Document:

Exhibit 10.7

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”)
is made and entered into as of this 1st of July, 2020 (the “Effective Date”), by and between Jowell Global Ltd.,
a Cayman Islands company (the “Company”), and Lu Qian (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the
parties desire to enter into this Agreement setting forth the terms and conditions of the employment relationship between the Executive
and the Company.

 

NOW, THEREFORE,
in consideration of the foregoing premises and the mutual covenants and agreements contained herein, the parties hereto agree as
follows:

 

1. EMPLOYMENT.

 

1.1 Agreement to
Employ. The Company hereby agrees to employ Executive, and Executive hereby agrees to serve, subject to the provisions of this
Agreement, as an officer and employee of the Company.

 

1.2 Duties and Schedule.
Executive shall serve as the Company’s Chief Financial Officer, and be the Principal Financial Officer and Principal Accounting
Officer of the Company and responsible for all financial matters and management of the Company. The Executive shall report directly
to the Company’s Chief Executive Officer and Board of Directors (the “Board”) and shall have such responsibilities
as designated by the Chief Executive Officer or Board to the extent that such responsibilities are not inconsistent with all applicable
laws, regulations and rules. Executive shall devote his best efforts and all of his business time to his position with the Company
during the Term.

 

2. TERM OF EMPLOYMENT.
Unless Executive’s employment shall sooner terminate pursuant to Section 4, the Company shall employ Executive for a one-year
term commencing on the Effective Date (the “Term”), which Term shall be renewable upon mutual agreement of the
Company and the Executive, as approved by the Board.

 

3. COMPENSATION.

 

3.1  Salary.
Executive’s salary during the Term shall be RMB 228,000 per year (the “Salary”), payable monthly.

 

3.2 Bonus.
At the sole discretion of the Board, or any committee duly designated by the Board and authorized to act thereto, the Executive
shall be eligible for an annual cash bonus.

 

3.3 Vacation.
Executive shall be entitled to 5 days of paid vacation per year. In the event that Executive remains employed by the Company for
3 years or more, Executive shall be entitled to 10 days of paid vacation.

 

3.4 Business Expenses.
Executive shall be reimbursed by the Company for all ordinary and necessary expenses incurred by Executive; provided that they
are incurred and approved in writing in accordance with the Company’s expense policy.

 

3.5 Benefits.
During the Term, Executive shall be allowed to participate, on the same basis generally as other employees of the Company, in all
general employee benefit plans and programs, including improvements or modifications of the same, which may exist as of the Effective
Date or thereafter and which are made available by the Company to all or substantially all of its employees. Such benefits, plans,
and programs may include, without limitation, any health, and dental insurance, if and when instituted. Any benefit plan currently
existing or instituted by the Company after the Effective Date may be altered, change or discontinued by the Company at its sole
discretion and at any time without obligation of any nature to Executive. Except as specifically provided herein, nothing in this
Agreement is to be construed or interpreted to increase or alter in any way the rights, participation, coverage, or benefits under
such benefit plans or programs to other than those provided to other employees pursuant to the terms and conditions of such benefit
plans and programs.  

 

     

     

    

 

4. TERMINATION.

 

4.1 Death.
This Agreement shall terminate immediately upon the death of Executive, and Executive’s estate or Executive’s legal
representative, as the case may be, shall be entitled to Executive’s accrued and unpaid Salary as of the date of Executive’s
death, plus all other compensation and benefits that were vested through the date of Executive’s death.

 

4.2 Disability.
In the event of Executive’s Disability, this Agreement shall terminate and Executive shall be entitled to (a) accrued and
unpaid Salary and vacation through the first date that a Disability is determined; and (b) all other compensation and benefits
that were vested through the first date that a Disability has been determined. “Disability” means the
good faith determination of the Board that Executive has become so physically or mentally incapacitated or disabled as to be unable
to satisfactorily perform his duties hereunder for a period of ninety (90) consecutive calendar days or for one- hundred twenty
(120) days in any three-hundred sixty (360) day period, such determination based upon a certificate as to such physical or mental
disability issued by a licensed physician and/or psychiatrist (as the case may be) mutually agreed upon by Executive and the Company.

 

4.3 Termination
by Company for Cause.  The Company may terminate the Executive for Cause and such termination shall take effect upon
the receipt by Executive of the Notice of Termination. Upon the effective date of the termination for Cause, Executive shall be
solely entitled to accrued and unpaid Salary through such effective date. “Cause” means: (i) engaging
in any act, omission or misconduct that is injurious to the Company or an affiliate; (ii) gross negligence or willful misconduct
in connection with the performance of duties; (iii) conviction of a criminal offense (other than minor traffic offenses); (iv)
fraud, embezzlement or misappropriation of funds or property of the Company or an affiliate; (v) material breach of any term of
any employment or other services, confidentiality, intellectual property or non-competition agreements, if any, between the Executive
and the Company or an affiliate; (vi) the entry of an order duly issued by any regulatory agency (including federal, state and
local regulatory agencies and self-regulatory bodies) having jurisdiction over the Company or an affiliate requiring the removal
of the Executive from any office held with the Company or prohibiting the Executive from participating in the business or affairs
of the Company or any affiliate; or (vii) the revocation or threatened revocation of any of the Company’s or an affiliate’s
government licenses, permits or approvals, which is primarily due to the Executive’s action or inaction and such revocation
or threatened revocation would be alleviated or mitigated in any material respect by the termination of the Executive’s employment
or services with the Company or an affiliate.

 

4.4 Voluntary Termination
by Executive. The Executive may voluntarily terminate his employment for any reason and such termination shall take effect
30 days after the receipt by Company of the Notice of Termination. Upon the effective date of such termination, Executive shall
be entitled to (a)accrued and unpaid Salary and vacation through such termination date; and (b) all other compensation and benefits
that were vested through such termination date.  In the event Executive is terminated without notice, it shall be deemed
a termination by the Company for Cause.

 

4.5 Notice
of Termination. Any termination of the employment by the Company or the Executive shall be communicated by a notice in accordance
with Section 8.4 of this Agreement (the “Notice of Termination”).   Such notice shall (a) indicate
the specific termination provision in this Agreement relied upon and (b) if the termination is for Cause, the date on which the
Executive’s employment is to be terminated.

 

4.6 Severance.
The Executive shall not be entitled to severance payments upon any termination provided in Section 4 herein.

 

5. EMPLOYEE’S
REPRESENTATION. The Executive represents and warrants to the Company that: (a) he is subject to no contractual, fiduciary or
other obligation which may affect the performance of his duties under this Agreement; (b) he has terminated, in accordance with
their terms, any contractual obligation which may affect his performance under this Agreement; and (c) his employment with the
Company will not require him to use or disclose proprietary or confidential information of any other person or entity.

  

    2

     

    

 

6. CONFIDENTIAL
INFORMATION Except as permitted or directed by the Board of Directors of the Company in writing, during the time the Executive
is employed by the Company or at any time thereafter, the Executive shall not use for his personal purposes nor divulge, furnish,
or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Company) any confidential
or secret information or knowledge of the Company, whether developed by himself or by others. Such confidential and/or secret information
encompassed by this Section 6 includes, but is not limited to, the Company’s customer and supplier lists, business plans,
software, systems, and financial, marketing, and personnel information. The Executive agrees to refrain from any acts or omissions
that would reduce the value of any confidential or secret knowledge or information to the Company, both during his employment hereunder
and at any time after the termination of his employment. The Executive’s obligations of confidentiality under this Section 6
shall not apply to any knowledge or information that is now published publicly or that subsequently becomes generally publicly
known, other than as a direct or indirect result of a breach of this Agreement by the Executive.

 

7. NON-COMPETITION:
NON-SOLICITATION; INVENTIONS.

 

7.1 Non-Competition.
 During the employment of the Executive under this Agreement and for a period of six (6) months after termination of
such employment, the Executive shall not at any time compete on his own behalf, or on behalf of any other person or entity,
with the Company or any of its affiliates within all territories in which the Company does business with respect to the business
of the Company or any of its affiliates as such business shall be conducted on the date hereof or during the employment of the
Executive under this Agreement. The ownership by the Executive of not more than 5% of a corporation, partnership or other enterprise
shall not constitute a violation hereof.

 

7.2 Non-Solicitation.  During
the employment of the Executive under this Agreement and thereafter Executive shall not at any time (i) solicit or induce,
on his own behalf or on behalf of any other person or entity, any employee of the Company or any of its affiliates to leave the
employ of the Company or any of its affiliates; or (ii) solicit or induce, on his own behalf or on behalf of any other person
or entity, any customer or Prospective Customer of the Company or any of their respective affiliates to reduce its business with
the Company or any of its affiliates. For the purposes of this Agreement, “Prospective Customer” shall mean
any individual, corporation, trust or other business entity which has either (a) entered into a nondisclosure agreement with the
Company or any Company subsidiary or affiliate or (b) has within the preceding 12 months received a currently pending and not rejected
written proposal in reasonable detail from the Company or any of the Company’s subsidiary or affiliate.

