Document:

Exhibit 10.4

   

  REGISTRATION RIGHTS AGREEMENT

   

  THIS REGISTRATION RIGHTS
    AGREEMENT (this “Agreement”) is entered into as of [●], 2021, by and among Modiv Acquisition Corp., a
    Delaware corporation (the “Company”), and the undersigned parties listed under Investor on the signature page
    hereto (each, an “Investor” and collectively, the “Investors”).

   

  WHEREAS, the Investors
    and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the registration of
    the securities held by them as of the date hereof.

   

  NOW, THEREFORE, in
    consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt
    and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

   

  1.       DEFINITIONS.
    The following capitalized terms used herein have the following meanings:

   

  “Agreement”
    means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

   

  “Board”
    means the board of directors of the Company.

   

  “Business
      Combination” means the acquisition of direct or indirect ownership through a merger, share exchange, asset acquisition,
    share purchase, recapitalization, reorganization or other similar type of transaction, of one or more businesses or entities.

   

  “Commission”
    means the Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange
    Act.

   

  “Common Stock”
    means the common stock, par value $0.0001 per share, of the Company.

   

  “Company”
    is defined in the preamble to this Agreement.

   

  “Demand Registration”
    is defined in Section 2.1.1.

   

  “Demanding
      Holder” is defined in Section 2.1.1.

   

  “Exchange
      Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
    thereunder, all as the same shall be in effect at the time.

   

  “Form S-3”
    is defined in Section 2.2.4.

   

  “Indemnified
      Party” is defined in Section 4.3.

   

  “Indemnifying
      Party” is defined in Section 4.3.

   

  “Initial Shares”
    means all of the outstanding shares of Common Stock issued prior to the consummation of the Company’s initial public offering.

   

  “Investor”
    is defined in the preamble to this Agreement.

   

  “Investor
      Indemnified Party” is defined in Section 4.1.

   

  
  
    	 		 

  

  
     

  

  
  

  

   

  “Maximum Number
      of Shares” is defined in Section 2.1.4.

   

  “Notices”
    is defined in Section 7.4.

   

  “Piggy-Back
      Registration” is defined in Section 2.2.1.

   

  “Private Warrants”
    means the aggregate of 8,400,000 Warrants that Modiv Venture Fund, LLC is privately purchasing simultaneously with the consummation
    of the Company’s initial public offering.

   

  “Register,”
    “Registered” and “Registration” mean a registration effected by preparing and filing a registration
    statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations
    promulgated thereunder, and such registration statement becoming effective.

   

  “Registrable
      Securities” means (i) the Initial Shares, (ii) the Private Warrants (and underlying shares of Common Stock) and (iii)
    any equity securities (including the shares of Common Stock issued or issuable upon the exercise of any such equity security) of
    the Company issuable upon conversion of any working capital loans in an amount up to $1,500,000 made to the Company by an Investor.
    Registrable Securities include any warrants, shares of capital stock or other securities of the Company issued as a dividend or
    other distribution with respect to or in exchange for or in replacement of such Initial Shares and Private Warrants (and underlying
    shares of Common Stock). As to any particular Registrable Securities, such securities shall cease to be Registrable Securities
    when: (a) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities
    Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement;
    (b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer
    shall have been delivered by the Company and subsequent public distribution of them shall not require registration under the Securities
    Act; (c) such securities shall have ceased to be outstanding; or (d) the Registrable Securities are freely saleable under Rule
    144 without volume limitations.

   

  “Registration
      Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
    Act and the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or
    other obligations exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement
    on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange
    for securities or assets of another entity).

   

  “Release Date”
    means the date on which the Initial Shares are disbursed from escrow pursuant to Section 3 of that certain Stock Escrow Agreement,
    dated as of [●], 2021, by and among the Sponsor and American Stock Transfer & Trust Company, LLC.

  .

   

  “Securities
      Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
    all as the same shall be in effect at the time.

   

  “Sponsor”
    means Modiv Venture Fund, LLC, an Investor.

