Document:

MANAGEMENT
AGREEMENT

 

This
Agreement is made the 24th day of January 2017 between Gadsden Growth Properties, Inc., a Delaware corporation, Federal Tax ID
No.812983281, as “Owner” and Case, Huff & Associates, Inc., an Arizona corporation, as “Manager”.

 

Owner
is currently under contract for the purchase of that certain property located at 3831-3923 E. Thunderbird Road, Phoenix Arizona,
known as Paradise Square Shopping Center, as “the Property”.

 

That
in consideration of the mutual covenants herein contained, Owner and Manager agree as follows:

 

Contingent
upon Owner’s purchase of the Property, Owner hereby employs Manager (who may act as manager for other properties) as exclusive
manager and representative for the management of the Property, for a period of twelve (12) months, commencing upon close of escrow
and ending at 12:00 a.m. on February 28, 2018, and Manager hereby accepts such employment for the period stated unless sooner
terminated as hereinafter provided. This Agreement shall automatically renew for periods of one (1) year each, subject to all
early termination provisions contained herein, and Manager shall give written notice to Owner of such upcoming renewals at least
thirty (30) days prior to each renewal date.

 

1.
Manager shall:

 

(a)
Manage and maintain any and all improvements that comprise the Property and any parking lots, landscaping and other items
associated with the Property;

 

(b)
Use due diligence in the collection of rents and other receivables as they become due, but nothing in this Agreement shall be
construed as a guaranty by the Manager of the payment of rents or other charges by tenants;

 

(c)
Employ and discharge employees of Manager, all such personnel to be employees of Manager only. Owner shall have no duties,
obligations or liabilities with respect to such employees;

 

(d)
Obtain on favorable terms, quality, and service considered, supplies, materials, and repairs as required for the Property
and give the Owner the benefit of all discounts or savings thereby obtainable. Manager must obtain the prior approval for
all non-recurring or previously unbudgeted expenses in excess of Nine Hundred Dollars ($900.00), except under circumstances
which the Manager deems to be an emergency;

 

(e)
In the name of and on behalf of Owner obtain electricity, gas, telephone and cleaning services for the Property;

 

(f)
Deposit into a Property-specific Manager’s real estate trust checking account (and a real estate trust money market
account if so directed by Owner), all monies received from the Property and make withdrawals for operation and management
from such account(s), (including payment for services as described in Section 2 below). All of Manager’s personnel
entrusted with the handling of such funds shall be covered by Manager’s employee dishonesty insurance coverage in the
amount of $50,000.00. Owner hereby agrees to advance funds to provide sufficient working capital to operate the Property and
Manager agrees that any excess funds above those needed for the monthly operation of the Property, or for impounds for future
expenses as directed by Owner, shall be forwarded to Owner;

 

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(g)
Keep accurate accounts of financial transactions involved in the management of the Property and render to Owner a detailed
statement of cash receipts and cash disbursements for the preceding month and furnish such other reports concerning the
operation of the Property as the Owner from time to time may reasonably require; Manager shall strictly account to Owner for
all rents and monies collected by Manager;

 

(h) Provide Owner with a monthly
report as to the status of the Property, which shall contain, at a minimum, a balance sheet, income statement, rent and CAM roll(s),
tenant reports, general ledger, trust account detail (check register), bank reconciliation statement(s), a narrative of operational
issues occurring during that month; on a quarterly basis, accrual based financial statements in accordance with Generally Accepted
Accounting Principles (U.S . GAAP); and on an as- needed basis, assist Owner and Owner’s accounting firm(s) in supplying
any information or producing other reports pertaining to the operation of the Property as may be reasonably requested by Owner
for Owner’s compliance with the Securities and Exchange Commission (SEC).

 

(i)
Be responsible for providing supporting documentation for all revenue and expense transactions, including those requested as
a part of any annual audit requirements;

 

(j)
Carry liability and worker’s compensation insurances covering Manager’s company and provide a certificate of insurance
to Owner, naming Owner as an Additional Insured;

 

(k)
Prepare annual budgets for the Property based on consultation with, and approval of, Owner which will include estimates of the
operating, real property tax, and insurance expenses; quarterly variance reports of these expenses; and annual reconciliations
of the estimated versus actual expenses reimbursable by the tenants of the Property; and

 

(1)
Owner agrees to complete the State and City privilege tax applications as may be required by such taxing authorities so that Manager
may file and pay all transaction privilege taxes on collections. Unless otherwise directed by Owner, Manager shall pay the real
estate taxes, and property insurance premiums on behalf of Owner through the Manager’s real estate trust account for the
Property. Property tax and insurance billings will be forwarded by Owner to Manager for such payments.