 

7.3 Inventions and
Patents. The Company shall be entitled to the sole benefit and exclusive ownership of any inventions or improvements in products,
processes, or other things that may be made or discovered by Executive while he is in the service of the Company, and all patents
for the same. During the Term, Executive shall do all acts necessary or required by the Company to give effect to this section
and, following the Term, Executive shall do all acts reasonably necessary or required by the Company to give effect to this section.  In
all cases, the Company shall pay all costs and fees associated with such acts by Executive.

 

7.4 Return of Property.  The
Executive agrees that all property in the Executive’s possession that he obtains or is assigned in the course of his employment
with the Company, including, without limitation, all documents, reports, manuals, memoranda, customer lists, credit cards, keys,
access cards, and all other property relating in any way to the business of the Company, is the exclusive property of the Company,
even if the Executive authored, created, or assisted in authoring or creating such property. The Executive shall return to the
Company all such property immediately upon termination of employment or at such earlier time as the Company may request.

 

7.5 Court
Ordered Revisions. If any portion of this Section 7 is found by a court of competent jurisdiction to be invalid
or unenforceable, but would be valid and enforceable if modified, this Section 7 shall apply with such modifications necessary
to make this Section 7 valid and enforceable.  Any portion of this Section 7 not required to be so modified shall
remain in full force and effect and not be affected thereby.

 

7.6 Specific Performance.
The Executive acknowledges that the remedy at law for any breach of any of the provisions of Section 7 will be inadequate, and
that the Company shall be entitled, in addition to any remedy at law or in equity, to preliminary and permanent injunctive relief
and specific performance. 

 

    3

     

    

 

8. MISCELLANEOUS.

 

8.1 Indemnification.  The
Company and each of its subsidiaries shall, to the maximum extent provided under applicable law, indemnify and hold Executive harmless
from and against any expenses, including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible
amounts (“Losses”), incurred in connection with any proceeding arising out of, or related to, Executive’s
employment by the Company, other than any such Losses incurred as a result of Executive’s negligence or willful misconduct.  The
Company shall, or shall cause a subsidiary thereof to, advance to Executive any expenses, including attorney’s fees and costs
of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law.  Such costs
and expenses incurred by Executive in defense of any such proceeding shall be paid by the Company or applicable subsidiary in advance
of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate
documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c)
an undertaking adequate under applicable law made by or on behalf of Executive to repay the amounts so advanced if it shall ultimately
be determined pursuant to any non-appealable judgment or settlement that Executive is not entitled to be indemnified by the Company
or any subsidiary thereof.  The Company will provide Executive with coverage under all directors and officers liability
insurance policies that it has in effect during the Term, with no deductible to Executive.

 

 8.2 Applicable
Law. Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws
of the Cayman Islands, applied without reference to principles of conflict of laws. Each party hereby irrevocably submits to the
exclusive jurisdiction of the courts sitting in Cayman Islands.

 

8.3 Amendments.
This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective
successors or legal representatives.

 

8.4 Notices.  All
notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party, by an international
mail courier, or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to the Executive:

 

	Lu Qian	 
	2nd Floor, No. 285 Jiangpu Road	 
	Yangpu District, Shanghai	 
	China 200082	 

 

If to the Company:

2nd Floor, No. 285 Jiangpu Road

Yangpu District, Shanghai

China 200082

Attn:  Board of Directors

 

Or to such other address as either party
shall have furnished to the other in writing in accordance herewith.  Notices and communications shall be effective when
delivered to the addressee.

 

8.5 Withholding.
The Company may withhold from any amounts payable under the Agreement, such federal, state and local income, unemployment, social
security and similar employment related taxes and similar employment related withholdings as shall be required to be withheld pursuant
to any applicable law or regulation.

 

8.6 Severability.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement and any such provision which is not valid or enforceable in whole shall be enforced to the maximum
extent permitted by law. 

 

8.7 Captions.
The captions of this Agreement are not part of the provisions and shall have no force or effect.

 

    4

     

    

 

8.8 Entire Agreement.
This Agreement contains the entire agreement among the parties concerning the subject matter hereof and supersedes all prior agreements,
understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect thereto.

 

8.9 Survival.
The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement or the Executive’s
employment hereunder to the extent necessary to the intended preservation of such rights and obligations.

 

8.10 Waiver.
Either Party’s failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver
of any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

8.11 Successors.  This
Agreement is personal to Executive and, without the prior express written consent of the Company, shall not be assignable by Executive.
This Agreement shall inure to the benefit of and be enforceable by Executive’s estate, heirs, beneficiaries, and/or legal
representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

8.12 Joint Efforts/Counterparts.
Preparation of this Agreement shall be deemed to be the joint effort of the parties hereto and shall not be construed more severely
against any party.  This Agreement may be signed in two or more counterparts, each of which shall be deemed an original
and all of which together shall constitute one and the same instrument.

 

8.13 Representation
by Counsel.   Each Party hereby represents that it has had the opportunity to be represented by legal counsel
of its choice in connection with the negotiation and execution of this Agreement.

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year first above written.

 

	EXECUTIVE:	 	Jowell Global Ltd.
	 	 	 
	/s/	 	/s/
	Lu Qian	 	Zhiwei Xu
	 	 	Chairman of the Board and Chief Executive Officer

 

 

5Exhibit
4.3

 

DESCRIPTION
OF SECURITIES

General

 

In
this Exhibit 4.3, “we”, “us”, “our”, “MREIC” or “the Company”, refers
to Monmouth Real Estate Investment Corporation, together with its predecessors and subsidiaries, unless the context requires otherwise.

 

Our
authorized stock consists of 421,900,000 shares, classified as 200,000,000 shares of common stock, par value $0.01 per share,
200,000,000 shares of excess stock, par value $0.01 per share, and 21,900,000 shares of 6.125% Series C Cumulative Redeemable
Preferred Stock, par value $.01 per share, or Series C Preferred Stock. The excess stock is intended to, among other purposes,
assist us in preserving our status as a REIT under the Code. See “—Restrictions on Ownership and Transfer.”
Under the Maryland General Corporation Law (the “MGCL”) and our charter, a majority of our entire board of directors
has the power, without action by our common stockholders, to increase or decrease the aggregate number of shares of stock or the
number of shares of stock of any class or series that we have the authority to issue. Our board of directors is also authorized
under the MGCL and our charter to classify and reclassify any unissued shares of our stock into other classes or series of stock.
Before we issue shares of each class or series, our board of directors is required by the MGCL and our charter to set, subject
to restrictions in our charter on ownership and transfer of our stock, the preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption for each
class or series. Under Maryland law, stockholders generally are not liable for a corporation’s debts or obligations.

 

As
of September 30, 2020, 98,054,088 shares of common stock were issued and outstanding, no shares of excess stock were issued and
outstanding, and 18,879,762 shares of Series C Preferred Stock were issued and outstanding.

 

Common
Stock

 

The
shares of common stock have no preferences, conversion, sinking fund, redemption (except with respect to shares of excess stock,
described above) or preemptive rights to subscribe for any of our securities.

 

Subject
to the provisions of our charter regarding restrictions on transfer and ownership of our stock and the terms of any other class
or series of our stock, our common stockholders will have one vote per share on all matters submitted to a vote of our common
stockholders, including the election of directors. Except as provided with respect to any other class or series of stock (including
the Series C Preferred Stock), the holders of our common stock will possess the exclusive voting power.

 

There
is generally no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding
shares of our common stock generally can elect all of the directors then standing for election, and the holders of the remaining
shares of our common stock, if any, will not be able to elect any directors, except as otherwise provided by the terms of any
other class or series of our stock, including the Series C Preferred Stock.

 

Subject
to any preferential rights granted to any class or series of our stock (including the Series C Preferred Stock), and to the provisions
of our charter regarding restrictions on ownership and transfer of our stock, holders of our common stock will be entitled to
receive dividends or other distributions if, as and when declared by us out of funds legally available for dividends or other
distributions to stockholders. Subject to the provisions of our charter regarding restrictions on ownership and transfer of our
stock, all shares of our common stock have equal distribution rights. In the event of the liquidation, dissolution or winding
up of the affairs of our company, after payment of any preferential amounts to any class of preferred stock which may be outstanding
(including the Series C Preferred Stock) and after payment of, or adequate provision for, all of our known debts and liabilities,
holders of our common stock will be entitled to share ratably in all assets that we may legally distribute to our stockholders.

 

    	 	 	 

     

    

 

Our
common stock is traded on the NYSE under the symbol “MNR.” The transfer agent and registrar for our common stock is
American Stock Transfer & Trust Company.

 

6.125%
Series C Cumulative Redeemable Preferred Stock. 