   

  “Underwriter”
    means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
    such dealer’s market-making activities.

   

  “Units”
    means the units of the Company, each comprised of one share of Common Stock and one Warrant entitling the holder to purchase one-half
    (1⁄2) share of Common Stock.

   

  
  
    	 	2	 

  

  
     

  

  
  

  

   

  “Warrant(s)”
    means the warrants of the Company.

   

  		2.	REGISTRATION RIGHTS.

   

  		2.1	Demand Registration.

   

  2.1.1       Request
      for Registration. At any time and from time to time on or after (i) the date that the Company consummates a Business Combination
    with respect to the Private Warrants or (ii) three months prior to the Release Date with respect to all other Registrable Securities,
    but prior to the five-year anniversary of the effective date of the Company’s Form S-1 Registration Statement (File No. 333-[●])
    (the “Effective Date”), (a) with respect to clause (i) the holders of a majority of the Private Warrants and
    (b) with respect to clause (ii) the holders of a majority-in-interest of the Initial Shares, may make a written demand for registration
    under the Securities Act of all or part of their Private Warrants or other Registrable Securities, as the case may be (a “Demand
      Registration”). Any demand for a Demand Registration shall specify the number of Registrable Securities proposed to be
    sold and the intended method(s) of distribution thereof. The Company will notify all holders of Registrable Securities of the demand,
    and each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities
    in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding
      Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from the
    Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand
    Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect
    more than three (3) Demand Registrations under this Section 2.1.1 in respect of all Registrable Securities.

   

  2.1.2       Effective
      Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the
    Commission with respect to such Demand Registration has been declared effective by the Commission and the Company has complied
    with all of its obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement
    has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any
    stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to
    such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction
    is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue
    the offering; provided, further, that the Company shall not be obligated to file a second Registration Statement until a Registration
    Statement that has been filed is counted as a Demand Registration or is terminated.

   

  2.1.3       Underwritten
      Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part of their
    written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall
    be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such
    registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s
    Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable
    Securities through such underwritten offering shall enter into an underwriting agreement in customary form with the Underwriter
    or Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration.

   

  2.1.4       Reduction
      of Underwritten Offering. If the managing Underwriter or Underwriters in an underwritten offering pursuant to a Demand Registration
    advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which

   

  
  
    	 	3	 

  

  
     

  

  
  

   

  the Demanding Holders desire to sell, taken
    together with all other shares of Common Stock or other securities which the Company desires to sell and the shares of Common Stock,
    if any, as to which a registration has been requested pursuant to written contractual piggy-back registration rights held by other
    stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold
    in such underwritten offering without adversely affecting the proposed offering price, the timing, the distribution method, or
    the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
      Number of Shares”), then the Company shall include in such registration: (i) first, the Registrable Securities as to
    which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with the number of shares that each
    such Demanding Holder has requested be included in such registration, regardless of the number of shares held by each such Demanding
    Holder (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum
    Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause
    (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum
    Number of Shares; and (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
    (i) and (ii), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to
    register pursuant to written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number
    of Shares.

   

  2.1.5       Withdrawal.
    If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering or are not entitled to
    include all of their Registrable Securities in any underwritten offering, such majority-in-interest of the Demanding Holders may
    elect to withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request
    to withdraw prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration.
    If the majority-in-interest of the Demanding Holders withdraws from a proposed underwritten offering relating to a Demand Registration,
    then such registration shall not count as a Demand Registration provided for in Section 2.1.

   

  		2.2	Piggy-Back Registration.

   

  2.2.1       Piggy-Back
      Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes to file a Registration
    Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable
    or exchangeable for, or convertible into, equity securities, by the Company for its own account or for the account of stockholders
    of the Company (or by the Company and by stockholders of the Company including, without limitation, pursuant to Section 2.1), other
    than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange
    offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible
    into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice
    of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days
    before the anticipated filing date of such Registration Statement, which notice shall describe the amount and type of securities
    to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters,
    if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the
    sale of such number of shares of Registrable Securities as such holders may request in writing within five (5) days following receipt
    of such notice (a “Piggy-Back Registration”). Subject to Section 2.2.2, the Company shall cause such Registrable
    Securities to be included in such registration and shall use its reasonable best efforts to cause the managing Underwriter or Underwriters
    of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration
    on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable
    Securities in accordance with the intended method(s) of distribution thereof.

