Document:

FORM OF ADVISORY AGREEMENT

BY AND AMONG

UNITED REALTY TRUST INCORPORATED,

UNITED REALTY CAPITAL OPERATING PARTNERSHIP, L.P.,

AND

UNITED REALTY ADVISORS LP

Dated as of ________________, 2012

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS	1
	 	 	 
	2.	APPOINTMENT	7
	 	 	 
	3.	DUTIES OF THE ADVISOR	7
	 	 	 
	4.	AUTHORITY OF ADVISOR	11
	 	 	 
	5.	FIDUCIARY RELATIONSHIP	12
	 	 	 
	6.	NO PARTNERSHIP OR JOINT VENTURE	12
	 	 	 
	7.	BANK ACCOUNTS	12
	 	 	 
	8.	RECORDS; ACCESS	12
	 	 	 
	9.	LIMITATIONS ON ACTIVITIES	12
	 	 	 
	10.	FEES	12
	 	 	 
	11.	EXPENSES	14
	 	 	 
	12.	OTHER SERVICES	15
	 	 	 
	13.	REIMBURSEMENT TO THE ADVISOR	15
	 	 	 
	14.	OTHER ACTIVITIES OF THE ADVISOR	16
	 	 	 
	15.	THE UNITED REALTY NAME	16
	 	 	 
	16.	TERM OF AGREEMENT	17
	 	 	 
	17.	TERMINATION BY THE PARTIES	17
	 	 	 
	18.	ASSIGNMENT TO AN AFFILIATE	17
	 	 	 
	19.	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	17
	 	 	 
	20.	INCORPORATION OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT	18
	 	 	 
	21.	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP	18
	 	 	 
	22.	INDEMNIFICATION BY ADVISOR	20

 

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	23.	NOTICES	20
	 	 	 
	24.	MODIFICATION	21
	 	 	 
	25.	SEVERABILITY	21
	 	 	 
	26.	GOVERNING LAW	21
	 	 	 
	27.	ENTIRE AGREEMENT	21
	 	 	 
	28.	NO WAIVER	21
	 	 	 
	29.	PRONOUNS AND PLURALS	22
	 	 	 
	30.	HEADINGS	22
	 	 	 
	31.	EXECUTION IN COUNTERPARTS	22

 

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ADVISORY AGREEMENT

 

THIS ADVISORY AGREEMENT (this “Agreement”),
dated as of _____________, 2012, is entered into by and among United Realty Trust Incorporated, a Maryland corporation (the “Company”),
United Realty Capital Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”)
and United Realty Advisors LP, a Delaware limited partnership.

 

WITNESSETH

 

WHEREAS, the Company is a Maryland corporation
created in accordance with Maryland General Corporation Law and intends to qualify as a REIT;

 

WHEREAS, the Company is the general partner
of the Operating Partnership;

 

WHEREAS, the Company and the Operating Partnership
desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor
and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision
of, the Board of Directors of the Company, all as provided herein; and

 

WHEREAS, the Advisor is willing to render
such services, subject to the supervision of the Board of Directors of the Company, on the terms and subject to the conditions
hereinafter set forth;

 

NOW, THEREFORE, in consideration of the
foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound, hereby
agree as follows:

 

1.          
 DEFINITIONS. As used in this Agreement, the following terms have the definitions set forth below:

 

“Acquisition Expenses”
means expenses actually incurred by the Advisor related to selecting, evaluating and acquiring Investments on the Company’s
behalf in addition to any investment-related expenses due to third parties, including, but not limited to, legal fees and expenses,
travel and communications expenses, costs of appraisals, non-refundable option payments on property not acquired, accounting fees
and expenses, third-party brokerage or finders fees, title insurance expenses, survey expenses, property inspection expenses and
other closing costs, regardless of whether the Company acquires the related Investments.

 

“Acquisition Fee”
means the fee payable to the Advisor or its assignees pursuant to Section 10(a).

 

“Advisor” means
United Realty Advisors LP, a Delaware limited partnership, any successor advisor to the Company and the Operating Partnership,
or any Person to which United Realty Advisors LP or any successor advisor subcontracts substantially all its functions. Notwithstanding
the foregoing, a Person hired or retained by United Realty Advisors LP to perform property management and related services for
the Company or the Operating Partnership that is not hired or retained to perform substantially all the functions of United Realty
Advisors LP with respect to the Company and the Operating Partnership as a whole shall not be deemed to be an Advisor.

 

    	 

    	 

    

 

“Affiliate” or
“Affiliated” means, with respect to any Person, (i) any other Person directly or indirectly owning, controlling
or holding, with the power to vote, ten percent (10.0%) or more of the outstanding voting securities of such Person; (ii) any other
Person ten percent (10.0%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held,
with the power to vote, by such Person; (iii) any other Person directly or indirectly controlling, controlled by or under common
control with such Person; (iv) any executive officer, director, trustee or general partner of such Person; and (v) any legal entity
for which such Person acts as an executive officer, director, trustee or general partner. For purposes of this definition, the
terms “controls,” “is controlled by,” or “is under common control with” shall mean the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through
ownership or voting rights, by contract or otherwise.

 

‘‘Amount Advanced for
a Loan or Other Investment’’ means the amount actually allocated in respect of the purchase, development, construction
or improvement of Real Estate Assets or the amount actually paid or allocated in respect of the purchase of Loans or other real
estate-related assets, in each case inclusive of Acquisition Expenses and any indebtedness assumed or incurred in respect of such
Investment but exclusive of Acquisition Fees and financing fees.

 

“Articles of Incorporation”
means the Articles of Incorporation of the Company, as amended from time to time.

 

“Asset Management Fee”
means the fees payable to the Advisor pursuant to Section 10(d).

 

“Average Invested Assets”
means, for any period, the average of the aggregate book value of the assets of the Company (including lease intangibles) invested,
directly or indirectly, in equity interests in and Loans secured by Real Estate Assets (including amounts invested in REITs and
other real estate operating companies) before deducting depreciation or bad debts or other non-cash reserves, computed by taking
the average of these values at the end of each month during the period.

 

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

 

“Business Day”
means any day on which the New York Stock Exchange is open for trading.

 

“By-laws” means
the by-laws of the Company, as amended and as the same are in effect from time to time.

 

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“Change of Control”
means a change of control of the Company of a nature that would be required to be reported in response to the disclosure requirements
of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
as enacted and in force on the date hereof, whether or not the Company is then subject to such reporting requirements; provided,
however, that, without limitation, a Change of Control shall be deemed to have occurred if: (i) any “person” (within
the meaning of Section 13(d) of the Exchange Act, as enacted and in force on the date hereof) is or becomes the “beneficial
owner” (as that term is defined in Rule 13d-3, as enacted and in force on the date hereof, under the Exchange Act) of securities
of the Company representing 9.8% or more of the combined voting power of the Company’s securities then outstanding; (ii)
there occurs a merger, consolidation or other reorganization of the Company which is not approved by the Board of Directors; (iii)
there occurs a Sale, exchange, transfer or other disposition of substantially all the assets of the Company to another Person,
which disposition is not approved by the Board of Directors; or (iv) there occurs a contested proxy solicitation of the Stockholders
that results in the contesting party electing candidates to a majority of the Board of Directors’ positions next up for election.

 

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

 

“Common Shares”
means shares of the Company’s common stock, par value $0.01 per share.

 

“Competitive Real Estate Commission”
means a real estate or brokerage commission for the purchase or Sale of a Real Estate Asset which is reasonable, customary and
competitive in light of the size, type and location of the Real Estate Asset.

 

“Contract Purchase Price”
has the meaning set forth in the Articles of Incorporation.

 

“Contract Sales Price”
means the total consideration received by the Company for the Sale of an Investment.

 

“Dealer Manager”
means Allied Beacon Partners, Inc., or such other Person selected by the Board of Directors to act as the dealer manager for the
Offering.

 

“Dealer Manager Fee”
means three and fifty-five hundredths percent (3.55%) of the per share purchase price of Common Shares (exclusive of Selling Commissions
and Dealer Manager Fee) in the Primary Offering, paid to the Dealer Manager for serving as the dealer manager of the Primary Offering.

 

“Director” means
a member of the Board of Directors.

 

“Distribution”
means any distribution of money or other property by the Company to Stockholders, including any distribution that may constitute
a return of capital for U.S. federal income tax purposes.

 

“Expense Year”
has the meaning set forth in Section 13.

 

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“Financing Coordination Fee”
means the fees payable to the Advisor pursuant to Section 10(e).

 

“GAAP” means United
States generally accepted accounting principles, consistently applied.

 

“Indemnitee” has
the meaning set forth in Section 21(a).

 

“Independent Director”
has the meaning set forth in the Articles of Incorporation.

 

“Independent Valuation Advisor”
means a firm that is (i) engaged in the business of conducting appraisals on real estate properties, (ii) not an Affiliate of the
Advisor and (iii) engaged by the Company with the Board’s approval to appraise the Real Properties and other Investments
pursuant to the Valuation Guidelines.

 

“Investment” means
any investment by the Company or the Operating Partnership, directly or indirectly, in Real Estate Assets, Real Estate-Related
Loans or any other asset.

 

“Joint Venture”
means any joint venture or partnership or other similar arrangement (other than between the Company and the Operating Partnership)
in which the Company or the Operating Partnership or any of their subsidiaries is a co-venturer, member or partner, which is established
to own Investments.

 

“Listing” means
the listing of the Common Shares on a national securities exchange.

 

“Loan” means any
indebtedness or obligation in respect of borrowed money or evidenced by a bond, notes, debenture, deed of trust, letter of credit
or similar instrument, including any mortgage or mezzanine loan.

 

“NASAA REIT Guidelines”
means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators
Association on May 7, 2007, as the same may be amended from time to time.

 

“NAV” means the
Company’s net asset value, calculated pursuant to the Valuation Guidelines.

 

‘‘NAV Pricing Start Date’’
means the earliest to occur of: (a) the Company investing in Investments with an aggregate cost, including the Company’s
pro rata share of debt attributable to such Investments, in excess of $1 billion; (b) the Company raising net offering proceeds
of in excess of six hundred fifty million dollars ($650 million) in the Company’s Primary Offering; and (c) the date that
is twenty-nine (29) months following the commencement of the Company’s initial public Offering.

 

“Net Income” means,
for any period, the Company’s total revenues applicable to such period, less the expenses applicable to such period other
than additions to reserves for depreciation, bad debts or other similar non-cash reserves and excluding the gain from the Sale
of the Company’s assets.

 

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“Notice” has the
meaning set forth in Section 23.

 

“Offering” means
the public offering of Common Shares pursuant to a Prospectus.

