Document:

Exhibit 10.1

 

MANAGEMENT AGREEMENT

 

THIS MANAGEMENT AGREEMENT (this “Agreement”)
is entered into effective as of January 5, 2021 (the “Effective Date”), by and between RMR Mortgage Trust, a
Maryland statutory trust (the “Company”), and Tremont Realty Advisors LLC, a Maryland limited liability company
(the “Manager”).  Capitalized terms used but not defined in this Agreement shall have the meanings given
to them in Exhibit A to this Agreement.

 

WHEREAS, the Company desires to engage
the Manager for, and the Manager desires to provide, management and other services to the Company upon the terms and conditions
hereinafter set forth;

 

NOW, THEREFORE, in consideration
of the mutual agreements herein set forth, the parties hereto agree as follows:

 

1.            Engagement.  Subject to the terms and conditions hereinafter set forth, the Company hereby engages the Manager
to provide the management and other services contemplated by this Agreement with respect to the Company’s business and investments
and the Manager hereby accepts such engagement.

 

2.            General Duties of the Manager.  The Manager shall use its reasonable best efforts to present to the Company
a continuing and suitable investment program consistent with the investment guidelines of the Company.  Subject to the management,
direction and oversight of the Board, the Manager shall be responsible for the Company’s day to day operations and shall
conduct and perform (or cause to be conducted or performed) all corporate office functions for the Company, including, but not
limited to the following:

 

(a)         consulting with the Board periodically regarding the Company’s investment policies, financing activities and operations;

 

(b)         investigating, analyzing and identifying possible investment opportunities and originating, acquiring, financing, selling, restructuring
or disposing of investments for the Company;

 

(c)         with respect to prospective loans that the Company may originate, negotiating with borrowers the terms of such loans, conducting
diligence regarding such loans, documenting and closing such loans and monitoring the performance of such loans;

 

(d)         with respect to possible purchases, sales or exchanges of investments, conducting negotiations on the Company’s behalf with
sellers, purchasers and brokers and, if applicable, their respective agents and representatives;

 

(e)         negotiating and entering into, on the Company’s behalf, debt financing arrangements, including repurchase agreements, loan
agreements, interest rate swap agreements and other agreements and instruments appropriate for the Company to conduct its business;

 

(f)          collecting or overseeing the collection of amounts due to the Company;

 

(g)         engaging and supervising, on the Company’s behalf and at the Company’s expense, independent contractors that provide
investment banking, securities brokerage, mortgage brokerage and other financial services, diligence services, underwriting review
services, legal and accounting services and all other services (including transfer agent and registrar services) as may be required
relating to the Company’s operations or investments (or potential investments);

 

(h)         providing executive and administrative personnel, office space and office services required in rendering services to the Company;

 

(i)          administering the day to day operations and performing and supervising the performance of such other administrative functions for
the Company as may be agreed upon by the Manager and the Company, including the collection of revenues and the payment of the Company’s
debts and obligations;

 

    	 	 	 

     

    

 

(j)           
communicating on the Company’s behalf with the holders of any of the Company’s equity or debt securities as required
to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and maintaining effective
relations with such holders, including website maintenance, logo design, analyst presentations, investor conferences and annual
meeting arrangements;

 

(k)          
reviewing with the Board the Company’s qualification for taxation as a REIT and monitoring compliance with the various REIT
qualification tests and other rules set out in the Code and treasury regulations thereunder and using commercially reasonable
efforts to cause the Company to qualify for taxation as a REIT;

 

(l)           
reviewing with the Board the maintenance of the Company’s exemption from the status of an investment company required to
register under the 1940 Act, monitoring compliance with the requirements for maintaining such exemption and using commercially
reasonable efforts to cause the Company to maintain such exemption;

 

(m)         
monitoring the operating performance of the Company’s investments and providing periodic reports with respect thereto to
the Board;

 

(n)          
investing and reinvesting any monies and securities of the Company (including investing in interest or dividend paying, short term
investments pending investment in other investments, payment of fees, costs and expenses, or payments of dividends or distributions
to the Company’s shareholders) and consulting with the Board as to the Company’s capital structure and capital raising;

 

(o)          
coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting all matters
with the joint venture or co-investment partners;

 

(p)          
assisting the Company in retaining, on the Company’s behalf and at its expense, qualified accountants and legal counsel to
assist in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and testing
systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and,
if applicable, taxable REIT subsidiaries, and to conduct periodic compliance reviews thereof;

 

(q)          
assisting the Company in qualifying to do business in all applicable jurisdictions and obtaining and maintaining all appropriate
licenses;

 

(r)           
assisting the Company in complying with all regulatory requirements applicable to the Company in respect of its business activities,
including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings
and all reports and documents, if any, required under the Exchange Act or the Securities Act, or by any securities exchange on
which the Company’s securities are listed or traded;

 

(s)           
assisting the Company in taking all necessary action to enable it to make required tax filings and reports, including to the extent
required by the provisions of the Code applicable to REITs;

 

(t)           
managing and assisting with the resolution of all claims, disputes or controversies (including all litigation, arbitration, settlement
or other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of
the Company’s operations, subject to such limitations or parameters as may be imposed from time to time by the Board;

 

(u)          
using commercially reasonable efforts to cause expenses incurred by the Company or on the Company’s behalf to be commercially
reasonable or commercially customary and within any parameters set by the Board from time to time;

 

(v)          
assisting the Company in structuring long term financing for the Company’s portfolio of assets, and with respect to offering
and selling securities publicly or privately in connection with any such financing;

 

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(w)         
consulting with the Board with respect to decisions regarding any financings or borrowings undertaken by the Company, including
(i) assisting the Company in developing criteria for debt and equity financing and (ii) assisting the Company with respect
to obtaining appropriate financing for its investments;

 

(x)          
providing the Company with portfolio management and monitoring services;

 

(y)          
arranging marketing materials, advertising, industry group activities (such as conference participations and industry organization
memberships) and other promotional efforts designed to promote the Company’s business;

 

(z)          
using commercially reasonable efforts to cause the Company to comply with all applicable Laws; and

 

(aa)        
performing such other services as may be required from time to time for management and other activities relating to the Company’s
assets and business as the Board shall reasonably request or the Manager shall deem appropriate under the particular circumstances.

 

In performing its services under this Agreement,
the Manager may retain, for and on behalf of the Company, and at the Company’s sole cost and expense, such services of Persons
as the Manager deems necessary or advisable in connection with the Company’s management and operations, which may include
Affiliates of the Manager; provided, that any such services may only be provided by Affiliates of the Manager to the extent
(i) such services are on arm’s length terms or at competitive market rates in relation to terms or rates that are then
customary for agreements regarding the provision of such services to companies that have assets similar in type, quality and value
to the Company’s assets or (ii) such services are approved by a majority of the Independent Trustees.  The Manager
shall keep the Board reasonably informed on a periodic basis as to any services provided by the Manager and its Affiliates. 
Notwithstanding anything herein to the contrary, fees, costs and expenses of any third party which is not an Affiliate of the Manager
retained as permitted hereunder are to be paid by the Company. Without limiting the foregoing sentence, any such fees, costs or
expenses which may be paid by the Manager or any of its Affiliates shall be reimbursed to the Manager or such Affiliate, as applicable,
by the Company promptly following submission to the Company of a statement of any such fees, costs or expenses by the Manager.

 

Notwithstanding anything herein, it is understood
and agreed that the duties of, and services to be provided by, the Manager pursuant to this Agreement shall not include (x) any
services that would subject the Manager to registration with the Commodity Futures Trading Commission as a “commodity trading
advisor” (as such term is defined in Section 1a(12) of the Commodity Exchange Act and in CFTC Regulation 1.3(bb)(1)),
or affirmatively require it to make any exemptive certifications or similar filings with respect to “commodity trading advisor”
registration status or (y) any services or the taking of any action that would render the Manager a “municipal advisor”
as defined in Section 15B(e)(4) of the Exchange Act.

 

3.            Bank Accounts.  The Manager shall establish and maintain one or more bank accounts in the name of the Company,
and shall collect and deposit into such account or accounts and may disburse therefrom any monies on behalf of the Company; provided,
that no funds in any such account shall be commingled with any funds of the Manager or any other Person.  The Manager shall
from time to time, or at any time requested by the Board, render an appropriate accounting of such collections and payments to
the Board and to the auditors of the Company.

 

4.            Records.  The Manager shall maintain appropriate books of account and records relating to this Agreement, which
books of account and records shall be available for inspection by representatives of the Company upon reasonable notice during
ordinary business hours.

 

5.            Information
Furnished to Manager.  The Board shall at all times keep the Manager fully informed with regard to the
investment guidelines, operating policies, investment and financing strategies and leverage and hedging policies of the
Company.  The Board shall keep the Manager reasonably informed with regard to the Board’s then current intentions
as to the future of the Company.  The Board shall notify the Manager promptly of its intention to sell or otherwise
dispose of any of the Company’s investments or to make new investments.  The Company shall furnish the Manager
with such information with regard to its affairs as the Manager may from time to time reasonably request.  The Company
shall retain legal counsel, accountants and third party consultants to provide such legal and accounting advice, services and
opinions as the Manager or the Board shall deem necessary or appropriate to adequately perform the functions of the
Company.

 

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6.            REIT Qualification; Compliance with Law and Organizational Documents.  Anything else in this Agreement to the
contrary notwithstanding, the Manager shall refrain from any activity which, in its good faith judgment, or in the judgment of
the Board as transmitted to the Manager in writing, would (a) adversely affect the qualification of the Company for taxation
as a real estate investment trust as defined and limited in the Code or which would make the Company subject to the 1940 Act, (b) violate
any Law of any governmental body or agency having jurisdiction over the Company or over its securities or (c) not be permitted
by the Declaration of Trust or Bylaws, except if such action shall be approved by the Board, in which event the Manager shall promptly
notify the Board of the Manager’s judgment that such action would adversely affect such qualification, make the Company subject
to the 1940 Act or violate any such Law or the Declaration of Trust or Bylaws and shall refrain from taking such action pending
further clarification or instructions from the Board.  In addition, the Manager shall take such affirmative steps which, in
its judgment made in good faith, or in the judgment of the Board as transmitted to the Manager in writing, would prevent or cure
any action described in (a), (b) or (c) of this Section 6.

 

7.            Manager Conduct; Business Opportunities.

 

(a)         The Manager shall adhere to, and shall require its officers and employees in the course of providing services to the Company to
adhere to, the Company’s Code of Business Conduct and Ethics, as in effect from time to time.

 

(b)         Neither the Manager nor any of its Affiliates shall sell any property or assets to the Company or purchase any assets from the
Company, directly or indirectly, except as approved by a majority of the Independent Trustees.  No compensation, commission
or remuneration shall be paid to the Manager or any of its Affiliates on account of services provided to the Company, except as
contemplated by this Agreement or otherwise approved by a majority of the Independent Trustees.

