Document:

Exhibit 10.5

 

POSTAL REALTY TRUST, INC.

2019 EQUITY INCENTIVE PLAN

 

NOTICE OF STOCK AWARD

 

Subject
to the terms and conditions of this Notice of Stock Award (this "Notice"),
the Stock Award Agreement attached hereto (the "Award Agreement"), and
the Postal Realty Trust, Inc. 2019 Equity Incentive Plan (the "Plan"),
the below individual (the "Participant") is hereby granted the below
number of shares of Common Stock (the "Covered Shares") in Postal Realty
Trust, Inc., a Maryland corporation (the "Company"). Unless otherwise
specifically indicated, all terms used in this Notice have the meanings set forth in the Award Agreement or the Plan.

 

Identifying Information:

 

	Participant
    Name 	 	Number of
    "Covered Shares":  	 
	and Address: 	 	Vesting Commencement
    Date: 	 
	 	 	Date of Grant: 	 

 

Vesting Schedule:

Subject to the Participant's
continuous status as an employee of the Company or an Affiliate or a Non-Employee Director (each, a "Service
Provider"), and the terms of the Plan, this Notice and the Award Agreement, the Covered Shares vest over a ___
year period in accordance with the following vesting schedule (the "Vesting Schedule"):

 

	Vesting Date	Nonforfeitable Percentage
	________________________	________________________
	________________________	________________________
	________________________	________________________

 

Representations and Agreements of the
Participant:

The Participant has reviewed this Notice,
the Award Agreement and Annex A and the Plan in their entirety, has had an opportunity to have them reviewed by his or her
legal and tax advisers, and hereby represents that he or she is relying solely on such advisors and not on any statements or representations
of the Company or any of its agents or Affiliates. The Participant represents to the Company that he or she is familiar with the
terms of this Notice, the Award Agreement and Annex A and the Plan, and hereby accepts the Covered Shares subject to
all of their terms. The Participant hereby agrees that all questions of interpretation and administration relating to this Notice,
the Award Agreement and the Plan will be resolved solely by the Committee.

 

Electronic Signature:

This Notice may be executed by the Participant
and the Company by means of electronic or digital signatures, which have the same force and effect as manual signatures. The Participant
agrees that clicking "I Accept" (or a tab of similar intent) in connection with or response to any electronic communication
or other medium has the effect of affixing the Participant's electronic signature to this Notice. This award of Covered Shares
will be forfeited by the Participant if it is not duly executed by electronic signature by the Participant prior to the deadline
set forth in the electronic transmission of this Award Agreement.

 

    -1- 

     

    

 

POSTAL REALTY TRUST, INC.

2019 EQUITY INCENTIVE PLAN

 

STOCK AWARD AGREEMENT

 

Subject
to the terms and conditions of the Notice of Stock Award (the "Notice"),
this Stock Award Agreement (this "Award Agreement"), and the Postal Realty
Trust, Inc. 2019 Equity Incentive Plan (the "Plan"), Postal Realty Trust,
Inc., a Maryland corporation (the "Company"), hereby grants the
individual set forth in the Notice (the "Participant") Shares of
Common Stock (the "Covered Shares"). Unless otherwise specifically indicated,
all terms used in this Award Agreement have the meanings set forth in the Notice or the Plan.

 

1.       Grant
of Stock Award. The principal features of the Stock Award, including the number of Covered Shares, are set forth in the Notice.
The grant of the Covered Shares will not be effective until the Date of Grant set forth in the Notice.

 

2.       Vesting
Schedule and Risk of Forfeiture.

 

(a)       Vesting
Schedule. Subject to the Participant's continuous status with the Company as a Service Provider and any other limitations set
forth in the Notice, the Plan or this Award Agreement, the Covered Shares will vest in accordance with the Vesting Schedule provided
in the Notice (the "Vesting Schedule").

 