 

“Operating Partnership Agreement”
means the Agreement of Limited Partnership of the Operating Partnership, by among the Company, the Operating Partnership and URTI
LP, LLC, a Delaware limited liability company, as the same may be amended from time to time.

 

“OP Units” means
units of limited partnership interest in the Operating Partnership.

 

“Organization and Offering Expenses”
means all costs and expenses (other than the Selling Commission and the Dealer Manager Fee) to be paid by the Company in connection
with the formation of the Company and the Offering, including the Company’s legal, accounting, printing, mailing and filing
fees, charges of the Company’s escrow agent, reimbursements to the Dealer Manager and participating broker-dealers for due
diligence expenses set forth on detailed and itemized invoices, amounts to reimburse the Advisor for its portion of the salaries
of the employees of its Affiliates who provide services to the Advisor and other costs in connection with administrative oversight
of the Offering and marketing process and preparing supplemental sales materials, holding educational conferences and attending
retail seminars conducted by the Dealer Manager or participating broker-dealers.

 

“Person” means
an individual, corporation, partnership, joint venture, association, company (whether of limited liability or otherwise), trust,
bank or other entity, or any government or any agency or political subdivision of a government.

 

“Primary Offering”
means the portion of an Offering other than the offering of Common Shares pursuant to the Company’s distribution reinvestment
program.

 

“Prospectus” means
a final prospectus of the Company filed pursuant to Rule 424(b) of the Securities Act, as the same may be amended or supplemented
from time to time.

 

“Property Management
Agreement” means the Master Property Management, Leasing and Construction Agreement, dated as of ____________, 2012,
among the Company, the Operating Partnership and URA Property Management LLC, a Delaware limited liability company, as the same
may be amended from time to time.

 

“Real Estate Asset”
means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including fee or leasehold
interests, options and leases), directly, through one or more subsidiaries or through a Joint Venture.

 

“Real Estate Disposition Commission”
means the fees payable to the Advisor pursuant to Section 10(c).

 

“Real Estate-Related Loan”
means any investment in mortgage loans and other types of real estate-related debt financing, including, mezzanine loans, bridge
loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests and participations
in such loans, by the Company or the Operating Partnership, directly, through one or more subsidiaries or through a Joint Venture.

 

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“Real Property”
means real property owned from time to time by the Company or the Operating Partnership, directly, through one or more subsidiaries
or through a Joint Venture, which consists of (i) land only, (ii) land, including the buildings located thereon, (iii) buildings
only, or (iv) such Investments the Board or the Advisor designate as Real Property to the extent such Investments could be classified
as Real Property.

 

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

 

“Sale” means any
transaction or series of transactions whereby: (i) the Company or the Operating Partnership directly or indirectly (except as described
in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its direct or indirect ownership of
any Real Estate Asset, Loan or other Investment or portion thereof, including the lease of any Real Estate Asset consisting of
a building only, and including any event with respect to any Real Estate Asset that gives rise to a significant amount of insurance
proceeds or condemnation awards; (ii) the Company or the Operating Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all the
direct or indirect interest of the Company or the Operating Partnership in any Joint Venture in which it is a co-venturer, member
or partner; (iii) any Joint Venture directly or indirectly (except as described in other subsections of this definition) in which
the Company or the Operating Partnership as a co-venturer, member or partner sells, grants, transfers, conveys, or relinquishes
its direct or indirect ownership of any Real Estate Asset or portion thereof, including any event with respect to any Real Estate
Asset which gives rise to insurance claims or condemnation awards; or (iv) the Company or the Operating Partnership directly or
indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its direct or indirect
interest in any Real Estate-Related Loan or portion thereof (including, with respect to any Real Estate-Related Loan, all payments
thereunder or in satisfaction thereof other than regularly scheduled interest payments) and any event which gives rise to a significant
amount of insurance proceeds or similar awards; or (v) the Company or the Operating Partnership directly or indirectly (except
as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its direct or indirect
ownership of any other asset not previously described in this definition or any portion thereof, but not including any transaction
or series of transactions specified in clauses (i) through (v) above in which the proceeds of such transaction or series of transactions
are reinvested by the Company in one or more assets within 180 days thereafter.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Selling Commission”
means six and forty-five one hundredths percent (6.45%) of the per share purchase price of Common Shares (exclusive of Selling
Commissions and Dealer Manager Fee) in the Primary Offering, paid to the Dealer Manager and reallowable to participating broker-dealers
with respect to Common Shares sold by them.

 

“Sponsor” means
United Realty Advisor Holdings LLC, a Delaware limited liability company.

 

“Stockholder”
means a registered holder of the Common Shares.

 

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“Total Operating Expenses”
of a Person means all costs and expenses paid or incurred by such Person, as determined under GAAP, that are in any way related
to the Company’s operation, including advisory fees, but excluding: (a) the expenses of raising capital such as Organization
and Offering Expenses, legal, audit, accounting, underwriting, brokerage, Listing, registration and other fees, printing and other
such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Company’s
stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e)
reasonable incentive fees based on the gain from the Sale of the Investments; and (f) Acquisition Fees, origination fees, Acquisition
Expenses and origination expenses (including expenses relating to potential Investments that the Company does not close), disposition
commissions on the resale of property and other expenses (including the Asset Management Fee) connected with the acquisition, origination,
disposition and ownership of real estate interests, Loans or other property (other than disposition commissions on the Sale of
Investments other than Real Property), including the costs of foreclosure, insurance premiums, legal services, maintenance, repair
and improvement of property. The definition of “Total Operating Expenses” set forth above is intended to encompass
only those expenses which are required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result,
and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under
the NASAA REIT Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof.

 

“Valuation Guidelines”
means the valuation guidelines adopted by the Board, as may be amended from time to time.

 

2.        
   APPOINTMENT. The Company and the Operating Partnership hereby appoint the Advisor to
serve as their advisor to perform the services set forth herein on the terms and subject to the conditions set forth in this
Agreement and subject to the supervision of the Board, and the Advisor hereby accepts such appointment.

 

3.          
 DUTIES OF THE ADVISOR. The Advisor will use its reasonable best efforts to find, evaluate, present
and recommend to the Company and the Operating Partnership investment opportunities consistent with the Company’s
investment policies and objectives as adopted from time to time by the Board. In its performance of this undertaking, subject
to the supervision of the Board and consistent with the provisions of the Articles of Incorporation, the By-laws and the
Operating Partnership Agreement, the Advisor, either directly or indirectly, shall, among other duties:

 

(a)          serve
as the Company’s and the Operating Partnership’s investment and financial advisor and provide research and economic
and statistical data in connection with the Company’s assets and investment policies;

 

(b)          
provide daily management for the Company and the Operating Partnership and perform and supervise the various administrative functions
necessary for the day-to-day management of the operations of the Company and the Operating Partnership;

 

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(c)          
investigate, select and, on behalf of the Company and the Operating Partnership, engage and conduct business with and supervise
the performance of such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder (including
consultants, accountants, correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries,
escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property
owners, real estate management companies, real estate operating companies, securities investment advisors, mortgagors, the registrar
and the transfer agent and any and all agents for any of the foregoing), including Affiliates of the Advisor and Persons acting
in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services (including
entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing);

 

(d)          
consult with the officers and Directors of the Company and assist the Directors in the formulation and implementation of the Company’s
financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of Investments
consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken
by the Company or the Operating Partnership;

 

(e)          
subject to the provisions of Section 4, (i) use commercially reasonable efforts to present a continuing and suitable investment
program to the Board that is consistent with the Company’s investment policies and objectives; (ii) locate, analyze and select
potential Investments; (iii) structure and negotiate the terms and conditions of transactions pursuant to which acquisitions and
dispositions of Investments will be made; (iv) research, identify, review and recommend acquisitions and dispositions of Investments
to the Board and make Investments on behalf of the Company and the Operating Partnership in compliance with the investment objectives
and policies of the Company; (v) arrange for financing and refinancing and make other changes in the asset or capital structure
of, and dispose of, reinvest the proceeds from the Sale of, or otherwise deal with, Investments; (vi) enter into leases and service
contracts for Investments and, to the extent necessary, perform all other operational functions for the maintenance and administration
of such Investments, including, with respect to Real Estate-Related Loans, servicing; (vii) actively oversee and manage Investments
for purposes of meeting the Company’s investment objectives and reviewing and analyzing financial information for each of
the Investments and the overall portfolio; (viii) select Joint Venture partners (to be evaluated based on the Real Estate Assets
that such joint venture owns or is being formed to own under the same criteria as the Advisor would use to evaluate the Company’s
other Investments), structure corresponding agreements and oversee and monitor these relationships; (ix) oversee, supervise and
evaluate Affiliated and non-Affiliated property managers who perform services for the Company or the Operating Partnership; (x)
oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be
performed under this Agreement; (xi) manage accounting and other recordkeeping functions for the Company and the Operating Partnership,
including reviewing and analyzing the capital and operating budgets for the Real Estate Assets and generating an annual budget
for the Company; (xii) recommend various liquidity events to the Board when appropriate; and (xiii) source and structure Real Estate-Related
Loans (if the Company retains the servicing rights, the Advisor or one of its Affiliates will service the Real Estate-Related Loan
or select a third-party provider to do so);

 

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(f)          upon
request, provide the Board with periodic reports regarding prospective Investments;

 

(g)          
make investments in, and dispositions of, Investments based on a developed disciplined investment approach (including, without
limitation, a well-defined exit strategy) within the discretionary limits and authority as granted by the Board;

 

(h)          perform
an in-depth review of each Real Property acquired, which review shall encompass, among other factors, the following:

 

(i)          geographic
location and property type;

 

(ii)         condition
and use;

 

(iii)        market
growth demographics;

 

(iv)        historical
performance;

 

(v)         current
and projected cash flow;

 

(vi)        potential
for capital appreciation;

 

(vii)       presence
of existing and potential competition;

 

(viii)      prospects
for liquidity through Sale, financing or refinancing;

 

(ix)         tax
considerations; and

 

(x)          the
probability of sale at an optimum price within the Company’s targeted holding period;

 

(i)          perform
a diligence review on each Investment prior to closing, including, with respect to Real Properties, obtaining an environmental
site assessment for each proposed acquisition (which at a minimum will include a Phase I assessment, but which may include a Phase
II assessment if the Advisor determines that the results of a Phase I assessment would warrant it);

 