 

Ranking.
The Series C Preferred Stock will rank, with respect to the payment of dividends and the distribution of assets upon our liquidation,
dissolution or winding up:

 

	 	(1)	senior
    to all classes and series of our common stock and to all other stock issued by us, the terms of which expressly provide that
    such securities rank junior to the Series C Preferred Stock with respect to payment of dividends and the distribution of assets
    upon our liquidation, dissolution or winding up;
	 	 	 
	 	(2)	on a parity with
    any class or series of stock classified by our board of directors in the future, the terms of which specifically provide that
    such stock ranks on a parity with the Series C Preferred Stock with respect to payments of dividends and the distribution
    of assets upon our liquidation, dissolution or winding up; 
	 	 	 
	 	(3)	junior to any class
    or series of stock classified by our board of directors in the future, the terms of which specifically provide that such class
    or series ranks senior to the Series C Preferred Stock with respect to payment of dividends and the distribution of assets
    upon our liquidation, dissolution or winding up; and
	 	 	 
	 	(4)	effectively junior
    to all of our existing and future indebtedness (including indebtedness convertible to common stock or preferred stock) and
    the indebtedness of our existing subsidiaries and any future subsidiaries.

 

Dividends.
Holders of Series C Preferred Stock will be entitled to receive, when, as and if authorized by our board of directors and
declared by us, out of funds legally available for the payment of dividends, cumulative cash dividends in the amount of $1.53125
per share, which is equivalent to 6.125% of the $25.00 liquidation preference per share, per year. Dividends on the Series C Preferred
Stock will be payable quarterly in arrears in the amount of $0.3828125 on the 15th day of September, December, March and June
(each, a “dividend payment date”) to holders of record as of the close of business on the applicable record date;
except that, if any dividend payment date is not a business day, as defined in the articles supplementary setting forth the terms
of the Series C Preferred Stock, then the dividend which would otherwise have been payable on that dividend payment date may be
paid or set aside for payment on the next succeeding business day and no interest, additional dividends or other sums will accrue
on the amount so payable for the period from that dividend payment date to the next succeeding business day.

 

Any
dividend payable on the Series C Preferred Stock, including for any partial dividend period, will be computed on the basis of
a 360-day year consisting of twelve 30-day months. Dividends are payable to holders of record of Series C Preferred Stock as they
appear in the transfer agent’s records at the close of business on the applicable record date, which will be the date that
our board of directors designates as the record date for the payment of a dividend that is not more than 31 nor fewer than ten
days before the applicable dividend payment date.

 

    	 	2	 

     

    

 

Our
board of directors will not authorize, and we will not pay or set apart for payment, any dividend on the Series C Preferred Stock
at any time that:

 

	 	●	the
    terms and conditions of any of our agreements, including any agreement relating to our indebtedness, prohibit such authorization,
    payment or setting apart for payment;
	 	 	 
	 	●	the
    terms and conditions of any of our agreements, including any agreement relating to our indebtedness, provide that such authorization,
    payment or setting apart for payment would constitute a breach of, or a default under, such agreement; or
	 	 	 
	 	●	the
    law restricts or prohibits the authorization, payment or setting apart for payment.

 

Notwithstanding
the foregoing, dividends on the Series C Preferred Stock will accumulate whether or not:

 

	 	●	the
    terms and conditions of any law or any of our agreements, including any agreement relating to our indebtedness, prohibit the
    current payment of dividends on the Series C Preferred Stock; 
	 	 	 
	 	●	we
    have earnings; 
	 	 	 
	 	●	there
    are funds legally available for the payment of the dividends; or
	 	 	 
	 	●	the
    dividends are declared by us.

 

No
interest, or sum in lieu of interest will be payable in respect of any accumulated and unpaid dividends on the Series C Preferred
Stock which may be in arrears, and holders of the Series C Preferred Stock will not be entitled to any dividends in excess of
full cumulative dividends described above. Any dividend payment made on the Series C Preferred Stock will first be credited against
the earliest accumulated but unpaid dividend due with respect to such shares which remains payable.

 

Except
as described below, we will not declare or pay or set aside for payment any dividends or declare or make any other distribution
of cash or other property on or with respect to our common stock or any other class or series of stock that ranks junior to or
on a parity with the Series C Preferred Stock with respect to the payment of dividends or redeem, purchase or otherwise acquire
for any consideration, or make any funds available for a sinking fund for the redemption of, any shares of common stock or any
other class or series of stock that ranks junior to or on a parity with the Series C Preferred Stock with respect to the payment
of dividends, unless we also have paid in cash full cumulative dividends on the Series C Preferred Stock for all past dividend
periods.

 

Except
as described below, if we do not declare and either pay in cash, or set aside a sum sufficient for payment of, full cumulative
dividends on the Series C Preferred Stock and any other class or series of stock that ranks on a parity, with respect to the payment
of dividends, with the Series C Preferred Stock, the amount which we have declared will be allocated pro rata to the holders of
Series C Preferred Stock and each such other class or series of stock, so that the amount declared for each share of Series C
Preferred Stock and for each share of such other class or series of stock is proportionate to the accumulated and unpaid dividends
on those shares (which shall not include any amount in respect of unpaid dividends on such other class or series of stock for
prior Series C dividend periods if such other class or series of stock does not have a cumulative dividend).

 

    	 	3	 

     

    

 

Notwithstanding
the foregoing restrictions, and regardless of whether we have paid full cumulative dividends on the Series C Preferred Stock or
any other class or series of our stock that ranks on a parity with the Series C Preferred Stock with respect to the payment of
dividends for any dividend period, we will not be prohibited or limited from:

 

	 	●	paying
    dividends on any shares of our stock in shares of our common stock or any other class or series of our stock ranking junior
    to the Series C Preferred Stock as to the payment of dividends and the distribution of assets upon our liquidation, dissolution
    or winding up; 
	 	 	 
	 	●	converting
    or exchanging any shares of our stock for shares of our common stock or any other class or series of our stock ranking junior
    to the Series C Preferred Stock as to the payment of dividends and the distribution of assets upon our liquidation, dissolution
    or winding up; 
	 	 	 
	 	●	redeeming,
    purchasing or otherwise acquiring any shares of our stock pursuant to the provisions of our charter relating to the restrictions
    upon ownership and transfer of stock or permitting us to redeem shares of our stock to assist us in preserving our status
    as a REIT; or
	 	 	 
	 	●	purchasing
    or acquiring shares of Series C Preferred Stock or shares of any other class or series of our stock ranking on a parity with
    the Series C Preferred Stock with respect to the payment of dividends and the distribution of assets upon our liquidation,
    dissolution or winding up pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares
    of Series C Preferred Stock.

 

If,
for any taxable year, we elect to designate as “capital gain dividends” (as defined in Section 857 of the Code) a
portion, which we refer to as the Capital Gains Amount, of the dividends not in excess of our earnings and profits that are paid
or made available for such taxable year to the holders of all classes and series of stock, or the total dividends, then the portion
of the Capital Gains Amount that will be allocable to the holders of the Series C Preferred Stock will be the Capital Gains Amount
multiplied by a fraction, the numerator of which will be the total dividends (within the meaning of the Code) paid or made available
to the holders of the Series C Preferred Stock for the year and the denominator of which will be the total dividends.

 

Liquidation
Preference. Upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of the then-outstanding
shares of Series C Preferred Stock will be entitled to be paid out of our assets legally available for distribution to our stockholders,
subject to the payment of or provision for our debts and other liabilities and the preferential rights of the holders of any class
or series of stock that we may issue ranking senior to the Series C Preferred Stock with respect to the distribution of assets
upon our liquidation, dissolution or winding up, a liquidation preference of $25.00 per share plus an amount equal to any accumulated
and unpaid dividends thereon (whether or not declared) to, but not including, the date of payment, before any distribution or
payment may be made to holders of our common stock or any other class or series of our stock ranking junior to the Series C Preferred
Stock with respect to distributions upon our liquidation, dissolution or winding up. If, upon our voluntary or involuntary liquidation,
dissolution or winding up, our available assets are insufficient to pay the full amount of the liquidating distributions on all
outstanding shares of Series C Preferred Stock and the corresponding amounts payable on all outstanding shares of each other class
or series of our stock ranking on a parity with the Series C Preferred Stock in the distribution of assets upon our liquidation,
dissolution or winding up, then the holders of Series C Preferred Stock and each such other class or series of stock ranking on
a parity with the Series C Preferred Stock as to rights upon our liquidation, dissolution and winding up will share ratably in
any distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled.
Holders of the Series C Preferred Stock will be entitled to notice of any voluntary or involuntary liquidation, dissolution or
winding up no fewer than 30 days and no more than 60 days before the first payment date of any such liquidating distribution.
After payment of the full amount of the liquidating distributions to which they are entitled, the holders of the Series C Preferred
Stock will have no right or claim to any of our remaining assets. Our consolidation, merger or conversion with or into any other
entity or the sale, lease, transfer or conveyance of all or substantially all of our property or business will not be deemed to
constitute our liquidation, dissolution or winding up.