   

  
  
    	 	4	 

  

  
     

  

  
  

  

   

  All holders of Registrable Securities proposing
    to distribute their Registrable Securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall
    enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration.
    Notwithstanding the provisions set forth in the immediately preceding sentences, the right to a Piggy-Back Registration set forth
    under this Section 2.2.1 with respect to the Registrable Securities shall terminate on the seventh anniversary of the Effective
    Date.

   

  2.2.2       Reduction
      of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering
    advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock
    which the Company desires to sell, taken together with the shares of Common Stock, if any, as to which registration has been demanded
    pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable
    Securities as to which registration has been requested under this Section 2.2, and the shares of Common Stock, if any, as to which
    registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the
    Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

   

  (a)       If
    the registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities that
    the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the
    Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities, if
    any, comprised of Registrable Securities, as to which registration has been requested pursuant to the applicable written contractual
    piggy-back registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares;
    and (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the
    shares of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant
    to written contractual piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number
    of Shares;

   

  (b)       If
    the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
    Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding persons that can be sold
    without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached
    under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold
    without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached
    under the foregoing clauses (A) and (B), collectively the shares of Common Stock or other securities comprised of Registrable Securities,
    Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum
    Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
    (A), (B) and (C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated
    to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number
    of Shares.

   

  2.2.3       Withdrawal.
    Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
    in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
    the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a
    demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness
    of such Registration Statement. Notwithstanding any such withdrawal,

   

  
  
    	 	5	 

  

  
     

  

  
  

  

   

  the Company shall pay all expenses incurred
    by the holders of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3.

   

  2.2.4       Registrations
      on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that the Company
    register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which may be
    available at such time (“Form S-3”); provided, however, that (i) the Company shall not be obligated to effect
    such request through an underwritten offering and (ii) the Company shall not be obligated to effect more than two such requests.
    Upon receipt of such written request, the Company will promptly give written notice of the proposed registration to all other holders
    of Registrable Securities, and, as soon as practicable thereafter, effect the registration of all or such portion of such holder’s
    or holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable
    Securities or other securities of the Company, if any, of any other holder or holders joining in such request as are specified
    in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that
    the Company shall not be obligated to effect any such registration pursuant to this Section 2.2.4: (i) if Form S-3 is not available
    for such offering; or (ii) if the holders of the Registrable Securities, together with the holders of any other securities of the
    Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at
    any aggregate price to the public of less than $500,000. Registrations effected pursuant to this Section 2.2.4 shall not be counted
    as Demand Registrations effected pursuant to Section 2.1.

   

  		3.	REGISTRATION PROCEDURES.

   

  3.1         Filings;
      Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section
    2, the Company shall use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance
    with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

   

  3.1.1       Filing
    Registration Statement. The Company shall use its reasonable best efforts to, as expeditiously as possible after receipt
    of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on
    any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available
    for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution
    thereof, and shall use its reasonable best efforts to cause such Registration Statement to become effective and use its reasonable
    best efforts to keep it effective for the period required by Section 3.1.3; provided, however, that the Company shall have the
    right to defer any Demand Registration for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable
    to deferment of any demand registration to which such Piggy-Back Registration relates, in each case if the Company shall furnish
    to the holders a certificate signed by the President or Chairman of the Company stating that, in the good faith judgment of the
    Board, it would be materially detrimental to the Company and its stockholders for such Registration Statement to be effected at
    such time; provided further, however, that the Company shall not have the right to exercise the right set forth in the immediately
    preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder.