 

(c)         The Manager and its Affiliates, and their respective directors, trustees, officers, employees and agents, may engage in other activities
or businesses, including those that compete with the Company, and provide services to or act as the sponsor or manager to any other
Person that may compete with the Company, including, among other things, with respect to the origination, acquisition, making,
arranging or managing of first mortgage loans secured by middle market or transitional commercial real estate or other investments
like those the Company intends to make. Notwithstanding the foregoing, for so long as the Manager is managing the Company, the
Manager agrees, on behalf of itself and its Affiliates, that neither the Manager nor any of its Affiliates shall manage any other
Publicly Owned REIT, other than Tremont Mortgage Trust, that invests primarily in first mortgage loans secured by middle market
and transitional commercial real estate located in the United States, unless such activity is approved by the Independent Trustees.
The Company recognizes that it is not entitled to preferential treatment in receiving information, recommendations and other services
from the Manager. The Manager shall act in good faith to endeavor to identify to the Independent Trustees any conflicts that may
arise among the Company, the Manager and/or any other Person on whose behalf the Manager may be engaged.  The Company hereby
acknowledges the conflicts of interest that may exist with regard to the allocation of investment opportunities and for the time
and attention of the Manager, RMR and their personnel as set forth herein and agrees that the Manager, RMR and their Affiliates
may resolve such conflicts in good faith and in their fair and reasonable discretion. In the case of such a conflict, the Manager,
RMR and their Affiliates shall endeavor to allocate investment opportunities in a fair and reasonable manner, taking into account
such factors as they deem appropriate.  In doing so, they may allocate investments, including those within the Company’s
investment objectives, to RMR and its other clients.

 

(d)         If
the Manager, any of its Affiliates or any of their respective directors, trustees, officers, employees or agents acquires
knowledge of a potential business opportunity, the Company renounces any potential interest or expectation in, or right to be
offered or to participate in, such business opportunity to the maximum extent permitted by Maryland Law.  Accordingly,
to the maximum extent permitted by Maryland Law (i) no such Person is required to present, communicate or offer any
business opportunity to the Company and (ii) such Person, on his or her own behalf or on behalf of any other Person,
shall have the right to hold and exploit any business opportunity, or to direct, recommend, offer, sell, assign or otherwise
transfer such business opportunity to any Person other than the Company.  The taking by any such Person for itself,
himself or herself, or the offering or other transfer to another Person, of any potential business opportunity whether
pursuant to this Agreement or otherwise, shall not constitute or be construed or interpreted as a breach by the Manager of
its duties to the Company under this Agreement, or an act or omission of such Person constituting bad faith, fraud,
intentional misconduct or knowing disregard of the duties of the Manager under this Agreement.

 

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(e)         The Manager shall provide the Company with a management team, along with appropriate support personnel, to provide the management
services to be provided by the Manager to the Company hereunder, with the members of such management team devoting such amount
of their time to the Company’s management as is reasonably necessary and appropriate for the proper performance of all of
the Manager’s duties, commensurate with the Company’s level of activity. The Manager’s management team shall
receive no compensation from the Company for their services to the Company in any such capacities, except that the Company may
(directly or indirectly) make awards to them pursuant to any equity compensation plan adopted by the Company from time to time,
subject to applicable reporting and withholding requirements.  The Manager shall not be obligated to dedicate any of its personnel
exclusively to the Company nor shall the Manager or any of its personnel be obligated to dedicate any specific portion of its or
their time to the Company or its business, except as necessary to perform the services provided for herein.

 

(f)          The
Manager’s liability under this Agreement shall be as set forth in Section 16.

 

8.            No Partnership or Joint Venture.  The Company and the Manager are not partners or joint venturers with each
other and neither the terms of this Agreement nor the fact that the Company and the Manager have joint interests in any one or
more investments, ownership in each other or other interests in any one or more entities or may have common officers or employees
or a tenancy relationship shall be construed so as to make them such partners or joint venturers or impose any liability as such
on either of them.

 

9.            Fidelity
Bond.  The Manager shall not be required to obtain or maintain a fidelity bond in connection with the performance
of its services hereunder.

 

10.         Base
Management Fee.  The Manager shall be paid, for the services rendered by it to the Company pursuant to this Agreement,
a base management fee (the “Management Fee”) in an amount equal to 1.5% per year of the Company’s Equity,
payable in cash quarterly (0.375% per quarter) in arrears.  The Manager shall compute the Management Fee and deliver a copy
thereof to the Board within thirty (30) days following the end of each quarter.  Each installment of the Management Fee shall
be paid by the Company within five (5) business days after the Manager’s delivery of the computation of such installment
to the Board. The Management Fee, if for a partial quarter, shall be pro-rated based on the number of days during the relevant
quarter that this Agreement is in effect.

 

11.         Incentive Fee.  In addition to the Management Fee, starting in the first full calendar quarter following the
Effective Date, the Manager shall be paid quarterly an incentive fee in arrears in cash (the “Incentive Fee”)
in an amount, which shall not be less than zero, equal to the difference between:

 

(a)         the product of (i) twenty percent (20%) and (ii) the difference between (A) the Core Earnings for the most recent
twelve (12) month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter
(or part thereof) for which the calculation of the Incentive Fee is being made, and (B) the product of (1) the Equity
in the most recent twelve (12) month period (or such lesser number of completed calendar quarters, if applicable), including the
calendar quarter (or part thereof) for which the calculation of the Incentive Fee is being made, and (2) seven percent (7%)
per year, and

 

(b)         the
sum of any Incentive Fees paid to the Manager with respect to the first three calendar quarters of the most recent twelve
(12) month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable); provided, however,
that no Incentive Fee shall be payable to the Manager with respect to any calendar quarter unless Core Earnings for the
twelve (12) most recently completed calendar quarters (or such lesser number of completed calendar quarters from the
Effective Date) in the aggregate is greater than zero. Shares of beneficial interest of the Company that are entitled to
a specific periodic distribution or have other debt characteristics shall not constitute shares of beneficial interest of the
Company in clause (i)(B) of the definition of “Equity” for purposes of calculating any
Incentive Fee and instead the aggregate distribution amount that accrues in respect of such shares during the applicable
period for such calculation shall be subtracted from Core Earnings for purposes of the calculation of the Incentive Fee, to
the extent such distribution is not already otherwise excluded from Core Earnings.

 

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The Manager shall compute the Incentive
Fee and deliver a copy thereof to the Board within thirty (30) days following the end of each quarter.  Each installment of
the Incentive Fee shall be paid by the Company within five (5) business days after the Manager’s delivery of the computation
of such installment to the Board.  If the effective termination date of this Agreement does not correspond to the end of a
fiscal quarter, the Incentive Fee for the quarter in which the termination occurred shall be calculated for the period beginning
on the day after the end of the quarter immediately preceding such effective termination date and ending on such effective termination
date, which Incentive Fee shall be calculated using Core Earnings for the 12-month period ending on the effective termination date.

 

12.          Internal Audit Services.

 

(a)          The Manager shall provide to the Company, or arrange to be provided by third parties approved by the Company, an internal audit
function meeting applicable requirements of the securities exchange on which the Common Shares are principally traded and the SEC
and otherwise in scope approved by the Board’s Audit Committee.

 

(b)          In addition to the Management Fee, Incentive Fee and the reimbursement of costs and expenses to which the Manager is entitled
pursuant to other sections of this Agreement, the Company agrees to reimburse RMR and its Affiliates, as applicable, within thirty
(30) days of the receipt of the invoice therefor, the Company’s pro rata share (as reasonably agreed to by a majority of
the Independent Trustees from time to time but in any event, at least annually) of the following:

 

(i)          the employment expenses of the director of internal audit and other employees of RMR or its Affiliates engaged in providing internal
audit services to the Company, including but not limited to salary, wages, payroll taxes and the cost of employee benefit plans;

 

(ii)         the reasonable travel and other out-of-pocket expenses of RMR and its Affiliates relating to the activities of the director of
internal audit and other employees of RMR or its Affiliates engaged in providing internal audit services to the Company; and

 

(iii)        the reasonable third party expenses that RMR and its Affiliates incur in connection with the provision of internal audit services
to the Company.

 

In addition, the Manager shall make available
(which may be by posting to the Company’s web site) to its and its Affiliates’ officers and employees providing such
services to the Company the procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting
controls or auditing matters relating to the Company and for the confidential, anonymous submission by such officers and employees
of concerns regarding questionable accounting or auditing matters relating to the Company, as set forth in the Company’s
Procedures for Handling Concerns or Complaints about Accounting, Internal Accounting Controls or Auditing Matters, as in effect
from time to time.

 

13.          Additional Services.  If, and to the extent that, the Company shall request the Manager to render services on
behalf of the Company other than those required to be rendered by the Manager in accordance with the terms of this Agreement, such
additional services shall be compensated separately on terms to be agreed upon by the Manager and the Company (and approved by
majority vote of the Independent Trustees) from time to time.

 

14.          Expenses of the Manager.

 

(a)          
The Manager shall bear the expenses related to the employees of the Manager who provide services to the Company, including
the costs of employees of the Manager who originate loans for the Company; provided, that the Company shall pay or
reimburse the Manager and its Affiliates, as applicable, for any such expense that (i) is approved by a majority of the
Independent Trustees, (ii) is a shared services cost as described in the last paragraph of Section 15 or
(iii) relates to awards made under any equity compensation plan adopted by the Company from time to time.

 

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15.          Expenses of the Company.  Except as expressly otherwise provided in Section 14, the Company shall
pay all its costs and expenses and shall reimburse the Manager or its Affiliates, as applicable, for all costs and expenses of
the Company’s operations, and, without limiting the generality of the foregoing, it is specifically agreed that the following
costs and expenses shall be paid by the Company and shall not be paid by the Manager or its Affiliates:

 

(a)         costs associated with establishing and maintaining any of the Company’s repurchase agreements, bank credit facilities (including
term loans and revolving facilities), other financing arrangements or other indebtedness (including commitment fees, accounting
fees, legal fees, closing and other similar costs);

 

(b)         the Company’s taxes and assessments on real and personal property, if any, and all other taxes and assessments applicable
to the Company;

 

(c)         legal, auditing, accounting, tax planning and tax return preparation fees and expenses, and other fees and expenses for professional
services;

 

(d)         underwriting, brokerage, listing, reporting, registration and other fees and expenses and taxes incurred in connection with the
issuance, distribution, transfer, trading, registration and listing of the Company’s securities on any securities exchange,
including the fees and charges of any printer, engraver, transfer agent, registrar and indenture trustee;

 

(e)         expenses of organizing, restructuring, reorganizing or liquidating the Company or any of its subsidiaries, or of revising, amending,
converting or modifying the Company’s or any of its subsidiary’s organizational documents;

 

(f)          fees and travel and other expenses paid or reimbursed to Trustees and officers of the Company in their capacities as such and fees
and travel and other expenses paid or reimbursed to advisors, contractors, mortgage servicers, consultants, and other agents and
independent contractors employed by or on behalf of the Company;

 

(g)         all costs and expenses relating to the Company’s business operations, including, the costs and expenses of investigating,
conducting diligence, acquiring, negotiating, structuring, owning, protecting, maintaining, developing and disposing of investments
(whether or not consummated), including the costs of appraisals or other valuation services, foreclosure, insurance premiums, accounting,
tax, legal and other professional services, brokerage and sales commissions, maintenance, repair, improvement and local property
or investment management;

 

(h)         all insurance costs incurred in connection with the Company, including directors and officers liability insurance, or in connection
with any Trustee or officer indemnity agreement to which the Company is a party;

 

(i)          expenses related to payments of dividends or interest or contributions in cash or any other form made or caused to be made by the
Board to holders of securities of the Company;

 

(j)          all expenses connected with communications to holders of securities of the Company and other bookkeeping and clerical work necessary
to maintain relations with holders of securities of the Company, including the cost of any transfer agent, the cost of preparing,
printing, posting, distributing and mailing certificates for securities and proxy solicitation materials and reports to holders
of the Company’s securities and other investor relations expenses;

 

(k)         filing and recording fees for regulatory or governmental filings, approvals and notices;

 

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(l)           
any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) by or before any court or
governmental agency against the Company;

 

(m)         
any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) by or before any court or
governmental agency against any Person in his, her or its capacity as a Trustee, director, partner, member or officer of the Company,
except to the extent not permitted pursuant to Maryland Law, the Declaration of Trust, the Bylaws, any agreement with any such
Person or this Agreement;

 

(n)          
expenses relating to any office or office facilities (including disaster backup recovery sites and facilities) for the Company,
including but not limited to rent, telephone, utilities, office furniture, equipment, machinery and other overhead type expenses;

 

(o)          
the Company’s allocable share of costs and expenses incurred with respect to market information systems and publications,
research publications and materials, including news research and quotation equipment and services;

 

(p)          
the costs and expenses of all equity award or compensation plans or arrangements established by the Company, including the value
of awards made by the Company to any officers or employees of the Manager or any of its Affiliates, if any, and payment of any
employment or withholding taxes in connection therewith; and

 

(q)          
all other expenses actually incurred by the Manager or any of its Affiliates (except as otherwise specified herein) which are reasonably
necessary for the performance by the Manager of its duties and functions under this Agreement.