(a)       Risk
of Forfeiture. The Covered Shares will be subject to a risk of forfeiture until such time the Covered Shares vest in accordance
with the Vesting Schedule. All or any portion of the Covered Shares subject to a risk of forfeiture will automatically be forfeited
and immediately returned to the Company if the Participant's continuous status as a Service Provider is interrupted or terminated
for any reason other than as permitted under the Plan. Additionally, and notwithstanding anything in the Notice or this Award Agreement
to the contrary, the vested and unvested Covered Shares will automatically and immediately be forfeited upon the earlier of: (i)
the date the Participant's continuous status as a Service Provider is terminated for Cause, and (ii) the date the Participant breaches
(as determined by the Board) any provision of the Notice, this Award Agreement or the Plan. The Company may implement any
forfeiture under this Section 2(b) in a unilateral manner, without the Participant's consent, and with no payment to the
Participant, cash or otherwise, for the forfeited Covered Shares. For the purposes of this Award Agreement, "Cause"
means, if the Participant is a party to an employment agreement or similar agreement between the Participant and the Company and
such agreement provides for a definition of "Cause" (or substantially similar term), the definition contained therein.
If no such agreement exists, or if any such agreement exists but "Cause" (or substantially similar term) is not defined
therein, then Cause means (as determined by the Committee in its sole and absolute discretion) the occurrence of any one or more
of the following events: (i) any act or omission that constitutes a material breach by the Participant of any of his or her material
obligations under the Plan, this Award Agreement or any other material agreement between the Participant and the Company; (ii)
the Participant's conviction of, or plea of nolo contendere to, (A) any felony or (B) another crime involving dishonesty or
moral turpitude or which could reflect negatively upon the Company or otherwise impair or impede its operations; (iii) the Participant
engaging in any misconduct, negligence, dishonesty, violence or threat of violence (including any violation of federal securities
laws) that is demonstrably and materially injurious to the Company or any of its subsidiaries or Affiliates; (iv) the Participant's
material and knowing breach of a material written policy of the Company or the rules of any governmental or regulatory body applicable
to the Company; or (v) any other willful misconduct by the Participant which is or could be materially injurious to the financial
condition, operations or business reputation of the Company or any of its subsidiaries or Affiliates.

 

    -1- 

     

    

 

3.       Transfer
Restrictions. The Covered Shares issued to the Participant hereunder may not be sold, transferred by gift, pledged, hypothecated,
or otherwise transferred or disposed of by the Participant (other than by will or by the laws of descent or distribution) prior
to the date when the Covered Shares vest pursuant to the Vesting Schedule. Any attempt to transfer Covered Shares in violation
of this Section 3 will be null and void and will be disregarded. The terms of the Plan and this Award Agreement are binding
upon the executors, administrators, heirs, successors and assigns of the Participant.

 

4.       Escrow
of Shares. For purposes of facilitating the enforcement of the provisions of the Notice, this Award Agreement and the Plan,
the Participant agrees, immediately upon his or her deemed receipt of the certificate(s) for the Covered Shares, to deliver such
certificate(s) (or electronic equivalent), together with a Stock Assignment Separate from Certificate in the form attached hereto
as Annex A (executed in blank by the Participant and with
respect to each such certificate) to the Secretary or Assistant Secretary of the Company, or their designee, as escrow agent (the
"Escrow Agent"), to hold in escrow for so long as such Covered Shares have not vested pursuant to the Vesting
Schedule or until such time as this Award Agreement is no longer in effect. The Escrow Agent will have the authority to take all
such actions and to effectuate all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives
of this Award Agreement in accordance with the terms hereof. The Participant hereby acknowledges that the appointment of the Escrow
Agent hereunder with the stated authorities is a material inducement to the Company to enter into the Notice and this Award Agreement
and that such appointment is coupled with an interest and is irrevocable. The Participant agrees that the Escrow Agent will not
be liable to any party hereto (or to any other person) for any actions or omissions unless such Escrow Agent is grossly negligent
relative thereto. The Escrow Agent may rely upon any letter, notice or other document executed by any signature purported to be
genuine and may resign at any time. Upon the vesting of Covered Shares, the Escrow Agent will, without further order or instruction,
transmit to the Participant the certificate (or electronic equivalent) evidencing such Shares, subject, however, to satisfaction
of any withholding obligations provided in Section 7 below.

 

5.       Additional
Securities. Any securities or cash received as the result of an adjustment provided for in Article XII of the Plan (the
"Additional Securities") will be retained in escrow in the same manner and subject to the same conditions
and restrictions as the Covered Shares with respect to which they were issued, including the Vesting Schedule. If the Additional
Securities consist of a convertible security, the Participant may exercise any conversion right, and any securities so acquired
will constitute Additional Securities. In the event of any change in certificates (or electronic equivalent) evidencing the Shares
or the Additional Securities by reason of any transaction under Article XII of the Plan, the Escrow Agent is authorized
to deliver to the issuer the certificates (or electronic equivalent) evidencing the Shares or Additional Securities in exchange
for the certificates (or electronic equivalent) of the replacement securities.

 

    -2- 

     

    

 

6.       Distributions.
The Company will disburse to the Participant all regular cash dividends with respect to the Shares and Additional Securities, whether
vested or otherwise, less the amount to satisfy any applicable withholding obligations. Such dividends will be fully vested on
the date the dividends are disbursed and will not be subject to the Vesting Schedule.

 

7.       Taxes.
The Participant hereby acknowledges and understands that he or she may suffer adverse tax consequences as a result of the Participant's
receipt of (or purchase of), vesting in, or disposition of, the Covered Shares.

 

(a)       Representations.
The Participant has reviewed with the Participant's tax advisors the tax consequences of this Award Agreement and the Covered Shares
granted hereunder, including any U.S. federal, state and local tax laws, and any other applicable taxing jurisdiction. The Participant
is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant
hereby acknowledges and understands that the Participant (and not the Company) will be responsible for the Participant's tax liability
that may arise as a result of the Participant receiving this Award Agreement and the Covered Shares granted hereunder.

