Document:

Exhibit 10.2

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT
(the “Agreement”) made and entered into this 18th day of February, 2020 (the “Effective Date”)
by and between Medalist Diversified REIT, Inc., a Maryland corporation (“Medalist”), and Virginia Commonwealth
Bank (“Escrow Agent”).

 

W I T N E S S E T H:

 

WHEREAS, Medalist has
undertaken a public offering of its securities (the “Offering”); and

 

WHEREAS, as a condition
to the Offering, Medalist has agreed to place funds in the amount of the first four quarterly dividend payments into escrow.

 

NOW, THEREFORE, for
and in consideration of the foregoing premises and for other good and valuable consideration, the receipt of which is hereby acknowledged,
Medalist and Escrow Agent agree as follows:

 

1.         
Appointment of Escrow Agent. Medalist hereby appoints Escrow Agent to perform the duties assigned to Escrow Agent
in this Escrow Agreement. Escrow Agent accepts such appointment as escrow agent hereunder, to hold and keep the Escrowed Funds
(as defined below) in escrow in accordance with the terms and conditions hereof. Escrow Agent hereby represents and warrants to
Medalist that it has all necessary power and authority to execute, deliver and perform its obligations under this Escrow Agreement
and that Escrow Agent is duly authorized to perform its obligations hereunder.

 

2.         
Delivery of Escrow Funds. Medalist shall deliver an amount equal to $371,111.11 (the “Escrow Funds”)
to the Escrow Agent on the Effective Date. Upon receipt, the Escrow Funds shall be held by the Escrow Agent in Escrow Agent’s
client escrow account.

 

3.         
Disbursement of Escrowed Funds. Upon receipt of a copy of the resolutions of the Board of Directors of Medalist declaring
a dividend on the 8.0% Series A Cumulative Redeemable Preferred Stock, the Escrow Agent shall disburse the portion of the Escrow
Funds in accordance with the written instructions of Medalist. Notwithstanding the foregoing, the Escrow Agent shall only disburse
any portion of the Escrow Funds to V Stock Transfer LLC, as the Company’s transfer agent, according to the written instructions
of Medalist.

 

4.         Duties
of Escrow Agent. Escrow Agent shall place the Escrowed Funds into an interest bearing account in which all accrued interest
will be paid to Medalist and shall otherwise distribute the Escrowed Funds in accordance with the terms of this Escrow Agreement.

 

5.         
Rights, Obligations and Indemnifications of Escrow Agent.

 

(a)       
In performing any of its duties under this Escrow Agreement or upon the claimed failure to perform its duties hereunder,
Medalist acknowledges and agrees that Escrow Agent shall not be liable for any damages, losses, or expenses that they may incur
as a result of Escrow Agent so acting, or failing to act; provided, however, Escrow Agent shall be liable for damages arising out
of its willful misconduct or gross negligence under this Escrow Agreement.

 

(b)       
Escrow Agent’s duties hereunder are purely ministerial in nature, and Escrow Agent shall have no duties except those
specifically set forth herein.

 

     

     

    

 

6.         
Resignation or Removal of Escrow Agent. Escrow Agent may resign at any time by delivering thirty (30) days written
notice of such resignation to Medalist. In such event, Medalist shall designate a successor escrow agent and shall instruct the
Escrow Agent to transfer the Escrowed Funds to such successor escrow agent. If a successor escrow agent is not appointed within
thirty (30) days following receipt of the notice of resignation, Escrow Agent may petition a court of competent jurisdiction to
appoint a successor. Upon appointment of a successor escrow agent by Medalist and delivery of the Escrowed Funds held hereunder
to such successor, Escrow Agent shall be discharged from all further duties and liabilities under this Escrow Agreement except
for any previous acts of willful misconduct or gross negligence.

 

7.         
Notice. All requests and notices which are required herein shall be effective as of the date on which such notice
is sent to the addresses below either by: (a) certified or registered mail first-class, postage prepaid, return receipt requested;
(b) hand delivery, messenger or overnight courier service; or (c) electronic mail so long as the sender has appropriate evidence
that the same was so delivered. The addresses for such notices are as follows:

 

	If to Medalist:	Medalist Diversified REIT, Inc.
	 	11 S. 12th Street
	 	Richmond, VA 23219
	 	Attention: Thomas E. Messier
	 	E-mail: tim.messier@medalistprop.com
	 	 
	With a copy to:	Kaplan Voekler Cunningham & Frank PLC
	 	1401 East Cary Street
	 	Richmond, Virginia 23219
	 	Attention: Thomas Voekler
	 	E-mail: tvoekler@kv-legal.com
	 	 
	If to Escrow Agent:	Virginia Commonwealth Bank
	 	1801 Bayberry Court
	 	Suite 101
	 	Richmond, Virginia 23226
	 	Attention: Bill Bien
	 	E-mail: bill.bien@vcb.bank

 

8.         
Reliance. Escrow Agent may act in reliance upon any writing or instrument or signature that it, in good faith, believes
to be genuine, may assume the validity and accuracy of any statement or assertion contained in such a writing or instrument, and
may assume that any person purporting to give any writing, instrument, notice, or instruction in connection with the provisions
hereof has been duly authorized so to do.

