, grantor trust or S corporation for U.S. federal income tax
purposes.

 

(q)               "Permitted
Disposition" means a sale, exchange or other disposition of OP Units (i) by a Protected Partner: (a) to such Protected
Partner's children, spouse or issue; (b) to a trust for such Protected Partner or such Protected Partner's children (including
adopted children), spouse or issue; (c) in the case of a trust that is a Protected Partner, to its beneficiaries, or any of them,
whether current or remainder beneficiaries, or to any successor trust or trusts for the benefit of the same beneficiaries; (d)
to a revocable inter vivos trust of which such Protected Partner is a trustee; and/or (e) in the case of any partnership or limited
liability company that is a Protected Partner, to its partners or members, and (ii) by a party described in clauses (a), (b),
(c), (d), or (e) to a partnership, limited liability company or corporation of which the only partners, members or shareholders,
as applicable, are parties described in clauses (a), (b), (c), (d), or (e).

 

(r)                "Permitted
Transferee" means a Person that is a permitted transferee for purposes of a transaction qualifying as a Permitted Disposition.

 

(s)               "Person"
means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

 

(t)                "Protected
Partner" shall mean (i) each Initial Unitholder; (ii) any Person who holds OP Units and who acquired such OP Units from
an Initial Unitholder or another Protected Partner in a Permitted Disposition in which such Person's adjusted basis in such OP
Units, as determined for U.S. federal income tax purposes, is determined, in whole or in part, by reference to the adjusted basis
of the Initial Unitholder or other Protected Partner in such OP Units and who has notified the Partnership of its status as a
Protected Partner, provided all documentation reasonably requested by the Partnership to verify such status, and become a signatory
to, and agreed to the terms and conditions of, this Agreement; and (iii) with respect to a Protected Partner that is a Pass Through
Entity, and solely for purposes of computing the amount to be paid under Section 3(a) with respect to such Protected
Partner and without duplication of any amount otherwise payable to such Protected Partner under Section 3(a),
any Person who (x) holds an interest in such Protected Partner, either directly or through one or more Pass Through Entities,
and (y) is required to include all or a portion of the income of such Protected Partner in its own gross income.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	4	TAX PROTECTION AGREEMENT

     

    

 

(u)               "Protected
Period" shall mean the period commencing on the date of Contributions and ending on the twelfth anniversary of the Contributions.

 

(v)               "Protected
Property" shall mean the interests in each property set forth on Annex C transferred to the Partnership in the
Contributions, and any property acquired by the Partnership in a transaction pursuant to which the tax basis of such property
is determined in whole or in part by reference to the tax basis of such Protected Property.

 

(w)             
"Representative" shall have the meaning set forth in the Preamble.

 

(x)              
"Tax Protection Period Transfer" shall have the meaning set forth in Section 2(a).

 

(y)               "Treasury
Regulations" means the income tax regulations under the Code, whether such regulations are in proposed, temporary or
final form, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

 

Section
2.               
Restrictions on Dispositions of Protected Properties.

 

(a)              
Except as otherwise provided in this Section 2 and subject to Section 3, during the Protected
Period, neither the Partnership nor any entity in which the Partnership holds a direct or indirect interest will consummate (i)
a sale, transfer, exchange, or other disposition of any Protected Property or any interest therein held by the Partnership directly
or indirectly in a transaction that results in an allocation to any Protected Partner of all or any portion of its Built-In Gain
with respect to such Protected Property under Code Section 704(c) (including any portion thereof recognized under Code Section
704(c)(1)(B)), (ii) a distribution by the Partnership to a Protected Partner that results in the recognition of all or any portion
of the Protected Partner's Built-In Gain with respect to a Protected Property under Code Section 737, or (iii) any Fundamental
Transaction that would result in the recognition of gain by any Protected Partner (any such disposition under clause (i), distribution
under clause (ii) or Fundamental Transaction under clause (iii) taking place during the Protected Period, a "Tax Protection
Period Transfer"), provided however, that if a Representative (in his or her capacity as such) expressly consents
to such Tax Protection Period Transfer in writing, the Partnership shall not be deemed to be in breach of its obligations hereunder,
and no payment shall be due under Section 3(a) as a result of such Tax Protection Period Transfer.