 

(b)       Payment
of Withholding Taxes. The Participant will make appropriate arrangements with the Company for the satisfaction of all U.S.
federal, state, local and non-U.S. income and employment tax withholding requirements applicable to any Covered Shares. The Participant
hereby acknowledges the Company's obligations under this Award Agreement are fully contingent on the Participant first satisfying
this Section 7(b). Therefore, a failure of the Participant to reasonably satisfy this Section 7 in accordance with
the Committee's sole and absolute discretion will result in the automatic termination and expiration of this Award Agreement and
the Company's obligations hereunder. The Participant hereby agrees that a breach of this Section 7(b) will be deemed to
be a material breach of this Award Agreement.

 

8.       Legality
of Initial Issuance. No Covered Shares will be issued unless and until the Committee has determined that: (i) the Company and
the Participant have taken all actions required to register the Covered Shares under the Securities Act or to perfect an exemption
from the registration requirements thereof, if applicable; (ii) all applicable listing requirements of any stock exchange or other
securities market on which the Covered Shares are listed has been satisfied; and (iii) any other applicable provision of any applicable
law has been satisfied.

 

9.       Restrictive
Legends. The certificate evidencing the Covered Shares issued hereunder will be endorsed with the following legends (in addition
to any legend required under applicable U.S. federal, state securities laws and under any other applicable law):

 

(a)       On
the face of the certificate:

 

"TRANSFER OF THESE SHARES
OF COMMON STOCK IS RESTRICTED IN ACCORDANCE WITH THE CONDITIONS PRINTED ON THE REVERSE OF THIS CERTIFICATE."

 

(b)       On
the reverse of the certificate:

 

    -3- 

     

    

 

"THE SHARES OF COMMON STOCK
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THE TERMS OF THE POSTAL REALTY TRUST, INC. 2019 EQUITY INCENTIVE PLAN
AND MAY NOT BE SOLD, PLEDGED, TRANSFERRED, ASSIGNED OR OTHERWISE ENCUMBERED IN ANY MANNER EXCEPT AS IS SET FORTH IN THE TERMS OF
SUCH PLAN OR ANY RELATED AGREEMENT."

 

However, in instances where Covered Shares
are issued electronically, this Section 9 will apply only to the extent administratively practical.

 

10.       Restrictions
on Transfer.

 

(a)       Stop-Transfer
Notices. The Participant agrees that, in order to ensure compliance with the restrictions referred to herein and applicable
law, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Company
transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

(b)       Rights
of the Company. The Company will not (i) record on its books the transfer of any Covered Shares that have been sold or transferred
in contravention of this Award Agreement or (ii) treat as the owner of Covered Shares, or otherwise accord voting, dividend or
liquidation rights to, any transferee to whom Covered Shares have been transferred in contravention of this Award Agreement. Any
transfer of Covered Shares not made in conformance with this Award Agreement will be null and void and will not be recognized by
the Company.

 

11.       Notice.
Any notice required by the terms of this Award Agreement must be given in writing and will be deemed to be effective upon personal
delivery or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid.
Notice must be addressed to the Company at its principal executive office and to the Participant at the address that he or she
most recently provided to the Company.

 

12.       Successors
and Assigns. Except as provided herein to the contrary, this Award Agreement is binding upon and will inure to the benefit
of the parties to this Award Agreement, their respective successors and permitted assigns.

 

13.       No
Assignment. Except as otherwise provided in this Award Agreement, the Participant may not assign any of his or her rights under
the Notice or this Award Agreement without the prior written consent of the Company, which consent may be withheld in its sole
discretion. The Company is permitted to assign its rights or obligations under the Notice and this Award Agreement.

 

14.       Construction;
Severability. The captions used in this Award Agreement are inserted for convenience and are not to be deemed to be a part
of this Award Agreement for construction or interpretation. Except where otherwise indicated by the context, the singular form
includes the plural form and the plural form includes the singular form. Use of the term "or" is not intended to be exclusive,
unless the context clearly requires otherwise. The validity, legality or enforceability of the remainder of this Award Agreement
will not be affected even if one or more of the provisions of this Award Agreement are held to be invalid, illegal or unenforceable
in any respect.

 

    -4- 

     

    

 

15.       Administration
and Interpretation. Any determination by the Committee in connection with any question or issue arising under the Notice, the
Plan or this Award Agreement will be final, conclusive and binding on the Participant, the Company and all other persons. Any question
or dispute regarding the interpretation of this Award Agreement or the receipt of the Covered Shares or shares of Common Stock
hereunder must be submitted by the Participant to the Committee. The resolution of such question or dispute by the Committee will
be final and binding on all parties.

 

16.       Counterparts.
The Notice may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile, and each of
which will be deemed to be an original, but all of which together will be deemed to be one and the same instrument.