 

    	 	4	 

     

    

 

In
determining whether a distribution (other than upon voluntary or involuntary dissolution) by dividend, redemption or other acquisition
of shares of our stock or otherwise is permitted under the MGCL, amounts that would be needed, if we were to be dissolved at the
time of the distribution, to satisfy the preferential rights upon dissolution of the holders of the Series C Preferred Stock will
not be added to our total liabilities.

 

Optional
Redemption. The Series C Preferred Stock is not redeemable by us before September 15, 2021, except under the circumstances
described in the next paragraph below, pursuant to the provisions of our charter relating to restrictions on ownership and transfer
of our stock and under the circumstances described under ” – Special Optional Redemption.”

 

We
may redeem any or all of the outstanding shares of Series C Preferred Stock at any time, whether before or after September 15,
2021, for a cash redemption price per share equal to $25.00, plus any accumulated and unpaid dividends thereon (whether or not
declared) to, but not including, the redemption date (unless the redemption date is after a record date set for the payment of
a dividend on the Series C Preferred Stock and on or before the corresponding dividend payment date, in which case the amount
of such accrued and unpaid dividend will not be included in the redemption price), without interest, upon the giving of notice,
as provided below, if our board of directors determines that such redemption is necessary to assist us in preserving our status
as a REIT.

 

On
and after September 15, 2021, we will have the option to redeem the Series C Preferred Stock, in whole or in part, from time to
time, for a cash redemption price per share equal to $25.00, plus any accumulated and unpaid dividends thereon (whether or not
declared) to, but not including, the redemption date (unless the redemption date is after a record date set for the payment of
a dividend on the Series C Preferred Stock and on or before the corresponding dividend payment date, in which case the amount
of such accrued and unpaid dividend will not be included in the redemption price), without interest, upon the giving of notice,
as provided below.

 

Special
Optional Redemption. During any period of time (whether before or after September 15, 2021) that both (i) the Series C Preferred
Stock is not listed on the NYSE, the NYSE American or the NASDAQ, or listed or quoted on an exchange or quotation system that
is a successor to the NYSE, the NYSE American or the NASDAQ, and (ii) we are not subject to the reporting requirements of the
Exchange Act, and any shares of Series C Preferred Stock are outstanding (which we refer to collectively as a Delisting Event),
we will have the option to redeem the Series C Preferred Stock, in whole or in part, within 90 days after the date of the Delisting
Event, for a cash redemption price per share equal to $25.00, plus any accumulated and unpaid dividends thereon (whether or not
declared) to, but not including, the redemption date (unless the redemption date is after a record date set for the payment of
a dividend on the Series C Preferred Stock and on or before the corresponding dividend payment date, in which case the amount
of such accrued and unpaid dividend will not be included in the redemption price), without interest, upon the giving of notice,
as provided below.

 

    	 	5	 

     

    

 

Upon
the occurrence of a Change of Control (as defined below), we will have the option to redeem the Series C Preferred Stock, in whole
or in part, and within 120 days after the first date on which such Change of Control occurred, for a cash redemption price per
share equal to $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared) to, but not including, the redemption
date (unless the redemption date is after a record date set for the payment of a dividend on the Series C Preferred Stock and
on or before the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not be
included in the redemption price), without interest, upon the giving of notice, as provided below.

 

A
“Change of Control” occurs when, after the original issuance of the Series C Preferred Stock, the following have occurred
and are continuing:

 

	 	●	the
    acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of
    the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction
    or series of purchases, mergers or other acquisition transactions, of shares of our stock entitling that person to exercise
    more than 50% of the total voting power of all outstanding shares of our stock entitled to vote generally in the election
    of directors (and such a person will be deemed to have beneficial ownership of all securities that such person has the right
    to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition);
    and
	 	 	 
	 	●	after
    the closing of any transaction referred to in the bullet point above, neither we nor the acquiring or surviving entity (or,
    if in connection with such transaction holders of common stock receive consideration consisting of common equity securities
    of another entity, such other entity) has a class of common securities (or American Depository Receipts representing such
    securities) listed on the NYSE, the NYSE American or the NASDAQ, or listed or quoted on an exchange or quotation system that
    is a successor to the NYSE, the NYSE American or the NASDAQ.

 

If,
before the date fixed for conversion of Series C Preferred Stock in connection with a Delisting Event or Change of Control, as
described more fully below, we provide notice of redemption of shares of Series C Preferred Stock (whether pursuant to our optional
redemption right or our special optional redemption rights), holders of such shares of Series C Preferred Stock will not be entitled
to convert their shares as described below under “– Conversion Rights.”

 

Procedures
for Redemption. We will mail to the address of a record holder, as shown on our share transfer books, a notice of redemption
no less than 30 days nor more than 60 days before the redemption date and before the date fixed for conversion as described under
“– Conversion Rights” below. In addition to any information required by law or the rules of any exchange on
which the Series C Preferred Stock is listed, quoted or admitted to trading, each notice must state the following:

 

	 	●	the
    date for redemption, or the redemption date; 
	 	 	 
	 	●	the
    redemption price; 
	 	 	 
	 	●	the
    total number of shares of Series C Preferred Stock to be redeemed (and, if fewer than all shares held by any holder are to
    be redeemed, the number of shares to be redeemed from such holder); 
	 	 	 
	 	●	the
    place or places where the shares of Series C Preferred Stock are to be surrendered for payment, together with the certificates,
    if any, representing such shares (duly endorsed for transfer) and any other documents or procedures that we require in connection
    with such redemption; 
	 	 	 
	 	●	if
    Series C Preferred Stock is being redeemed pursuant to our special optional redemption right, that the Series C Preferred
    Stock is being redeemed in connection with the occurrence of a Delisting Event or a Change of Control, as applicable, and,
    if in connection with the occurrence of a Change of Control, a brief description of the transaction or transactions constituting
    such Change or Control; 

 

    	 	6	 

     

    

 

	 	●	if
    a Delisting Event or Change of Control has occurred, that holders of the shares of Series C Preferred Stock to which the notice
    relates will not be entitled to tender such shares for conversion in connection with the Delisting Event or Change of Control,
    as applicable, and each share of Series C Preferred Stock tendered for conversion that is selected, before the date fixed
    for such conversion, for redemption will be redeemed on the related redemption date instead of converted on the applicable
    conversion date; and
	 	 	 
	 	●	that
    dividends on the shares of Series C Preferred Stock designated for redemption will cease to accumulate on the redemption date.

 

A
failure to give such notice or any defect in the notice or in its mailing will not affect the sufficiency of notice or validity
of the proceedings for redemption of shares of Series C Preferred Stock called for redemption except as to the holder to whom
notice was defective or not given. A redemption notice that has been mailed in the manner provided above will be presumed to be
given on the date it is mailed whether or not the stockholder receives the redemption notice. The redemption price of the shares
of Series C Preferred Stock to be redeemed will then be paid to or on the order of the person whose name appears in our stock
ledger as the record owner of such shares.

 

If
we have given a notice of redemption, we have set aside the funds necessary for the redemption of the shares of Series C Preferred
Stock called and we have given irrevocable instructions to pay the redemption price and all accumulated and unpaid dividends payable
on the applicable redemption date, then, from and after the redemption date:

 

	 	●	all
    dividends on the shares of Series C Preferred Stock designated for redemption in the notice will cease to accumulate; 
	 	 	 
	 	●	all
    rights of the holders of the shares of Series C Preferred Stock designated for redemption will cease and terminate, except
    the right to receive the redemption price (including all accumulated and unpaid dividends up to, but not including, the redemption
    date, that are payable in connection with the payment of the redemption price), without interest; 
	 	 	 
	 	●	the
    shares of Series C Preferred Stock designated for redemption may not thereafter be transferred except with our consent; and
	 	 	 
	 	●	the
    shares of Series C Preferred Stock designated for redemption will not be outstanding for any purpose whatsoever.

 

The
holders of shares of Series C Preferred Stock as of the close of business on a record date fixed for the payment of a dividend
on the Series C Preferred Stock will be entitled to receive such dividend on the corresponding payment date, notwithstanding the
redemption of the Series C Preferred Stock between such record date and the corresponding payment date.

 

If
less than all of the outstanding shares of Series C Preferred Stock are to be redeemed pursuant to either the optional redemption
right or the special redemption rights discussed above (except for redemption necessary to assist us in preserving our status
as a REIT), the shares of Series C Preferred Stock to be redeemed will be determined pro rata (as nearly as practicable without
creating fractional shares) or by lot. If the redemption is to be by lot, and if, as a result of the redemption, any holder of
Series C Preferred Stock would own, or be deemed by virtue of certain attribution provisions of the Code to own, in excess of
9.8% in value or in number of shares (whichever is more restrictive) of our issued and outstanding stock (which includes the Series
C Preferred Stock but does not include any shares of excess stock), or violate any other restriction or limitation of our stock
set forth in our charter, then, except as otherwise permitted in our charter, we will redeem the requisite number of shares of
Series C Preferred Stock of that holder such that the holder will not own or be deemed by virtue of certain attribution provisions
of the Code to own, subsequent to the redemption, in excess of 9.8% in value or in number of shares (whichever is more restrictive)
of our issued and outstanding stock or violate any other restriction or limitation of our stock set forth in our charter.