 

9.         
Successors And Assigns. This Escrow Agreement shall be binding upon, and inure to the benefit of, the parties hereto
and their respective successors and assigns. This Escrow Agreement shall not be assignable by any of the parties hereto without
the prior written consent of the parties except that the Escrow Agent may be changed in accordance with the provisions of Section
6 hereof.

 

10.       
Captions, Headings and Capitalized Terms. The captions and headings in this Escrow Agreement are for reference only
and shall not be deemed to define or limit the scope or intent of any of the terms, covenants, conditions or agreements contained
herein. Any capitalized terms not otherwise defined herein shall have the meaning defined in the Purchase Agreement

 

     

     

    

 

11.        
Counterparts. This Escrow Agreement may be executed in any number of counterparts, each of which, when executed and
delivered, shall be an original and such counterparts together constitute one and the same instrument. This Escrow Agreement may
be executed by one or more parties using an electronic signature, which the parties agree shall be binding for all purposes and
shall constitute an original signature. Signature pages may be detached from the counterparts and attached to a single copy of
this document to physically form one document.

 

12.         
Governing Law. This Escrow Agreement shall be construed, enforced and interpreted under the laws of the Commonwealth
of Virginia, without regard to principles of conflict of laws.

 

13.         
Prevailing Party. If either party brings an action hereunder to enforce the terms of this Escrow Agreement, the prevailing
party in such suit shall be indemnified by the other party for all reasonable court costs and attorneys’ fees incurred in
connection with such action.

 

15.         
Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to the Escrow. This
Agreement may only be modified or amended by a written agreement signed by all of the parties to this Agreement.

 

 

[SIGNATURE PAGE ATTACHED]

 

 

     

     

    

 

Signature Page – Escrow Agreement

 

 

In witness whereof, the parties have executed and delivered
this Agreement as of the date first written above.

 

MEDALIST:

 

MEDALIST DIVERSIFIED REIT, INC.,

a Maryland corporation

 

By: /s/ Thomas E. Messier               

Name: Thomas E. Messier

Title: Chief Executive Officer

 

 

 

 

ESCROW AGENT:

 

VIRGINIA COMMONWEALTH BANK

 

By: /s/ William Bien                  

Name: William Bien

Title: Senior Vice PresidentExhibit

EXHIBIT 10.54

CONSULTING AGREEMENT
This Consulting Agreement (the “Agreement”), effective as of October 4, 2019, is made by and between Duke Energy Business Services, LLC, individually and/or collectively, as appropriate, with Duke Energy Corporation and its subsidiaries and affiliates (“Duke Energy”), and Frank Yoho (the “Consultant”) (collectively referred to herein as the “Parties” and individually as a “Party”).
1.Scope.  The Consultant will provide advice and consulting services to Duke Energy on matters relating to the functions the Consultant performed while leading Duke Energy’s natural gas business, as well as such other things, as may be requested from time to time by the President of Duke Energy’s natural gas business or his/her delegate (as such position may be restructured during the Consulting Term, as defined in Section 4) (the “Services”).  The Consultant will perform all Services requested by Duke Energy in a competent manner using reasonable care and diligence and will only interact or correspond with a government or regulatory official at the request, and with the advance permission, of Duke Energy.  
2.Status as an Independent Contractor.  The relationship of the Consultant with Duke Energy will at all times be that of an independent contractor and not an employee or agent.  The Consultant will have no authority to (i) bind Duke Energy or its related entities, or (ii) act, incur any liabilities or obligations, or make any representations or warranties on its or their behalf.  Nothing in this Agreement will be construed to create a partnership, joint venture, agency or employment relationship between Duke Energy and the Consultant.  The Parties acknowledge and agree that, during the Consulting Term (as defined below), the Consultant will be available to provide up to 30 hours of Services per calendar month, but, in no event, will the Consultant provide hours of Services in excess of 20% of the hours the Consultant was providing Duke Energy in his capacity as an employee of Duke Energy during the period preceding his retirement.    
3.Fees and Reimbursement.  During the Consulting Term, Duke Energy will pay the Consultant a consulting fee of $10,000 per full calendar month (prorated for partial calendar months) for Services requested by Duke Energy and provided by the Consultant, with each monthly consulting fee payment being made to the Consultant by the 30th day following the end of the applicable calendar month of the Consulting Term.  The Consultant will return to Duke Energy any Duke Energy property (provided to him during the Consulting Term) in his possession at the end of the Consulting Term.  Duke Energy also will reimburse the Consultant for actual, necessary, and reasonable out-of-pocket business-related expenses that the Consultant incurs providing the Services requested by Duke Energy; provided, however, that the Consultant must obtain Duke Energy’s consent prior to incurring any such expense that exceeds $250.  The Parties agree that, except as specifically set forth in this Section 3, the Consultant shall be entitled to no compensation or benefits from Duke Energy with respect to the Services, shall not be eligible to participate in any employee benefit plans of Duke Energy in connection with providing Services and shall not be credited with service or age credit for purposes of eligibility, vesting or benefit accrual under any employee benefit plan of Duke Energy.
4.Duration and Termination.  This Agreement will commence on October 4, 2019 and expire/terminate on October 3, 2020, unless earlier terminated pursuant to the terms of this Agreement (the “Consulting Term”).  This Agreement will be terminated immediately upon the death or incapacity of the Consultant, and may be terminated immediately, by the Consultant or Duke Energy for any reason, at any time, upon the provision of written notice.  In the event of the termination of this Agreement, as of the time of termination, this Agreement will be of no further 