 

17.       Entire
Agreement; Governing Law; and Amendments. The provisions of the Plan and the Notice are incorporated herein by reference. The
Plan, the Notice and this Award Agreement, including Annex A, constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant
with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest except by means of a
writing signed by the Company and the Participant. This Award Agreement is governed by the laws of the State of New York applicable
to contracts executed in and to be performed in that State.

 

18.       Venue.
The Company, the Participant and the Participant's assignees agree that any suit, action or proceeding arising out of or related
to the Notice, this Award Agreement or the Plan must be brought in the United States District Court for the Eastern District of
New York (or should such court lack jurisdiction to hear such action, suit or proceeding, in a state court in Nassau County, New
York) and that all parties submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted
by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.
If any one or more provisions of this Section 18 are for any reason held invalid or unenforceable, it is the specific intent
of the parties that such provisions be modified to the minimum extent necessary to make it or its application valid and enforceable.

 

19. No Guarantee
of Continued Service. THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF COVERED SHARES PURSUANT TO THE VESTING SCHEDULE
IS EARNED ONLY BY CONTINUOUS STATUS AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING
GRANTED THE COVERED SHARES OR ACQUIRING SHARES OF COMMON STOCK HEREUNDER). THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT
THIS AWARD AGREEMENT, THE COVERED SHARES GRANTED HEREUNDER, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD,
FOR ANY PERIOD, OR AT ALL, AND DO NOT INTERFERE IN ANY WAY WITH THE PARTICIPANT'S RIGHT OR THE COMPANY'S (OR ANY AFFILIATE'S) RIGHT
TO TERMINATE THE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

 

    -5- 

     

    

 

20.       Waiver.
Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed to be a waiver
of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with,
any right or power hereunder at any one or more times be deemed to be a waiver or relinquishment of such right or power at any
other time or times.

 

* * * * *

    -6- 

     

    

 

ANNEX A

 

POSTAL REALTY TRUST, INC.

2019 EQUITY INCENTIVE PLAN

 

STOCK AWARD AGREEMENT

 

Stock Assignment Separate From Certificate

 

[Please sign this document but do not date it. The date and
information of the transferee will be completed if and when the shares are assigned.]

 

FOR VALUE RECEIVED,
                                           
(the "Participant") hereby sells, assigns and transfers unto                                                     ,
                                  
(                  ) shares of
the Common Stock of Postal Realty Trust, Inc., a Maryland corporation (the "Company"), standing in
his or her name on the books of the Company represented by Certificate No.                             
(or electronic equivalent) herewith, and does hereby irrevocably constitute and appoint the Secretary of the Company with the power
of attorney to transfer the said stock in the books of the Company with full power of substitution. This assignment may be executed
by the Participant by means of electronic or digital signatures, which have the same force and effect as manual signatures. The
Participant agrees that clicking "I Accept" (or a tab of similar intent) in connection with or response to any electronic
communication or other medium has the effect of affixing the Participant's electronic signature to this assignment.

 

	Dated:_______________	 
	 	Signature of the Participant
	 	 
	 	 
	 	Print Name

 

    -1-Exhibit 10.6

 

POSTAL REALTY TRUST, INC.

2019 EQUITY INCENTIVE PLAN

 

NOTICE OF LTIP UNIT AWARD

 

Subject
to the terms and conditions of this Notice of LTIP Unit Award (this "Notice"),
the LTIP Unit Award Agreement attached hereto (the "Award Agreement"),
the Postal Realty Trust, Inc. 2019 Equity Incentive Plan (the "Plan"),
and the First Amended and Restated Agreement of Limited Partnership of Postal Realty LP, dated as of _______, 2019, as amended
from time to time (the "Partnership Agreement"), Postal Realty Trust,
Inc., a Maryland corporation (the "Company"), as the sole general partner
of Postal Realty LP (the "Partnership"), hereby grants the below individual
(the "Participant") the below number of LTIP Units. Unless otherwise
specifically indicated, capitalized terms used in this Notice but not otherwise defined herein shall have their respective meanings
set forth in the Award Agreement or the Plan.

 

Identifying Information:

 

	Name and Address of the	 
	Participant:	 
	 	 
	Date of Grant:	 
	Number of LTIP Units:	 

 

Vesting Schedule:

Subject to the Participant's continuous
status as an employee of  the Company ("Continuous Service"), and the terms
of the Plan, the Partnership Agreement, this Notice and the Award Agreement, the LTIP Units vest in accordance with the following
vesting schedule (the "Vesting Schedule"):

 

	Vesting Date	Nonforfeitable Percentage

 

Representations and Agreements of the
Participant:

The Participant has reviewed this Notice,
the Award Agreement, the Plan and the Partnership Agreement in their entirety, has had an opportunity to have them reviewed by
his or her legal and tax advisers, and hereby represents that he or she is relying solely on such advisors and not on any statements
or representations of the Company, the Partnership, any Affiliate or any of their agents. The Participant represents that he or
she is familiar with the terms of this Notice, the Award Agreement, the Plan and the Partnership Agreement, and hereby accepts
the LTIP Units subject to all of their terms. The Participant hereby agrees that all questions of interpretation and administration
relating to this Notice, the Award Agreement and the Plan will be resolved solely by the Committee.