 

    	 	7	 

     

    

 

Notwithstanding
the foregoing, unless full cumulative dividends on all outstanding shares of Series C Preferred Stock have been or contemporaneously
are paid, or declared and set apart for payment, for all past dividend periods, no shares of Series C Preferred Stock may be redeemed
unless all outstanding shares of Series C Preferred Stock are simultaneously redeemed, and we will not purchase or otherwise acquire
directly or indirectly any Series C Preferred Stock, except by (i) conversion or exchange for shares of our common stock or any
other class or series of our stock ranking junior to the Series C Preferred Stock as to the payment of dividends and the distribution
of assets upon our liquidation, dissolution or winding up, (ii) redemption, purchase or other acquisition of shares of stock pursuant
to the provisions of our charter relating to the restrictions on ownership and transfer of our stock, or (iii) purchase or other
acquisition of shares of the Series C Preferred Stock or shares of any other class or series of our stock ranking on a parity
with the Series C Preferred Stock with respect to the payment of dividends and the distribution of assets upon our liquidation,
dissolution or winding up pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding shares
of Series C Preferred Stock.

 

All
shares of the Series C Preferred Stock that we redeem or repurchase will be retired and restored to the status of authorized but
unissued shares of common stock, without designation as to class or series.

 

Conversion
Rights. Upon the occurrence of a Delisting Event or a Change of Control, unless, before the date fixed for such conversion,
we provide notice of redemption of such shares of Series C Preferred Stock as described above under “- Optional Redemption”
or “– Special Optional Redemption” and subject to the restrictions on ownership and transfer of our stock set
forth in our charter, then, unless holders of the Series C Preferred Stock will receive the Alternative Form Consideration as
described below, each holder of Series C Preferred Stock will have the right to convert all or part of the Series C Preferred
Stock held by such holder into a number of shares of common stock per share of Series C Preferred Stock to be so converted, or
the Common Share Conversion Consideration, equal to the lesser of:

 

	 	●	the
    quotient obtained, which we refer to as the Conversion Rate, by dividing (i) the sum of $25.00 plus the amount of any accumulated
    and unpaid dividends thereon (whether or not declared) to, but not including, the applicable date fixed for conversion (unless
    the applicable conversion date is after a record date set for the payment of a dividend on the Series C Preferred Stock and
    on or before the corresponding dividend payment date, in which case the amount of such accrued and unpaid dividend will not
    be included in this sum), by (ii) the Common Share Price (as defined below); and
	 	 	 
	 	●	3.41997,
    the Share Cap, subject to certain adjustments described below.

 

The
“Common Share Price” for any Change of Control will be (i) if the consideration to be received in the Change of Control
by holders of shares of common stock is solely cash, the amount of cash consideration per share of common stock, and (ii) if the
consideration to be received in the Change of Control by holders of shares of common stock is other than solely cash, the average
of the closing sales price per share of common stock on the NYSE, the NYSE American or the NASDAQ, or an exchange or quotation
system that is a successor to the NYSE, the NYSE American or the NASDAQ, for the ten consecutive trading days immediately preceding,
but not including, the effective date of the Change of Control. The “Common Share Price” for any Delisting Event will
be the average of the closing sale prices per share of common stock on the NYSE, the NYSE American or the NASDAQ, or an exchange
or quotation system that is a successor to the NYSE, the NYSE American or the NASDAQ, for the ten consecutive trading days immediately
preceding, but not including, the effective date of the Delisting Event.

 

    	 	8	 

     

    

 

The
Share Cap will be subject to pro rata adjustments for any stock splits (including those effected pursuant to a distribution of
common stock), subdivisions or combinations with respect to our common stock as follows: the adjusted Share Cap as the result
of such an event will be the number of shares of common stock that is equivalent to the product of (i) the Share Cap in effect
immediately before such event multiplied by (ii) a fraction, the numerator of which is the number of shares of common stock outstanding
after giving effect to such event and the denominator of which is the number of shares of common stock outstanding immediately
before such event.

 

In
the case of a Delisting Event or Change of Control pursuant to, or in connection with, which shares of common stock will be converted
into cash, securities or other property or assets (including any combination thereof), or the Alternative Form Consideration,
a holder of shares of Series C Preferred Stock will receive upon conversion of a share of Series C Preferred Stock the kind and
amount of Alternative Form Consideration which such holder would have owned or been entitled to receive had such holder held a
number of shares of common stock equal to the Common Share Conversion Consideration immediately before the effective time of the
Delisting Event or Change of Control.

 

If
the holders of shares of common stock have the opportunity to elect the form of consideration to be received in connection with
the Delisting Event or Change of Control, the form of consideration that holders of the Series C Preferred Stock will receive
will be in the form of consideration elected by the holders of a plurality of the shares of common stock held by stockholders
who participate in the election and will be subject to any limitations to which all holders of shares of common stock are subject,
including, without limitation, pro rata reductions applicable to any portion of the consideration payable in connection with the
Delisting Event or Change of Control.

 

We
will not issue fractional shares of common stock upon the conversion of the Series C Preferred Stock. Instead, we will pay the
cash value of any such fractional share based on the Common Share Price.

 

Within
15 days after the occurrence of a Delisting Event or Change of Control, we will provide to holders of record of outstanding shares
of Series C Preferred Stock, at the addresses for such holders shown on our share transfer books, a notice of the occurrence of
the Delisting Event or Change of Control. This notice will state the following:

 

	 	●	the
    events constituting the Delisting Event or Change of Control;
	 	 	 
	 	●	the
date of the Delisting Event or Change of Control; 
	 	 	 
	 	●	the
    last date on which the holders of shares of Series C Preferred Stock may exercise their conversion rights in connection with
    the Delisting Event or Change of Control, as applicable; 
	 	 	 
	 	●	the
    method and period for calculating the Common Share Price; 

 

    	 	9	 

     

    

 

	 	●	the
    date fixed for conversion in connection with the Delisting Event or Change of Control, or the conversion date, which will
    be a business day fixed by our board of directors that is not fewer than 20 and not more than 35 days after the date of the
    notice; 
	 	 	 
	 	●	that
    if, before the applicable conversion date, we provide notice of our election to redeem all or any portion of the shares of
    Series C Preferred Stock, holders of the Series C Preferred Stock will not be able to convert the shares of Series C Preferred
    Stock so called for redemption, and such shares of Series C Preferred Stock will be redeemed on the related redemption date,
    even if they have already been tendered for conversion in connection with the Delisting Event or Change of Control, as applicable;
    
	 	 	 
	 	●	if
    applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series C Preferred
    Stock converted; 
	 	 	 
	 	●	the
    name and address of the paying agent and the conversion agent; and
	 	 	 
	 	●	the
    procedures that the holders of shares of Series C Preferred Stock must follow to exercise their conversion rights in connection
    with the Delisting Event or Change of Control, as applicable.

 

A
failure to give such notice or any defect in the notice or in its mailing will not affect the sufficiency of the notice or validity
of the proceedings for conversion of shares of Series C Preferred Stock in connection with a Delisting Event or Change of Control,
as applicable, except as to the holder to whom notice was defective or not given. A notice that has been mailed in the manner
provided herein will be presumed to be given on the date it is mailed whether or not the stockholder receives such notice.

 

We
will issue a press release for publication on the Dow Jones & Company, Inc., Business Wire, PR Newswire or Bloomberg Business
News (or, if these organizations are not in existence at the time of issuance of the press release, such other news or press organization
as is reasonably calculated to broadly disseminate the relevant information to the public) containing the information stated in
such a notice, and post such a notice on our website, in any event before the opening of business on the first business day after
any date on which we provide the notice described above to the holders of record of Series C Preferred Stock.

 

To
exercise conversion rights in connection with a Delisting Event or Change of Control, as applicable, a holder of record of Series
C Preferred Stock will be required to deliver, on or before the close of business on the applicable conversion date, the certificates,
if any, representing any certificated shares of Series C Preferred Stock to be converted, duly endorsed for transfer, together
with a completed written conversion notice and any other documents we reasonably require in connection with such conversion, to
our conversion agent. The conversion notice must state:

 

	 	●	the
    relevant conversion date; and
	 	 	 
	 	●	the
    number of shares of Series C Preferred Stock to be converted.

 

A
holder of Series C Preferred Stock may withdraw any notice of exercise of such holder’s conversion rights in connection
with a Delisting Event or Change of Control, as applicable, in whole or in part, by a written notice of withdrawal delivered to
our conversion agent before the close of business on the business day before the applicable conversion date. The notice of withdrawal
must state:

 

	 	●	the
    number of withdrawn shares of Series C Preferred Stock; 

 

    	 	10	 

     

    

 

	 	●	if
    certificated shares of Series C Preferred Stock have been tendered for conversion and withdrawn, the certificate numbers of
    the withdrawn certificated shares of Series C Preferred Stock; and
	 	 	 
	 	●	the
    number of shares of Series C Preferred Stock, if any, which remain subject to the conversion notice.