   

  3.1.2       Copies.
    The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without
    charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of
    such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case
    including all exhibits thereto and documents incorporated by reference therein, except for such exhibits and documents available
    on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”)), the prospectus
    included in such Registration Statement (including each preliminary

   

  
  
    	 	6	 

  

  
     

  

  
  

   

  prospectus), and such other documents as
    the holders of Registrable Securities included in such registration or legal counsel for any such holders may request in order
    to facilitate the disposition of the Registrable Securities owned by such holders.

   

  3.1.3       Amendments
      and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments,
    and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such
    Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and
    other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution
    set forth in such Registration Statement or such securities have been withdrawn.

   

  3.1.4       Notification.
    After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after
    such filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further
    notify such holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of
    any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration
    Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall
    take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission
    for any amendment or supplement to such Registration Statement or any prospectus relating thereto or for additional information
    or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter
    delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will not contain an untrue
    statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
    therein not misleading, and promptly make available to the holders of Registrable Securities included in such Registration Statement
    any such supplement or amendment.

   

  3.1.5       State
      Securities Laws Compliance. The Company shall use its reasonable best efforts to (i) register or qualify the Registrable Securities
    covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
    States as the holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
    may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
    registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
    of the Company and do any and all other acts and things that may be necessary or advisable to enable the holders of Registrable
    Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
    provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would
    not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction.

   

  3.1.6       Agreements
      for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement in
    customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
    Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made
    to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of
    Registrable Securities included in such registration statement. No holder of Registrable Securities included in such registration
    statement shall be required to make any representations or warranties in the underwriting agreement except, if applicable, with
    respect to such holder’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such
    sale with such holder’s

   

  
  
    	 	7	 

  

  
     

  

  
  

   

  material agreements and organizational
    documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly
    for inclusion in such Registration Statement.

   

  3.1.7       Cooperation.
    The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer
    of the Company and all other officers and members of the management of the Company shall cooperate in all reasonable respects in
    any offering of Registrable Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration
    Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with
    Underwriters, attorneys, accountants and potential investors.

   

  3.1.8       Records.
    The Company shall make available for inspection by the holders of Registrable Securities included in such Registration Statement,
    any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other
    professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
    and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise
    their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably
    requested by any of them in connection with such Registration Statement.

   

  3.1.9       Earnings
      Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act, and
    make available to its stockholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which
    earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

   

  3.1.10       Listing.
    The Company shall use its reasonable best efforts to cause all Registrable Securities included in any registration to be listed
    on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed
    or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority
    of the Registrable Securities included in such registration.

   

  3.1.11       Road
      Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $5,000,000,
    the Company shall use its reasonable efforts to make available senior executives of the Company to participate in customary “road
    show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

   

  3.2         Obligation
      to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described in
    Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.2.4 hereof, upon any suspension by
    the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the
    ability of all “insiders” covered by such program to transact in the Company’s securities because of the existence
    of material non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue
    disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such
    holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders”
    to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will
    deliver to the Company all copies, other than permanent file copies then in such holder’s possession, of the most recent
    prospectus covering such Registrable Securities at the time of receipt of such notice.

   

  3.3         Registration
      Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant to Section
    2.1, any Piggy-Back Registration pursuant

   

  
  
    	 	8	 

  

  
     

  

  
  

   

  to Section 2.2, and any registration on
    Form S-3 effected pursuant to Section 2.2.4, and all expenses incurred in performing or complying with its other obligations under
    this Agreement, whether or not the Registration Statement becomes effective, including, without limitation: (i) all registration
    and filing fees; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements
    of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) the Company’s
    internal expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses
    incurred in connection with the listing of the Registrable Securities as required by Section 3.1.10; (vi) Financial Industry Regulatory
    Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public
    accountants retained by the Company; (viii) the reasonable fees and expenses of any special experts retained by the Company in
    connection with such registration; and (ix) the reasonable fees and expenses (not to exceed $30,000) of one legal counsel selected
    by the holders of a majority-in-interest of the Registrable Securities included in such registration. The Company shall have no
    obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the
    holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an underwritten
    offering, all selling stockholders and the Company shall bear the expenses of the Underwriter pro rata in proportion to the respective
    amount of shares each is selling in such offering.