(j)          negotiate
on behalf of the Company and the Operating Partnership with banks or other lenders for Loans to be made to the Company, the Operating
Partnership or any of their subsidiaries, and negotiate with investment banking firms and broker-dealers on behalf of the Company,
the Operating Partnership or any of their subsidiaries, or negotiate private sales of Shares or obtain Loans for the Company, the
Operating Partnership or any of their subsidiaries, but in no event in such a manner that the Advisor shall be acting as broker-dealer
or underwriter; provided, however, that any fees and costs payable to third parties incurred by the Advisor in connection
with the foregoing shall be the responsibility of the Company, the Operating Partnership or any of their subsidiaries;

 

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(k)          
obtain reports (which may, but are not required to be, prepared by the Advisor or its Affiliates), where appropriate, concerning
the value of Investments or contemplated Investments of the Company and the Operating Partnership;

 

(l)          
from time to time, or at any time reasonably requested by the Board, make reports to the Board of its performance of services to
the Company and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest
involving the Advisor or any of its Affiliates;

 

(m)         
provide the Company and the Operating Partnership with all necessary cash management services;

 

(n)          in
connection with any acquisition of a Real Estate Asset, unless the Company gives the Advisor Notice to the contrary, obtain an
appraisal by a competent, independent appraiser who is a member in good standing of the Appraisal Institute;

 

(o)          deliver to, or maintain on behalf of, the Company copies of all appraisal reports;

 

(p)          notify the Board of all proposed material transactions before they are completed;

 

(q)         
effect any private placement of OP Units, tenancy-in-common (TIC) or other interests in Investments as may be approved by the Board;

 

(r)          
perform investor relations and Stockholder communications functions for the Company;

 

(s)         
render such services as may be reasonably determined by the Board of Directors consistent with the terms and conditions herein;

 

(t)          maintain
the Company’s accounting and other records and assist the Company in preparing, reviewing and filing all reports required
to be filed by it with the Securities and Exchange Commission, the Internal Revenue Service and other regulatory agencies;

 

(u)         do
all things reasonably necessary to assure its ability to render the services described in this Agreement;

 

(v)         review
and monitor credit risk and other risks of loss associated with each Investment;

 

(w)        at
the end of each Business Day, calculate the NAV as provided in the Valuation Guidelines, and in connection therewith, obtain independent
appraisals (which the Advisor shall not be obligated to independently verify) performed by the Independent Valuation Advisor. For
the avoidance of doubt, such calculation will involve estimating certain accrued fees and expenses that are part of the NAV;

 

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(x)          supervise
one or more Independent Valuation Advisors and, if and when necessary, recommend to the Board its replacement;

 

(y)          make
decisions regarding marketing methods with respect to the initial public Offering, the termination or extension of the initial
public Offering, the initiation of a follow-on Offering, mergers and other Change of Control transactions and certain significant
press releases;

 

(z)          periodically
review each Investment to determine the optimal time to sell the Investment and generate a strong return; and

 

(aa)       administer
the Company’s share repurchase program and, in connection therewith, consider various factors in determining the amount of
liquid assets the Company should maintain, including but not limited to the Company’s receipt of proceeds from sales of additional
Common Shares, the Company’s cash flow from operations, available borrowing capacity under a line of credit, if any, the
Company’s receipt of proceeds from any asset sale, and the use of cash to fund repurchases; and

 

(bb)       continuously
monitor the Company’s capital needs and the amount of available liquid assets relative to the Company’s current business,
as well as the volume of repurchase requests relative to the sales of new Common Shares.

 

Notwithstanding the foregoing, the Advisor
may delegate any of the foregoing duties to any Person so long as the Advisor or its Affiliate remains responsible for the performance
of the duties set forth in this Section 3.

 

4.            AUTHORITY
OF ADVISOR.

 

(a)          Pursuant
to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 9), and subject
to the continuing and exclusive authority of the Board over the supervision of the Company, the Company, acting on the authority
of the Board of Directors, hereby delegates to the Advisor the authority to perform the services described in Section 3.

 

(b)          Notwithstanding
anything herein to the contrary, all Investments will require the prior approval of the Board, any particular Directors specified
by the Board or any committee of the Board specified by the Board, as the case may be.

 

(c)          If
a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents
and other information reasonably required by them to evaluate properly the proposed transaction.

 

(d)          The
Board may, at any time upon the giving of Notice to the Advisor, modify or revoke the authority set forth in this Section 4;
provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall
not be applicable to investment transactions to which the Advisor has committed the Company or the Operating Partnership prior
to the date of receipt by the Advisor of such notification.

 

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5.            FIDUCIARY
RELATIONSHIP. The Advisor, as a result of its relationship with the Company and the Operating Partnership pursuant to this
Agreement, stands in a contractual and fiduciary relationship with the Stockholders and the partners in the Operating Partnership.

 

6.          
 NO PARTNERSHIP OR JOINT VENTURE. The parties to this Agreement are not partners or joint venturers
with each other and nothing herein shall be construed to make them partners or joint venturers or impose any liability as
such on either of them.

 

7.        
   BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in the
name of the Company or the Operating Partnership and may collect and deposit into any such account or accounts, and disburse
from any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and
conditions as the Board may approve, provided, that no funds shall be commingled with the funds of the Advisor; and,
upon request, the Advisor shall render appropriate accountings of such collections and payments to the Board and to the
auditors of the Company.

 

8.            RECORDS;
ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and make such records available for
inspection by the Directors and by counsel, auditors and authorized agents of the Company, at any time and from time to time. The
Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership.

 

9.            LIMITATIONS
ON ACTIVITIES. Notwithstanding anything herein to the contrary, the Advisor shall refrain from taking any action which,
in its sole judgment, or in the sole judgment of the Company, made in good faith, would (a) adversely affect the status of
the Company as a REIT, unless the Board has determined that REIT qualification is not in the best interests of the Company
and its Stockholders, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, or (c)
violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the
Company, the Operating Partnership or the Common Shares, or otherwise not be permitted by the Articles of Incorporation or
By-laws, except if such action shall be ordered by the Board, in which case the Advisor shall notify promptly the Board of
the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it
receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting
in accordance with the specific instructions of the Board so given.

 

10.           FEES.

 

(a)          Acquisition
Fee. Subject to Section 10(b), the Company will pay to the Advisor or its assignees one percent (1.0%) of the Contract
Purchase Price of each Real Estate Asset acquired (including the Company’s pro rata share of debt attributable to such Real
Estate Asset) and one percent (1.0%) of the Amount Advanced for a Loan or Other Investment (including the Company’s pro rata
share of debt attributable to such Investment).

 

    	12

    	 

    

 

(b)          Limitation
on Total Acquisition Fees and Acquisition Expenses. In no event will the total of all Acquisition Fees and Acquisition
Expenses (including those paid to third parties) payable with respect to a particular Investment exceed six percent (6.0%) of the
Contract Purchase Price of each Real Estate Asset (including the Company’s pro rata share of debt attributable to such Real
Estate Asset) or six percent (6.0%) of the Amount Advanced for a Loan or Other Investment (including the Company’s pro rata
share of debt attributable to such Investment).

 

(c)          Real
Estate Disposition Commission. For substantial assistance in connection with the Sale of Real Estate Assets, the Company
will pay the Advisor or its Affiliates a Real Estate Disposition Commission equal to two percent (2.0%) of the Contract Sales Price
of such Real Estate Assets; provided, however, that a Real Estate Disposition Commission shall not exceed one-half
of the total brokerage commission paid if a brokerage commission is paid to a third-party broker in addition to the Real Estate
Disposition Commission; provided, further, however, that the Real Estate Disposition Commission shall not
exceed the lesser of six percent (6.0%) of the Contract Sales Price and the Competitive Real Estate Commission. The Independent
Directors will determine whether the Advisor or its Affiliates have provided substantial assistance to the Company in connection
with the Sale of a Real Estate Asset. Substantial assistance in connection with the Sale of a Real Estate Asset includes the preparation
by the Advisor or its Affiliates of an investment package for the Real Estate Asset (including an investment analysis, an asset
description and other due diligence information) or such other substantial services performed by the Advisor or its Affiliates
in connection with a Sale. If the Company sells an Investment to an Affiliate, the Advisor shall not receive a Real Estate Disposition
Commission in connection with such Sale.

 

(d)          Asset
Management Fee. Until the NAV Pricing Start Date, the Company shall pay the Advisor or its assignees a monthly fee equal
to one-twelfth (1/12) of seventy-five hundredths percent (0.75%) of the Contract Purchase Price of each Real Estate Asset (including
the Company’s pro rata share of debt attributable to such Real Estate Asset) then owned plus one-twelfth (1/12) of seventy-five
hundredths percent (0.75%) of the amount advanced for each Loan or other Investment (including the Company’s pro rata share
of debt attributable to such Investment) then owned, payable on the first Business Day of each month. Following the NAV Pricing
Start Date, the Company will pay the Advisor or its assignees a monthly fee equal to the greater of (i) the amount as calculated
in the preceding sentence and (ii) one-twelfth (1/12) of one percent (1.0%) of the average of the Company’s daily NAV for
the preceding month, payable on the first Business Day of each month.

 

(e)          Financing
Coordination Fee. If the Advisor provides services in connection with the origination or refinancing of any debt that the
Company obtains and uses to finance Real Properties or other permitted Investments, or that is assumed, directly or indirectly,
in connection with the acquisition of Real Properties or other permitted Investments, the Company will pay the Advisor or its assignees
a Financing Coordination Fee equal to one percent (1.0%) of the amount available or outstanding under such financing or such assumed
debt. The Advisor may reallow some of or all the Financing Coordination Fee to reimburse third parties with whom it may subcontract
to procure such financing.

 

(f)          Subordinated
Share of Annual Cash Flows. The Company shall pay the Advisor, from time to time when available, fifteen percent (15.0%)
of remaining net cash flows each year after payment to Stockholders of a seven percent (7.0%) pre-tax, non-compounded annual return
on the capital contributed by Stockholders.

 

    	13

    	 

    

 

 

(g)          Oversight
Fee. For services in overseeing property management and leasing services provided by any Person that is not the Company’s
property manager or an Affiliate of the Company’s property manager, the Company will pay the Advisor an Oversight Fee equal
to one percent (1.0%) of the gross revenues of the Real Property managed.

 

(h)          Payment
of Fees. In the sole discretion of the Advisor, the Advisor may elect to have the Acquisition Fee, the Operating Expenses,
the Financing Coordination Fee and/or the Real Estate Disposition paid, in whole or in part, in cash or Common Shares, or any combination
thereof. For the purposes of the payment of these fees in Common Shares, prior to the NAV Pricing Start Date, if an Offering is
underway, each Common Share will be valued at the per Common Share Offering price minus the maximum Selling Commission and Dealer
Manager Fee allowed in the Offering. Following the NAV Pricing Start Date, each Common Share will be valued at NAV per Common Share.