 

Notwithstanding
the foregoing, if the Series C Preferred Stock is held in global form, the conversion notice and/or the notice of withdrawal,
as applicable, must comply with applicable procedures of DTC.

 

Shares
of Series C Preferred Stock as to which the holder’s conversion right has been properly exercised and for which the conversion
notice has not been properly withdrawn will be converted into the applicable form of consideration on the applicable conversion
date unless, before the applicable conversion date, we provide notice of our election to redeem such shares of Series C Preferred
Stock, whether pursuant to our optional redemption right or our special optional redemption rights. If we elect to redeem shares
of Series C Preferred Stock that would otherwise be converted into the applicable form of consideration on a conversion date,
such shares of Series C Preferred Stock will not be so converted and the holders of such shares will be entitled to receive on
the applicable redemption date the redemption price for such shares.

 

We
will deliver amounts owed upon conversion no later than the third business day after the applicable conversion date.

 

In
connection with the exercise of conversion rights in connection with any Delisting Event or Change of Control, we will comply
with all U.S. federal and state securities laws and stock exchange rules in connection with any conversion of shares of Series
C Preferred Stock into shares of common stock. Notwithstanding any other provision of the terms of the Series C Preferred Stock,
no holder of Series C Preferred Stock will be entitled to convert such Series C Preferred Stock into shares of common stock to
the extent that receipt of such shares of common stock would cause such holder (or any other person) to violate the restrictions
on ownership and transfer of our stock contained in our charter. See “—Restrictions on Ownership and Transfer.”

 

The
conversion and redemption features of the Series C Preferred Stock may make it more difficult for a party to take over our company
or discourage a party from taking over our company.

 

Except
as provided above in connection with a Delisting Event or Change of Control, the Series C Preferred Stock is not convertible into
or exchangeable for any other property or securities, except that shares of Series C Preferred Stock may be exchanged for shares
of our excess stock pursuant to the provisions of our charter relating to restrictions on ownership and transfer of our stock.

 

Voting
Rights. Except as described below, holders of Series C Preferred Stock will generally have no voting rights. On any matter
in which the Series C Preferred Stock may vote (as expressly provided in our charter), each share of Series C Preferred Stock
shall be entitled to cast one vote.

 

    	 	11	 

     

    

 

If
dividends on the Series C Preferred Stock are in arrears, whether or not declared, for six or more quarterly dividend periods,
whether or not these quarterly dividend periods are consecutive, the holders of the Series C Preferred Stock and the holders of
all other classes and series of our preferred stock ranking on a parity with the Series C Preferred Stock with respect to the
payment of dividends and the distribution of assets upon our liquidation, dissolution or winding up, upon which like voting rights
have been conferred and are exercisable, or voting preferred stock, and with which the holders of Series C Preferred Stock are
entitled to vote together as a single class, voting together as a single class, will have the exclusive power to elect two additional
directors, or the preferred directors, to serve on our board of directors, until all dividends accumulated on the outstanding
shares of Series C Preferred Stock for all past dividend periods and the then-current dividend period shall have been fully paid.
Unless the number of our directors has previously been increased pursuant to the terms of any class or series of voting preferred
stock with which the holders of the Series C Preferred Stock are entitled to vote together as a single class in the election of
preferred directors (and has not subsequently been decreased), the number of our directors will automatically increase by two
at such time as holders of the Series C Preferred Stock become entitled to vote in the election of preferred directors. Unless
shares of voting preferred stock remain outstanding and entitled to vote in the election of preferred directors, the term of office
of preferred directors will terminate, and the number of our directors will automatically decrease by two, when all accumulated
dividends on the Series C Preferred Stock for all past dividend periods and the then-current dividend period have been fully paid.
If the right of holders of the Series C Preferred Stock to elect the preferred directors terminates after the record date for
the determination of holders of shares of Series C Preferred Stock entitled to vote in any election of preferred directors but
before the closing of the polls in such election, holders of the Series C Preferred Stock outstanding as of such record date will
not be entitled to vote in such election of preferred directors. The right of the holders of the Series C Preferred Stock to elect
preferred directors will again vest if and whenever dividends are in arrears for six quarterly periods, as described above. In
no event will the holders of the Series C Preferred Stock be entitled to nominate or elect an individual as a preferred director,
and no individual shall be qualified to be nominated for election or to serve as a preferred director, if the individual’s
service as a director would cause us to fail to satisfy a requirement relating to director independence of any national securities
exchange on which any class or series of our stock is listed or quoted.

 

At
any time that holders of Series C Preferred Stock have the right to elect preferred directors, but such preferred directors have
not been elected, we must call a special meeting of our stockholders for the purpose of electing preferred directors upon the
written request of the holders of record of at least 10% of the outstanding shares of the Series C Preferred Stock and any other
class or series of voting preferred stock with which the holders of the Series C Preferred Stock are entitled to vote together
as a single class in the election of preferred directors, unless such request is received fewer than 90 days before the date fixed
for the next annual or special meeting of our stockholders, in which case, the election of preferred directions will be held at
the earlier of the next annual or special meeting of our stockholders. The preferred directors will be elected by a plurality
of the votes cast in the election of preferred directors, and each preferred director will serve until the next annual meeting
of our stockholders and until his or her successor is duly elected and qualifies, or until such preferred director’s term
of office terminates as described above. Preferred directors will not be classified with respect to the terms for which they hold
office. Any preferred director elected by the holders of the Series C Preferred Stock and any class or series of voting preferred
stock may be removed, with or without cause, by a vote of the holders of record of a majority of the outstanding shares of Series
C Preferred Stock and all classes and series of voting preferred stock then entitled to vote in the election of preferred directors,
voting together as a single class. Holders of common stock will not be entitled to vote in the election or removal of preferred
directors.

 

So
long as any shares of Series C Preferred Stock are outstanding, the approval of the holders of at least two-thirds of the outstanding
shares of Series C Preferred Stock and any equally-affected class or series of voting preferred stock with which the holders of
Series C Preferred Stock are entitled to vote as a single class on such matters (voting together as a single class), is required:

 

	 	●	to
    authorize, create or issue, or increase the authorized or issued amount of, any class or series of stock ranking senior to
    the Series C Preferred Stock with respect to the payment of dividends or the distribution of assets upon our liquidation,
    dissolution or winding up, the reclassification of any of our authorized stock into any such senior stock or the creation,
    authorization or issuance of any obligation or security convertible or exchangeable into or evidencing the right to purchase
    any such senior stock; or
	 	 	 
	 	●	except
    as described below, to amend, alter or repeal any provision of our charter, including the articles supplementary setting forth
    the terms of the Series C Preferred Stock, whether by merger, consolidation, transfer or conveyance of all or substantially
    all of our assets or otherwise, so as to materially and adversely affect any right, preference, privilege or voting power
    of the Series C Preferred Stock.

 

    	 	12	 

     

    

 

The
following actions will not materially and adversely affect any right, preference, privilege or voting power of the Series C Preferred
Stock, and the holders of the Series C Preferred Stock will not be entitled to vote on:

 

	 	●	any
    increase in the number of authorized or issued shares of common stock, excess stock or preferred stock without further designation
    as to class or series, or the creation or issuance of any class or series of our stock ranking junior or on a parity with
    the Series C Preferred Stock with respect to the payment of dividends and the distribution of assets upon our liquidation,
    dissolution or winding up; or
	 	 	 
	 	●	any
    amendment, alteration or repeal of any provision of our charter, including the articles supplementary setting forth the terms
    of the Series C Preferred Stock, as a result of a merger, consolidation, transfer or conveyance of all or substantially all
    of our assets or other business combination, if (i) the Series C Preferred Stock (or the securities into which the Series
    C Preferred Stock has been converted in any successor person or entity to us) remains outstanding with the terms thereof unchanged
    in all material respects or is exchanged for securities of the successor person or entity with substantially identical rights
    (taking into account that, upon the occurrence of such an event, we may not be the surviving entity) or (ii) if the holders
    of the Series C Preferred Stock receive in connection with such event an amount of cash per share of Series C Preferred Stock
    equal to the liquidation preference of $25.00 plus any accumulated and unpaid dividends thereon (whether or not declared)
    to, but not including, the date of such event (unless such date of such event is after a record date set for the payment of
    a dividend on the Series C Preferred Stock and before the corresponding dividend payment date, in which case the amount of
    such accrued and unpaid dividend will not be included in such sum).

 

The
voting provisions above will not apply if, at or before the time when the act with respect to which the vote would otherwise be
required would occur, we have duly redeemed or called for redemption upon proper notice and sufficient funds, in cash, shall have
been deposited in trust to effect such redemption of all outstanding shares of Series C Preferred Stock.

 

No
Maturity, Sinking Fund, Mandatory Redemption or Preemptive Rights. The Series C Preferred Stock has no stated maturity date,
will not be subject to any sinking fund or mandatory redemption provisions and will have no preemptive rights to subscribe for
any of our securities.