 

The Company acknowledges and agrees that
the Manager has entered into a shared services agreement pursuant to which RMR will provide the Manager with certain facilities,
technology and services and with access to the full scope of real estate and public company operations services and expertise available
within RMR for use by the Manager in conducting the Company’s operations.  The Company agrees to reimburse the Manager
for the shared services costs that the Manager pays to RMR and its affiliates under this shared services agreement, as approved
by a majority of the Independent Trustees at least annually. The shared services costs paid by the Manager to RMR and its affiliates
under this shared services agreement will include an allocation of RMR’s costs of rent, utilities, office furniture, equipment,
machinery, facilities, and other overhead type expenses, the costs of legal, accounting, audit, tax planning and tax return preparation,
consulting services, diligence related to the Company’s investments, investor relations and other professional services,
personnel and support services shared by the Manager.

 

16.          Limits of Manager Responsibility; Indemnification; Company Remedies.

 

(a)          
The Manager assumes no responsibility other than to render the services described herein in good faith and shall not be responsible
for any action of the Board in following or declining to follow any advice or recommendation of the Manager.  The Manager
and its Affiliates, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and
personnel will not be liable to the Company or any of its Trustees, shareholders or subsidiaries, or any of the trustees, directors,
shareholders, owners, partners or members of any of the Company’s subsidiaries, for any acts or omissions related to the
provision of services to the Company under this Agreement, except by reason of acts or omissions that have been determined in a
final, non-appealable decision entered by a court, arbitration panel or other adjudicative body of competent jurisdiction to have
constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of the Manager under
this Agreement.

 

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(b)         The
Company shall reimburse, indemnify and hold harmless the Manager and its Affiliates, and their respective directors,
trustees, officers, shareholders, owners, members, managers, employees and personnel from and against any and all expenses,
losses, damages, liabilities, demands, charges and claims of any nature whatsoever, including all reasonable
attorneys’, accountants’ and experts’ fees and expenses, arising from any acts or omissions related to the
provision of services to the Company or the performance of any matter pursuant to an instruction by the Board, except to the
extent there is a final, non-appealable decision entered by a court, arbitration panel or other adjudicative body of
competent jurisdiction that such acts or omissions constituted bad faith, fraud, intentional misconduct, gross negligence or
reckless disregard of the duties of the Manager under this Agreement.  Without limiting the foregoing, the Company shall
promptly advance expenses incurred by the indemnitees referred to in this Section 16 for matters referred to in
this Section 16, upon request for such advancement.  In addition, and without limitation of the foregoing,
the Manager and its Affiliates and their respective directors, trustees, officers, shareholders, owners, members, managers,
employees and personnel will not be liable for trade errors that may result from ordinary negligence, including errors in the
investment decision making or trade processes.

 

17.          Term; Renewal; Termination Without Cause.

 

(a)         This Agreement shall become effective as of the Effective Date and shall continue in force and effect, unless terminated in accordance
with the terms hereof, until December 31, 2023 (the “Initial Term”). On January 1, 2024, and each January 1
thereafter (each, a “Renewal Date”), the term of this Agreement shall be deemed automatically renewed for an
additional one year term (an “Automatic Renewal Term”), unless the Company or the Manager elects not to renew
this Agreement in accordance with Section 17(b) or (d), respectively.

 

(b)         Upon written notice delivered to the Manager not less than one hundred eighty (180) days prior to the expiration of the Initial
Term or any Automatic Renewal Term (the “Termination Notice”), the Company may, without a Cause Event, decline
to renew this Agreement at such expiration (any such nonrenewal, a “Termination Without Cause”) upon the affirmative
vote of at least two-thirds (2/3) of the Independent Trustees based upon their determination that (i) the Manager’s
performance is unsatisfactory and materially detrimental to the Company or (ii) the Management Fee and Incentive Fee, taken
as a whole, payable to the Manager are not fair to the Company.  As a condition precedent to the Company’s right to
terminate this Agreement pursuant to Section 17(b)(ii), the Company shall first afford the Manager the opportunity
to renegotiate the Management Fee and/or Incentive Fee if the Manager so elects by giving written notice to the Company not less
than one hundred twenty (120) days prior to the next Renewal Date of the Manager’s intention to renegotiate the Management
Fee and/or the Incentive Fee (a “Notice of Proposal to Negotiate”), in which case, the Company and Manager shall
proceed in accordance with Section 17(c).  In the event of a Termination Without Cause, and provided in the case
of a termination pursuant to Section 17(b)(ii) that the Company and Manager have not agreed to a revised Management
Fee, Incentive Fee or other compensation structure, the Company shall pay the Manager the Termination Fee on or before the
last day of the Initial Term or Automatic Renewal Term, as the case may be (the “Effective Termination Date”).

 

(c)         If the Manager gives to the Company a Notice of Proposal to Negotiate, the Company and the Manager shall promptly endeavor to negotiate
the Management Fee and/or the Incentive Fee in good faith.  Provided that the Company and the Manager agree to a revised Management
Fee, Incentive Fee or other compensation structure within sixty (60) days following the Company’s receipt of the Notice
of Proposal to Negotiate, the Termination Notice from the Company shall be deemed of no force and effect, and this Agreement shall
continue in full force and effect on the terms stated herein, except that the Management Fee, the Incentive Fee or other compensation
structure shall be the revised Management Fee, Incentive Fee or other compensation structure as then agreed upon by the Company
and the Manager. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised
Management Fee, Incentive Fee or other compensation structure promptly upon reaching an agreement regarding same. In the event
that the Company and the Manager, after negotiations in good faith, are unable to agree to a revised Management Fee, Incentive
Fee or other compensation structure during such sixty (60) day period, this Agreement shall terminate on the Effective Termination
Date and the Company shall be obligated to pay the Manager the Termination Fee upon the Effective Termination Date.

 

(d)         No later than one hundred eighty (180) days prior to the expiration of the Initial Term or the then current Automatic Renewal Term,
the Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement,
whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date
of this Agreement next following the delivery of such notice. The Company is not required to pay to the Manager the Termination
Fee if the Manager terminates this Agreement pursuant to this Section 17(d).

 

    	 	9	 

     

    

 

(e)         Except as set forth in this Section 17, a nonrenewal of this Agreement pursuant to this Section 17 shall
be without any further liability or obligation of any party to the other, except as provided in Sections 4, 7(d),
7(e), 12, 15, 16, 19 and 20 of this Agreement.

 

(f)          In addition to other actions on termination of this Agreement, for up to one hundred twenty (120) days following the expiration
of this Agreement in accordance with the terms hereof, the Manager shall, at the Company’s expense, cooperate with the Company
and use commercially reasonable efforts to facilitate the orderly transfer of management and other services provided under this
Agreement to employees of the Company or to its designee, including the transfer of bookkeeping and accounting functions and legal
and regulatory compliance and reporting.  In connection therewith, the Manager shall assign to the Company, and the Company
shall assume, any authorized agreements the Manager executed in its name on behalf of the Company and the Manager shall assign
to the Company all proprietary information with respect to the Company.

 

(g)         The provisions of this Section 17 shall not apply as a limitation on the amount which may be paid by agreement of the
Company and the Manager in connection with a transaction pursuant to which any assets or going business values of the Manager are
acquired by the Company in association with termination of this Agreement and the Termination Fee is owed in addition to any amounts
otherwise payable to the Manager under this Agreement as compensation for services and for expenses of or reimbursement due to
the Manager through the date of termination.  Also, payment of the Termination Fee shall not affect other rights and obligations
under Sections 2, 13, 16, 17, 19 and 20 of this Agreement or otherwise between the Company
and the Manager.

 

18.          Termination for a Cause Event or Material Breach.

 

(a)         The Company may terminate this Agreement, without payment of the Termination Fee, effective upon thirty (30) days’ prior
written notice of termination from the Company to the Manager, upon the occurrence of a Cause Event.

 

(b)         The Manager may terminate this Agreement, effective upon sixty (60) days’ prior written notice of termination to the Company
for a Material Breach, in which case the Company is required to pay the Manager the Termination Fee upon the effective date of
such termination.

 

(c)         The Manager may terminate this Agreement if the Company becomes required to register as an investment company under the 1940 Act,
with such termination deemed to occur immediately before such event, in which case the Company is not required to pay the Manager
the Termination Fee.

 

19.          Action Upon Termination.  From and after the effective date of termination of this Agreement pursuant to Section 17
or 18, the Manager shall not be entitled to compensation for further services pursuant to Section 10 or 11,
but the Manager shall be paid all compensation due for services performed prior to the effective date of such termination and,
if this Agreement is terminated pursuant to Section 18(b) or not renewed pursuant to Section 17(b),
the Termination Fee.  Upon such termination, the Manager shall, as promptly as practicable:

 

(a)         pay over to the Company all monies collected and held for the account of the Company by the Manager pursuant to this Agreement,
after deducting therefrom any accrued Management Fee, Incentive Fee, Termination Fee and any reimbursement for costs or expenses
to which it or any of its Affiliates is then entitled;

 

(b)         deliver to the Board a full and complete accounting, including a statement showing all payments collected by it and a statement
of all monies held by it for the Company for the period commencing with the date following the date of its last accounting to the
Board; and

 

(c)         deliver to the Board all property and documents of the Company then in its custody or possession; provided, that the Manager
shall be permitted to retain copies of such documents for its records.

 

The Manager shall compute the accrued
and unpaid Management Fee and Incentive Fee and, to the extent applicable, the Termination Fee and deliver to the Board
within thirty (30) days following the effective date of termination. The accrued and unpaid Management Fee and Incentive Fee
and, to the extent applicable, Termination Fee shall be paid by the Company within five (5) business days after the
Manager’s delivery of such computation to the Board.