 

Electronic Signature:

This Notice may be executed by the Participant,
the Company and the Partnership by means of electronic or digital signatures, which have the same force and effect as manual signatures.
The Participant agrees that clicking "I Accept" (or a tab of similar intent) in connection with or response to any electronic
communication or other medium has the effect of affixing the Participant's electronic signature to this Notice. This award of LTIP
Units will be forfeited by the Participant if it is not duly executed by electronic signature by the Participant prior to the deadline
set forth in the electronic transmission of this Notice and the Award Agreement.

      

     

    

 

POSTAL REALTY TRUST, INC.

2019 EQUITY INCENTIVE PLAN

 

LTIP UNIT AWARD AGREEMENT

 

Subject
to the terms and conditions of the Notice of LTIP Unit Award (the "Notice"),
this LTIP Unit Award Agreement (this "Award Agreement"), the Postal Realty
Trust, Inc. 2019 Equity Incentive Plan (the "Plan"), and the First Amended
and Restated Agreement of Limited Partnership of Postal Realty LP, dated as of _________, 2019, as amended from time to time (the
"Partnership Agreement"), Postal Realty Trust, Inc., a Maryland corporation
(the "Company"), as the sole general partner of Postal Realty LP (the
"Partnership"), hereby grants the individual set forth in the Notice
(the "Participant") the number of LTIP Units set forth in the Notice.
Unless otherwise specifically indicated, capitalized terms used in this Award Agreement but not otherwise defined herein shall
have their respective meanings set forth in the Notice or the Plan.

 

1.         Award
in Exchange for Performance of Services. In consideration of the Participant's provision of services to or for the benefit
of the Partnership in a partner capacity or in anticipation of being a partner, the Company grants the number of LTIP Units indicated
in the Notice, effective as of the Date of Grant set forth in the Notice, and on the terms and conditions set forth in the Notice,
this Award Agreement, the Plan and the Partnership Agreement. Upon receipt of the LTIP Units, the Participant shall, automatically
and without further action on his or her part, be deemed to be a party to, signatory of and bound by the Partnership Agreement.
Notwithstanding the foregoing, at the request of the Company or the Partnership, the Participant shall execute the Partnership
Agreement or a joinder or counterpart signature page thereto before this Award Agreement and the underlying grant becomes effective.

 

2.         Vesting
Schedule. Subject to the Participant's Continuous Service and any other limitations set forth in the Notice, the Plan, the
Partnership Agreement or this Award Agreement, the LTIP Units will vest in accordance with the Vesting Schedule provided in the
Notice.

 

3.         Risk
of Forfeiture and Clawback.

 

(a)          Risk
of Forfeiture - Vesting. The LTIP Units shall be subject to a risk of forfeiture until such time the risk of forfeiture lapses
in accordance with the Vesting Schedule. All or any portion of the LTIP Units subject to a risk of forfeiture shall immediately
and automatically be forfeited and terminated if the Participant's Continuous Service is interrupted or terminated for any reason
other than as permitted hereunder, and the Company shall make no payment to the Participant, cash or otherwise, for any unvested
LTIP Units that are forfeited.

      

     

    

 

(b)          Risk
of Forfeiture - Clawback. Notwithstanding anything in this Award Agreement, the Plan or the Partnership Agreement to the contrary,
the Participant hereby grants to the Company the unilateral right to forfeit/clawback/redeem any LTIP Units held by the Participant,
whether vested or unvested, if either: (i) the Participant's services to the Company, the Partnership or an Affiliate are
terminated by the Company, the Partnership or an Affiliate for Cause; or (ii) the date the Participant breaches (as determined
by the Board) any provision of the Notice, this Award Agreement, the Plan or the Partnership Agreement. Any implementation of this
Section 3(b) shall be for no monetary consideration (i.e., this Section 3(b) is consideration
for the grant to the Participant of the LTIP Units in the first instance). For purposes of this Section 3(b), the term "Cause"
shall mean, if the Participant is a party to an employment agreement or similar agreement between the Participant and the Company,
the Partnership or an Affiliate and such agreement provides for a definition of "Cause" (or substantially similar term),
the definition contained therein. If no such agreement exists, or if any such agreement exists but "Cause" (or substantially
similar term) is not defined therein, then Cause means (as determined by the Committee in its sole and absolute discretion) the
occurrence of any one or more of the following events: (i) any act or omission that constitutes a material breach by the Participant
of any of his or her material obligations under the Plan, this Award Agreement, the Partnership Agreement or any other material
agreement between the Participant and the Company, the Partnership or an Affiliate; (ii) the Participant's conviction of, or plea
of nolo contendere to, (A) any felony or (B) another crime involving dishonesty or moral turpitude or which could reflect
negatively upon the Company or otherwise impair or impede its operations; (iii) the Participant engaging in any misconduct, negligence,
dishonesty, violence or threat of violence (including any violation of federal securities laws) that is demonstrably and materially
injurious to the Company, the Partnership, an Affiliate or any of their subsidiaries; (iv) the Participant's material and knowing
breach of a material written policy of the Company, the Partnership or any Affiliate or the rules of any governmental or regulatory
body applicable to the Company; or (v) any other willful misconduct by the Participant which is or could be materially injurious
to the financial condition, operations or business reputation of the Company, the Partnership, an Affiliate or any of their subsidiaries.