 

(b)              
Neither Section 2(a) nor Section 2(c) shall apply to any Tax Protection Period Transfer in a transaction
in which no gain is allocated to or required to be recognized by a Protected Partner, including a transaction qualifying under
Code Section 1031, Code Section 351 or Code Section 721 (or any successor statutes) if no gain is allocated to or required
to be recognized by a Protected Partner in such transaction.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	5	TAX PROTECTION AGREEMENT

     

    

 

(c)              
Following the end of the Protected Period, the Partnership shall use reasonable best efforts to structure any sale
or other disposition of Gateway Center or any successor Protected Property to Gateway Center as a like-kind exchange (including
a "reverse like-kind exchange") governed by Code Section 1031.

 

(d)              
Neither Section 2(a) nor Section 2(c) shall apply to any Tax Protection Period Transfer as a result
of the condemnation or other taking of the Protected Property by a Government Entity in an eminent domain or condemnation proceeding
or otherwise, provided that the Partnership shall use commercially reasonable best efforts to structure such condemnation
or other taking as either a tax-free like-kind exchange under Code Section 1031 or a tax-free reinvestment of proceeds under Code
Section 1033, provided further that in no event shall the Partnership be obligated to acquire or invest in any property
that it otherwise would not have acquired or invested in.

 

Section
3.              
Indemnification; Liability.

 

(a)              
Payment for Breach. Except as otherwise provided in this Agreement, in the event of a Tax Protection Period
Transfer described in (a) or a breach of the covenant set forth in Section 2(c), the Partnership shall pay to such
Protected Partner an amount equal to the sum of (w) the Applicable Tax Liability (if any) attributable to such Tax Protection Period
Transfer or such breach of the covenant set forth in Section 2(c), plus (x) an estimated amount equal to the aggregate federal,
state, and local income taxes payable by the Protected Partner as a result of the receipt of any payment required under the preceding
clause (w) and this clause (x), calculated by applying the Effective Tax Rate that applies with respect to any such additional
income.

 

Any payments due under
this Section 3(a) shall be paid in accordance with Section 3(d).

 

(b)              
Exclusive Remedy. The parties hereto agree and acknowledge that the payment obligations of the Partnership
pursuant to Section 3(a) hereof shall constitute liquidated damages for any breach by the Partnership of this Agreement,
and shall be the sole and exclusive remedy of the Protected Partners for any such breach of this Agreement. No Protected Partner
shall bring any claim for specific performance under this Agreement for any breach of this Agreement, other than a claim for performance
of the payment obligations set forth in this Section 3, or bring a claim against any Person that acquires a Protected Property
from the Partnership in violation of Section 2(a) or Section 2(c).

 

(c)              
Limitations.

 

(i)               For the avoidance of doubt, the Partnership shall not be liable to any Protected Partner for any income or gain (A)
allocated to such Protected Partner with respect to OP Units that is not the result of a breach by the Partnership of its obligations
or agreements under this Agreement or (B) resulting from distributions by the Partnership made with respect to the class of limited
partnership units in the Partnership that includes the OP Units that are made to all holders of units of such class.

 

(ii)             
No officer, director, limited partner or employee of the Partnership or any of its affiliates (other than the general
partner of the Partnership) shall have any liability for any breach of the obligations and agreements of the Partnership under
this Agreement.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	6	TAX PROTECTION AGREEMENT

     

    

 

(iii)            
Except to the extent arising as a result of the Partnership's breach of its obligations under Section 2 of
this Agreement, the Protected Partners shall not be entitled to indemnification from the Partnership for any tax liabilities incurred
as result of any tax authority treating any portion of the Contribution intended to be a tax-deferred contribution as a taxable
exchange (rather than a tax-deferred contribution) for purposes of any tax laws.

 

(iv)             In the event that (A) a Protected Partner holds equity received in a Fundamental Transaction in which the Protected
Partner recognizes gain but such equity is treated as OP Units by reason of clause (ii) of the definition of "OP Units"
(e.g. in a partially taxable Fundamental Transaction) or (B) a property is treated as Protected Property by reason of being acquired
in a transaction pursuant to which the tax basis of such property is determined in whole or in part by reference to the tax basis
of Protected Property (e.g. in a partially taxable transaction), appropriate adjustments shall be made to any payments required
under this Agreement so that the Partnership is not required to pay duplicate damages with respect to such OP Units or Protected
Property.