   

  3.4          Information.
    The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company, or the managing
    Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto,
    in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection
    with the Company’s obligation to comply with Federal and applicable state securities laws.

   

  		4.	INDEMNIFICATION AND CONTRIBUTION.

   

  4.1          Indemnification
      by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of Registrable Securities,
    and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person,
    if any, who controls an Investor and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities
    Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any expenses,
    losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement
    (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable
    Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained
    in the Registration Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any
    omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements therein
    not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated thereunder applicable
    to the Company and relating to action or inaction required of the Company in connection with any such registration; and the Company
    shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses reasonably incurred by such Investor
    Indemnified Party in connection with investigating and defending any such expense, loss, judgment, claim, damage, liability or
    action; provided, however, that the Company will not be liable in any such case to the extent that any such expense, loss, judgment,
    claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged
    omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary prospectus, or any such amendment
    or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by such selling holder
    expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities, their officers, affiliates,
    directors, partners, members and agents and each person who controls such Underwriter on substantially the same basis as that of
    the indemnification provided above in this Section 4.1.

   

  
  
    	 	9	 

  

  
     

  

  
  

  

   

  4.2          Indemnification
      by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any registration
    is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder,
    indemnify and hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling
    holder and each other person, if any, who controls the Company, another selling holder or such Underwriter within the meaning of
    the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar as such losses,
    claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
    allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable
    Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained
    in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are based upon
    any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the statement
    therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in
    writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and officers,
    each Underwriter (if any) and each other selling holder or controlling person for any legal or other expenses reasonably incurred
    by any of them in connection with investigation or defending any such loss, claim, judgment, damage, liability or action. Each
    selling holder’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount
    of any net proceeds actually received by such selling holder.

   

  4.3          Conduct
      of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
    or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
      Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify
    such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage, liability or action;
    provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying
    Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent
    the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect
    to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such
    claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense
    thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of
    its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the Indemnified
    Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof other
    than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party and the Indemnifying
    Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but no more than one such
    separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability arising out of
    any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with the fees and
    expenses (subject to the proviso at the end of this sentence) of such counsel to be paid by such Indemnifying Party if, based upon
    the written opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate
    due to actual or potential differing interests between them; provided, however, that the Indemnifying Party shall only be obligated
    to pay the fees and expenses of one such separate counsel for all Indemnified Parties in such circumstances. No Indemnifying Party
    shall, without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any
    claim or pending or threatened proceeding in respect of which the Indemnified Party is or could have been a party and indemnity
    could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release
    of such Indemnified Party from all liability arising out of such

   

  
  
    	 	10	 

  

  
     

  

  
  

   

  claim or proceeding. In addition, no Indemnified
    Party, in any action or pending or threatened proceeding, or based on any claim, in which it may seek indemnification hereunder
    from any Indemnifying Party, shall consent to entry of judgment or effect any settlement of any such action, claim or proceeding
    without such Indemnifying Party’s prior written consent.

   

  		4.4	Contribution.

   

  4.4.1       If
    the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect
    of any loss, claim, damage, liability or action referred to herein with respect to which such Indemnified Party would otherwise
    be entitled to such indemnification, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
    to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage, liability or action in such proportion
    as is appropriate to reflect the relative fault of the Indemnified Parties and the Indemnifying Parties in connection with the
    actions or omissions which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations.
    The relative fault of any Indemnified Party and any Indemnifying Party shall be determined by reference to, among other things,
    whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
    relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative intent, knowledge,
    access to information and opportunity to correct or prevent such statement or omission.

   

  4.4.2       The
    parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
    rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
    the immediately preceding Section 4.4.1.

   

  4.4.3       The
    amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the second
    preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred
    by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
    of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the dollar amount
    of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder
    from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent misrepresentation
    (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
    of such fraudulent misrepresentation.