 

(i)          Stock
Incentive Plan. Employees of the Advisor could receive compensation in the form of an award under the Stock Incentive Plan,
which will be administered under the full authority of the Board.

 

11.        
 EXPENSES.

 

(a)          In
addition to the compensation paid to the Advisor pursuant to Section 10, the Company or the Operating Partnership shall
pay directly or reimburse the Advisor for all the expenses paid or incurred by the Advisor or its Affiliates in connection with
the services it provides to the Company and the Operating Partnership pursuant to this Agreement, including the following:

 

(i)          Organization
and Offering Expenses, including third-party due diligence fees related to the Primary Offering, as set forth in detailed and itemized
invoices; provided, however, that the Company shall not reimburse the Advisor to the extent such reimbursement would
cause the total amount of Organization and Offering Expenses paid by the Company and the Operating Partnership to exceed two percent
(2.0%) of the total offering price paid by investors in the Primary Offering (which includes proceeds to the Company from the sale
of Common Shares, plus applicable Selling Commissions and Dealer Manager Fee);

 

(ii)         Acquisition
Expenses incurred in connection with the selection and acquisition of Investments, regardless of whether or not the Company actually
acquires the related assets, subject to the aggregate six percent (6.0%) cap on Acquisition Fees and Acquisition Expenses set forth
in Section 10(b);

 

(iii)        the
actual cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor;

 

(iv)        interest
and other costs for Loans, including discounts, points and other similar fees;

 

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(v)         taxes
and assessments on income of the Company or Investments;

 

(vi)        costs
associated with insurance required in connection with the business of the Company or by the Board;

 

(vii)       expenses
of managing and operating Investments owned by the Company, whether payable to an Affiliate of the Company or a non-Affiliated
Person;

 

(viii)      all
expenses in connection with payments to the Directors for attending meetings of the Board and Stockholders;

 

(ix)         expenses
associated with a Listing, if applicable, or with the issuance and distribution of Common Shares, such as selling commissions and
fees, advertising expenses, taxes, legal and accounting fees, Listing and registration fees;

 

(x)          expenses
connected with payments of Distributions;

 

(xi)         expenses
of organizing, revising, amending, converting, modifying or terminating the Company, the Operating Partnership or any subsidiary
thereof or the Articles of Incorporation, By-laws or governing documents of the Operating Partnership or any subsidiary of the
Company or the Operating Partnership;

 

(xii)        expenses
of maintaining communications with Stockholders, including the cost of preparing, printing and mailing annual reports and other
Stockholder reports, proxy statements and other reports required by governmental entities;

 

(xiii)       administrative
service expenses, including all costs and expenses incurred by the Advisor or its Affiliates in fulfilling its duties hereunder,
including reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services;
provided, however, that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates
to the extent that such employees perform services for which the Advisor receives a separate fee; and

 

(xiv)      audit,
accounting and legal fees.

 

(b)          Commencing
twelve (12) months after the commencement of the Offering, the Company will reimburse the Advisor’s costs of providing administrative
services, subject to the limitation set forth in Section 13.

 

12.         OTHER
SERVICES. Should the Board request that the Advisor or any director, officer or employee thereof render services for the Company
and the Operating Partnership other than as set forth in Section 3, such services shall be separately compensated at such
customary rates and in such customary amounts as are agreed upon by the Advisor and the Board, including a majority of the Independent
Directors, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant
to the terms of this Agreement.

 

    	15

    	 

    

 

13.         REIMBURSEMENTS.
The Company shall not reimburse the Advisor for any amount by which the Company’s operating expenses (including the Asset
Management Fee) at the end of the four (4) preceeding fiscal quarters exceeds the greater of (a) two percent (2.0%) of Average
Invested Assets and (b) twenty-five percent (25.0%) of Net Income. Commencing twelve (12) months after the commencement of the
Offering, the Advisor shall reimburse the Company the amount by which the Company’s aggregate total operating expenses for
the four (4) fiscal quarters then ended exceed the limit set forth in the preceding sentence, unless the Independent Directors
have determined that such excess expenses were justified based on unusual and non-recurring factors. The Company shall reimburse
the Advisor for personnel costs in connection with other services during the operational stage, in addition to paying an Asset
Management Fee; however, the Company shall not reimburse the Advisor for personnel costs in connection with services for which
the Advisor receives Acquisition Fees or Real Estate Disposition Commissions.

 

14.         OTHER
ACTIVITIES OF THE ADVISOR. Except as set forth in this Section 14, nothing herein contained shall prevent the Advisor
or any of its Affiliates from engaging in or earning fees from other activities, including the rendering of advice to other Persons
(including other REITs) and the management of other programs advised, sponsored or organized by the Sponsor or its Affiliates;
nor shall this Agreement limit or restrict the right of any director, officer, member, partner, employee or stockholder of the
Advisor or any of its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other
Person and earn fees for rendering such services; provided, however, that the Advisor must devote sufficient resources
to the Company’s business to discharge its obligations to the Company under this Agreement. The Advisor may, with respect
to any investment in which the Company is a participant, also render advice and service to each and every other participant therein,
and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company may enter into Joint Ventures
or other similar co-investment arrangements with certain Persons, and pursuant to the agreements governing such Joint Ventures
or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn
fees for rendering such advice and service.

 

The Advisor shall report to the Board the
existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a
conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other
Person. If the Advisor or Affiliates thereof have sponsored other investment programs with similar investment objectives which
have investment funds available at the same time as the Company, the Advisor shall inform the Board of the method to be applied
by the Advisor in allocating investment opportunities among the Company and competing investment entities and shall provide regular
updates to the Board of the investment opportunities provided by the Advisor to competing programs in order for the Board (including
the Independent Directors) to fulfill its duty to ensure that the Advisor and its Affiliates use their reasonable best efforts
to apply such method fairly to the Company.

 

    	16

    	 

    

 

15.         THE
UNITED REALTY NAME. The Advisor and its Affiliates have or may have a proprietary interest in the names “United Realty,”
“URTI” and “URA.” The Advisor hereby grants to the Company, to the extent of any proprietary interest the
Advisor may have in any of the names “United Realty,” “URTI” and “URA,” a non-transferable,
non-assignable, non-exclusive, royalty-free right and license to use the names “United Realty,” “URTI”
and “URA” during the term of this Agreement. The Company agrees that the Advisor and its Affiliates will have the right
to approve any use by the Company of the names “United Realty,” “URTI” and “URA,” such approval
not to be unreasonably withheld or delayed. Accordingly, and in recognition of this right, if at any time the Company ceases to
retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt
of a written request from the Advisor, cease to conduct business under or use the names “United Realty,” “URTI”
and “URA” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries
to a name that does not contain the names “United Realty,” “URTI” and “URA” or any other word
or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between
the Company and the Advisor or any its Affiliates. At such time, the Company also will make any changes to any trademarks, servicemarks
or other marks necessary to remove any references to the words “United Realty,” “URTI” and “URA.”
Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past
and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment
in real estate) and financial and service organizations having any of the names “United Realty,” “URTI”
and “URA” as a part of their name, all without the need for any consent (and without the right to object thereto) by
the Company. Neither the Advisor nor any of its Affiliates makes any representation or warranty, express or implied, with respect
to the names “United Realty,” “URTI” and “URA” licensed hereunder or the use thereof (including,
without limitation, as to whether the use of the names “United Realty,” “URTI” and “URA” will
be free from infringement of the intellectual property rights of third parties. Notwithstanding the preceding, the Advisor represents
and warrants that it is not aware of any pending claims or litigation or of any claims threatened in writing regarding the use
or ownership of the names “United Realty,” “URTI” and “URA.”

 

16.         TERM
OF AGREEMENT. This Agreement shall continue in force for a period of one year from the date hereof. Thereafter, the term may
be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties.

 

17.         TERMINATION
BY THE PARTIES. This Agreement may be terminated on sixty (60) days’ written Notice, without cause and without penalty,
by the Advisor or a majority of the Independent Directors. The provisions of Sections 19 through 31 of this Agreement
shall survive termination of this Agreement.

 

18.         ASSIGNMENT
TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate with the approval of a majority of the Directors
(including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under
this Agreement to any Person without obtaining the approval of the Directors. This Agreement shall not be assigned by the Company
or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating
Partnership to a Person which is a successor to all the assets, rights and obligations of the Company or the Operating Partnership,
in which case such successor Person shall be bound hereunder and by the terms of said assignment in the same manner as the Company
or the Operating Partnership, as applicable, is bound by this Agreement.

 

    	17

    	 

    

 

 

19.          PAYMENTS
TO AND DUTIES OF ADVISOR UPON TERMINATION.

 

(a)          Amounts
Owed. The Advisor shall be entitled to receive from the Company or the Operating Partnership within thirty (30) days of
the termination of this Agreement all amounts then accrued and owing to the Advisor.

 

(b)          Advisor’s
Duties. The Advisor shall promptly upon termination of this Agreement:

 

(i)          pay
over to the Company and the Operating Partnership all money collected and held for the account of the Company and the Operating
Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it
is then entitled;

 

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

 

(iii)        deliver
to the Board all assets, including all Investments, and documents of the Company and the Operating Partnership then in the custody
of the Advisor; and

 

(iv)        cooperate
with the Company and the Operating Partnership and take all reasonable steps requested to provide an orderly management transition.

 

20.         
INCORPORATION OF THE ARTICLES OF INCORPORATION AND THE OPERATING PARTNERSHIP AGREEMENT. To the extent
that the Articles of Incorporation or the Operating Partnership Agreement impose obligations or restrictions on the Advisor
or grant the Advisor certain rights which are not set forth in this Agreement, the Advisor shall abide by such obligations or
restrictions and such rights shall inure to the benefit of the Advisor with the same force and effect as if they were set
forth herein.

 

21.         
INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP.

 

(a)          The
Company and the Operating Partnership shall indemnify and hold harmless the Advisor and its Affiliates, as well as their respective
officers, directors, equity holders, members, partners, Stockholders, other equity holders and employees (collectively, the “Indemnitees,”
and each, an “Indemnitee”), from all liabilities, claims, damages or losses arising in the performance of their
duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liabilities, claims, damages
or losses and related expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be
inconsistent with the laws of the State of New York, the Articles of Incorporation or the provisions of Section II.G of the NASAA
REIT Guidelines. Notwithstanding the foregoing, the Company and the Operating Partnership shall not provide for indemnification
of an Indemnitee for any loss or liability suffered by such Indemnitee, nor shall they provide that an Indemnitee be held harmless
for any loss or liability suffered by the Company and the Operating Partnership, unless all the following conditions are met:

 

    	18

    	 

    

 

(i)          the
Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interest
of the Company and the Operating Partnership;

 

(ii)         the
Indemnitee was acting on behalf of, or performing services for, the Company or the Operating Partnership;

 

(iii)        such
liability or loss was not the result of negligence or willful misconduct by the Indemnitee; and

 

(iv)        such
indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders.