 

(d)              
Procedural Matters.

 

(i)                
The Initial Unitholders have provided the Partnership with an estimated computation of the Aggregate Initial Built-In
Gain for each Protected Property in Annex C hereto. Prior to the earlier of (i) any event that could trigger a payment obligation
under this Agreement, or (ii) the end of the taxable year of the Partnership that contains the date hereof, the accountants for
the Partnership shall determine (i) the final Aggregate Initial Built-In Gain for each Protected Property, at which time Annex
C hereto shall be updated to reflect such final amounts, and (ii) each Initial Unitholder's share of the Aggregate Initial
Built-In Gain with respect to each Protected Property in Annex B hereto, at which time Annex B hereto shall be updated
to reflect such amounts. The sum of the amounts set forth on Annex B hereto (as provided pursuant to the preceding sentence)
with respect to each Protected Property shall not exceed the Aggregate Initial Built-In Gain for such Protected Property, as finally
determined and reflected on Annex C hereto.

 

(ii)             
In the event that there has been a breach by the Partnership of any of its obligations under this Agreement during
the Protected Period for which payment is required under Section 3(a), the Partnership shall provide to each Representative
notice of the breach as soon as reasonably practicable thereafter. As soon as reasonably practicable after giving notice described
in the preceding sentence (subject to delay pending the receipt of any information requested pursuant to the penultimate sentence
of this Section 3(d)(ii)), the Partnership shall be obligated to (i) provide each Representative with a detailed calculation
of the amount due under Section 3(a) with respect to such breach for each of the Protected Partners, and (ii) provide each
Representative with such evidence or verification as such Representative may reasonably require as to the items necessary to confirm
the calculation of such amounts. The Protected Partners and the Representatives agree to cooperate with the Partnership and to
provide any information reasonably requested by the Partnership in order to assist the Partnership in making the calculations required
under this Section 3(d) with respect to each breach, including without limitation information relating to adjustments under
Code Sections 743 and 734, and information relating to the computation of the Effective Tax Rate, and, subject to obtaining such
cooperation, the Partnership shall finalize the calculation of the amount due to each Protected Partner with respect to the breach
as soon as reasonably practicable, provided, however, that to the extent the Protected Partners and Representatives
fail to provide information, the Partnership may make any good faith assumptions with respect to matters for which it does not
have adequate information as a result of such failure. Once such amounts have been finalized in accordance with this Section
3(d)(ii), the Partnership shall promptly pay the amounts so due with respect to the breach to the relevant Protected Partners.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	7	TAX PROTECTION AGREEMENT

     

    

 

(e)              
Dispute Resolution.

 

(i)                
If the Partnership has breached or violated any of the covenants set forth in this Agreement (or a Protected Partner
asserts that the Partnership has breached or violated any of the covenants set forth in this Agreement), the Partnership and the
Representative for such Protected Partner agree to negotiate in good faith to resolve any disagreements regarding any such breach
or violation and the amount of damages, if any, payable to the Protected Partners under Section 3(a). If the Partnership
and the applicable Representative agree as to a breach or covenant violation but disagree as to the amount of damages payable under
Section 3(a), and such disagreement cannot be resolved through such negotiations, the Partnership shall consult with its
accountants to determine a reasonable calculation of the amount of damages payable, which determination shall be binding absent
a determination to the contrary by the Accounting Firm (as defined below) in accordance with this Section 3(e) that the
Partnership acted unreasonably.

 