 

Ownership
Limits and Restrictions on Transfer. In order to assist us in maintaining our qualification as a REIT, ownership by any person
of our outstanding stock, including the Series C Preferred Stock, is restricted under our charter. Any certificates representing
shares of Series C Preferred Stock will include a legend regarding restrictions on transfer. For further information regarding
restrictions on ownership and transfer of the Series C Preferred Stock, see “Restrictions on Ownership and Transfer”.

 

    	 	13	 

     

    

 

Information
Rights. During any period during which we are not subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act and any shares of Series C Preferred Stock are outstanding, we will (i) transmit by mail or other permissible means under
the Exchange Act to all holders of Series C Preferred Stock as their names and addresses appear in our record books and without
cost to such holders, copies of the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
that we would have been required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act if we were subject thereto
(other than any exhibits that would have been required) within 15 days after the respective dates by which we would have been
required to file such reports with the SEC if we were subject to Section 13 or 15(d) of the Exchange Act, in each case, based
on the dates on which we would be required to file such periodic reports if we were an “accelerated filer” within
the meaning of the Exchange Act, and (ii) within 15 days after written request, supply copies of such reports to any prospective
holder of the Series C Preferred Stock

 

Listing;
Transfer Agent; Distributions Disbursing Agent. Our Series C Preferred Stock is traded on the NYSE under the symbol “MNRprC.”
The registrar, transfer agent and distributions disbursing agent for the Series C Preferred Stock is American Stock Transfer &
Trust Company.

 

Restrictions
on Ownership and Transfer

 

To
qualify as a REIT under the Code, we must satisfy a number of statutory requirements, including a requirement that no more than
50% in value of our outstanding shares of stock may be owned, actually or constructively, by five or fewer individuals (as defined
by the Code to include certain entities) during the last half of a taxable year. In addition, if we, or an actual or constructive
owner of 10% or more of us, actually or constructively owns 10% or more of a tenant of ours (or a tenant of any partnership in
which we are a partner), the rent we receive (either directly or through any such partnership) from such tenant will not be qualifying
income for purposes of the REIT gross income tests of the Code. Our stock must also be beneficially owned by 100 or more persons
during at least 335 days of a taxable year of twelve months or during a proportionate part of a shorter taxable year.

 

Our
charter prohibits any transfer of shares of our stock or any other change in our capital structure that would result in:

 

	 	●	any person directly or indirectly acquiring beneficial ownership of more than 9.8%, in value or number of shares, whichever is more restrictive, of the outstanding shares of our stock (other than shares of excess stock);

                                                                               

	 	●	outstanding
    shares of our stock (other than shares of excess stock) being constructively or beneficially owned by fewer than 100 persons;
    
	 	 	 
	 	●	our
    being “closely held” within the meaning of Section 856 of the Code; or
	 		 
	 	●	our
    otherwise failing to qualify as a REIT under the Code.

 

We
refer to these restrictions, collectively, as the “ownership limits.” Subject to certain limitations, our board of
directors may, in its sole discretion, exempt one or more persons from the ownership limits, on such terms and subject to such
conditions as our board of directors may require, including a ruling from the Internal Revenue Service or an opinion of counsel
that such exemption will not cause us to fail to qualify as a REIT.

 

    	 	14	 

     

    

 

Our
charter requires that any person who acquires or attempts to acquire shares of our stock (other than shares of excess stock) in
violation of the ownership limits give immediate, or in the event of a proposed or attempted transfer, at least 15 days’
prior, written notice to us. If any person attempts to transfer shares of our stock, or attempts to cause any other event to occur
that would result in a violation of the ownership limits, then:

 

	 	●	any
    proposed transfer will be void ab initio, the purported transferee of such shares will acquire no interest in the shares and
    the shares that were subject to the attempted transfer or other event will, effective as of the close of business on the business
    day before the date of the attempted transfer or other event, automatically, without action by us or any other person, be
    converted into and exchanged for an equal number of shares of excess stock;
	 	 	 
	 	●	we may redeem any shares of excess stock and, before the attempted transfer or other event that results in a conversion into and exchange for shares of excess stock, any shares of our stock of any other class or series that are attempted to be owned or transferred in violation of the ownership limits, at a price equal to the lesser of the price per share paid in the attempted transfer or other event that violated the ownership limits and the last reported sale price of shares of such class of our stock on the NYSE on the day we give notice of redemption or, if shares of such class of our stock are not then traded on the NYSE, the market price of such shares determined in accordance with our charter; and

                                                                               

	 	●	our
    board of directors may take any action it deems advisable to refuse to give effect to, or to prevent, any such attempted transfer
    or other event.

 

Shares
of excess stock will be held in book entry form in the name of a trustee appointed by us to hold the shares for the benefit of
one or more charitable beneficiaries appointed by us and a beneficiary designated by the purported transferee, which we refer
to as the designated beneficiary, whose ownership of the shares of our stock that were converted into and exchanged for shares
of excess stock does not violate the ownership limits. The purported transferee may not receive consideration in exchange for
designating the designated beneficiary in an amount that exceeds the price per share that the purported transferee paid for the
shares of our stock converted into and exchanged for shares of excess stock or, if the purported transferee did not give value
for such shares, the market price of the shares on the date of the purported transfer or other event resulting in the conversion
and exchange. Any excess amounts received by the purported transferee as consideration for designating the designated beneficiary
must be paid to the trustee for the benefit of the charitable beneficiary. Upon the written designation of a designated beneficiary
and the waiver by us of our right to redeem the shares of excess stock, the trustee will transfer the shares of excess stock to
the designated beneficiary and, upon such transfer, the shares of excess stock will automatically be converted into and exchanged
for the same number and class or series of shares of our stock as were converted into and exchanged for such shares of excess
stock. Shares of excess stock are not otherwise transferable. If the purported transferee attempts to transfer shares of our stock
before discovering that the shares have been converted into and exchanged for shares of excess stock, the shares will be deemed
to have been sold on behalf of the trust, and any amount received by the purported transferee in excess of what the purported
transferee would have been entitled to receive as consideration for designating a designated beneficiary will be paid to the trustee
on demand.

 

Holders
of shares of excess stock are not entitled to vote on any matter submitted to a vote at a meeting of our stockholders. Upon the
voluntary or involuntary liquidation, dissolution or winding up of the affairs of our company, the trustee must distribute to
the designated beneficiary any amounts received as distributions on the shares of excess stock that do not exceed the price per
share paid by the purported transferee in the transaction that created the violation or, if the purported transferee did not give
value for such shares, the market price of the shares of our stock that were converted into and exchanged for shares of excess
stock, on the date of the purported transfer or other event that resulted in such conversion and exchange. Any amount received
upon the voluntary or involuntary liquidation, dissolution or winding up of the affairs of our company not payable to the designated
beneficiary, and any other dividends or distributions paid on shares of excess stock, will be distributed by the trustee to the
charitable beneficiary.

 

    	 	15	 

     

    

 

Every
holder of more than 5% of the number or value of outstanding shares of our stock must give written notice to us stating the name
and address of such owner, the number of shares of stock beneficially or constructively owned and a description of the manner
in which the shares are owned. Our board of directors may, in its sole and absolute discretion, exempt certain persons from the
ownership limitations contained in our charter if ownership of shares of stock by such persons would not disqualify us as a REIT
under the Code.

 

The
Board of Directors

 

Our
board of directors is currently comprised of twelve directors. Our charter and bylaws provide that the board may alter the number
of directors to a number not more than 15 or less than three. Our charter provides that the directors shall be divided, as evenly
as possible, into three classes, with approximately one-third of the directors elected by the stockholders annually. Each director
will serve for a three year term and until his or her successor is duly elected and has qualified. Holders of shares will have
no right to cumulative voting in the election of directors. Our directors are elected by a plurality of the votes cast; however,
our Corporate Governance Guidelines require that a director will offer to resign if the director receives a greater number of
votes “withheld” than votes “for” such election in an uncontested election of directors.

 

Business
Combinations

 

Under
the Maryland Business Combination Act, business combinations between a Maryland corporation and an interested stockholder or an
affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder
becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange or, in circumstances
specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is
defined as:

 

	 	●	any
    person who beneficially owns 10% or more of the voting power of the corporation’s shares; or
	 	 	 
	 	●	an
    affiliate or associate of the corporation who, at any time within the two-year period before the date in question, was the
    beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.

 

A
person is not an interested stockholder under the statute if the board of directors approves in advance the transaction by which
the person otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors
may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined
by the board.

 

After
the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must
be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

 

	 	●	80%
    of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

 

    	 	16	 

     

    

 

	 	●	two-thirds
    of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder
    with whom or with whose affiliate the business combination is to be effected or shares held by an affiliate or associate of
    the interested stockholder.

 

These
supermajority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined
under the MGCL, for their shares of common stock in the form of cash or other consideration in the same form as previously paid
by the interested stockholder for its shares.