 

4.         Capital
Contribution. No Capital Contribution (as defined in the Partnership Agreement) is required of the Participant under the Partnership
Agreement or this Award Agreement in connection with the Participant's receipt of the LTIP Units.

 

5.         Acceleration
of Forfeiture Period in Special Circumstances.

 

(a)          All
LTIP Units granted herein that have not already become fully vested in accordance with Section 2 hereof shall automatically become
fully vested on the date specified below if the Participant remains in the continuous employ of the Company, the Partnership or
any affiliate of the Company or the Partnership from the Grant Date until such date:

 

i)         the
date that the Participant’s employment with the Company, the Partnership or any affiliate of the Company or the Partnership
is terminated by the Company, the Partnership or any affiliate of the Company or the Partnership for any reason other than “Cause”
(as such term is defined in Section 3(b)); or

 

ii)        the
date on which the Participant’s employment with the Company, the Partnership or any affiliate of the Company or the Partnership
terminates on account of the Participant’s death or “disability” (for purposes of this Agreement, the term “disability”
means that the Participant is entitled to benefits under a long-term disability insurance policy or plan maintained by the Company,
the Partnership or any affiliate of the Company or the Partnership or, if there is no such policy or plan in effect, “disability”
means that the Participant is totally and permanently disabled within the meaning of Section 22(e)(3) of the Code).

 

      

     

    

 

(b)          All
LTIP Units granted herein that have not already become fully vested in accordance with Section 2 hereof shall automatically become
fully vested on a Change in Control (as defined in the Plan).

 

6.         Transfer
Restrictions. The Participant hereby acknowledges and agrees that the LTIP Units may not be sold, transferred, pledged, exchanged,
hypothecated or otherwise disposed of by the Participant prior to vesting and are subject to transfer restrictions and other restrictions
set forth in the Partnership Agreement. Any transfer or attempted transfer of any LTIP Units in violation of the Partnership Agreement
shall be void. Any attempt to transfer LTIP Units in violation of this Section 6 will be null and void and will be disregarded.
The terms of the Plan, the Notice, this Award Agreement and the Partnership Agreement are binding upon the executors, administrators,
heirs, successors and assigns of the Participant.

 

7.         Representations,
Warranties, Covenants, and Acknowledgments of the Participant. The Participant hereby represents, warrants, covenants, acknowledges
and agrees, that:

 

(a)          Investment.
The Participant is holding the LTIP Units for the Participant's own account and not for the account of any other person. The Participant
is holding the LTIP Units for investment and not with a view to any distribution or resale thereof except in compliance with applicable
laws regulating securities.

 

(b)          Relation
to the Company. The LTIP Units are being offered to the Participant as an inducement to provide services to or for the benefit
of the Partnership.

 

(c)          Access
to Information. The Participant has had the opportunity to ask questions of, and to receive answers from, the Company and the
Partnership with respect to the terms and conditions of the transactions contemplated hereby and with respect to the business,
affairs, financial conditions, and results of operations of the Company and the Partnership.

 

(d)          Registration.
The Participant understands that the LTIP Units have not been registered under the Securities Act of 1933, as amended (the "Securities
Act"), and that the LTIP Units cannot be transferred by the Participant other than in accordance with the terms and
conditions set forth in this Award Agreement and the Partnership Agreement and, in any event, unless such transfer is registered
under the Securities Act, as well as applicable state securities laws, or an exemption from such registration is available. The
Company and the Partnership have made no agreement, covenant or undertaking whatsoever to register the transfer of the LTIP Units
under the Securities Act on the ground that the grant of the LTIP Units is exempt from registration under the Securities Act pursuant
to Rule 701 or Section 4(2) promulgated thereunder.

 

(e)          Public
Trading. None of the Partnership's securities are presently publicly traded, and the Company and the Partnership have made
no representation, covenant or agreement as to whether there will be a public market for any of its securities.

 

8.         Distributions
and Allocations. Any entitlement to distributions and/or allocations from the Participant's holding vested and unvested LTIP
Units shall be governed by the Partnership Agreement.