 

2.
Manager shall be entitled to compensation hereunder as follows:

 

(a)
The Owner hereby agrees to pay Manager for the services detailed above a monthly fee consisting of a sum of Two Thousand Dollars
and NO/100 ($2,000.00) or three and one-half percent (3.5%) of gross Property income (excluding the collection of rental taxes)
per month, whichever is greater, commencing the Close of Escrow. Manager shall collect Manager’s fee from the monthly collections
of the Property and such fee shall be paid during the month that service is incurred. In addition to the compensation stated herein,
Owner agrees to reimburse Manager for the cost of postage, the cost of printed checks for the Manager’s real estate trust
account for the Property, and any other reasonable expenses advanced by Manager in the management of the Property and any other
reasonable expenses advanced by Manager on behalf of the Owner.

 

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(b)
If directed by Owner, Manager shall be responsible for managing tenant improvements to be supplied by Owner for lease
transactions, or managing major repairs or modifications of the Property and Owner hereby agrees to pay Manager, exclusive of
the fees detailed in Article 2 (a), the following fees:

 

1.
Ten percent (10%) for the first $5,000.00 of the cost of such projects

 

2.
Five percent (5%) of any additional amounts over the initial $5,000.00

 

(c)
If directed by Owner, Manager shall be responsible for negotiating and documenting the expansions, relocations, assignments
and renewals of the leases of existing tenants on behalf of Owner, and Owner hereby agrees to pay Manager, exclusive of the
fees detailed in Article 2 (a), a commission equal to three percent (3%) of the total base rent (excluding CAM charges and
rental taxes) to be paid by the tenant for the expanded area or extended term of the lease. Manager shall not, however, have
authority to approve the final terms of such lease extensions, or to execute such lease documents on behalf of
Owner.

 

(d)
If directed by Owner, Manager shall be responsible for negotiating and documenting the license agreements, expansions,
relocations, assignments arid renewals of all cellular tower licensees on behalf of Owner, and Owner hereby agrees to pay
Manager, exclusive of the fees detailed in Article 2 (a), a commission equal to three percent (3%) of the total base rent
(excluding rental taxes) to be paid by the licensee for the expanded area or extended term of the license. Manager shall not,
however, have authority to approve the final terms of such license agreements, or to execute such license documents on behalf
of Owner.

 

(e)
Manager shall be entitled to additional compensation, at an amount to be determined between Owner and Manager on a
case-by-case basis, for performing the following services on behalf of Owner:

 

Assisting
Owner in the performance of Owner’s (Landlord’s) “self-help” remedies if Landlord’s Tenant is in
default of its lease, such as the preparation and delivery of Landlord’s Notices and Demand correspondence to Tenant as
may be required under Tenant’s lease; re-taking possession of Tenant’s leased premises via effecting a lock-out;
or instituting a forcible entry and detainer action against Tenant; as may be allowed under Tenant’s lease.

 

(f)
Manager, from time-to-time, provides maintenance and licensed-construction services to its clients’ properties using
experienced employees of Manager’s company, at additional expense to the properties. Owner acknowledges that Manager
may elect, from time-to-time, to provide some of the services as described in Articles 1 (a), 1 (d), and 2(b) above to the
Property when prudent. Owner does not object to this provided that the expense of these additional services are reasonable
and customary and do not exceed the costs that would be charged by third-party vendors.

 

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3.
Owner hereby expressly reserves the right to control exclusively the following with relation to the Property:

 

(a)
Owner shall approve, in advance, procedures for the institution and control of all judicial or non-judicial proceedings with
relation to the Property, including for the collection of rent;

 

(b)
Owner shall approve, in advance, all construction of tenant improvements to be supplied by Owner, capital improvements,
or major alterations with respect to the Property.

 

(c)
Owner shall maintain the funds relative to tenant security deposits.

 

Manager
shall provide to Owner any fact or circumstance with relation to any matters expressly reserved by Owner. Nothing in the enumeration
of express reservations by Owner shall grant, expressly or by implication, any rights, duties or powers to Manager other than
as expressly set forth in this Agreement.