 

The
MGCL permits various exemptions from its provisions, including business combinations that are exempted by the board of directors
before the time that the interested stockholder becomes an interested stockholder. Pursuant to the act, our charter exempts any
business combination between us and UMH Properties, Inc., or UMH. Consequently, the five-year prohibition and the supermajority
vote requirements will not apply to business combinations between us and UMH.

 

Control
Share Acquisitions

 

The
provisions of the Maryland Control Share Acquisition Act provide that a holder of control shares of a Maryland corporation acquired
in a control share acquisition has no voting rights with respect to those shares except to the extent approved by a vote of two-thirds
of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by directors who are employees of
the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated
with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise
of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing
directors within one of the following ranges of voting power:

 

	 	●	one-tenth
    or more but less than one-third;
	 	 	 
	 	●	one-third
    or more but less than a majority; or
	 	 	 
	 	●	majority
    or more of all voting power.

 

Control
shares do not include shares that the acquiring person is then entitled to vote as a result of having previously obtained stockholder
approval or shares acquired directly from the corporation. A control share acquisition means, subject to certain exceptions, the
acquisition of issued and outstanding control shares.

 

A
person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call
a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to
compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay
the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders’
meeting.

 

If
voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required
by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting
rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and
limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of
the last control share acquisition by the acquiror or, if a meeting of stockholders at which the voting rights of the shares are
considered and not approved, as of the date of that meeting. If voting rights for control shares are approved at a stockholders
meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise
appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest
price per share paid by the acquiror in the control share acquisition.

 

    	 	17	 

     

    

 

The
control share acquisition statute does not apply to (a) shares acquired in a merger, consolidation or share exchange if the corporation
is a party to the transaction or (b) acquisitions approved or exempted by the charter or bylaws of the corporation.

 

Our
bylaws contain a provision exempting from the provisions of the Control Share Acquisition Act any and all acquisitions by any
person of shares of our stock. There can be no assurance that our board of directors will not eliminate this provision at any
time in the future.

 

Unsolicited
Takeovers Act

 

Subtitle
8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and
at least three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board
of directors and notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions:

 

	 	●	a
    classified board; 
	 	 	 
	 	●	a
    two-thirds vote requirement for removing a director; 
	 	 	 
	 	●	a
    requirement that the number of directors be fixed only by vote of the directors; 
	 	 	 
	 	●	a
    requirement that a vacancy on the board be filled only by the affirmative vote of a majority of the remaining directors in
    office and for the remainder of the full term of the class of directors in which the vacancy occurred; and
	 	 	 
	 	●	a
    requirement for the calling of special meeting of stockholders may occur if a majority of stockholders request such in writing.

 

Through
provisions in our charter and bylaws unrelated to Subtitle 8, we already (a) have a classified board, (b) require a two-thirds
vote for the removal of any director from the board, (c) vest in the board the exclusive power to fix the number of directors
and (d) require, unless called by our president, the chairman of the board or a majority of the board of directors, the request
of stockholders entitled to cast a majority of the votes entitled to be cast at such meeting to call a special meeting of stockholders.
We have elected to be governed by the provision of Subtitle 8 providing that a vacancy on our board of directors may be filled
only by the remaining directors, for the remainder of the full term of the class of directors in which the vacancy occurred.

 

Advance
Notice of Director Nominations and New Business 

 

Our
bylaws provide that, with respect to an annual meeting of our stockholders, nominations of individuals for election to our board
of directors and the proposal of business to be considered by stockholders at an annual meeting may be made only (i) by or at
the discretion of our board of directors or a duly authorized committee thereof or (ii) by any stockholder of record as of the
date of the notice required by our bylaws, the record date for the meeting and the meeting date and who has provided the information
required pursuant to the advance notice procedures of the bylaws. With respect to special meetings of our stockholders, only the
business specified in the notice of the meeting may be brought before the meeting. Nominations of individuals for election to
our board of directors at a special meeting of our stockholders may be made only (i) by our board of directors or a duly authorized
committee thereof or (ii) provided that directors or a duly authorized committee thereof will be elected at the meeting, by a
stockholder of record as of the date of the notice required by our bylaws, the record date for the meeting and the meeting date
and who has provided the information required pursuant to the advance notice provisions of the bylaws.

 

    	 	18	 

     

    

 

Meetings
of Stockholders

 

Under
our bylaws, annual meetings of stockholders are to be held each year at a date and time as determined by our board of directors.
Special meetings of stockholders may be called only by a majority of the directors then in office, by the chairman of our board
of directors or by the president and must be called by the secretary upon the written request of stockholders entitled to cast
a majority of the votes entitled to be cast at the meeting.

 

Amendment
of Charter and Bylaws

 

Our
charter generally may be amended only if advised by the board of directors and approved by the affirmative vote of stockholders
entitled to cast not less than two-thirds of all the votes entitled to be cast on the matter. Under the MGCL, certain charter
amendments may be effected by the board of directors, without stockholder approval, such as an amendment changing the name of
the corporation or an amendment increasing or decreasing the number of authorized shares of our stock. Our bylaws may be amended
only by vote of a majority of the board of directors.

 

Extraordinary
Transactions

 

We
may merge or consolidate with another entity, convert into another form of entity, engage in a statutory share exchange or sell
all or substantially all of our assets generally only if advised by our board of directors and approved by the affirmative vote
of stockholders entitled to cast not less than two-thirds of all the votes entitled to be cast on the matter. Maryland law also
permits a Maryland corporation to transfer all or substantially all of its assets without the approval of its stockholders to
an entity owned, directly or indirectly, by the corporation. Because our operating assets may be held by our wholly owned subsidiaries,
these subsidiaries may be able to merge or transfer all or substantially all of their assets without the approval of our stockholders.

 

Dissolution

 

Our
dissolution must be advised by a majority of our entire board of directors and approved by the affirmative vote of stockholders
entitled to cast not less than two-thirds of all of the votes entitled to be cast on the matter.

 

Removal
of Directors

 

Our
charter provides that a director may be removed only for cause, as defined in the charter, and only by the affirmative vote of
stockholders entitled to cast not less than two-thirds of the votes entitled to be cast in the election of directors, generally.
This provision, when coupled with the Subtitle 8 election vesting in our board of directors the sole power to fill vacant directorships,
precludes stockholders from removing incumbent directors except for cause and by a substantial affirmative vote and from filling
the vacancies created by the removal with their own nominees.

 

Exclusive
Forum

 

Our
bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City,
Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore
Division, will be the sole and exclusive forum for (a) any derivative action or proceeding brought on our behalf, (b) any action
asserting a claim of breach of any duty owed by any of our directors, officers or other employees to us or to our stockholders,
(c) any action asserting a claim against us or any of our directors, officers or other employees arising pursuant to any provision
of the MGCL or our charter or bylaws or (d) any action asserting a claim against us or any of our directors, officers or other
employees that is governed by the internal affairs doctrine.

 

    	 	19	 

     

    

 

Indemnification
and Limitations on Liability

 

We
are incorporated under the laws of the State of Maryland. The MGCL permits a Maryland corporation to include in its charter a
provision eliminating the liability of its directors and officers to the corporation and its stockholders for money damages, except
for liability resulting from (i) actual receipt of an improper benefit or profit in money, property or services or (ii) active
and deliberate dishonesty that was established by a final judgment and was material to the cause of action. Our charter contains
a provision that eliminates the liability of our directors and officers to the maximum extent permitted by Maryland law.

 

The
MGCL requires a Maryland corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director
or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made a
party by reason of his or her service in that capacity. The MGCL permits a Maryland corporation to indemnify its present and former
directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred
by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities
unless it is established that (i) the act or omission of the director or officer was material to the matter giving rise to the
proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) the director or
officer actually received an improper personal benefit in money, property or services or (iii) in the case of any criminal proceeding,
the director or officer had reasonable cause to believe that the act or omission was unlawful.

 

However,
under the MGCL, a Maryland corporation may not indemnify for an adverse judgment in a suit by or on behalf of the corporation
or for a judgment of liability on the basis that personal benefit was improperly received. A court may order indemnification if
it determines that the director or officer is fairly and reasonably entitled to indemnification, even though the director or officer
did not meet the prescribed standard of conduct or was adjudged liable on the basis that personal benefit was improperly received.
However, indemnification for an adverse judgment in a suit by or on behalf of the corporation, or for a judgment of liability
on the basis that personal benefit was improperly received, is limited to expenses.

 

In
addition, Maryland law permits a Maryland corporation to advance reasonable expenses to a director or officer upon receipt of
(a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct
necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay
the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

 

Our
charter requires us, to the fullest extent permitted by Maryland law as in effect from time to time, to indemnify and advance
expenses to our directors and officers, whether serving us or at our request any other entity, who were or are parties or are
threatened to be made parties to any threatened or actual suit, investigation or other proceeding, including administrative actions,
as a result of their status or actions as directors or officers of us. Our charter authorizes us to provide the same indemnification
and advancement of expenses to our employees and agents.

 

    	 	20

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