 

(b)          Notwithstanding
the foregoing, an Indemnitee shall not be indemnified by the Company and the Operating Partnership for any losses, liabilities
or expenses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more
of the following conditions is met:

 

(i)          there
has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnitee;

 

(ii)         such
claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or

 

(iii)        a
court of competent jurisdiction has approved a settlement of the claims against the Indemnitee and found that indemnification of
the settlement and the related costs should be made, and the court considering the request for indemnification has been advised
of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority
of a jurisdiction in which securities of the Company or the Operating Partnership were offered or sold as to indemnification for
violations of securities laws.

 

(c)          In
addition, the advancement of the Company’s or the Operating Partnership’s funds to an Indemnitee for reasonable legal
expenses and other costs incurred in advance of the final disposition of a proceeding for which indemnification is being sought
is permissible only if all the following conditions are satisfied:

 

(i)          the
legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the
Operating Partnership;

 

(ii)         the
Indemnitee provides the Company and the Operating Partnership with a written affirmation of the Indemnitee’s good faith belief
that the standard of conduct necessary for indemnification has been met;

 

(iii)        the
legal action is initiated by a third party who is not a Stockholder or, if the legal action is initiated by a Stockholder acting
in such Stockholder’s capacity as such and a court of competent jurisdiction specifically approves such advancement; and

 

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(iv)        the
Indemnitee undertakes to repay the advanced funds to the Company or the Operating Partnership, together with the applicable legal
rate of interest thereon, in cases in which such Indemnitee is found not to be entitled to indemnification.

 

22.         INDEMNIFICATION
BY ADVISOR. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from contract or other
liabilities, claims, damages, taxes or losses and related expenses, including reasonable attorneys’ fees, to the extent that
such liabilities, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are incurred
by reason of the Advisor’s bad faith, fraud, willful misfeasance, intentional misconduct, gross negligence or reckless disregard
of its duties; provided, however, that the Advisor shall not be held responsible for any action of the Board in following
or declining to follow any advice or recommendation given by the Advisor.

 

23.         NOTICES.
Any notice, report or other communication (each, a “Notice”) required or permitted to be given hereunder
shall be in writing unless some other method of giving such Notice is required by the Articles of Incorporation or the By-laws,
and shall be given by being delivered by hand, by courier or overnight carrier or by registered or certified mail to the addresses
set forth below:

 

	To the Company:	United Realty Trust Incorporated
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10002
	 	Attention:	Jacob Frydman,
	 	 	Chief Executive Officer
	 	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Attention: 	Peter M. Fass, Esq.
	 		James P. Gerkis, Esq.
	 	 	 
	To the Operating Partnership:	United Realty Capital Operating Partnership, L.P.
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10002
	 	Attention: 	Jacob Frydman,
	 	 	Chief Executive Officer
	 	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Attention: 	Peter M. Fass, Esq.
	 	 	James P. Gerkis, Esq.

  

    	20

    	 

    

 

	To the Advisor:	United Realty Advisors LP
	 	44 Wall Street
	 	2nd Floor
	 	New York, New York 10002
	 	Attention: 	Jacob Frydman,
	 	 	Chief Executive Officer
	 	 	 
	 	with a copy to:
	 	 
	 	Proskauer Rose LLP
	 	Eleven Times Square
	 	New York, New York 10036
	 	Attention: 	Peter M. Fass, Esq.
	 	 	James P. Gerkis, Esq.

 

Any party may at any time give Notice in writing to the other
parties of a change in its address for the purposes of this Section 23.

 

24.         MODIFICATION.
This Agreement shall not be amended, supplemented, terminated, or discharged, in whole or in part, except by an instrument
in writing signed by the parties hereto, or their respective successors or assignees.

 

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

 

26.         GOVERNING
LAW. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York
as at the time in effect, without regard to the principles of conflicts of laws thereof.

 

27.         ENTIRE
AGREEMENT. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control
and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.

 

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

 

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29.         PRONOUNS
AND PLURALS. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.

 

30.         HEADINGS.
The titles of sections and subsections contained in this Agreement are for convenience only, and they neither form a part of
this Agreement nor are they to be used in the construction or interpretation hereof.

 

31.         EXECUTION
IN COUNTERPARTS. This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in
any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon,
and all of which shall together constitute one and the same instrument.

 

[Remainder of page intentionally left
blank]

 

    	22

    	 

    

 

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

 

	 	UNITED REALTY TRUST INCORPORATED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	UNITED REALTY CAPITAL OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	By:	United Realty Trust Incorporated
	 	 	 
	 	 	its General Partner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	UNITED REALTY ADVISORS LP
	 	 	 
	 	By:	URTI GP, LLC
	 	 	 
	 	 	its General Partner
	 	 	 
	 	By:	UNITED REALTY ADVISOR HOLDINGS LLC
	 	 	 
	 	 	its Managing Member
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

United Realty Trust Incorporated –
Advisory AgreementAMENDED AND RESTATED

EXECUTIVE EMPLOYMENT AGREEMENT 

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) is entered into by and among Piedmont Community Bank Holdings, Inc. (“Piedmont”),
a Delaware corporation, Crescent Financial Bancshares, Inc. (“Crescent Financial”), a Delaware Corporation, and Crescent
State Bank (the “Bank”), a state bank chartered under the laws of North Carolina, and Scott Custer (the “Executive”)
effective as of January 1, 2012 (the “Effective Date”).

 

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

 

Section 1.
Term. Piedmont will employ Executive, and Executive accepts employment with Piedmont, upon the terms and conditions
set forth in this Agreement, for the period beginning on December 16, 2009, (the “Original Effective Date”), and ending
on the earlier of the third anniversary of the Original Effective Date or as provided in Section 5 (the “Initial Employment
Period”). Crescent Financial will employ Executive, and Executive accepts employment with Crescent Financial, upon the terms
and conditions set forth in this Agreement, for the period beginning on November 18, 2011 and ending upon the expiration of the
Initial Employment Period. The Bank will employ Executive, and Executive accepts employment with the Bank, upon the terms and
conditions set forth in this Agreement, for the period beginning December 30, 2011 and ending upon the expiration of the Initial
Employment Period. This Agreement shall continue for successive one (1) year terms (each a “Subsequent Employment Period”)
unless written notice is delivered by Piedmont, Crescent Financial, or the Bank to Executive, or by Executive to Piedmont, Crescent
Financial, and the Bank at least ninety (90) days before the expiration of this Agreement or Executive’s employment is terminated
as provided in Section 5 before the expiration of this Agreement. The Initial Employment Period and any Subsequent Employment
Period are collectively referred to as the “Employment Period.” In the event that a party has given written notice
of non-renewal, and the Executive’s employment with Piedmont, Crescent Financial, the Bank, or any one or combination of
them nevertheless continues after the expiration of the Employment Period, such post-expiration employment shall be “at-will”
and any party may terminate such employment with or without notice and for any reason or no reason.

 

Section 2.
Position and Duties.

 

(a)     Piedmont
Position. During the Employment Period, Executive will serve as Chief Executive Officer of Piedmont, reporting directly
to the Board of Directors of Piedmont (“Piedmont Board”), and will be nominated as a director of Piedmont, and if nominated
as a director or appointed as an officer by the Board of any Affiliate of Piedmont, will serve as a director (subject to any required
shareholder approval) or officer of such Affiliate. Executive will have duties as assigned by the Piedmont Board that are consistent
with the duties of chief executive officers of bank holding companies.

 

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(b)     Crescent
Financial Position. Effective as of November 18, 2011, Executive will serve as Chief Executive Officer of Crescent Financial
and effective as of December 6, 2011 Executive will serve as President of Crescent Financial, reporting directly to the Board of
Directors of Crescent Financial (“Crescent Financial Board”). Executive will have duties as assigned by Crescent Financial
Board that are consistent with the duties of chief executive officers and presidents of bank holding companies.

 

(c)     Crescent
Bank Position. Effective as of December 30, 2011, Executive will serve as Chief Executive Officer of the Bank, reporting directly
to the Board of Directors of the Bank (the “Bank Board”). Executive will have duties as assigned by the Bank Board
that are consistent with the duties of chief executive officers of consumer and commercial banks.

 

(d)     Responsibilities.
Executive will devote his best efforts and all of his business time and attention (except for permitted vacation periods and reasonable
periods of illness or other incapacity) to the business and affairs of the Employer Group. Executive will perform his duties and
responsibilities to the best of his abilities in a diligent, trustworthy, businesslike and efficient manner in accordance with
Piedmont’s, Crescent Financial’s, and the Bank’s policies and applicable law.

 

(e)     Definition
of Affiliate and Employer Group. For purposes of this Agreement, “Affiliate” means, with respect to any specified
individual, corporation, limited liability company, partnership, firm, joint venture, association, joint-stock
company, trust, unincorporated organization, or other entity (“Person”), at
any time, each Person, directly or indirectly controlling, controlled by, or under direct or indirect common control with, such
specified Person at such time. For purposes of this Agreement, the “Employer Group” means Piedmont, Crescent Financial,
the Bank and each of their respective Affiliates. Unless context clearly indicates otherwise, references to the “Employer
Group” shall be construed to refer to the Employer Group as a whole, any individual member, or any combination of members
thereof.

 

Section 3.
Salary and Benefits.

 

(a)     Salary.
During the Initial Employment Period, the Employer Group will pay Executive a salary (“Salary”) at a rate of $320,000
per annum as compensation for all services as an officer, employee and director of the Employer Group. During any Subsequent
Employment Period, Executive will receive Salary in the amount determined by the Crescent Financial Board in its sole discretion,
which will not be less than $300,000 per annum. Salary will be payable in regular installments in accordance with the general
payroll practices of Crescent Financial.