 

      

     

    

 

9.         Taxes.

 

(a)          Section
83(b) Election. The Participant is solely responsible for the determination of whether to make an 83(b) election with respect
to the LTIP Units, and the Participant has consulted with its tax advisors as to whether such election should be made. For convenience
only, a form of the 83(b) election is attached hereto as Exhibit A. If the Participant determines to make such
an election, the Participant acknowledges that it is Participant's sole responsibility, and not the responsibility of the Company
or the Partnership, to file such protective election, and such shall be the result even if the Participant requests that the Board,
the Company, the Partnership or their officers, employees or authorized representatives (including attorneys, accountants, consultants,
bankers, lenders, prospective lenders and financial representatives) assist in making such filing.

 

(b)          Tax
Advice. The Company and the Partnership have made no warranty or representation to the Participant with respect to the income
tax consequences of the issuance of the LTIP Units or the transactions contemplated by this Award Agreement, and the Participant
is in no manner relying on the Company, the Partnership or their representatives for an assessment of such tax consequences. The
Participant is advised to consult with its own tax advisor with respect to such tax consequences and its ownership of the LTIP
Units.

 

(c)          Section
409A of the Code. The Company, the Partnership and the Participant intend for the issuance of the LTIP Units to be a transfer
of property within the meaning of Section 83 of the Code. Accordingly, neither
this Award Agreement nor the LTIP Units are intended to constitute or provide for "nonqualified deferred compensation"
within the meaning of Section 409A of the Code ("Section 409A"). However, notwithstanding any other
provision of this Award Agreement, if at any time the Committee determines that this Award Agreement or the LTIP Units may be subject
to Section 409A, the Committee shall have the right, in its sole discretion, to adopt such amendments to this Award Agreement or
take such other actions (including amendments and actions with retroactive effect) as the Committee determines are necessary or
appropriate for this Award Agreement and/or the LTIP Units to be exempt from the application of Section 409A or to comply with
the requirements of Section 409A. Notwithstanding the foregoing, the Committee shall have no obligation to adopt any such
amendment or take any such other action, and nothing contained in this Section 9(c) shall create any such obligation.

 

(d)          The
Participant hereby recognizes that the IRS has proposed regulations under Section 83 and 704 of the Internal Revenue Code and may
propose regulations under Section 1061 of the Internal Revenue Code that may affect the treatment of the LTIP Units. In the event
that those proposed regulations are finalized, the Participant hereby agrees to cooperate with the Partnership in amending this
Agreement and the Partnership Agreement, and to take other actions required to conform to such regulations.

 

10.        Remedies.
The Participant shall be liable to the Company and the Partnership for all costs and damages, including incidental and consequential
damages, resulting from a disposition of the LTIP Units that is in violation of the provisions of this Award Agreement. Without
limiting the generality of the foregoing, the Participant agrees that the Company and the Partnership shall be entitled to obtain
specific performance of the obligations of the Participant under this Award Agreement and immediate injunctive relief in the event
any action or proceeding is brought in equity to enforce the same. The Participant shall not urge as a defense that there is an
adequate remedy at law.

 

      

     

    

 

11.       LTIP
Units Certificate Restrictive Legends. Certificates evidencing this Award Agreement, to the extent such certificates are issued,
may bear such restrictive legends as the Company, the Partnership and/or the their counsel may deem necessary or advisable under
applicable law or pursuant to this Award Agreement, including, without limitation, the following legends:

 

"The
offering and sale of the securities represented hereby have not been registered under the Securities Act of 1933, as amended (the
"Securities Act"). Any transfer of such securities will be invalid unless
a Registration Statement under the Securities Act is in effect as to such transfer or in the opinion of counsel for the Company
and the Partnership such registration is unnecessary in order for such transfer to comply with the Securities Act."

 

"The
securities represented hereby are subject to transferability restrictions and certain other restrictions as set forth in the (i) First
Amended and Restated Agreement of Limited Partnership of Postal Realty LP, dated as of ________, 2019, as it may be amended or
restated from time to time, and (ii) Postal Realty Trust, Inc. 2019 Equity Incentive Plan, and such securities may not be sold
or otherwise transferred except pursuant to the provisions of such documents."

 

12.       Notice.
The notice provisions of the Partnership Agreement shall apply for purposes of any notice being provided under the Notice or this
Award Agreement.

 

13.       Successors
and Assigns. Except as provided herein to the contrary, this Award Agreement is binding upon and will inure to the benefit
of the parties to this Award Agreement, their respective successors and permitted assigns.

 

14.       No
Assignment. Except as otherwise provided in this Award Agreement, the Participant may not assign any of his or her rights under
the Notice or this Award Agreement without the prior written consent of the Company and the Partnership, which consent may be withheld
in their sole discretion. The Company and the Partnership are permitted to assign their rights or obligations under the Notice
and this Award Agreement.

 

15.       Construction;
Severability. The captions used in this Award Agreement are inserted for convenience and are not to be deemed to be a part
of this Award Agreement for construction or interpretation. Except where otherwise indicated by the context, the singular form
includes the plural form and the plural form includes the singular form. Use of the term "or" is not intended to be exclusive,
unless the context clearly requires otherwise. The validity, legality or enforceability of the remainder of this Award Agreement
will not be affected even if one or more of the provisions of this Award Agreement are held to be invalid, illegal or unenforceable
in any respect.