(ii)             
If any disagreement between the Partnership and one or more Protected Partners as to whether the Partnership breached
or violated any covenant in this Agreement with respect to such Protected Partners, or any allegation that the Partnership's determination
of damages with respect to such Protected Partners was not reasonable cannot be resolved within sixty (60) days after the receipt
of a notice of disagreement from the aggrieved party, the Partnership and the applicable Representatives for such Protected Partners
shall jointly retain an accounting firm (an "Accounting Firm") selected by the Partnership from a list prepared
by the applicable Representatives within thirty (30) days following expiration of such sixty (60) day period of five independent
accounting firms. Each accounting firm on such list must be comprised of at least one hundred fifty (150) certified public accountants,
and two of the accounting firms on such list must be "Big Four" accounting firms; provided, however, that (i) the requirement
for such list to include two Big Four accounting firms shall only apply to the extent that at least two of Big Four accounting
firms are not then representing, and have not in the three years prior to the due date of such list represented, the Partnership
and/or the REIT with respect to income tax return preparation or the audit of financial statements, (ii) the Partnership shall
inform the Representatives of which of the Big Four accounting firms is providing or has during such period provided such representation,
and (iii) if the applicable Representatives do not provide a list meeting the requirements of this sentence within such thirty
(30) day period the Partnership may select any nationally recognized accounting firm to serve as the Accounting Firm for the relevant
disputes. The Accounting Firm will act as an arbitrator to resolve as expeditiously as possible all points of any such disagreement
(including, without limitation, whether a breach of any of the covenants set forth in this Agreement has occurred and, if so, whether
the Partnership's determination of the amount of damages to which the Protected Partner is entitled as a result thereof under Section
3(a) was reasonable). All determinations made by the Accounting Firm with respect to the resolution of any breach or violation
of any of the covenants set forth in this Agreement and the reasonableness of the amount of damages payable to the Protected Partners
under Section 3(a) shall be final, conclusive and binding on the Partnership and the Protected Partners. If the Accounting
Firm determines that the Partnership's calculation of damages was not reasonable, the Accounting Firm shall calculate the proper
amount required to be paid. The fees and expenses of any Accounting Firm incurred in connection with any such determination shall
be borne by the party that loses the dispute.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	8	TAX PROTECTION AGREEMENT

     

    

 

Section
4.              
Tax Advice.

 

(a)              
Tax Advice. Each party hereto acknowledges and agrees that it has not received and is not relying upon tax
advice from any other party hereto, and that it has and will continue to consult its own tax advisors. The Partnership makes no
representation or warranty as to the proper treatment of the Contribution, or the consequences of the transactions and elections
contemplated by the Agreement, for U.S. federal income tax purposes or any other tax purposes.

 

Section
5.               
Miscellaneous.

 

(a)               Appointment/Replacement
of Representative. Each Initial Unitholder agrees as a condition to becoming a beneficiary to this Agreement that it will
be represented by Isaac Hertz, Sarah Hertz Gordon and William Z. Hertz, and agrees that such Representative(s) will represent
and act on behalf of such Initial Unitholder and any successor in interest to the OP Units received by such
Initial Unitholder in the Contribution or to equity attributable to such OP Units and treated as OP Units under clause (ii)
of the definition thereof (and each hereby irrevocably appoints or shall be deemed to irrevocably appoint the
Representative(s) as his, her, or its representative(s)) for the purpose of receiving any notice or giving any notice,
consent, approval or waiver required or contemplated in this Agreement, and each agrees that the Partnership shall be fully
entitled to rely conclusively on any such notice, consent, approval, waiver or other determination by the Representative(s)
as an action by the appointed and authorized representative of the applicable Protected Partners. If at any time there is
more than one duly appointed Representative, each Representative shall have all power and authority ascribed to the
Representative pursuant to this Agreement. If a Representative dies, resigns as Representative or otherwise ceases to serve
as Representative, the Partnership shall be notified in writing (such notification, the "Initial Notice"),
and the holders of a majority of the OP Units issued to the Initial Unitholders that are then issued and outstanding shall
have the power to designate an individual to serve as a replacement Representative. The Partnership shall be notified
in writing of such designation, provided that if the Partnership has not received notice of a replacement
Representative designation within thirty (30) days of the receipt of the Initial Notice, the Partnership shall designate a
Protected Partner as the replacement Representative and shall provide written notice to all then Protected Partners of such
designation, which shall be effective immediately upon delivery of such notice to such Protected Partners.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	9	TAX PROTECTION AGREEMENT

     

    

 

(b)              
Assignment. No Protected Partner shall assign this Agreement or its rights hereunder to any Person without
the prior written consent of the Partnership, which consent shall not be unreasonably withheld, conditioned or delayed, provided
that any such assignment undertaken without such consent shall be null and void. For the avoidance of doubt, any transfer of OP
Units by a Protected Partner shall be governed by the terms of the OP Agreement.