 

    	 	10	 

     

    

 

 

20.           Release
of Money or Other Property Upon Written Request. Upon the receipt by the Manager of a written request signed by a duly
authorized officer of the Company requesting the Manager to release to the Company any money or other property then held by the
Manager for the account of the Company under this Agreement, the Manager shall release such money or other property to the Company
within a reasonable period of time, but in no event later than thirty (30) days following such request. Upon delivery of such money
or other property to the Company, the Manager shall not be liable to the Company, the Board, or the Company’s shareholders
for any acts or omissions by the Company in connection with the money or other property released to the Company in accordance with
this Section 20. The Company shall indemnify the Manager and its Affiliates, and their respective directors, trustees,
officers, shareholders, owners, members, managers, employees and personnel from and against any and all losses, damages, liabilities,
demands, charges and claims of any nature whatsoever, including all reasonable attorneys’, accountants’ and experts’
fees and expenses, which arise in connection with the Manager’s proper release of such money or other property to the Company
in accordance with the terms of this Section 20.  Indemnification pursuant to this Section 20 shall
be in addition to any right of the Manager to indemnification under Section 16 of this Agreement.

 

21.          
Board Action.  Wherever action on the part of the Board is contemplated by this Agreement, action by a majority
of the Board, including a majority of the Independent Trustees, shall constitute the action provided for herein.

 

22.          
TRUSTEES AND SHAREHOLDERS NOT LIABLE.  THE DECLARATION OF TRUST, A COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS
OR SUPPLEMENTS THERETO, IS DULY FILED WITH THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE OF MARYLAND, PROVIDES
THAT THE NAME RMR MORTGAGE TRUST REFERS TO THE TRUSTEES COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY.  NO
TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY,
FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE COMPANY.  ALL PERSONS OR ENTITIES DEALING WITH THE COMPANY, IN ANY WAY,
SHALL LOOK ONLY TO THE ASSETS OF THE COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

23.          
Notices.  Any notice, report or other communication required or permitted to be given hereunder shall be in
writing and shall be deemed to have been duly given (a) when delivered in person, (b) on the next business day if transmitted
by a nationally recognized overnight courier or (c) on the third (3rd) business day following mailing by first class mail,
postage prepaid, in each case as follows (or at such other United States address for a party as shall be specified by like notice):

 

If to the Company:

 

RMR Mortgage Trust

Two Newton Place

255 Washington Street

Newton, Massachusetts 02458 

Attn:  Secretary and Board of Trustees

  

If to the Manager:

 

Tremont Realty Advisors LLC

Two Newton Place

255 Washington Street

Newton, Massachusetts 02458

Attn:  President and Chief Executive Officer

 

    11 

     

    

 

24.          
Amendments.  This Agreement shall not be amended, changed, modified, terminated or discharged, in whole or in
part, except by an instrument in writing signed by each of the parties hereto, or by their respective successors or assigns, or
otherwise as provided herein.

 

25.          
Assignment.  Neither party may assign this Agreement or its rights hereunder or delegate its duties hereunder
without the written consent of the other party, except that the Manager may assign this Agreement or delegate any of its duties
hereunder to any subsidiary of RMR so long as such subsidiary is then Controlled by RMR. Nothing herein shall preclude any pledge,
hypothecation or other transfer of any amounts payable to the Manager under this Agreement.

 

26.          
Successors and Assigns.  This Agreement shall be binding upon, and inure to the benefit of, any successors or
permitted assigns of the parties hereto as provided herein.

 

27.          
No Third Party Beneficiary.  Except as otherwise provided in Sections 12, 15, 16, 20
and 29, no Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary
of this Agreement.

 

28.          
Governing Law.  The provisions of this Agreement and any Dispute, whether in contract, tort or otherwise, shall
be governed by and construed in accordance with the Laws of the State of Maryland without regard to principles of conflicts of
law.

 

29.          
Arbitration.

 

(a)           
Procedures for Arbitration of Disputes.  Any disputes, claims or controversies arising out of or relating to this Agreement,
the provision of services by the Manager or its Affiliates pursuant to this Agreement or the transactions contemplated hereby,
including any disputes, claims or controversies brought by or on behalf of the Company, the Manager or RMR or any holder of equity
interests (which, for purposes of this Section 29, shall mean any holder of record or any beneficial owner of equity
interests or any former holder of record or beneficial owner of equity interests) of the Company, the Manager or RMR, either on
his, her or its own behalf, on behalf of the Company, the Manager or RMR or on behalf of any series or class of equity interests
of the Company, the Manager or RMR or holders of equity interests of the Company, the Manager or RMR against the Company, the Manager
or RMR or any of their respective trustees, directors, members, officers, managers (including the Manager or its successor), agents
or employees, including any disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance
or enforcement of this Agreement, including this arbitration agreement or the governing documents of the Company, the Manager or
RMR (all of which are referred to as “Disputes”) or relating in any way to such a Dispute or Disputes shall,
on the demand of any party to such Dispute or Disputes, be resolved through binding and final arbitration in accordance with the
Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (the “AAA”)
then in effect, except as those Rules may be modified in this Section 29.  For the avoidance of doubt, and
not as a limitation, Disputes are intended to include derivative actions against the trustees, directors, officers or managers
of the Company, the Manager or RMR and class actions by a holder of equity interests against those individuals or entities and
the Company, the Manager or RMR.  For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf
of one party against another party.  For purposes of this Section 29, the term “equity interest”
shall mean (i) in respect of the Company, shares of beneficial interest of the Company, (ii) shares of “membership
interests” in an entity that is a limited liability company, (iii) general partnership interests in an entity that is
a partnership, (iv) shares of capital stock of an entity that is a corporation and (v) similar equity ownership interests
in other entities.

 

(b)           Arbitrators. 
There shall be three (3) arbitrators.  If there are only two (2) parties to the Dispute, each party shall
select one (1) arbitrator within fifteen (15) days after receipt by respondent of a copy of the demand for
arbitration.  If there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case
may be, one (1) arbitrator within fifteen (15) days after receipt of the demand for arbitration.  The arbitrators
may be Affiliated or interested persons of the claimants or the respondents, as the case may be.  If either a claimant
(or all claimants) or a respondent (or all respondents) fail(s) to timely select an arbitrator then the party (or
parties) who has selected an arbitrator may request the AAA to provide a list of three (3) proposed arbitrators in
accordance with the Rules (each of whom shall be neutral, impartial and unaffiliated with any party) and the party (or
parties) that failed to timely appoint an arbitrator shall have ten (10) days from the date AAA provides the list to
select one (1) of the three (3) arbitrators proposed by AAA.  If the party (or parties) fail(s) to select
the second (2nd) arbitrator by that time, the party (or parties) who have appointed the first (1st) arbitrator shall then
have ten (10) days to select one (1) of the three (3) arbitrators proposed by AAA to be the second (2nd) arbitrator; and, if
he/they should fail to select the second (2nd) arbitrator by such time, AAA shall select, within fifteen (15) days
thereafter, one (1) of the three (3) arbitrators it had proposed as the second (2nd) arbitrator.  The two
(2) arbitrators so appointed shall jointly appoint the third (3rd) and presiding arbitrator (who shall be neutral,
impartial and unaffiliated with any party) within fifteen (15) days of the appointment of the second (2nd) arbitrator. 
If the third (3rd) arbitrator has not been appointed within the time limit specified herein, then AAA shall provide a list of
proposed arbitrators in accordance with the Rules, and the arbitrator shall be appointed by AAA in accordance with a listing,
striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause.

 

    12 

     

    

 

(c)           
Place of Arbitration.  The place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.

 

(d)          
Discovery.  There shall be only limited documentary discovery of documents directly related to the issues in dispute,
as may be ordered by the arbitrators.  For the avoidance of doubt, it is intended that there shall be no depositions and no
other discovery other than limited documentary discovery as described in the preceding sentence.

 

(e)           
Awards.  In rendering an award or decision (an “Award”), the arbitrators shall be required to follow
the Laws of the State of Maryland without regard to principles of conflicts of law.  Any arbitration proceedings or Award
and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C.
 §1 et seq.  An Award shall be in writing and shall state the findings of fact and conclusions of law on which it is based. 
Any monetary Award shall be made and payable in U.S. dollars free of any tax, deduction or offset.  Subject to Section 29(g),
each party against which an Award assesses a monetary obligation shall pay that obligation on or before the thirtieth (30th) day
following the date of such Award or such other date as such Award may provide.

 

(f)           
Costs and Expenses.  Except to the extent expressly provided by this Agreement or as otherwise agreed by the parties
thereto, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators
shall not render an Award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a
derivative case or class action, award any portion of the Trustee’s, Company’s, RMR’s or the Manager’s,
as applicable, Award to the claimant or the claimant’s attorneys.  Each party (or, if there are more than two (2) parties
to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and
expenses of its (or their) selected arbitrator and the parties (or, if there are more than two (2) parties to the Dispute,
all claimants, on the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the third
(3rd) appointed arbitrator.

 

(g)          
Appeals.  Notwithstanding any language to the contrary in this Agreement, an Award, including but not limited to, any
interim Award, may be appealed pursuant to the AAA’s Optional Appellate Arbitration Rules (the “Appellate Rules”). 
An Award shall not be considered final until after the time for filing the notice of appeal pursuant to the Appellate Rules has
expired.  Appeals must be initiated within thirty (30) days of receipt of an Award by filing a notice of appeal with any AAA
office.  Following the appeal process, the decision rendered by the appeal tribunal may be entered in any court having jurisdiction
thereof.  For the avoidance of doubt, and despite any contrary provision of the Appellate Rules, Section 29(f) shall
apply to any appeal pursuant to this Section 29(g) and the appeal tribunal shall not render an Award that would include
shifting of any costs or expenses (including attorneys’ fees) of any party.

 

(h)            Final
and Binding.  Following the expiration of the time for filing the notice of appeal, or the conclusion of the appeal
process set forth in Section 29(g), an Award shall be final and binding upon the parties thereto and shall be the
sole and exclusive remedy between those parties relating to the Dispute, including any claims, counterclaims, issues or
accounting presented to the arbitrators.  Judgment upon an Award may be entered in any court having jurisdiction. 
To the maximum extent permitted by Law, no application or appeal to any court of competent jurisdiction may be made in
connection with any question of law arising in the course of arbitration or with respect to any Award made except for actions
relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking
interim or other provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.

 

    13 

     

    

 

(i)            
Beneficiaries.  This Section 29 is intended to benefit and be enforceable by the Company, the Manager,
RMR and their respective holders of equity interests, trustees, directors, officers, managers (including the Manager or its successor),
agents or employees, and their respective successors and assigns and shall be binding upon the Company, the Manager, RMR and their
respective holders of equity interests, and be in addition to, and not in substitution for, any other rights to indemnification
or contribution that such individuals or entities may have by contract or otherwise.