 

(b)     Bonus.
For each calendar year during the Employment Period beginning with 2012 (each, a “Bonus Year”), Executive will be eligible
to receive a performance bonus (“Bonus”) of up to two times Salary, based on the Employer Group’s achievement
of performance measures, which may include: Asset Size; Return on Assets; Return on Equity; Efficiency Ratio; Quality of Deposits;
Risk Based Assessment of Loan Portfolio; Loan Quality; Data Quality; Regulatory Relationships; and/or Quality and Depth of Management
Team. The specific performance measures for each Bonus Year during the Term will be determined by the Crescent Financial Board,
as advised by the Compensation Committee of the Crescent Financial Board, in its sole discretion, after consultation with the Executive.
The determination whether the Executive has achieved the performance measures for each Bonus Year, and the amount of the Bonus
to be awarded for each Bonus Year, will be determined by the applicable Board of Directors, as advised by the Compensation Committee
of such Board of Directors, in its sole discretion. It is understood by Executive, Piedmont, Crescent Financial, and the Bank that
bonuses at a level approaching two times base salary will only be awarded at a time when Piedmont or the Employer Group, as applicable,
is considerably larger and highly profitable, and that if Piedmont or the Employer Group, as applicable, does not grow very significantly
from its initial platform, then cash Bonus awards are unlikely. Executive must be employed by the Employer Group as of the last
business day of a Bonus Year to be eligible for a Bonus for such Bonus Year. Any Bonus awarded to Executive will be paid within
two and a half months after the end of the Bonus Year for which the Bonus is awarded.

 

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(c)     Stock
Options. The total option pool for the senior executive team (which may include senior executives of Affiliates acquired by
Piedmont) is ten percent (10%) of Piedmont’s equity. The Piedmont Board will award the Executive options in an amount up
to 2 percent of equity issued in connection with each and every round of Piedmont financing after Piedmont’s first round
financing, subject to: (i) the limits of the total option pool, taking into account option awards made to other members of
the senior executive team, and (ii) the terms and conditions of the stock option plan and form of stock option award adopted by
the Piedmont Board in connection with the issuance of such options, which award will include provisions for immediate vesting of
options after the occurrence of both (1) a “Change of Control” (except for a change in control which results from the
issuance or transfer of shares in connection with obtaining new financing or acquisitions) and (2) a termination without “Cause”
(as defined below) or a resignation for “Good Reason” (within six months after the occurrence of the event constituting
good reason). For purposes of vesting stock options, the terms “Change in Control” and “Good Reason” will
be defined in the Stock option plan and/or award to be consistent with Internal Revenue Code Section 409A regulations.

 

(d)     Benefits.
During the Employment Period, Executive will be entitled to those benefits to which senior executives of Piedmont, Crescent Financial,
or the Bank become entitled under benefit plans and programs approved by the respective Boards of Directors (collectively, the
“Benefits”), including any medical, dental, disability, life insurance and/or 401(k) plans, subject to all of the
terms of such benefit plans applicable to any such Benefits.

 

(e)     Reimbursement
of Business Expenses. During the Employment Period, the Employer Group will reimburse Executive for all reasonable out-of-pocket
expenses incurred by him in the course of performing his duties under this Agreement which are consistent with Piedmont’s,
Crescent Financial’s, or the Bank’s policies, as applicable, in effect from time to time with respect to travel, entertainment
and other business expenses, subject to Piedmont’s, Crescent Financial’s, or the Bank’s requirements, as applicable,
with respect to reporting and documentation of such expenses, provided, however, that reimbursements shall not be made for expenses
submitted after the end of the calendar year following the calendar year in which the expenses were incurred.

 

(f)     Withholdings
and Deductions. All payments made under this Agreement by the Employer Group shall be subject to all required federal, state
and local withholdings and such deductions as Executive may instruct the Employer Group to take that are authorized by applicable
law.

 

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(g)     Apportionment
of Obligations. The obligations for the payment of the amounts otherwise payable pursuant to this Section 3 and in Sections
4 and/or 5 may be apportioned between the members of the Employer Group for which Executive is performing services as they may
agree from time to time in their sole discretion. Any payment of such obligations by any member of the Employer Group directly
to the Executive shall extinguish the obligations of all other members of the Employer Group to the extent of such payments. The
satisfaction of the obligations in this Section 3 and Section 5 shall be subject to any approvals or non-objections from, and any
conditions or restrictions imposed by, any applicable regulator of Piedmont, Crescent Financial, or the Bank.

 

(h)     Clawback
of Incentive Compensation. Executive agrees to repay any incentive compensation previously paid or otherwise made available
to him that is subject to recovery under any applicable law (including any rule of any exchange or service through which the securities
of Piedmont or any Affiliate are then traded) where such incentive compensation was in excess of what should have been paid or
made available because the determination of the amount due was based, in whole or in part, on materially inaccurate financial information
of the Employer Group. The Executive agrees to return promptly any such incentive compensation identified by the Employer Group.
If the Executive fails to return such incentive compensation promptly, the Executive agrees that the amount of such incentive compensation
may be deducted from any and all other compensation owed to the Executive by the Employer Group. The Executive acknowledges that
the Employer Group may take appropriate disciplinary action (up to, and including, termination of employment) if the Executive
fails to return such incentive compensation. The provisions of this subsection 3(h) shall be modified to the extent, and remain
in effect for the period, required by applicable law.

 

Section 4.
[Reserved.]

 

Section 5.
Termination. a) This Agreement will terminate on the date of Executive’s death. Piedmont, Crescent Financial,
or the Bank may terminate Executive’s employment during the Employment Period by the delivery of a written notice that Executive’s
employment is being terminated as of a specified date, for reasons of Disability (as defined herein), Cause (as defined herein)
or “Without Cause” (for any reason other than death, Disability, or Cause). For purposes of this Agreement, “Cause”
will mean, in the applicable Board of Directors’ good faith determination, Executive’s: (i) failure (except where
due to Executive’s illness or injury) or refusal to perform, or neglect or unsatisfactory performance of, his duties hereunder
which is not corrected by Executive within 30 days of receipt by Executive of written notice from Piedmont, Crescent Financial,
or the Bank, as applicable, of such failure, neglect, refusal, or unsatisfactory performance, which notice will specifically set
forth the factual basis for and the actions required to correct the same; (ii) commission of any intentional act that has the
intended effect of injuring the reputation or business of the Employer Group; (iii) use of illegal drugs; (iv) commission of any
act involving moral turpitude; (v) refusal to follow the lawful directions of any Board of Directors to whom Executive reports,
or failure or refusal to cooperate with Piedmont, Crescent Financial, or the Bank, or at such entity’s request, any governmental
or regulatory agency or entity, in providing information with respect to any act or omission by Executive in his capacity as an
officer, director, executive, agent or fiduciary of Piedmont, Crescent Financial, or the Bank or any Affiliate of any of the foregoing
for which Executive has rendered service in such capacity; (vi) violation of Piedmont, Crescent Financial, or the Bank policies,
or any statute or regulation, in the performance of Executive’s duties, (vii) breach of the duty of loyalty, or commission
of any other act or omission involving dishonesty, disloyalty, fraud, gross negligence or willful misconduct with respect to Piedmont,
Crescent Financial, or the Bank or any Affiliate of any of the foregoing; (viii) breach of Section 7 or Section 8 of this Agreement;
(ix) material breach of any provision of this Agreement (other than Section 7 or Section 8) which is not cured within ten (10)
days after written notice thereof to Executive; (x) conviction of, or a plea of guilty or no contest or similar plea with respect
to a felony, or any misdemeanor which involves either fraud, dishonesty or financial impropriety, or which results in the incarceration
of Executive; (xi) commission by Executive of an act of fraud, dishonesty or embezzlement with respect to any Person. For purposes
of this Agreement, “Disability” will mean, in the Board’s good faith determination, a physical or mental impairment
that prevents or can be reasonably expected to prevent the performance by Executive of his duties hereunder for a continuous period
of 90 calendar days, or for more than a total of 75 business days, in any 12-month period, subject to the reasonable accommodation
provisions of the Americans with Disabilities Act and other applicable state or local laws.

 

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(b)     If
Executive resigns from the Employer Group during the Employment Period (which would be in violation of this Agreement) or is terminated
for Cause by Piedmont, Crescent Financial, or the Bank: (i) Executive will solely be paid his Salary and any Benefits accrued through
the last day of his employment; (ii) Executive will not be entitled to receive his Salary or any Benefits for periods after the
termination of the Employment Period, or any Performance Bonus for the year in which employment terminated; and (iii) Executive’s
rights with respect to vested and unvested stock options will be determined as provided in Piedmont’s stock option plan.
In the event of Executive’s death or termination by Piedmont, Crescent Financial, and the Bank because of Disability, Executive
will be paid: (x) his Salary and any Benefits accrued through the last day of his employment; (y) any Benefits to which he is entitled
by reason of death or Disability pursuant to the terms of employee benefit plans in which he is a participant; and (z) Executive’s
rights with respect to vested and unvested stock options will be determined as provided in Piedmont’s stock option plan.
If Piedmont, Crescent Financial, and the Bank terminate Executive’s employment Without Cause during the Employment Period,
Executive will be paid his Salary and any Benefits accrued through the last day of his employment, and, in addition, so long as
Executive continues to comply with Sections 6, 7 and 8 of this Agreement, Executive will be entitled to receive: (A) monthly severance
payments for a period of eighteen (18) months based on the Salary in effect at the time employment is terminated commencing within
sixty (60) days following the Executive’s termination of employment; provided, however, that if the sixty (60) day period
begins in one calendar year and ends in the following calendar year, no severance will be paid prior to the first day of such following
calendar year; and (B) Executive’s rights with respect to vested and unvested stock options will be determined as
provided in Piedmont’s stock option plan. As a condition precedent to Executive’s right to receive the severance payments
set forth in subsections 5(b)(A) and (B), Executive must sign a release of claims against Piedmont, Crescent Financial, the Bank
and each of their officers, directors, employees and agents, and Affiliates, and each Affiliate’s officers, directors, employees
and agents, in a form acceptable to Piedmont, Crescent Financial, and the Bank. Piedmont, Crescent Financial, and the Bank will
provide the release to the Executive in sufficient time so that any applicable revocation period provided therein will expire prior
to the end of the sixty (60) day period following termination of employment. For purposes of this Agreement “termination
of employment” and all similar terms shall mean a “separation from service” within the meaning of Internal Revenue
Code Section 409A.

 

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Section 6.
Intellectual Property Rights. a) For purposes of this Agreement, “Works” shall mean intellectual property
and proprietary rights, including without limitation, ideas, designs, concepts, techniques, inventions, discoveries and works
of authorship, whether or not patentable or protectible by copyright or as a mask work, and whether or not reduced to practice,
including, without limitation, devices, processes, trade secrets, formulas, techniques, compositions of matter, computer software
programs, mask works and methods, together with any improvements thereon or thereto, derivative works made therefrom and know
how related thereto.