 

      

     

    

 

16.        Administration
and Interpretation. Any determination by the Committee in connection with any question or issue arising under the Notice, the
Plan or this Award Agreement will be final, conclusive and binding on the Participant, the Company, the Partnership and all other
persons. Any question or dispute regarding the interpretation of this Award Agreement or the receipt of the LTIP Units hereunder
must be submitted by the Participant to the Committee. The resolution of such question or dispute by the Committee will be final
and binding on all parties.

 

17.        Counterparts.
The Notice may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile or portable
electronic format (pdf), and each of which will be deemed to be an original, but all of which together will be deemed to be one
and the same instrument.

 

18.        Entire
Agreement; Governing Law; and Amendments. The provisions of the Plan, the Partnership Agreement and the Notice are incorporated
herein by reference. The Plan, the Notice, this Award Agreement and the Partnership Agreement constitute the entire agreement of
the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of
the Company, the Partnership, and the Participant with respect to the subject matter hereof. This Award Agreement may not be amended
except in an instrument in writing signed by the Participant, the Company and the Partnership. This Award Agreement is governed
by the laws of the State of Delaware.

 

19.        Venue.
The Company, the Partnership, the Participant and the Participant's assignees agree that any suit, action or proceeding arising
out of or related to the Notice, this Award Agreement, the Plan or the Partnership Agreement must be brought in the United States
District Court for the Eastern District of New York (or should such court lack jurisdiction to hear such action, suit or proceeding,
in a state court in Nassau County, New York) and that all parties submit to the jurisdiction of such court. The parties irrevocably
waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action
or proceeding brought in such court. If any one or more provisions of this Section 19 are for any reason held invalid or
unenforceable, it is the specific intent of the parties that such provisions be modified to the minimum extent necessary to make
it or its application valid and enforceable.

 

20.        No
Guarantee of Continued Service. THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE LTIP UNITS ARE EARNED ONLY BY CONTINUOUS SERVICE
AT THE WILL OF THE COMPANY, THE PARTNERSHIP OR AN AFFILIATE (NOT THROUGH THE ACT OF BEING GRANTED THE LTIP UNITS). THE PARTICIPANT
FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE RIGHTS GRANTED HEREUNDER, THE TRANSACTIONS CONTEMPLATED HEREUNDER
AND THE VESTING TERMS SET FORTH IN THIS AWARD AGREEMENT DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT
AS A SERVICE PROVIDER FOR THE VESTING PERIOD OR FOR ANY PERIOD.  

 

      

     

    

 

21.        Waiver.
Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed to be a waiver
of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with,
any right or power hereunder at any one or more times be deemed to be a waiver or relinquishment of such right or power at any
other time or times.

 

*     *     *     *     *

      

     

    

  

EXHIBIT A

 

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

 

This statement is made under Section 83(b)
of the Internal Revenue Code of 1986, as amended, pursuant to Section 1.83-2 of the regulations.

 

		1.	The taxpayer who performed the services is:

 

	Name:	________________________________________
	 	 
	Address:	________________________________________
	 	 
	Social Security No.:	________________________________________
	 	 
	Taxable Year:	________________________________________

 

		2.	The property with respect to which the election is made
is __________ LTIP Units of Postal Realty LP, a Delaware limited partnership.

 

		3.	The property was transferred to the undersigned on _______________.

 

		4.	The property is subject to a forfeiture condition pursuant
to which the issuer has the right to acquire the property without compensation to the taxpayer if taxpayer's service with the
issuer or its affiliates is terminated under certain circumstances. The forfeiture condition lapses depending on certain conditions
set forth in an award agreement.

 

		5.	The fair market value of such property at the time of transfer
(determined without regard to any restriction other than a restriction which by its terms will never lapse) is $_____ per LTIP
Unit x ______ LTIP Units = $_______.

 

		6.	For the property transferred, the undersigned paid $______
per LTIP Unit x ______ LTIP Units = $______.

 

		7.	The amount to include in gross income is $_____ [The
result of the amount reported in Item 5 minus the amount reported in Item 6.]

 

		8.	A copy of this statement was furnished to the Company for
whom taxpayer rendered the services underlying the transfer of such property.

 

		9.	This statement is executed on ___________, ____.

 

Signature of Taxpayer:                                                                              Signature
of Spouse (if any):                                        

 

This election must be filed within 30 days
after the date of transfer with the Internal Revenue Service Center with which the undersigned files his or her federal income
tax returns. This filing should be made by registered or certified mail, return receipt requested. The undersigned must retain
two copies of the completed form for filing with his or her federal and state tax returns for the current tax year and an additional
copy for his or her records, and deliver another additional copy to the Company.

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