 

30.          
Consent to Jurisdiction and Forum.  The exclusive jurisdiction and venue in any action brought by any party
hereto pursuant to this Agreement shall lie in the Circuit Court for Baltimore City, Maryland (or, if no state court located within
the State of Maryland has subject matter jurisdiction, the U.S. District Court for Maryland).  Each of the parties hereby
irrevocably and unconditionally agree to request or consent to the assignment of any such proceeding to the Business and Technology
Case Management Program of the Circuit Court for Baltimore City, Maryland.  By execution and delivery of this Agreement, each
party hereto irrevocably submits to the jurisdiction of such courts for itself and in respect of its property with respect to such
action.  The parties irrevocably agree that venue would be proper in such court, and hereby waive any objection that such
court is an improper or inconvenient forum for the resolution of such action.  The parties further agree and consent to the
service of any process required by any such court by delivery of a copy thereof in accordance with Section 23 and that
any such delivery shall constitute valid and lawful service of process against it, without necessity for service by any other means
provided by statute or rule of court.  EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE PROVISION OF SERVICES BY THE MANAGER PURSUANT TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.  Notwithstanding anything herein to the contrary, if a demand for arbitration of
a Dispute is made pursuant to Section 29, this Section 30 shall not preempt resolution of the Dispute pursuant
to Section 29.

 

31.          
Captions; Interpretation.  The captions included herein have been inserted for ease of reference only and shall
not be construed to affect the meaning, construction or effect of this Agreement. In this Agreement, unless the context otherwise
requires, (i) words used in the singular or in the plural include both the plural and singular, (ii) references to this
Agreement and all expressions like “herein”, “hereof” and “hereunder” shall be deemed to refer
to this Agreement and all exhibits as amended from time to time, including as affected by any such amendment, (iii) “or”,
 “either” and “any” are not exclusive, (iv) “including” and its variants mean “including,
without limitation,” and its variants, (v) references to “written,” “in writing” and comparable
terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form, (vi) all
pronouns and any variations thereof refer to the masculine, feminine or neuter as the context may require, (vii) “Sections”
refer to Sections of this Agreement unless otherwise specified, and (viii) the word “extent” in the phrase “to
the extent” shall mean the degree to which a subject or other thing extends and such phrase shall not mean simply “if.” 
The agreements of the Company set forth herein are on behalf of itself and its subsidiaries.

 

32.          
Entire Agreement.  This Agreement constitutes the entire agreement of the parties hereto with respect to the
subject matter hereof and supersedes any pre-existing agreements with respect to such subject matter.

 

33.          
Severability.  If any one or more of the provisions contained herein, or the application thereof in any circumstance,
is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions
held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof.

 

34.          
Survival.  The provisions of Section 2 (limited to the obligation of the Company to indemnify the
Manager and its Affiliates for matters provided thereunder), Section 12(b) and Section 15 through
and including Section 35 of this Agreement shall survive the termination hereof.  Any termination of this Agreement
shall be without prejudice to the rights of the parties hereto accrued prior to the termination or upon termination.

 

    14 

     

    

 

35.          
Equal Employment Opportunity Employer.  The Manager is an equal employment opportunity employer and complies
with all applicable state and federal Laws to provide a work environment free from discrimination and without regard to race, color,
sex, sexual orientation, national origin, ancestry, religion, creed, physical or mental disability, age, marital status, veteran’s
status or any other basis protected by applicable Laws.

 

[Signature Page To Follow]

 

    15 

     

    

 

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

 

	 	RMR MORTGAGE TRUST
	 	 
	 	By:	/s/ Thomas J. Lorenzini
	 	 	Name:	Thomas J. Lorenzini
	 	 	Title:	President
	 	 
	 	TREMONT REALTY ADVISORS LLC
	 	 
	 	By:	/s/ Matthew P. Jordan 
	 	 	Name:	Matthew P. Jordan
	 	 	Title:	President and Chief Executive Officer
	 	 
	SOLELY IN RESPECT OF SECTION 29:	 
	 	 
	 	THE RMR GROUP INC.,
	 	on behalf of itself and each of its consolidated subsidiaries
	 	 
	 	By:	/s/ Adam D. Portnoy 
	 	 	Name:	Adam D. Portnoy
	 	 	Title: 	President and Chief Executive Officer

 

[Signature Page to Management Agreement]

 

 

    16 

     

    

 

Exhibit A

 

Definitions

 

The following definitions shall be applied
to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the contrary.  All capitalized
terms used in this Exhibit A, but not defined in this Exhibit A, shall have the respective meanings given
to those terms elsewhere in this Agreement.  Unless otherwise noted, all section references in this Exhibit A
refer to sections in the Agreement.

 

(a)           
 “1940 Act” shall mean the Investment Company Act of 1940, as amended.

 

(b)           
 “AAA” shall have the meaning set forth in Section 29(b).

 

(c)            “Affiliate”
shall mean, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by or is under common Control with, the first Person.

 

(d)           
 “Agreement” shall have the meaning set forth in the preamble.

 

(e)            “Appellate
Rules” shall have the meaning set forth in Section 29(g).

 

(f)             “Automatic
Renewal Term” shall have the meaning set forth in Section 17(a).

 

(g)           
 “Award” shall have the meaning set forth in Section 29(e).

 

(h)            “Board”
shall mean the board of trustees of the Company as constituted from time to time.

 

(i)             “Bylaws”
shall mean the Company’s bylaws, dated January 5, 2021, as amended from time to time.

 

(j)            
 “Cause Event” shall mean:  (i) a final judgment by any court or governmental body of competent jurisdiction
not stayed or vacated within thirty (30) days that the Manager, its agents or its assignees has committed a felony or a material
violation of applicable securities laws that has a material adverse effect on the business of the Company and its subsidiaries,
taken as a whole, or the ability of the Manager to perform its duties under the terms of this Agreement; (ii) an order for
relief in an involuntary bankruptcy case relating to the Manager or the Manager authorizing or filing a voluntary bankruptcy petition;
(iii) the dissolution of the Manager, or (iv) a determination that the Manager has (A) committed; fraud against
the Company, (B) misappropriated or embezzled funds of the Company, or (C) acted, or failed to act, in a manner constituting
bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of the Manager under this Agreement;
provided, however, that if any of the actions or omissions described in this clause (iv) are caused by
an employee and/or officer of the Manager or one of its Affiliates and the Manager takes all necessary action against such Person
and cures the damage caused by such actions or omissions within thirty (30) days of such determination, then such event shall not
constitute a Cause Event.

 

(k)            “Code”
shall mean the Internal Revenue Code of 1986, as amended, and any regulations and rulings thereunder.

 

(l)             “Common
Shares” shall mean the common shares of beneficial interest of the Company, $0.001 par value per share.

 

(m)           “Company”
shall have the meaning set forth in the preamble and, unless the context otherwise requires, includes its subsidiaries.

 

    17 

     

    

 

(n)          
 “Control” of an entity, shall mean the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of such entity, whether through ownership of voting securities, by contract or otherwise and the
participles “Controls” and “Controlled” have parallel meanings.

 

(o)           
 “Core Earnings” shall mean net income (or loss) attributable to holders of Common Shares, computed in accordance
with GAAP, including realized losses not otherwise included in GAAP net income (loss), and excluding: (i) the Incentive
Fees (if any) earned by the Manager pursuant to this Agreement; (ii) depreciation and amortization (if any); (iii) non-cash
equity compensation expense (if any); (iv) unrealized gains, losses and other similar non-cash items that are included in
or deducted from net income or in other comprehensive income or loss under GAAP; and (v) one-time events pursuant to changes
in GAAP and certain material non-cash income or expense items, in each case after discussions between the Manager and the Independent
Trustees and approved by a majority of the Independent Trustees.  For the avoidance of doubt, the exclusion of depreciation
and amortization from the calculation of “Core Earnings” shall only apply with respect to real property owned
by the Company.

 

(p)           
 “Declaration of Trust” shall mean the Company’s Agreement and Declaration of Trust, dated January 5, 2021,
as amended from time to time.

 

(q)           
 “Disputes” shall have the meaning set forth in Section 29(a).

 

(r)             “Effective
Date” shall have the meaning set forth in the preamble.

 

(s)            “Effective
Termination Date” shall have the meaning set forth in Section 17(b).

 

(t)             “Equity”
shall mean (i) the sum of (A) our NAV on the Effective Date, plus (B) the net proceeds received by the Company from
any future sale or issuance of any class or series of the Company’s shares of beneficial interest, plus (C) the Company’s
cumulative Core Earnings for the period commencing on the Effective Date to the end of the most recent calendar quarter, less (ii) (A) any
distributions previously paid to the holders of Common Shares, (B) any Incentive Fee previously paid by the Company to the
Manager and (C) any amount paid by the Company to repurchase its Common Shares.  All items in the foregoing sentence
(other than clause (i)(C)) shall be calculated on a daily weighted average basis.

 

(u)           
 “equity interest” shall have the meaning set forth in Section 29(a).

  

(v)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(w)          
 “GAAP” shall mean generally accepted accounting principles in effect in the United States on the date such principles
are applied.

 

(x)           
 “Incentive Fee” shall have the meaning set forth in Section 11.

 

(y)            “Independent
Trustees” shall have the meaning ascribed to it in the Declaration of Trust.

 

(z)            
 “Initial Term” shall have the meaning set forth in Section 17(a).

 

(aa)          “Law”
shall mean any law, statute, ordinance, rule, regulation, directive, code or order enacted, issued, promulgated, enforced or entered
by any governmental entity.

 

(bb)          “Management
Fee” shall have the meaning set forth in Section 10.

 

(cc)          “Manager”
shall have the meaning set forth in the preamble.

 

(dd)         
 “Material Breach” shall mean: (i) a default by the Company in the performance or observance of any
material term, condition or covenant contained in this Agreement to be performed by the Company, the consequence of which was
materially adverse to the Manager and which did not result from and was not attributable to any action, or failure to act, of
the Manager, and such default shall continue for a period of thirty (30) days after written notice thereof by the Manager
specifying such default and requesting that the same be remedied in such thirty (30) day period; (ii) the Company
materially reduces the duties and responsibilities historically performed by the Manager or materially reduces the scope of
the authority of the Manager as historically exercised by the Manager under this Agreement; or (iii) the Company ceases
or takes steps to cease to conduct the business of originating or investing in commercial real estate loans.

 

    18 

     

    

 

(ee)          “Notice of Proposal
to Negotiate” shall have the meaning set forth in Section 17(b).

 

(ff)            “Person”
shall mean an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association,
joint venture or any other organization or entity, whether or not a legal entity.

 

(gg)          “Publicly Owned
REIT” means a REIT which has a class of equity securities registered under the Exchange Act or listed or quoted for trading
on a securities exchange that is registered as a national securities exchange under the Exchange Act.

 

(hh)          “REIT”
shall mean a real estate investment trust, as defined by the Code.

 

(ii)            “Renewal
Date” shall have the meaning set forth in Section 17(a).

 

(jj)            “RMR”
shall mean The RMR Group Inc., a Maryland corporation, its consolidated subsidiaries and its successors and assigns together and
each individually.

 

(kk)          “Rules”
shall have the meaning set forth in Section 29(a).

 

(ll)            “SEC”
shall mean the United States Securities and Exchange Commission.

 

(mm)        “Securities Act”
shall mean the Securities Act of 1933, as amended.