 

(c)              
Integration, Waiver. This Agreement (including any Annex hereto), the Exchange and Subscription Agreements
and the Contribution Agreements embody and constitute the entire understanding among the parties hereto with respect to the subject
matter hereof and supersede all prior agreements, understandings, representations and statements, whether oral or written. Neither
this Agreement nor any provision hereof may be waived, modified, amended, discharged or terminated except by an instrument signed
by the party against whom the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then
only to the extent set forth in such instrument. No waiver by a party hereto of any failure or refusal by any other party to comply
with its obligations hereunder shall be deemed a waiver of any other or subsequent failure or refusal to so comply.

 

(d)              
Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State
of Delaware, without regard to principles of conflicts of laws.

 

(e)              
Captions Not Binding; Annexes. The captions in this Agreement are inserted for reference only and in no way
define, describe or limit the scope or intent of this Agreement or of any of the provisions hereof. All Annexes attached hereto
shall be incorporated by reference as if set out herein in full.

 

(f)               
Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

 

(g)              
Severability. If any term or provision of this Agreement or the application thereof to any Persons or circumstances
shall, to any extent, be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision
to Persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and
each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

 

(h)              
No Rights as Stockholders. Nothing contained in this Agreement shall be construed as conferring upon the holders
of the OP Units any rights whatsoever as stockholders of the REIT, including, without limitation, any right to receive dividends
or other distributions made to stockholders of the REIT or to vote or to consent or to receive notice as stockholders in respect
of any meeting of stockholders for the election of directors of the REIT or any other matter.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	10	TAX PROTECTION AGREEMENT

     

    

 

(i)                
Notices. Any notice to be given hereunder by any party to the other shall be given in writing by either (i)
personal delivery, or (ii) registered or certified mail, postage prepaid, return receipt requested, and any such notice shall be
deemed communicated as of the date of delivery (including delivery by overnight courier, or certified mail). Mailed notices shall
be addressed as set forth below, but any party may change the address set forth below by written notice to other parties in accordance
with this paragraph.

 

	As to the Partnership:	
        Hertz Group Operating Partnership, LP

        21860 Burbank Boulevard, Suite 300 South

        Woodland Hills, California 91367

        Facsimile: 310-584-8104

        Telephone: 310-584-8004

        Email: johnf@hertzgroup.com

        Attention: John D. Forbes, Executive Vice President and General Counsel

         

	With a Copy to:	
        Goodwin Procter LLP

        3 Embarcadero Center

        San Francisco, CA 94111

        Attention: Kelsey Lemaster,
        Esq.

        Telephone: (415) 733-6086

        Facsimile: (617) 649-1489

        Email: klemaster@goodwinlaw.com

	
         

        As to Initial Unitholders:
	
         

        Each of the addresses
        set forth beside the Initial Unitholders and other Protected Partners on Annex A

 

(j)                
Counterparts. This Agreement may be executed in counterparts, each of which shall be an original and all of
which counterparts taken together shall constitute one and the same agreement. The signature page of any counterpart may be detached
therefrom without impairing the legal effect of the signature(s) thereon provided such signature page is attached to any other
counterpart identical thereto except having additional signature pages executed by other parties to this Agreement attached thereto.

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	11	TAX PROTECTION AGREEMENT

     

    

 

(k)              
Construction. The parties acknowledge that each party and its counsel have reviewed and revised this Agreement
and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of this Agreement or any amendment or Annex hereto.

 

[Signatures Commence
on Following Page]

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	12	TAX PROTECTION AGREEMENT

     

    

 

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the                                 ,
2019.

 

	PARTNERSHIP:	               
	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP 	 
	a Delaware limited partnership	 
	 	 	 
	By:	Hertz Group Realty Trust, Inc.	 
	 	its sole General Partner	 
	 	 	 
	 	 	 
	 	By: 	                       	 
	 	Name: Judah Hertz	 
	 	Title: CEO	 

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Signature Page	TAX PROTECTION AGREEMENT

     

    

 

	INITIAL UNITHOLDER:	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title: 	                     	 

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Signature Page	TAX PROTECTION AGREEMENT

     

    

 

	REPRESENTATIVES:	 
	 	 
	 	 
	 	 
	Name:	ISAAC HERTZ	 
	 	 
	 	 
	Name:	SARAH HERTZ GORDON	 
	 	 
	 	 
	Name:	WILLIAM Z. HERTZ	 

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Signature Page	TAX PROTECTION AGREEMENT

     

    

 

ANNEX A

 