 

4.
It is further agreed:

 

(a)
Owner and Manager shall cooperate in all matters for the successful operation of the Property, the Owner having the right to
designate general policies, and the Manager the right and obligation to submit recommendations for approval. It is agreed
that the Property shall be maintained in a “first class” condition;

 

(b)
No costs of Manager’s off-site office (if applicable) will be charged to the Property, except as described in 2(a)
above;

 

(c)
Owner may cancel this Agreement at any time if Owner sells the Property and Owner shall pay to Manager a prorated management
fee through the date this Agreement is canceled. Upon thirty (30) days prior written notice, either party may cancel this
Agreement for any reason provided however Owner, at its option, may elect to immediately relieve Manager of its management
duties upon the giving of such notice but shall nevertheless remain liable to Manager for payment of the management fee for
the entire 30-day period until this Agreement terminates;

 

(d)
All notices and other communications to be given hereunder shall be in writing and shall be deemed to have been given upon
personal delivery, telephone facsimile or upon deposit in the mail, if mailed first-class, registered or certified mail,
postage prepaid, addressed as follows:

 

If
to Manager:

 

Case,
Huff & Associates, Inc.

Attn:
Gary W. Case

14861
N. Scottsdale Rd., Suite 105

Scottsdale,
Arizona 85254

 

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If
to Owner:

 

Gadsden
Growth Properties, Inc.

Attn:
Keith M. Moser

15150
N. Hayden Road, Suite 225

Scottsdale,
AZ 85260

 

(e)
This Agreement shall be deemed personal with respect to the parties hereto and may not be assigned to any other persons or
entities without the express consent of both parties. Subject to the foregoing, this Agreement shall be binding upon and
shall inure to the benefit of, the parties hereto, their heirs, personal representatives, successors arid permitted
assigns.

 

(f)
This Agreement is subject to the laws of the State of Arizona. In the event Manager or Owner shall institute legal
proceedings against the other arising out of the terms of this Agreement or the performance thereunder, then the prevailing
party shall be entitled to recover from the other all attorneys’ fees, costs, and expenses incurred in such
action.

 

“OWNER”

 

GADSDEN
GROWTH PROPERTIES, INC., a Delaware corporation

 

	By:	/s/
    Keith M. Moser	 	Date:
    	1/24/2017
	 	Keith
    M. Moser	 		 
	Title:
    	Senior
    Vice President	 	 	 

 

“MANAGER”

 

CASE,
HUFF & ASSOCIATES, INC., an Arizona corporation

 

	By:	/s/
    Gary W. Case	 	Date:	1/24/2017
	 	Gary
    W. Case	 	 	 
	Title:	Vice
    President / Designated Broker	 	 	 

 

    	5SENIOR
EXECUTIVE EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the Effective Date (as hereinafter defined) by and between
GADSDEN GROWTH PROPERTIES, iNC., a Maryland corporation, and Keith Moser, an individual
(the “Employee”).

 

W
I T N E S S E T H:

 

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

 

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

 

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

 

1.
Employment, Duties and Authority.

 

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

 

1.2
Title; Position. The Company agrees to employ the Employee, and Employee shall serve as the Senior Vice President of Construction
& Acquisitions of the Company and shall perform such employment duties as are assigned by the Board of Directors of the Company
(the “Board”) and are usual and customary for such position. At the Company’s request, the Executive
shall serve the Company and/or its subsidiaries and affiliates in other offices and capacities in addition to the foregoing.

 

1.3
Reporting. The Employee shall report to the Chief Executive Officer or such other person as may be designated by
the Board from time to time.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

1.7.2.
“Change of Control” means: (i) any person other than (A) a person holding securities representing 10% or more
of the combined voting power of the Company’s outstanding securities, immediately after the Effective Date, (B) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company, or (C) any company owned, directly or indirectly,
by the members of the Company, becomes the beneficial owner, directly or indirectly, of securities of the Company representing
50% or more of the combined voting power of the Company’s then-outstanding securities; (ii) there is a consummation of any
transaction or series of transactions resulting in a merger or consolidation in which the Company is involved, other than a merger
or consolidation which would result in the members of the Company immediately prior thereto continuing to own (either by remaining
outstanding or by being converted into voting securities of the surviving entity), in the same proportion as immediately prior
to the transaction(s), 50% or more of the combined voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation; or (iii) there is a complete liquidation of the Company or the sale
or disposition by the Company of all or substantially all of the Company’s assets.