   

  		5.	INTENTIONALLY OMITTED.

   

  		6.	RULE 144.

   

  6.1         Rule
      144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
    Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required
    from time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the
    limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or
    any similar rule or regulation hereafter adopted by the Commission.

   

  
  
    	 	11	 

  

  
     

  

  
  

  

   

  7.            MISCELLANEOUS.

   

  7.1         Other
      Registration Rights. The Company represents and warrants that, except as disclosed in the Company’s registration
    statement on Form S-1 (File No. 333-[●]), no person, other than the holders of the Registrable Securities, has any right
    to require the Company to register any shares of the Company’s capital stock for sale or to include shares of the Company’s
    capital stock in any registration filed by the Company for the sale of shares of capital stock for its own account or for the account
    of any other person.

   

  7.2         Assignment;
      No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned
    or delegated by the Company in whole or in part without the consent of the holders of a majority of Registrable Securities. This
    Agreement and the rights, duties and obligations of the holders of Registrable Securities hereunder may be freely assigned or delegated
    by such holder of Registrable Securities in conjunction with and to the extent of any transfer of Registrable Securities by any
    such holder. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties
    and to the permitted assigns of the Company and the holders of Registrable Securities. This Agreement is not intended to confer
    any rights or benefits on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section
    7.2.

   

  7.3         Notices.
    All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”) required
    or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally
    served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery or electronic transmission,
    addressed as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice
    shall be deemed given on the date of service or transmission if personally served or transmitted electronically by e-mail; provided,
    that if such service or transmission is not on a business day or is after normal business hours, then such notice shall be deemed
    given on the next business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following
    timely delivery of such notice to a reputable air courier service with an order for next-day delivery. The parties hereto consent
    to the delivery of notices or other communications by electronic transmission at the e-mail address set forth below the respective
    party’s name in this Section 7.3. To the extent that any notice given by means of electronic transmission is returned or
    undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected e-mail address
    has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each party agrees
    to promptly notify the other parties of any change in its e-mail address, and that failure to do so shall not affect the foregoing.
    The parties may change the persons and addresses to which the notices or other communications are to be sent by giving written
    notice to any such change in the manner provided herein for giving notice.

   

  To the Company:

   

  Modiv Acquisition Corp.

  120 Newport Center Drive

  Newport Beach, CA 92660

  Attn: Raymond J. Pacini

  Email: rpacini@modiv.com

   

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

   

  Loeb & Loeb LLP

  345 Park Avenue

  New York, NY 10154

   

  
  
    	 	12	 

  

  
     

  

  
  

  

   

  Attn: Mitchell S. Nussbaum, Esq.
    and Tahra Wright, Esq.

  Email: mnussbaum@loeb.com; twright@loeb.com

   

  To an Investor, to the address
    set forth below such Investor’s name on Exhibit A hereto.

   

  7.4         Severability.
    This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
    the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
    or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
    as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

   

  7.5         Counterparts.
    This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which taken together
    shall constitute one and the same instrument.

   

  7.6         Entire
      Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments
    delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof
    and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the
    parties, whether oral or written.

   

  7.7         Term.
    This Agreement shall terminate on the seven-year anniversary of the date hereof.

   

  7.8         Titles
      and Headings; Amendments. Titles and headings of sections of this Agreement are for convenience only and shall not affect
    the construction of any provision of this Agreement. No amendment, modification or termination of this Agreement shall be binding
    upon the holders of Registrable Securities unless executed in writing by the holders of a majority of the Registrable Securities.
    Any amendment, modification or termination of this Agreement approved in writing by the holders of a majority of the Registrable
    Securities shall be binding upon all holders of Registrable Securities and their permitted assignees.

   

  7.9        Waivers
      and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
    provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and
    specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default
    waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall
    be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver
    or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance
    of any other obligations or acts.

   

  7.10       Remedies
      Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
    under this Agreement, any Investor or any other holder of Registrable Securities may proceed to protect and enforce its rights
    by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction
    against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal
    or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers
    or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative
    and in addition to any other right, power or

   

  
  
    	 	13	 

  

  
     

  

  
  

   

  remedy, whether conferred by this Agreement
    or now or hereafter available at law, in equity, by statute or otherwise.