 

(b)     Executive
hereby agrees that all Works made, conceived, developed or reduced to practice, in whole or in part, solely by Executive or jointly
with others, either during or after his term of employment with the Employer Group, if such Works are (i) made through the use
of any of the Confidential Information or any of the Employer Group’s equipment, facilities, supplies or time, or (ii) result
from any work performed by Executive for the Employer Group, shall belong exclusively to the Employer Group and shall be deemed
part of the Confidential Information for purposes of this Agreement whether or not fixed in a tangible medium of expression. Without
limiting the foregoing, Executive agrees that all such Works shall be deemed to be “works made for hire” under the
U.S. Copyright Act of 1976, as amended, and that the Employer Group shall be deemed the author and owner thereof, provided that
in the event and to the extent such Works are determined not to constitute “works made for hire” as a matter of law,
Executive hereby irrevocably assigns and transfers to the Employer Group the entire right, title and interest, domestic and foreign,
of Executive in and to such Works. The Employer Group shall have the right to obtain and to hold in its own name, copyrights, registrations
or such other protection as may be appropriate to the subject matter, and any extensions and renewals thereof. Executive agrees
to give the Employer Group, and any person designated by the Employer Group, any assistance the Employer Group deems necessary
or appropriate to perfect the rights defined in this Paragraph 6.

 

(c)     Executive
will promptly disclose in writing (which may be by e-mail) to the Piedmont Board, or its designee, every Work made, conceived,
developed or reduced to practice, in whole or in part, solely by Executive or jointly with others, in connection with the business
of the Employer Group either (i) during the Employment Period, whether or not Executive believes the Work to have been made, conceived,
developed or reduced to practice within the course and scope of his employment, or (ii) after the termination of employment, if
such Work is made through the use of Confidential Information or any of the Employer Group’s equipment, facilities, supplies
or time, or results from any work performed by Executive for the Employer Group.

 

(d)     Executive
agrees to (i) keep and maintain adequate and current records (in the form of notes, drawings, software, object code, source code,
manuals, plans, research, specifications, designs, documentation, data, processes, procedures, discoveries, models or in other
appropriate forms) of all Works, which records shall be available at all times to the Employer Group and shall remain the sole
property of the Employer Group; and (ii) assist the Employer Group, both during and subsequent to his employment with the Employer
Group, in obtaining and enforcing for the Employer Group’s own benefit patents, copyrights, mask work rights, trade secret
rights and other legal protections in any and all countries for any and all Works made by Executive (in whole or in part), the
rights to which belong to or have been assigned to the Employer Group pursuant to this Agreement. Upon request, Executive will
execute all applications, assignments, instruments and papers and perform all acts that the Employer Group or its counsel may deem
necessary or desirable to obtain or enforce any and all such patents, copyrights, mask work rights, trade secret rights and other
legal protections in such Works and otherwise to protect the interests of the Employer Group therein. The Employer Group agrees
to bear all expenses which it causes to be incurred by Executive in assigning, obtaining, maintaining and enforcing said patents,
copyrights, trade secret rights, mask work rights and other legal protections in accordance with this Agreement.

 

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(e)     Executive
understands that utilization of the Works is in the sole discretion of the Employer Group, and that the Employer Group is not obligated
to develop, market or otherwise use any device or product.

 

Section 7.
Confidential Information. a) Executive shall not at any time disclose or use for the benefit of others any information
relative to the activities of the Employer Group which is of a secret or confidential nature, including without limitation financial
information, contracts, contract proposals and negotiations, business plans, administration procedures and dealings with any customer
or other business relationship of the Employer Group. Specifically, Executive acknowledges that his duties and responsibilities
will put Executive in a position of acquiring and creating Confidential Information (as that term is defined below), including
without limitation Works as defined in Section 6 of this Agreement, concerning the Employer Group, the disclosure of which to
competitors of the Employer Group or others could cause the Employer Group to suffer substantial and irreparable damage. Executive
acknowledges, therefore, that it is in the Employer Group’s legitimate business interest to restrict Executive’s disclosure
or use of such Confidential Information (and other Company Property) for any purpose other than the services provided by Executive
to the Employer Group and to limit the possibility of any potential appropriation of such Confidential Information (and other
Company Property) by Executive for his own benefit or the benefit of the Employer Group’s competitors and to the detriment
of the Employer Group.

 

(b)     Executive
hereby agrees and acknowledges that “Confidential Information” shall mean all non-public information, whether or not
created or maintained in written or electronic form, which constitutes, relates or refers to any and all of the following: financial
data; strategic business plans; acquisition plans; product development information (or other proprietary product data); marketing
plans; processes; inventions; devices; Works; and all other non-public, proprietary or confidential information of, concerning
or provided by or on behalf of the Employer Group, or the Employer Group’s clients, including without limitation, the terms
and existence of this Agreement (provided, however, that Executive may disclose the terms and existence of this Agreement to his
personal attorneys, immediate family, and/or accountants or in response to an inquiry of a governmental agency, court order or
subpoena, or in order to enforce this Agreement). In addition, Executive may disclose his W-2 earnings, his job title, and the
provisions of Paragraph 8 to potential or future employers. All of the foregoing is merely illustrative and Confidential Information
is not limited to those illustrations. Information that is or becomes known or available to the public through no act or negligent
omission by Executive is not Confidential Information.

 

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(c)     Executive
agrees and acknowledges that “Company Property” shall mean all property and resources of the Employer Group, including
without limitation, all Confidential Information, the Employer Group’s computer system and all software, e-mail and databases,
telephone and facsimile services and all other administrative or support services provided by the Employer Group. All Company Property
and Confidential Information is owned and/or held by and for the Employer Group exclusively, is intended for authorized, job-related
purposes on behalf of the Employer Group only and shall not be used for any non-job-related purposes, nor for any amount of personal
use that is not de minimus. Further, without limitation, Executive shall not, directly or indirectly, except in the course of his
duties hereunder (a) remove from the Employer Group’s premises, or divulge, disclose or make accessible to any other person,
firm, partnership, corporation or other entity, any Confidential Information or non-public Company Property, except as may be required
by law, court order or subpoena and only after reasonable prior notice to the Employer Group where possible; or (b) make use of
any Confidential Information or Company Property for any purpose outside the course of performing the authorized duties of his
employment, including to benefit himself or any other person or entity.

 

(d)     Executive
understands that the Employer Group, from time to time, may enter into agreements with other parties which impose obligations or
restrictions on the Employer Group regarding inventions or Works (as defined in Section 6(a)) made during the course of the performance
of such agreements or regarding the confidential nature of such performance, or otherwise receive from third parties confidential
or proprietary information (“Third Party Information”) subject to a duty on the Employer Group’s part to maintain
the confidentiality of such information and to use it only for certain limited purposes. During the Employment Period and thereafter,
Executive agrees to be bound by all such obligations and restrictions of which Executive has notice, will hold Third Party Information
in the strictest confidence, will not disclose (to anyone other than Employer Group personnel who need to know such information
in connection with their work for the Employer Group) or use, except in connection with his work for the Employer Group, Third
Party Information unless expressly authorized by the Employer Group in writing, and will otherwise take all action necessary to
discharge the obligations to the Employer Group arising in connection with such Third Party Information. Nothing in this Agreement
prevents Executive from responding to a governmental inquiry, court order or subpoena, provided Executive gives the Employer Group
reasonable advance notice, when possible.

 

Section 8.
Non-Compete, Non-Solicitation. Executive acknowledges and agrees that the Employer Group has provided and will continue
to provide Executive with Confidential Information (as defined in Paragraph 7 of this Agreement), that the Employer Group’s
business and profitability depend to a significant degree on such Confidential Information remaining confidential, and that the
covenants in Paragraphs 7 and 8 of this Agreement are reasonable and necessary to protect the Confidential Information and trade
secrets of the Employer Group. Accordingly, Executive agrees that Executive shall not (except with prior written consent of the
Piedmont Board), directly or indirectly, as an owner, member, shareholder, employee, independent contractor, partner, consultant,
joint venturer, investor, lender or otherwise, and whether acting alone or together with others:

 

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 (a)     during the Employment Period,
and for a period of eighteen months after Executive’s employment with the entire Employer Group ends for any reason, engage
in North Carolina, South Carolina, Virginia or any other state in which the Employer Group conducts substantial business (the “Territory”)
in any activities which are competitive with any business conducted by the Employer Group, except that nothing herein contained
shall bar Executive from ownership of less than one percent (1%) of the number of outstanding shares of any securities listed for
trading on any national exchange of a competitive business.

 

(b)     during
the Employment Period and for a period of two years after Executive’s employment with the entire Employer Group ends
for any reason, call upon, solicit, induce or encourage any customer with whom the Employer Group transacted business in the one
year period before Executive’s employment terminated to: (i) reduce or terminate its business relationship with the Employer
Group; or (ii) to enter into or become the subject of any direct or indirect contractual or business arrangement with another bank
that has offices or conducts substantial business in the Territory.

 

(c)     during
the Employment Period and for a period of two years after Executive’s employment with the entire Employer Group ends
for any reason, recruit, employ, hire or retain or attempt to recruit, employ, hire or retain, directly or by assisting others,
any other employees of the Employer Group, or contact or communicate with any other employees of the Employer Group for the purpose
of inducing, encouraging or assisting such other employees to terminate their employment with the Employer Group. For purposes
of this Section 8(c), “other employees” shall refer to employees who are still actively employed by the Employer Group
at the time of the attempted contacting, communicating, recruiting, employing, hiring or retaining.

 

Section 9.
Enforcement. Piedmont, Crescent Financial, the Bank and Executive agree that if, at the time of enforcement of Section
6, 7 or 8, a court holds that any restriction stated in any such Section is unreasonable under circumstances then existing, then
the maximum period, scope or geographical area reasonable under such circumstances will be substituted for the stated period,
scope or area. Because Executive’s services are unique and because Executive has access to information of the type described
in Sections 6, 7 and 8, Piedmont, Crescent Financial, the Bank and Executive agree that money damages would be an inadequate remedy
for any breach of Section 6, 7 or 8. Therefore, in the event of a breach of Section 6, 7 or 8, Piedmont, Crescent Financial, or
the Bank may, in addition to other rights and remedies existing in its favor, apply to any court of competent jurisdiction for
specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions of Section
6, 7 or 8. The provisions of Sections 6, 7, 8 and 9 are intended to be for the benefit of the Employer Group and their respective
successors and assigns, each of which may enforce such provisions and each of which (other than Piedmont, Crescent Financial,
or the Bank, each as to its own rights) is an express third-party beneficiary of such provisions and this Agreement generally.
The existence of any claim or cause of action which Executive may have against the Employer Group shall not constitute a defense
or bar to the enforcement of Section 6, 7 or 8, but may, at his option, be asserted as a counterclaim. The provisions of this
Section 9 shall not be construed as a waiver by Piedmont, Crescent Financial, or the Bank of any rights which it or any of them
may have to damages or any other remedy against Executive for violation of Section 6, 7 or 8. Executive acknowledges that he has
read carefully and had the opportunity to consult with legal counsel regarding the provisions of Sections 6, 7, 8 and 9.