 

(nn)          “Termination
Fee” means a termination fee equal to (i) three times the sum of (A) the average annual Management Fee and
(B) the average annual Incentive Fee, in each case paid or payable to the Manager during the twenty-four (24) month period
immediately preceding the most recently completed calendar quarter prior to the Effective Termination Date or, if such termination
occurs prior to December 31, 2023, the Management Fee and the Incentive Fee will be annualized for such twenty-four (24) month
period based on such fees earned by the Manager during the period from the Effective Date through the most recently completed calendar
quarter prior to the Effective Termination Date, plus (ii) $1,600,000.

 

(oo)          “Termination
Notice” shall have the meaning set forth in Section 17(b).

 

    19Exhibit 10.2

 

RMR MORTGAGE TRUST

 

FORM OF

 

AMENDED AND RESTATED

 

INDEMNIFICATION AGREEMENT

 

THIS AMENDED AND RESTATED INDEMNIFICATION
AGREEMENT (this “Agreement”), effective as of [DATE] (the “Effective Date”),
by and between RMR Mortgage Trust, a Maryland statutory trust (the “Company”), and [INDEMNITEE] (“Indemnitee”).

 

WHEREAS, the Company and the Indemnitee
are parties to an Indemnification Agreement, dated April 25, 2018 (the “Prior Indemnification Agreement”);
and

 

WHEREAS, the Company has transitioned its
business from a registered investment company to a mortgage real estate investment trust as of January 5, 2021, and has updated
its organizational documents as a result; and

 

WHEREAS, the parties desire to amend and
restate the Prior Indemnification Agreement in its entirety as a result of the Company’s change in business;

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby amend and restate the Prior Indemnification Agreement
as follows:

 

Section 1.              Definitions.  For purposes of this Agreement:

 

(a)        
“Board” means the board of trustees of the Company.

 

(b)        
“Bylaws” means the bylaws of the Company, as they may be amended from time to time.

 

(c)        
“Change in Control” means a change in control of the Company occurring after the Effective Date
of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to
any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “
Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that,
without limitation, such a Change in Control shall be deemed to have occurred if after the Effective Date:

 

(i)      any
 “person” (as such term is used in Sections 13(d) and 14(d) of the Act) is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 10%
or more of the combined voting power of all the Company’s then outstanding securities entitled to vote generally in the
election of trustees without the prior approval of at least two-thirds of the members of the Board in office immediately
prior to such person attaining such percentage interest;

 

    	 	 	 

     

    

 

(ii)     
there occurs a proxy contest, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation
or other reorganization not approved by at least two-thirds of the members of the Board then in office, as a consequence of which
members of the Board in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter;
or

 

(iii)     
during any period of two consecutive years, other than as a result of an event described in clause (c)(ii) of this Section
1, individuals who at the beginning of such period constituted the Board (including for this purpose any new trustee whose
election or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the trustees
then still in office who were trustees at the beginning of such period) cease for any reason to constitute at least a majority
of the Board.

 

(d)        
“Company Status” means the status of a Person who is or was a trustee, director, manager, officer,
partner, employee, agent or fiduciary of the Company or any of its majority owned subsidiaries and the status of a Person who,
while a trustee, director, manager, officer, partner, employee, agent or fiduciary of the Company or any of its majority owned
subsidiaries, is or was serving at the request of the Company as a trustee, director, manager, officer, partner, employee, agent
or fiduciary of another real estate investment trust, corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or any other Enterprise.

 

(e)        
“Control” of an entity, shall mean the possession, direct or indirect, of the power to direct
or cause the direction of the management and policies of such entity, whether through ownership of voting securities, by contract
or otherwise.

 

(f)         
“Declaration of Trust” means the governing instrument (as defined in MSTA) of the Company, as
it may be in effect from time to time.

 

(g)        
“Disinterested Trustee” means a trustee of the Company who is not and was not a party to the Proceeding
in respect of which indemnification or advance of Expenses is sought by Indemnitee.

 

(h)        
“Enterprise” shall mean the Company and any other real estate investment trust, corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at
the express written request of the Company as a trustee, director, manager, officer, partner, employee, agent or fiduciary.

 

    	 	2	 

     

    

 

(i)       “Expenses” 
means all expenses, including, but not limited to, all attorneys’ fees and costs, retainers, court or arbitration
costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or
preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any
Proceeding.  Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding,
including without limitation the premium, security for, and other costs relating to any cost bond or other appeal bond or its
equivalent.

 

(j)       “Independent Counsel” means a law firm, or a member of a law firm, selected by the Company and
acceptable to Indemnitee, that is experienced in matters of business law. If, within twenty (20) days after submission by Indemnitee
of a written demand for indemnification pursuant to Section 7(a) hereof, no Independent Counsel shall have been selected
and agreed to by Indemnitee, either the Company or Indemnitee may petition a Chosen Court (as defined in Section 18) for
the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate,
and the person so appointed shall act as Independent Counsel hereunder.

 

(k)      “MGCL” means the Maryland General Corporation Law.

 

(l)       “MSTA” means the Maryland Statutory Trust Act, Title 12 of the Corporations and Associations Article
of the Annotated Code of Maryland.

 

(m)     “Person” means an individual, a corporation, a general or limited partnership, an association,
a limited liability company, a governmental entity, a trust, a joint venture, a joint stock company or another entity or organization.

 

(n)      “Proceeding” means any threatened, pending or completed claim, demand, action, suit, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other proceeding, whether civil,
criminal, administrative or investigative (including on appeal), whether or not by or in the right of the Company, except one initiated
by an Indemnitee pursuant to Section 9.

 

Section 2.         
Indemnification - General.  The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided
in this Agreement and (b) otherwise to the maximum extent permitted by the Declaration of Trust and Maryland law in effect on the
Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing
the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date.  The rights of Indemnitee
provided in this Section 2 shall include, without limitation, the rights set forth in the other sections of this Agreement,
including any additional indemnification permitted by Section 2-418(g) of the MGCL, as applicable to a Maryland statutory trust
by virtue of Section 12-403(b) of the MSTA.

 

Section 3.          Proceedings
Other Than Derivative Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of
indemnification provided in this Section 3 if, by reason of Indemnitee’s Company Status, Indemnitee is, or is
threatened to be, made a party to any Proceeding, other than a derivative Proceeding by or in the right of the Company (or,
if applicable, such other Enterprise at which Indemnitee is or was serving at the request of the Company).  Pursuant to
this Section 3, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement
and all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection with a Proceeding by reason of
Indemnitee’s Company Status unless it is finally determined that such indemnification is not permitted by the MGCL or
the Declaration of Trust. 

 

    	 	3	 

     

    

 

Section 4.         
Derivative Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification
provided in this Section 4 if, by reason of Indemnitee’s Company Status, Indemnitee is, or is threatened to be, made
a party to any derivative Proceeding brought by or in the right of the Company (or, if applicable, such other Enterprise at which
Indemnitee is or was serving at the request of the Company).  Pursuant to this Section 4, Indemnitee shall be indemnified
against all judgments, penalties, fines and amounts paid in settlement and all Expenses incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding unless it is finally determined that such indemnification is not permitted by the MGCL
or the Declaration of Trust.

 

Section 5.         
Indemnification for Expenses of a Party Who is Partly Successful.  Without limitation on Section 3 or
Section 4, if Indemnitee is not wholly successful in any Proceeding covered by this Agreement, but is successful, on the
merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee under this Section 5 for all Expenses incurred by Indemnitee or on Indemnitee’s behalf in connection with
each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis.  For purposes of this
Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with
or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 6.          Advancement
of Expenses. The Company, without requiring a preliminary determination of Indemnitee’s ultimate entitlement
to indemnification hereunder, shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any
Proceeding in which Indemnitee may be involved, or is threatened to be involved, including as a party, a witness or
otherwise, by reason of Indemnitee’s Company Status, within ten (10) days after the receipt by the Company of a
statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after
final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by
Indemnitee and shall be preceded or accompanied by (a) a written affirmation by Indemnitee of Indemnitee’s good faith
belief that the standard of conduct necessary for indemnification by the Company as authorized by the MGCL and the
Declaration of Trust has been met and (b) a written undertaking by or on behalf of Indemnitee, in substantially the form of
Exhibit A hereto or in such other form as may be required under applicable law as in effect at the time of the execution
thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the
Proceeding as to which it shall be finally determined that the standard of conduct has not been met and which have not been
successfully resolved as described in Section 5.  For the avoidance of doubt, the Company shall advance Expenses
incurred by Indemnitee or on Indemnitee’s behalf in connection with such a Proceeding pursuant to this Section 6
until it is finally determined that Indemnitee is not entitled to indemnification under law in respect of such
Proceeding.  To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in
the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis.  The undertaking required by
this Section 6 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without
reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post
security therefor.  At Indemnitee’s request, advancement of any such Expense shall be made by the
Company’s direct payment of such Expense instead of reimbursement of Indemnitee’s payment of such Expense.

 

    	 	4	 

     

    

 

Section 7.         
Procedure for Determination of Entitlement to Indemnification.

 

(a)       To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written demand therefor. 
The Secretary of the Company shall, promptly upon receipt of such a demand for indemnification, provide copies of the demand to
the Board.

 

(b)       Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 7(a), a determination,
if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case:
(i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall
be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred or if, after a Change in Control, Indemnitee
shall so request, (A) by the Board (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested
Trustees, or (B) if a quorum of the Board consisting of Disinterested Trustees is not obtainable or, even if obtainable, such quorum
of Disinterested Trustees so directs, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
to Indemnitee, or (C) if so directed by a majority of the members of the Board, by the shareholders of the Company; and, if it
is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after
such determination. Any Independent Counsel, member of the Board or shareholder of the Company shall act reasonably and in good
faith in making a determination regarding Indemnitee’s entitlement to indemnification under this Agreement.

 

(c)       The Company shall pay the fees and expenses of Independent Counsel, if one is appointed, and shall agree to fully indemnify
such Independent Counsel against any and all expenses, claims, liabilities and damages arising out of or relating to this Agreement
or the Independent Counsel’s engagement as such pursuant hereto.

 

Section 8.         
Presumptions and Effect of Certain Proceedings.

 

(a)       In making a determination with respect to entitlement to indemnification hereunder, the Person or Persons making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

    	 	5	 

     

    

 

(b)       It
shall be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and
the burden of persuasion by clear and convincing evidence. Without limitation of the foregoing, Indemnitee shall be deemed to
have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise,
including financial statements, or on information supplied to Indemnitee by officers of the Enterprise in the course of their
duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the
Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by
the Enterprise. In addition, the knowledge or actions, or failure to act, of any trustee, director, manager, officer,
partner, employee, agent or fiduciary of the Enterprise shall not be imputed to Indemnitee for purposes of determining the
right to indemnification under this Agreement.

 

(c)       Neither the failure to make a determination pursuant to Section 7(b) as to whether indemnification is proper in the
circumstances because Indemnitee has met any particular standard of conduct, nor an actual determination by the Company (including
by the Board or Independent Counsel) pursuant to Section 7(b) that Indemnitee has not met such standard of conduct, shall
be a defense to Indemnitee’s claim that indemnification is proper in the circumstances or create a presumption that Indemnitee
has not met any particular standard of conduct. 