        

force or effect, and no Party will have any liability to the other Party, except that (i) Section 3 (solely with respect to any fees or expenses of the Consultant for Services accrued or incurred on or prior to the date of termination but not yet paid or reimbursed in full by Duke Energy in accordance therewith) and Sections 6, 7 and 8 will survive such termination in accordance with their terms (or, if no survival period is expressly set forth therein, indefinitely); and (ii) nothing herein will relieve any party from liability for any willful breach of this Agreement prior to its termination.  
5.Taxes and Compliance.  As an independent contractor, the Consultant is responsible for all taxes associated with any payment he receives from Duke Energy pursuant to this Agreement and will indemnify Duke Energy and related entities and hold them harmless in any proceeding, lawsuit, claim or demand pertaining to such taxes.  
6.    Confidentiality.  The Consultant may acquire or have access to confidential and proprietary information of Duke Energy in performing the Services requested by Duke Energy (the “Confidential Information”). Except to the extent not permitted under applicable law or regulation, the Consultant will not, at any time, without Duke Energy’s prior written consent, directly or indirectly, use or disclose any Confidential Information for his benefit or the benefit of any other person or entity.   The Consultant’s obligations under this provision will survive the expiration or termination of this Agreement and are in addition to, and not in limitation of or preemption of, all other obligations of confidentiality which the Consultant may have to Duke Energy and/or its subsidiaries, affiliates or related entities.  The Consultant will return all Confidential Information to Duke Energy at the end of the Consulting Term.  
The Consultant acknowledges that the Confidential Information is and at all times remains the sole and exclusive property of Duke Energy and/or its affiliates and that Duke Energy and/or its affiliates has the exclusive right, title, and interest to its Confidential Information.  No right or license, by implication or otherwise, is granted by Duke Energy as a result of the disclosure of Confidential Information under this Agreement.
7.Indemnity.  The Consultant will indemnify and hold Duke Energy and its subsidiaries, affiliates and related entities harmless from any and all claims, demands, suits, actions, causes of action, damages, losses, injuries, costs and expenses, including, but not limited to, attorneys’ fees, payments, judgments, and any and all liabilities arising, or alleged to arise, in whole or in part, from or out of, in any manner whatsoever, the willful misconduct or gross negligence of the Consultant in performing the Services requested by Duke Energy pursuant to this Agreement.  Subject to the preceding sentence, Duke Energy agrees to indemnify and hold the Consultant harmless with respect to the results of any action taken based on the advice of the Consultant, including all losses and damages resulting from any legal or regulatory action.  This provision will continue in full force and effect notwithstanding expiration or termination of this Agreement.  
8.Miscellaneous.  

a)Applicable Law.  This Agreement will be governed by, construed, and enforced in accordance with the procedural and substantive laws of the State of North Carolina, without regard to any applicable state’s choice of law provisions.   Any dispute, controversy or claim arising out of or relating to this Agreement will be submitted to the state or federal court in North Carolina. 

b)Severability.  If any term or provision of this Agreement is deemed to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms and 

2
        

conditions of this Agreement will remain in full force and effect.  If any term or provision of this Agreement is deemed to be excessively broad in scope, it will be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law then in effect.  

c)Amendment.  This Agreement may not be modified except by a written document signed by both Parties.  This Agreement constitutes the entire agreement between the Parties and supersedes all previous communications, representations, and agreements, oral or written, between the Parties with respect to the subject matter of this Agreement.  

d)Counterparts.  This Agreement may be executed in counterparts, each of which will be an original, but all of which together will constitute one and the same agreement. 

IN WITNESS THEREOF, this Agreement has been executed by the parties effective as of the date set forth above.

		
	CONSULTANT
	DUKE ENERGY BUSINESS SERVICES, LLC

/s/ Frank Yoho                        /s/ Douglas F Esamann            
Frank Yoho                        Douglas F Esamann
Executive Vice President, Energy Solutions & President, Midwest and Florida Regions and Natural Gas Business

9/24/2019                        9/25/2019                       
Date                            Date

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