 

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1.7.3.
“Confidential Information” means all confidential and proprietary information of the Company, including, without
limitation, information relating to or concerning Proprietary Products (as defined below) and the exploitation of proprietary
rights relating thereto; the Business; trade secret information; client, investor, customer and supplier lists, identities and
contracts or arrangements; financial information (including financial statements, budgets and projections); market research and
development procedures, processes, techniques, plans and results (including inconclusive results); all information which may be
included in any patent or copyright application or amendment thereof or defense or litigation with respect thereto; marketing,
licensing and distribution or franchising strategies, plans or projections; investment or acquisition opportunities, plans or
strategies; products and asset composition; pricing information or policies; royalty, franchising or licensing arrangements; computer
software, passwords, programs or data; and all other business related information which has not been publicly disclosed by the
Company or its affiliates, whether such information is in written, graphic, recorded, photographic, data or any machine readable
form or is orally conveyed to, or memorized by, or developed by the Employee; provided, that Confidential Information shall
not include information which: (i) at the time of disclosure is generally known in the business and industry in which the Company
is engaged; or (ii) after disclosure is published or otherwise becomes generally known in such business or industry through no
fault of the Employee.

 

1.7.4.
“Developments” means discoveries, concepts, ideas, designs, methods, formulas, know-how, techniques, systems
or any improvements or enhancements thereon, whether or not patentable or copyrightable, made, conceived, improved or developed,
in whole or in part, by the Employee during the term of this Agreement relating to: (i) any of the Company’s or its affiliates’
products or services, potential products or services, developments or techniques; or (ii) any work in which the Employee is or
may be engaged on behalf of the Company or its affiliates.

 

1.7.5.
“Disability” means the Employee’s physical or mental incapacity which, in the reasonable good faith determination
of the Board, renders the Employee incapable of performing the essential functions of his duties under this Agreement for any
consecutive forty-five (45) day period or for any sixty (60) days within any period of one hundred and twenty (120) days.

 

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1.7.6.
“Documents” means any and all books, textbooks, letters, pamphlets, drafts, memoranda, notes, records, drawings,
files, documents, manuals, compilations of information, correspondence or other writings of any kind and all copies, abstracts
and summaries of any of the foregoing, whether in printed, written or electronic data or any machine readable form: (i) of the
Company or its affiliates; or (ii) in the possession or control of the Employee and pertaining to, and used in the furtherance
of, the Business.

 

1.7.7.
“Effective Date” means the date that the Registration Statement on Form S-11 filed by the Company is declared
effective.

 

1.7.8.
“Good Reason” means any of the following: (A) the failure to pay in a timely manner any Annual Payment or amount,
if any, to which the Employee may be entitled to under Section 2 that the Company fails to remedy within thirty (30) days after
notice thereof by the Employee; (B) a material breach by the Company of any other provision of this Agreement that the Company
fails to remedy or cease within thirty (30) days after notice thereof by the Employee; (C) a material reduction in the Employee’s
duties provided in this Agreement or as otherwise agreed to that is so substantial that it would reasonably be construed to change
his position with the Company or (D) a reduction in the amount of the Annual Payment.

 

1.7.9.
“Proprietary Products” means collectively Documents, Developments and Related Property.

 

1.7.10.
“Related Property” means all tangible and intangible property owned by, or licensed to, or otherwise used by
the Company or its affiliates including, without limitation, business opportunities of the Company or transactions that are proposed
to the Company, ideas, concepts, projects, programs, computer software or hardware, data bases, specifications, documentation,
algorithms, source codes, object codes, program listings, product platforms and architectures, concepts, screens, formats, technology,
know-how, Developments, research and development and patents, copyrights, trademarks, trade names, service names, service marks,
logos and designs and other proprietary rights and registrations and applications and the rights to apply therefor.

 

2.
Compensation and Benefits.

 

2.1
Annual Compensation. From the date hereof until the termination of the Employee’s employment hereunder in accordance
with Section 4, the Company shall pay to the Employee a fixed base salary at an annual rate of $120,000 per annum (the “Annual
Payment”). The Annual Payment shall be paid to the Employee in accordance with the normal payroll practices of the Company
as in effect from time to time.

 

2.2
Signing Bonus. The Employee shall receive a signing bonus equal to one Annual Payment, to be received by the Employee quarterly
in advance, provided that the Employee is an employee in good standing with the Company and not in breach of the Agreement at
each quarter when such payment is to be made.

 

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2.3
Performance Bonus. The Employee may receive a performance bonus that is determined by the Compensation Committee which
may be based on specified financial or operational targets.