   

  7.11       Governing
    Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the State
    of New York applicable to agreements made and to be performed within the State of New York, without giving effect to any choice-of-law
    provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

   

  7.12       Waiver
      of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit,
    counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this
    Agreement, the transactions contemplated hereby, or the actions of any Investor in the negotiation, administration, performance
    or enforcement hereof.

   

  [REMAINDER OF PAGE INTENTIONALLY LEFT
      BLANK]

   

  
  
    	 	14	 

  

  
     

  

  
  

   

  IN WITNESS WHEREOF, the parties have caused
    this Registration Rights Agreement to be executed and delivered by their duly authorized representatives as of the date first written
    above.

   

  	 	COMPANY:
	 	 
	 	MODIV ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name:	Raymond J. Pacini
	 	Title:	Chief Financial Officer
	 	 	 
	 	INVESTORS:
	 	 
	 	MODIV VENTURE FUND, LLC
	 	 	 
	 	By:	 
	 	Name:	Aaron S. Halfacre
	 	Title:	Chief Executive Officer

   

  [Signature Page to Registration Rights
      Agreement]

   

  
  
    	 		 

  

  
     

  

  
  

   

  EXHIBIT A

   

  	Name of Investor	Address
	 	 
	Modiv Venture Fund, LLC	120 Newport Center Drive
	 	Newport Beach, CA  92660Exhibit 10.5

   

  FORM OF SUBSCRIPTION AGREEMENT

   

  [●], 2021

   

  Modiv Acquisition Corp.

  120 Newport Center Drive

  Newport Beach, CA 92660

   

  Ladies and Gentlemen:

   

  Modiv Acquisition Corp.
    (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities
    (a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended
    (“Securities Act”), in connection with its initial public offering (“IPO”), pursuant to a registration
    statement on Form S-1 (“Registration Statement”).

   

  The undersigned hereby
    commits that it will purchase an aggregate of 8,400,000 warrants (or 9,000,000 if the over-allotment option is exercised in full)
    of the Company (“Private Warrants”), at a price of $0.50 per warrant for an aggregate purchase price of $4,200,000
    (or $4,500,000 if the over-allotment option is exercised in full) warrants of the Company (the “Private Warrant Purchase
      Price”).

   

  At least twenty-four
    (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Private Warrant Purchase Price
    to be delivered to Loeb & Loeb (“Loeb”), as escrow agent, by wire transfer as set forth in the instructions
    attached as Exhibit A to hold in a non-interest bearing account until the Company consummates the IPO.

   

  The consummation of
    the purchase and issuance of the Private Warrants shall occur simultaneously with the consummation of the IPO. Simultaneously with
    the consummation of the IPO, American Stock Transfer & Trust Company, LLC shall deposit the Private Warrant Purchase Price, without
    interest or deduction, into the trust fund (“Trust Fund”) established by the Company for the benefit of the
    Company’s public stockholders as described in the Registration Statement.

   

  Each of the Company
    and the undersigned acknowledges and agrees that Loeb is serving hereunder solely as a convenience to the parties to facilitate
    the purchase of the Private Warrants.

   

  Additionally, the undersigned agrees:

   

  		●	to vote in favor of any proposed Business Combination;

   

  		●	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate
          of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s
          shares of Common Stock sold in the IPO if the Company does not complete an initial Business Combination within 24 months from the
          closing of the IPO, unless the Company provides the holders of shares of Common Stock sold in the IPO with the opportunity to redeem
          their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
          amount of the Trust Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company’s
          taxes, divided by the number of then outstanding shares of Common Stock sold in the IPO;

   

  
  
    	 		 

  

  
     

  

  
  

  

   

  		●	the undersigned will not participate in any liquidation distribution with respect to the Private
          Warrants (but will participate in liquidation distributions with respect to any units or Common Stock purchased by the undersigned
          in the IPO or sold by the Company in the IPO and purchased by the undersigned in the open market thereafter) if the Company fails
          to consummate a Business Combination;