 

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Section 10.
Representations and Warranties of Executive. Executive represents and warrants to the Employer Group as follows:

 

(a)     Other
Agreements. Executive represents and warrants that he is not in breach of any agreement or other obligation requiring Executive
to preserve the confidentiality of any information, client lists, trade secrets or other confidential information or any agreement
not to compete or interfere with any prior employer, that he has provided copies of all such agreements to Piedmont before signing
this Agreement, and that neither the execution of this Agreement nor the performance by Executive of his obligations hereunder
will conflict with, result in a breach of, or constitute a default under, any agreement or obligation to which Executive is a
party or to which Executive may be subject. Executive acknowledges and warrants that he will not bring to the Employer Group or
use in the performance of his duties under this Agreement any documents or materials of any kind of a former employer or other
Person that he is not legally authorized or permitted to use.

 

(b)     Prior
Conduct. Executive further represents and warrants that Executive: (i) is not currently under investigation or been served
with a subpoena by any government agency or self-regulatory organization; (ii) has not engaged in any violation of any statute,
regulation or rule governing banks or bank holding companies; and (iii) has not been convicted of or pled no lo contendere
to any crime, or have been determined by any government agency or self-regulatory organization to have violated any statute, regulation
or rule governing banks or bank holding companies.

 

(c)     Authorization.
This Agreement when executed and delivered will constitute a valid and legally binding obligation of Executive, enforceable against
Executive in accordance with its terms.

 

Section 11.
Survival of Representations, Warranties and Covenants. All representations and warranties contained herein will
survive the execution and delivery of this Agreement. The provisions of Sections 6, 7, 8, 9, 13 and 14 shall survive the expiration
of this Agreement, and the termination of Executive’s employment and/or the Employment Period for any reason.

 

Section 12.
Condition Precedent. This Agreement is contingent upon the completion of background checks acceptable to Piedmont,
Crescent Financial, and the Bank and on Executive’s supplying required documentation of his eligibility to work in the United
States.

 

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Section 13.
Indemnification. To the fullest extent permitted by law, Piedmont, Crescent Financial, or the Bank, as applicable,
shall indemnify Executive with respect to any actions, proceedings, investigations, or inquiries (collectively, “Actions”)
commenced against or relating to Executive in his capacity as an officer, director, executive, agent or fiduciary or former officer,
director, executive, agent or fiduciary of Piedmont, Crescent Financial, or the Bank, or any Affiliate of any of the foregoing,
for which Executive may render service in such capacity, whether by or on behalf of Piedmont, Crescent Financial, or the Bank,
shareholders or any of the foregoing or third parties, including, without limitation, any governmental agency or entity, and Piedmont,
Crescent Financial, or the Bank, as applicable, shall advance to Executive on a timely basis an amount equal to the reasonable
fees and expenses incurred in defending such Actions, after receipt of an itemized request for such advance, and an undertaking
from Executive to repay the amount of such advance, with interest at a reasonable rate from the date of the request, as determined
by Piedmont, Crescent Financial, or the Bank, as applicable, if it shall ultimately be determined that Executive is not entitled
(as a matter of law or by judicial determination) to be indemnified against such expenses. This indemnity shall survive any termination
of employment under this Agreement and is in addition to and not in limitation of any other right to indemnification or exoneration
to which Executive is entitled at law, or under the governing organizational documents and/or policies of Piedmont, Crescent Financial,
or the Bank, as applicable. Each of Piedmont, Crescent Financial, and the Bank agrees to use its best efforts to secure and maintain
officers’ and directors’ liability insurance, including coverage for Executive, to the extent not already procured.

 

Section 14.
Miscellaneous.

 

(a)     Notices.
All notices, demands or other communications to be given or delivered by reason of the provisions of this Agreement will be in
writing and will be deemed to have been given (i) on the date of personal delivery to the recipient, if to Executive, to the Chairman
of the Piedmont Board, if to Piedmont, to the Chairman of the Crescent Financial Board, if to Crescent Financial, or to the Chairman
of the Bank Board, if to the Bank or (ii) on the date of transmission when sent by telecopy or facsimile machine to the number
shown below on the date of such confirmed facsimile or telecopy transmission (provided that a confirming copy is sent via overnight
mail), if sent at or before 5 p.m. on such date, or on the business day following the date of transmission if sent after 5 p.m.,
or (iii) on the business day following the date of deposit when properly deposited for next day delivery by a nationally recognized
commercial overnight delivery service, prepaid; or (iv) on the date received by a recipient when properly deposited in the United
States mail, certified or registered mail, postage prepaid, return receipt requested. Such notices, demands and other communications
will be sent to each party at the address indicated for such party below:

 

Notices to Executive, to:

 

Scott Custer

3600 Glenwood Avenue, Suite 300

Raleigh, North Carolina 27612

 

Notices to Piedmont, to:

 

Piedmont Community Bank Holdings, Inc.

3600 Glenwood Avenue

Suite 300

Raleigh, North Carolina 27612

Attention: Adam Abram, Chairman of the Board

 

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Notices to Crescent Financial, to:

 

Crescent Financial Bancshares, Inc.

3600 Glenwood Ave

Suite 300

Raleigh, North Carolina 27512

Attention: Chairman of the Board

 

Notices to the Bank, to:

 

Crescent State Bank

1005 High House Road

Cary, North Carolina 27513

Attention: Chairman of the Board

 

with a copy (which will not constitute notice to
Piedmont, Crescent Financial, or the Bank), to:

 

Kenneth Henderson, Esq.

Jay P. Warren, Esq.

Bryan Cave LLP

1290 Avenue of the Americas

33rd Floor

New York, New York 10104

 

or to such other address or to the attention
of such other person as the recipient party has specified by prior written notice to the sending party.

 

(b)     Consent
to Amendments. No modification, amendment or waiver of any provision of this Agreement will be effective against any party
hereto unless such modification, amendment or waiver is approved in a writing executed by such party. No course of dealing between
Piedmont, Crescent Financial, the Bank, or any one or combination of them, on the one hand, and Executive on the other hand, or
any delay in exercising any rights hereunder will operate as a waiver by any of the parties hereto of any rights hereunder.

 

(c)     Successors
and Assigns. All covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto will bind
and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. Notwithstanding
the foregoing, this Agreement may not be assigned by Executive and any such assignment shall be null and void. This Agreement
may be assigned by Piedmont, Crescent Financial, or the Bank to any of Affiliate of any of the foregoing, or to any successor,
or to any purchaser of substantially all of the assets of any of the foregoing.

 

(d)     Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

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(e)     Counterparts.
This Agreement may be executed in two or more counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts taken together will constitute one and the same Agreement.

 

(f)     Descriptive
Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive
part of this Agreement.

 

(g)     Governing
Law. Issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement will be
governed by, and construed in accordance with, the laws of the State of North Carolina, without giving effect to any choice of
law or conflict of law rules or provisions (whether of the State of North Carolina or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of North Carolina. In furtherance of the foregoing, the law
of the State of North Carolina will control the interpretation and construction of this Agreement, even though under North Carolina’s
choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

 

(h)     Waiver
of Jury Trial. Each party to this Agreement hereby waives, to the fullest extent permitted by law, any right to trial by jury
of any claim, demand, action, or cause of action (i) arising under this Agreement or (ii) in any way connected with or related
or incidental to the employment relationship between Executive, on the one hand, and Piedmont, Crescent Financial, the Bank, or
any one or combination of them, on the other, or the termination of any such relationship for any reason. Each party to this Agreement
hereby agrees and consents that any such claim, demand, action, or cause of action will be decided by court trial without a jury
and that the parties to this Agreement may file an original counterpart or a copy of this Agreement with any court as written
evidence of the consent of the parties hereto to the waiver of their right to trial by jury.

 

(i)     Submission
to Jurisdiction. ANY AND ALL SUITS, LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT OR THE EMPLOYMENT RELATIONSHIP
BETWEEN THE PARTIES WILL BE BROUGHT IN THE COURTS OF THE STATE OF NORTH CAROLINA OR THE UNITED STATES DISTRICT COURT WHICH HAVE
JURISDICTION OVER THE COUNTY IN WHICH PIEDMONT HEADQUARTERS ARE LOCATED AT THE TIME ANY SUCH PROCEEDINGS ARE COMMENCED AND WHICH
HAVE JURISDICTION OVER AN ACTION OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE EMPLOYMENT RELATIONSHIP BETWEEN EXECUTIVE,
ON THE ONE HAND, AND PIEDMONT, CRESCENT FINANCIAL, THE BANK, OR ANY ONE OR COMBINATION OF THEM, ON THE OTHER. EACH PARTY HEREBY
SUBMITS TO AND ACCEPTS THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF SUCH SUITS, LEGAL ACTIONS OR PROCEEDINGS.
TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OR ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING IN ANY SUCH COURT AND HEREBY FURTHER WAIVES ANY CLAIM
THAT ANY SUIT, LEGAL ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

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(j)     Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto, and no presumption
or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.
The use of the word “including” in this Agreement will be by way of example rather than by limitation.

 

(k)     Entire
Agreement. Except as otherwise expressly set forth in this Agreement, this Agreement embodies the complete agreement and understanding
among the parties to this Agreement with respect to the subject matter of this Agreement, and supersedes and preempts any prior
understandings, agreements, or representations by or among the parties or their predecessors, written or oral, which may have
related to the subject matter of this Agreement in any way, including the Proposed Terms of Employment signed by Executive on
August 28, 2009 and the employment agreement by and between the Executive and Piedmont effective as of December 16, 2009.

 

 

(Signatures on the following
page)

 

    	14

    	 

    
 

IN WITNESS WHEREOF,
the parties hereto have executed this Executive Employment Agreement as of the dates written below effective as of the Effective
Date.

 

	 	Piedmont Community Bank Holdings, Inc.
	 	 
	 	By:	/s/ J Adam Abram
	 	 	Name: J Adam Abram
	 	 	Title:   Chairman
	 	Dated:  April  4, 2012
	 	 
	 	Crescent Financial Bancshares, Inc.
	 	 
	 	By:	/s/ Terry S. Earley
	 	 	Name: Terry S. Earley
	 	 	Title:   Chief
    Financial Officer
	 	Dated:  April  4, 2012
	 	 
	 	Crescent State Bank
	 	 
	 	By:	/s/
    Lee H. Roberts
	 	 	Name: Lee H. Roberts
	 	 	Title:   Chief
    Operating Officer
	 	Dated:  April  4, 2012
	 	 	 
	 	/s/ Scott Custer
	 	Scott Custer
	 	 	 
	 	Dated:  April  4, 2012

 

    	15

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