INITIAL UNITHOLDERS, REPRESENTATIVES,
OTHER PROTECTED PARTNERS

 

INITIAL UNITHOLDERS

 

	Initial Unitholder	Address for Notice
	 	 

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Annex A 
	TAX PROTECTION AGREEMENT

     

    

 

OTHER PROTECTED PARTNERS

 

	Protected Partners (Other than Initial Unitholders)	Address for Notice
	 	 

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Annex A 
	TAX PROTECTION AGREEMENT

     

    

 

ANNEX B

 

PROTECTED PROPERTY, PROTECTED
PARTNERS'

 

SHARE OF INITIAL BUILT-IN
GAIN

 

	Protected Property
	01 - Gateway Center
	 	 
	Initial Unitholder	Initial Built-In 

Gain
	 	 
	Totals	 
	 	 
	Protected Property
	02 - 909 Poydras Street
	 	 
	Initial Unitholder	Initial Built-In 

Gain
	 	 
	Totals	 
	 	 
	Protected Property
	03 - 10 South Broadway
	 	 
	Initial Unitholder	Initial Built-In 

Gain
	 	 
	Totals	 
	 	 
	Protected Property
	04 - Capital One Tower
	 	 
	Initial Unitholder	Initial Built-In 

Gain
	 	 
	Totals	 

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Annex B	TAX PROTECTION AGREEMENT

     

    

 

	Protected Property
	16 - City Centre Jackson
	 	 
	Initial Unitholder	Initial Built-In

 Gain
	 	 
	Totals	 
	 	 
	Protected Property
	20 - 400 Poydras Street
	 	 
	Initial Unitholder	Initial Built-In 

Gain
	 	 
	Totals	 
	 	 
	Protected Property
	22 - Center at 600 Vine
	 	 
	Initial Unitholder	Initial Built-In

 Gain
	 	 
	Totals	 
	 	 
	Protected Property
	23 - Regions Plaza (MS)
	 	 
	Initial Unitholder	Initial Built-In 

Gain
	 	 
	Totals	 
	 	 
	Protected Property
	25 - Regions Center (LA)
	 	 
	Initial Unitholder	Initial Built-In

 Gain
	 	 
	Garber-Forbess Family Trust dated November 16, 2004	 
	Totals	 

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Annex B	TAX PROTECTION AGREEMENT

     

    

 

	Protected Property
	31 - Pinnacle at Jackson Place
	 	 
	Initial Unitholder	Initial Built-In

 Gain
	 	 
	Totals	 

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Annex B	TAX PROTECTION AGREEMENT

     

    

 

ANNEX C

 

PROTECTED PROPERTY, ADJUSTED
BASIS, AGGREGATE INITIAL BUILT-IN GAIN

 

	Protected Property	Contributing Entity	Capital

Contribution1 (A)	Adjusted Tax 

Basis as of 
 August 12, 2019 (B)	Aggregate Initial

 Built-In Gain 

(A) - (B)
	01 - Gateway Center	Hertz
Gateway Holdings, LLC2	 	 	 
	02 - 909 Poydras Center	Hertz 909 Poydras Member, LLC	 	 	 
	03 - 10 South Broadway	Hertz 10 South Broadway, LLC	 	 	 
	04 - Capital One Tower	Hertz Lake Charles One, LLC	 	 	 
	16 - City Centre Jackson	Hertz Jackson City Centre, LLC	 	 	 
	20 - 400 Poydras Street	Hertz Texaco Member, LLC	 	 	 
	22 - Center at 600 Vine	Hertz 600 Vine Mezzanine, LLC	 	 	 
	23 - Regions Plaza (MS)	Hertz Jackson One, LLC	 	 	 
	25 - Regions Center (LA)	Plaza Investments II Holdings, L.L.C.2	 	 	 
	 	Plaza Investments III Holdings, L.L.C.2	 	 	 
	31 - Pinnacle at Jackson Place	Hertz Jackson Three Mezzanine, LLC	 	 	 

 

 

 

1
Referred to as the Capital Contribution in Schedule 1.02 of the Contribution Agreement

2
Contributions made to the Operating Partnership by individual members of Contributing Entity

 

    
	 	 	 
	HERTZ GROUP REALTY OPERATING PARTNERSHIP, LP	Annex C	TAX PROTECTION AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]