 

(d)       The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent,
or an entry of an order of probation prior to judgment, shall not in and of itself adversely affect the right of Indemnitee to
indemnification or create a presumption that Indemnitee did not meet the standard of conduct required for indemnification. 
The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party
to avoid expense, delay, distraction, disruption and uncertainty.  In the event that any Proceeding to which Indemnitee is
a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration), it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such Proceeding.  Anyone seeking to overcome this presumption shall have
the burden of proof and the burden of persuasion by clear and convincing evidence.

 

Section 9.         
Remedies of Indemnitee.

 

(a)       If (i) a determination is made pursuant to Section 7(b) that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 6, (iii) no determination of entitlement
to indemnification shall have been made pursuant to Section 7(b) within thirty (30) days after receipt by the Company of the request
for indemnification, (iv) payment of indemnification is not made pursuant to Section 5 within ten (10) days after receipt
by the Company of a written request therefor, or (v) payment of indemnification is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification, Indemnitee shall (A) unless the Company demands arbitration as provided
by Section 17, be entitled to an adjudication in a Chosen Court or (B) be entitled to seek an award in arbitration as provided
by Section 17, in each case of Indemnitee’s entitlement to such indemnification or advance of Expenses.

 

    	 	6	 

     

    

 

(b)       In
any judicial proceeding or arbitration commenced pursuant to this Section 9, the Company shall have the burden of
proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. In the event that a
determination shall have been made pursuant to Section 7(b) that Indemnitee is not entitled to indemnification, any
judicial proceeding or arbitration commenced pursuant to this Section 9 shall be conducted in all respects as a de novo trial
on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 7(b).

 

(c)       If a determination shall have been made pursuant to Section 7(b) that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section
9, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the demand for indemnification.

 

(d)       In the event that Indemnitee, pursuant to this Section 9, seeks a judicial adjudication of or an award in arbitration
as provided by Section 17 to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement
by the Company, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company,
the Company shall indemnify, to the extent not prohibited by law, Indemnitee against any and all Expenses incurred by Indemnitee
in such judicial adjudication or arbitration and, if requested by Indemnitee, the Company shall (within ten (10) days after receipt
by the Company of a written demand therefor) advance, to the extent not prohibited by law, any and all such Expenses.

 

(e)       The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section
9 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any
such judicial proceeding or arbitration that the Company is bound by all the provisions of this Agreement.

 

(f)        To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide
security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or
other collateral.  Any such security, once provided to Indemnitee, may not be revoked or released without the prior written
consent of Indemnitee.

 

(g)       Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts
and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for
the period (i) commencing with either the tenth (10th) day after the date on which the Company was requested to advance Expenses
in accordance with Section 6 of this Agreement or the thirtieth (30th) day after the date on which the Company was requested
to make the determination of entitlement to indemnification under Section 7(b) of this Agreement, as applicable, and (ii)
ending on the date such payment is made to Indemnitee by the Company.

 

    	 	7	 

     

    

 

Section 10.     
Defense of the Underlying Proceeding.

 

(a)       Indemnitee
shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment,
information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or
the advance of Expenses hereunder; provided, however, that the failure to give any such notice shall not
disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the
advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain
proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company
is thereby actually so prejudiced.

 

(b)       Subject to the provisions of the last sentence of this Section 10(b) and of Section 10(c) below, the Company
shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided,
however, that the Company shall notify Indemnitee of any such decision to defend within fifteen (15) days following receipt
of notice of any such Proceeding under Section 10(a) above, and the counsel selected by the Company shall be reasonably
satisfactory to Indemnitee.  The Company shall not, without the prior written consent of Indemnitee, consent to the entry
of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee,
(ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding,
which release shall be in form and substance reasonably satisfactory to Indemnitee or (iii) has the actual or purported effect
of extinguishing, limiting or impairing Indemnitee’s rights hereunder.  This Section 10(b) shall not apply to
a Proceeding brought by Indemnitee under Section 9 above or Section 15.

 

(c)       Notwithstanding the provisions of Section 10(b), if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s
Company Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall
not be unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which
may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of
counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest
or potential conflict of interest exists between Indemnitee and the Company, or (iii) the Company fails to assume the defense of
such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. 
In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or
any other Person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover
from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel
of Indemnitee’s choice, at the expense of the Company (subject to Section 9(d)), to represent Indemnitee in connection
with any such matter.

 

Section 11.     
Liability Insurance.

 

(a)       To
the extent the Company maintains an insurance policy or policies providing liability insurance for any of its trustees or
officers, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum
extent of the coverage available for any Company trustee or officer during Indemnitee’s tenure as a trustee or officer
and, following a termination of Indemnitee’s service in connection with a Change in Control, for a period of six (6)
years thereafter.

 

    	 	8	 

     

    

 

(b)        
If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has directors’ and
officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding
in accordance with the terms of such policies.

 

(c)        
In the event of any payment by the Company under this Agreement the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee with respect to any insurance policy. Indemnitee shall take all action necessary
to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights in accordance with the terms of such insurance policy. The Company shall pay or reimburse all expenses actually and reasonably
incurred by Indemnitee in connection with such subrogation.

 

Section 12.     
Non-Exclusivity; Survival of Rights.

 

(a)        
The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled under applicable law, the Declaration of Trust or the Bylaws, any
agreement or a resolution of the shareholders entitled to vote generally in the election of trustees or of the Board, or otherwise. 
No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee
under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Company Status prior to
such amendment, alteration or repeal.  To the extent that a change in the MSTA or the MGCL permits greater indemnification
than would be afforded currently under the Declaration of Trust, Bylaws and this Agreement, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein
conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

(b)        
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or
reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any
insurance policy, contract, agreement or otherwise.

 

    	 	9	 

     

    

 

Section 13.     
Binding Effect.

 

(a)         The
indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be
enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by
purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall
continue as to an Indemnitee who has ceased to be a trustee, director, manager, officer, partner, employee, agent or
fiduciary of the Company or a trustee, director, manager, officer, partner, employee, agent or fiduciary of another
Enterprise which such Person is or was serving at the request of the Company, and shall inure to the benefit of Indemnitee
and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(b)        
Any successor of the Company (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business or assets of the Company shall be automatically deemed to
have assumed and agreed to perform this Agreement in the same manner and to the same extent that the Company would be required
to perform if no such succession had taken place, provided that no such assumption shall relieve the Company of its obligations
hereunder.  To the extent required by applicable law to give effect to the foregoing sentence and to the extent requested
by Indemnitee, the Company shall require and cause any such successor to expressly assume and agree to perform this Agreement
by written agreement in form and substance satisfactory to Indemnitee.

 

Section 14.     
Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b)
to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

Section 15.      Limitation
and Exception to Right of Indemnification or Advance of Expenses.  Notwithstanding any other provision of this
Agreement, (a) any indemnification or advance of Expenses to which Indemnitee is otherwise entitled under the terms of this
Agreement shall be made only to the extent such indemnification or advance of Expenses does not conflict with applicable
Maryland law or the Declaration of Trust and (b) Indemnitee shall not be entitled to indemnification or advance of Expenses
under this Agreement with respect to any Proceeding brought by Indemnitee, unless (i) the Proceeding is brought to enforce
rights under this Agreement, the Declaration of Trust, the Bylaws, liability insurance policy or policies, if any, or
otherwise or (ii) the Declaration of Trust, the Bylaws, a resolution of the shareholders entitled to vote generally in the
election of trustees or of the Board or an agreement approved by the Board to which the Company is a party expressly provides
otherwise.  Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application
of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the
following circumstances:  (a) if such court determines that Indemnitee is entitled to reimbursement under Section
2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the
Expenses of securing such reimbursement; or (b) if such court determines that Indemnitee is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standard of conduct set
forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under
Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper without regard to any
limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the MGCL.

 

    	 	10	 

     

    

 

 

Section 16.     
Specific Performance, Etc.  The parties hereto recognize that if any provision of this Agreement is violated
by the Company, Indemnitee may be without an adequate remedy at law.  Accordingly, in the event of any such violation, Indemnitee
shall be entitled, if Indemnitee so elects, to institute proceedings, either in law or at equity, to obtain damages, to enforce
specific performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as Indemnitee may elect
to pursue.

 

Section 17.     
Arbitration.

 

(a)        
Any disputes, claims or controversies regarding Indemnitee’s entitlement to indemnification or advancement of Expenses
hereunder or otherwise arising out of or relating to this Agreement, including any disputes, claims or controversies brought by
or on behalf of a party hereto or any holder of equity interests (which, for purposes of this Section 17, shall mean any
holder of record or any beneficial owner of equity interests or any former holder of record or beneficial owner of equity interests)
of a party, either on his, her or its own behalf, on behalf of a party or on behalf of any series or class of equity interests
of a party or holders of equity interests of a party against a party or any of their respective trustees, directors, members, officers,
managers, agents or employees, including any disputes, claims or controversies relating to the meaning, interpretation, effect,
validity, performance or enforcement of this Agreement, including this Section 17 or the governing documents of a party (all of
which are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes, shall, on
the demand of any party to such Dispute or Disputes, be resolved through binding and final arbitration in accordance with the Commercial
Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”)
then in effect, except as those Rules may be modified in this Section 17.  For the avoidance of doubt, and not as a
limitation, Disputes are intended to include derivative actions against the trustees, directors, officers or managers of a party
and class actions by a holder of equity interests against those individuals or entities and a party.  For the avoidance of
doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another party.  For purposes of
this Section 17, the term “equity interest” shall mean (i) in respect of the Company, shares of beneficial interest
of the Company, (ii) shares of “membership interests” in an entity that is a limited liability company, (iii) general
partnership interests in an entity that is a partnership, (iv) shares of capital stock of an entity that is a corporation and (v)
similar equity ownership interests in other entities.

 

    	 	11	 

     

    

 

(b)         There
shall be three (3) arbitrators.  If there are only two (2) parties to the Dispute, each party shall select one (1)
arbitrator within fifteen (15) days after receipt by respondent of a copy of the demand for arbitration.  The
arbitrators may be affiliated or interested persons of the parties.  If there are more than two (2) parties to the
Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall select, by the vote of a majority of
the claimants or the respondents, as the case may be, one (1) arbitrator within fifteen (15) days after receipt of the demand
for arbitration. The arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may
be.  If either a claimant (or all claimants) or a respondent (or all respondents) fail(s) to timely select an arbitrator
then the party (or parties) who has selected an arbitrator may request AAA to provide a list of three (3) proposed
arbitrators in accordance with the Rules (each of whom shall be neutral, impartial and unaffiliated with any party) and the
party (or parties) that failed to timely appoint an arbitrator shall have ten (10) days from the date AAA provides the list
to select one (1) of the three (3) arbitrators proposed by AAA.  If the party (or parties) fail(s) to select the second
(2nd) arbitrator by that time, the party (or parties) who have appointed the first (1st) arbitrator shall then have ten (10)
days to select one (1) of the three (3) arbitrators proposed by AAA to be the second (2nd) arbitrator; and, if he/they should
fail to select the second (2nd) arbitrator by such time, AAA shall select, within fifteen (15) days thereafter, one (1) of
the three (3) arbitrators it had proposed as the second (2nd) arbitrator.  The two (2) arbitrators so appointed shall
jointly appoint the third (3rd) and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party)
within fifteen (15) days of the appointment of the second (2nd) arbitrator.  If the third (3rd) arbitrator has not been
appointed within the time limit specified herein, then AAA shall provide a list of proposed arbitrators in accordance with
the Rules, and the arbitrator shall be appointed by AAA in accordance with a listing, striking and ranking procedure, with
each party having a limited number of strikes, excluding strikes for cause.