 

2.4
Equity Compensation Plan. The Employee may receive equity based compensation on terms and condition that may be determined
by the Compensation Committee.

 

2.5
Reimbursement of Expenses. The Company shall reimburse the Employee for all reasonable out-of-pocket expenses incurred
by the Employee for the benefit of the Company upon presentation of appropriate documentation and in accordance with the Company’s
policy in effect from time to time.

 

2.6
Paid Time Off. The Employee shall be entitled to two (2) weeks’ vacation and/or sick leave per year, with the rights
to such vacation and/or sick leave to be prorated for partial years.

 

2.7
Benefits. During the period that the Employee is employed by the Company and for such longer period as required by applicable
law, the Employee shall be entitled to participate in the employee benefit plans, policies and programs, including health and
disability insurance (collectively, “Benefits”), on the same terms and conditions made available to other employees
of the Company, including coverage under all E&O, D&O policies and benefits under the separate Indemnification Agreement.

 

2.8
Withholding. All payments of compensation shall be subject to all applicable withholding taxes and other legally required
payroll deductions. The Employee shall provide the Company with all information reasonably requested by the Company with respect
to such deductions and withholdings.

 

3.
Term. The term of this Agreement shall
commence on the Effective Date, and shall continue for a three-year term after which the Agreement will automatically renew for
successive one year, unless terminated in accordance with the provisions of Section 4.1 hereof.

 

4.
Termination.

 

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

 

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

 

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

 

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

 

4.2.3.
The Company may provide severance compensation pursuant to Section 4.2.4, Section 4.2.5 and Section 4.2.6 below to the Employee
upon the Employee providing a full release of all claims against the Company.

 

4.2.4.
Separation With Cause or Without Good Reason. Should the Company terminate Employee’s employment with Cause or if
Employee resigned without Good Reason, Employee will be entitled to receive any base salary earned and benefits accrued as of
the date of such separation.

 

4.2.5.
Separation Without Cause or With Good Reason. Should the Company terminate Employee’s employment without Cause or
if Employee resigned for Good Reason, then Employee will be paid a severance equal to 100% of the Employee’s Annual Payment
payable within 30 days of such termination.

 

4.2.6.
Separation Upon Change of Control. If, within six (6) months of a Change of Control, (i) the Company terminates Employee
without Cause or (ii) Employee resigns for good reason, in addition to the amount of base salary earned and benefits accrued as
of such separation date, Employee will be entitled to receive a lump sum payment equal to 100% of his Annual Payment payable within
30 days of the termination of his employment.

 

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

 

5.
Ownership of Rights to Proprietary Products.

 

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

 

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

 

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

 

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

 

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

 

8.
Developments.

 

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

 

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

 

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

 

    	 	 8	 

    	 

    

 

9.1
Non-Disparagement. Neither the Employee, on the one hand, nor the Company or any of its affiliates, on the other, shall
in any way, directly or indirectly, disparage the other, which in the case of the Company and its affiliates will include their
respective executive officers or any person that exercises any similar authority, or the Proprietary Products, it being acknowledged
that statements made in good faith in any legal proceeding, arbitration or mediation of any dispute shall not be deemed any disparagement.
This section shall survive the expiration or termination of this Agreement.

 

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

 

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

 

10.
Specific Enforcement.

 

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

 

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

 

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

 

    	 	 9	 

    	 

    

 

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

 

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

 

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

 

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

 

If
to the Company

 

Gadsden
Growth Properties, Inc.

15150
N. Hayden Road

Suite
225

Scottsdale,
Arizona 85260

Attn:
Chairman of the Board

 

    	 	 10	 

    	 

    

 

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

Herrick,
Feinstein LLP

2
Park Avenue

New
York, New York 10016

Attn:
Richard M. Morris, Esq.

Facsimile:
(212) 545-3371

 

If
to the Employee:

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	 11	 

    	 

    

 

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

 

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

 

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

 

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

 

23.
Miscellaneous.

 

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

 

    	 	 12	 

    	 

    

 

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

 

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

 

[THE
NEXT PAGE IS THE SIGNATURE PAGE]

 

    	 	 13	 

    	 

    

 

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

 

	 	COMPANY:
	 	Gadsden
    Growth Properties, Inc.
	 	 	 
	 	By:	/s/
    John E. Hartman
	 	Name:	John
    E. Hartman
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	 	/s/
    Keith Moser
	 	 	Keith
    Moser

 

[Signature
Page to Employment Agreement]

 

    	 	 14

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