   

  		●	that the Private Warrants and underlying securities will not be transferable until 30 days after
          the consummation of a Business Combination except (i) to the Company’s pre-IPO stockholders (including, to the extent the
          Company’s pre- IPO stockholders are entities, to such entity’s members, partners, stockholders or other equity holders),
          or to the Company’s officers, directors, advisors and employees, (ii) transfers to the undersigned’s affiliates, (iii)
          by bona fide gift to a member of the undersigned’s (or Permitted Transferee’s (as defined below)) immediate family
          or to a trust, the beneficiary of which is the undersigned (or Permitted Transferee) or a member of the undersigned’s (or
          Permitted Transferee’s) immediate family, for estate planning purposes, (iv) by virtue of the laws of descent and distribution
          upon death, (v) pursuant to a qualified domestic relations order, (vi) by certain pledges to secure obligations incurred in connection
          with purchases of the Company’s securities, (vii) by private sales at prices no greater than the price at which the Private
          Warrants were originally purchased or (viii) to the Company for cancellation in connection with the consummation of a Business
          Combination, in each case (except for clause viii) where the permitted transferee (“Permitted Transferee”) agrees
          to the terms of the transfer restrictions; and

   

  		●	the Private Warrants will include any additional terms or restrictions as is customary in other
          similarly structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to
          consummate the IPO, each of which will be set forth in the Registration Statement.

   

  The undersigned hereby represents and warrants
    that:

   

  		(a)	it has been advised that the Private Warrants have not been registered under the Securities Act;

   

  		(b)	it will be acquiring the Private Warrants for its account for investment purposes only;

   

  		(c)	it has no present intention of selling or otherwise disposing of the Private Warrants in violation of the securities laws of
          the United States;

   

  		(d)	it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933,
          as amended;

   

  		(e)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all
          persons acting on its behalf concerning the terms and conditions of the offer made hereunder;

   

  		(f)	it is familiar with the proposed business, management, financial condition and affairs of the Company;

   

  		(g)	it has full power, authority and legal capacity to execute and deliver this letter agreement (“Agreement”)
          and any documents contemplated herein or needed to consummate the transactions contemplated in this Agreement; and

   

  
  
    	 	2	 

  

  
     

  

  
  

  

   

  		(h)	this Agreement constitutes its legal, valid and binding obligation, and is enforceable against it.

   

  This Agreement constitutes
    the entire agreement between the undersigned and the Company with respect to the purchase of the Private Warrants, and supersedes
    all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to
    the same.

   

  Each party to this
    Agreement acknowledges that Loeb has represented both the Company and the undersigned in connection with the transactions contemplated
    hereby, the IPO, the issuance of the Company’s shares to Modiv Venture Fund, LLC and all related transactions. The applicable
    rules of professional conduct require that Loeb inform the parties hereunder of this representation and obtain their consent. The
    Company and the undersigned each hereby (i) acknowledge that they have had an opportunity to ask for and have obtained information
    relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation;
    (ii) acknowledge that with respect to the transactions described above, Loeb has represented the Company and the undersigned, and
    not any other person or entity or Board member or employee of the Company or the undersigned; and (iii) give their respective informed
    consent to Loeb’s representation of the Company and the undersigned in connection with the transactions described above.

   

  [Signatures Follow]

   

  
  
    	 	3	 

  

  
     

  

  
  

   

  	 	 	 	Very truly yours,
	 	 	 	 
	 	 	 	MODIV VENTURE FUND, LLC
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	Aaron S. Halfacre
	 	 	 	Title:	Chief Executive Officer
	 	 	 	 	 
	Accepted and Agreed:	 	 	 
	 	 	 	 
	MODIV ACQUISITION CORP.	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	Raymond J. Pacini	 	 	 
	Title:	Chief Financial Officer	 	 	 

   

  [Signature Page to Subscription Agreement]

   

  
  
    	 		 

  

  
     

  

  
    

  Exhibit A

  Wire Instructions

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]