 

(c)        
The place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.

 

(d)        
There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered
by the arbitrators.  For the avoidance of doubt, it is intended that there shall be no depositions and no other discovery
other than limited documentary discovery as described in the preceding sentence.

 

(e)        
In rendering an award or decision (an “Award”), the arbitrators shall be required to follow the
laws of the State of Maryland without regard to principles of conflicts of law.  Any arbitration proceedings or award rendered
hereunder and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration
Act, 9 U.S.C. §1 et seq.  An Award shall be in writing and shall state the findings of fact and conclusions of law on
which it is based.  Any monetary Award shall be made and payable in U.S. dollars free of any tax, deduction or offset. 
Subject to Section 17(g), each party against which an Award assesses a monetary obligation shall pay that obligation on
or before the thirtieth (30th) day following the date of such Award or such other date as the Award may provide.

 

(f)          Except
to the extent expressly provided by this Agreement or as otherwise agreed by the parties thereto, each party and each Person
acting or seeking to act in a representative capacity (such Person, a “Named Representative”)
involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not
render an Award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a
derivative case or class action, award any portion of a party’s award to its attorneys, a Named Representative or any
attorney of a Named Representative.  Each party (or, if there are more than two (2) parties to the Dispute, all
claimants, on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and expenses of its
(or their) selected arbitrator and the parties (or, if there are more than two (2) parties to the Dispute, all claimants, on
the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the third (3rd) appointed
arbitrator.

 

    	 	12	 

     

    

 

(g)        
Notwithstanding any language to the contrary in this Agreement, an Award, including but not limited to any interim Award,
may be appealed pursuant to the AAA’s Optional Appellate Arbitration Rules (the “Appellate Rules”). 
An Award shall not be considered final until after the time for filing the notice of appeal pursuant to the Appellate Rules has
expired.  Appeals must be initiated within thirty (30) days of receipt of an Award by filing a notice of appeal with any AAA
office. Following the appeal process, the decision rendered by the appeal tribunal may be entered in any court having jurisdiction
thereof.  For the avoidance of doubt, and despite any contrary provision of the Appellate Rules, Section 17(f) shall
apply to any appeal pursuant to this Section 17 and the appeal tribunal shall not render an Award that would include shifting
of any costs or expenses (including attorneys’ fees) of any party or Named Representative or the payment of such costs and
expenses, and all costs and expenses of a party or Named Representative shall be its sole responsibility.

 

(h)        
Following the expiration of the time for filing the notice of appeal, or the conclusion of the appeal process set forth
in Section 17(g), an Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy
between those parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators. 
Judgment upon an Award may be entered in any court having jurisdiction.  To the fullest extent permitted by law, no application
or appeal to any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration
or with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award
issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any court
of competent jurisdiction.

 

(i)          
This Section 17 is intended to benefit and be enforceable by the parties hereto and their respective holders of equity
interests, trustees, directors, officers, managers, agents or employees, and their respective successors and assigns, and shall
be binding upon all such parties and their respective holders of equity interests, and be in addition to, and not in substitution
for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

 

Section 18.      Venue. 
Each party hereto agrees that it shall bring any Proceeding in respect of any claim arising out of or related to this
Agreement exclusively in the courts of the State of Maryland and the Federal courts of the United States, in each case,
located in the City of Baltimore (the “Chosen Courts”).  Solely in connection with claims
arising under this Agreement, each party irrevocably and unconditionally (i) submits to the exclusive jurisdiction of the
Chosen Courts, (ii) agrees not to commence any such Proceeding except in such courts, (iii) waives, to the fullest extent it
may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such
Proceeding in the Chosen Courts, (iv) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such Proceeding, (v) agrees that service of process upon such party in any such Proceeding shall be
effective if notice is given in accordance with Section 24 and (vi) agrees to request and/or consent to the assignment
of any dispute arising out of this Agreement or the transactions contemplated by this Agreement to the Chosen Courts’
Business and Technology Case Management Program, or similar program.  Nothing in this Agreement will affect the right of
any party hereto to serve process in any other manner permitted by law.  A final judgment in any such Proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law.  EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS.  Notwithstanding anything herein to the contrary, if a demand for
arbitration of a Dispute is made pursuant to Section 17, this Section 18 shall not preempt resolution of the
Dispute pursuant to Section 17.

 

    	 	13	 

     

    

 

Section 19.     
Adverse Settlement.  The Company shall not seek, nor shall it agree to or support, or agree not to contest any
settlement or other resolution of any matter that has the actual or purported effect of extinguishing, limiting or impairing Indemnitee’s
rights hereunder, including without limitation the entry of any bar order or other order, decree or stipulation, pursuant to 15
U.S.C. § 78u-4 (the Private Securities Litigation Reform Act), or any similar foreign, federal or state statute, regulation,
rule or law.

 

Section 20.     
Period of Limitations.  To the fullest extent permitted by law, no legal action shall be brought, and no cause
of action shall be asserted, by or on behalf of the Company or any controlled affiliate of the Company against Indemnitee, Indemnitee’s
spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such
cause of action, and any claim or cause of action of the Company or its controlled affiliate shall be extinguished and deemed released
unless asserted by the timely filing of a legal action within such two-year period; provided, however, if any shorter period
of limitations is otherwise applicable to any such cause of action, such shorter period shall govern.

 

Section 21.     
Counterparts.  This Agreement may be executed in any number of counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each of the parties hereto and delivered
to the other party (including via facsimile or other electronic transmission), it being understood that each party hereto need
not sign the same counterpart.

 

Section 22.     
Delivery by Electronic Transmission.  This Agreement and any signed agreement or instrument entered into in
connection with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered
by means of an electronic transmission, including by a facsimile machine or via email, shall be treated in all manner and respects
as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person.  At the request of any party hereto or to any such agreement or instrument, each
other party hereto or thereto shall re-execute original forms thereof and deliver them to the other parties.  No party hereto
or to any such agreement or instrument shall raise the use of electronic transmission by a facsimile machine or via email to deliver
a signature or the fact that any signature or agreement or instrument was transmitted or communicated through electronic transmission
as a defense to the formation of a contract and each such party forever waives any such defense.

 

    	 	14	 

     

    

 

Section 23.     
Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed
to, or shall, constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

Section 24.     
Notices.  Any notice, report or other communication required or permitted to be given hereunder shall be in
writing unless some other method of giving such notice, report or other communication is accepted by the party to whom it is given,
and shall be given by being delivered at the following addresses to the parties hereto:

 

(a)       If to Indemnitee, to:  The address set forth on the signature page hereto.

 

(b)       If to the Company to:

 

RMR Mortgage Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts 02458-1634

Attn: Secretary

 

or to such other address as may have been furnished to Indemnitee
by the Company or to the Company by Indemnitee, as the case may be.

 

Section 25.     
Governing Law.  The provisions of this Agreement and any Dispute, whether in contract, tort or otherwise, shall
be governed by and construed in accordance with the laws of the State of Maryland without regard to its conflicts of laws rules.

 

Section 26.     
Interpretation.

 

(a)       Generally.  Unless the context otherwise requires, as used in this Agreement: (a) words defined in the singular
have the parallel meaning in the plural and vice versa; (b)”Articles,” “Sections,” and “Exhibits”
refer to Articles, Sections and Exhibits of this Agreement unless otherwise specified; and (c) “hereto” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement.

 

(b)       Additional
Interpretive Provisions.  The headings in this Agreement are for reference purposes only and shall not in any way
affect the meaning or interpretation of this Agreement.  Any capitalized term used in any Exhibit to this Agreement, but
not otherwise defined therein, shall have the meaning as defined in this Agreement.  References to any statute shall be
deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder and any
successor statute or statutory provision.  References to any agreement are to that agreement as amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof.  References to any Person include the
successors and permitted assigns of that Person.  Reference to any agreement, document or instrument means the
agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof,
and if applicable hereof.

 

[Signature Page
Follows]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed or caused to be executed on their behalf this Agreement as of the date first written above.

 

	 	RMR MORTGAGE TRUST
	 	 	 	 
	 	By:	 
	 	 	Name:	           
	 	 	Title:	 
	 	 	 	 
	 	[INDEMNITEE]
	 	 	 	 
	 	 
	 	Indemnitee’s Address:
	 	 	 	 
	 	Two Newton Place
	 	255 Washington Street, Suite 300
	 	Newton, Massachusetts 02458

 

[Signature Page
to Indemnification Agreement]

 

    	 	 	 

     

    

 

EXHIBIT A

 

FORM OF AFFIRMATION AND

UNDERTAKING TO REPAY EXPENSES ADVANCED

 

To the Board of Trustees of RMR Mortgage Trust:

 

This affirmation and undertaking is being
provided pursuant to that certain Indemnification Agreement dated                                 ,
20    (the “Indemnification Agreement”), by and between RMR Mortgage Trust, a Maryland
statutory trust (the “Company”), and the undersigned Indemnitee, pursuant to which I am entitled to advancement
of expenses in connection with [Description of Claims/Proceeding] (together, the “Claims”).  Terms
used, and not otherwise defined, herein shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the Claims by reason of my
Company Status or by reason of alleged actions or omissions by me in such capacity.

 

I hereby affirm my good faith belief that
the standard of conduct necessary for my indemnification has been met.

 

In consideration of the advancement of Expenses
by the Company for attorneys’ fees and related expenses incurred by me in connection with the Claims (the “Advanced
Expenses”), I hereby agree that if, in connection with a proceeding regarding the Claim, it is ultimately determined
that I am not entitled to indemnification under law with respect to an act or omission by me, then I shall promptly reimburse the
portion of the Advanced Expenses relating to the Claim(s) as to which the foregoing findings have been established and which have
not been successfully resolved as described in Section 5 of the Indemnification Agreement.  To the extent that Advanced
Expenses do not relate to specific Claims, I agree that such Advanced Expenses may be allocated on a reasonable and proportionate
basis.

 

IN WITNESS WHEREOF, I have executed this Affirmation
and Undertaking to Repay Expenses Advanced on                      ,
     .

 

 

	WITNESS:	 	 
	 	 	 
	                                                       	 	                                                      
	 	 	 
	                                                       	 	                                                       
	Print name of witness	 	Print name of Indemnitee

 

    	 	 	 

     

    

 

Schedule to Exhibit 10.2

 

The following individuals are parties to
Indemnification Agreements with the Company which are substantially identical in all material respects to the representative Indemnification
Agreement filed herewith and are dated as of the respective dates listed below.

 

	Jennifer B. Clark	January 5, 2021
	Barbara D. Gilmore	January 5, 2021
	John L. Harrington	January 5, 2021
	Matthew P. Jordan	January 5, 2021
	G. Douglas Lanois	January 5, 2021
	Vern D. Larkin	January 5, 2021
	Thomas J. Lorenzini	January 5, 2021
	Adam D. Portnoy	January 5, 2021
	Jeffrey P. Somers	January 5, 2021

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