Document:

Exhibit 10.2

 

Loan No. 31-0960149

 

GUARANTY
OF RECOURSE OBLIGATIONS

 

FOR
VALUE RECEIVED, and to induce WELLS FARGO BANK, NATIONAL ASSOCIATION, having an address c/o Wells Fargo Commercial Mortgage Servicing,
401 S. Tryon Street, 8th Floor, Charlotte, North Carolina 28202 (together with its successors and/or assigns, “Lender”),
to lend to THE ENTITIES LISTED ON SCHEDULE I ATTACHED HERETO, each a Delaware limited liability company, and each having its principal
place of business at c/o Orion Office REIT LP, 2325 East Camelback Road, Suite 850, Phoenix, Arizona 85016 (“Borrower”),
the principal sum of THREE HUNDRED FIFTY-FIVE MILLION DOLLARS ($355,000,000.00) (the “Loan”), evidenced by that certain
Promissory Note (as the same may be amended, restated, replaced, split or otherwise modified, the “Note”) and that
certain Loan Agreement (as the same may be amended, restated, replaced or otherwise modified the “Loan Agreement”)
and secured by those certain mortgages, deeds of trust and deeds to secure debt (individually and/or collectively as the context may
require, the Security Instrument”) Guarantor (defined below) is delivering this Guaranty of Recourse Obligations (this “Guaranty”)
to Lender. The Note, the Security Instrument, the Loan Agreement and all other documents, agreements and certificates executed and/or
delivered in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time, are collectively referred to herein as the “Loan Documents”. Capitalized terms not otherwise defined herein
have the meanings set forth in the Loan Agreement.

 

1.            As
of this 10th day of February, 2022, the undersigned, ORION OFFICE REIT INC., a Maryland corporation, having an address at c/o
Orion Office REIT LP, 2325 East Camelback Road, Suite 850, Phoenix, Arizona 85016 (hereinafter referred to as “Guarantor”),
hereby absolutely and unconditionally guarantees to Lender the prompt and unconditional payment of the Guaranteed Obligations (hereinafter
defined) as and when the same become due and payable in accordance with the terms and conditions set forth herein.

 

2.            It
is expressly understood and agreed that this is a continuing guaranty and that the obligations of Guarantor hereunder are and shall be
absolute under any and all circumstances, without regard to the validity, regularity or enforceability of the Note, the Loan Agreement,
the Security Instrument or the other Loan Documents, a true copy of each of said documents Guarantor hereby acknowledges having received
and reviewed.

 

3.            This
Guaranty is an irrevocable, absolute, and continuing guaranty of payment and performance and not a guaranty of collection. This Guaranty
may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed Obligations arising or created after
any attempted revocation by Guarantor. This Guaranty may be enforced by Lender and any subsequent holder of the Note (or any part thereof
or interest therein) and shall not be discharged by the assignment or negotiation of all or part of the Note.

 

    - 1 - 

     

    

 

4.            The
Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender hereunder, shall not be reduced, discharged or released
because or by reason of any existing or future offset, claim or defense (other than that the Guaranteed Obligations are not due and owing
or have been paid in full) of Guarantor, Borrower, or any other party, against Lender or against payment of the Guaranteed Obligations,
whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed
Obligations) or otherwise.

 

5.            If
all or any part of the Guaranteed Obligations shall not be paid when due, whether at demand, maturity, acceleration or otherwise, Guarantor
shall, within ten (10) Business Days following written demand by Lender, and without presentment, protest, notice of protest, notice
of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity, or any other notice whatsoever,
except as expressly required herein, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations
to Lender at Lender’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the time
for payment of all or part of the Guaranteed Obligations, and may be made from time to time with respect to the same or different items
of Guaranteed Obligations.

 

6.            The
term “Debt” as used in this Guaranty of Recourse Obligations (this “Guaranty”) shall mean the outstanding
principal amount of the Loan set forth in, and evidenced by, the Loan Agreement and the Note together with all interest accrued and unpaid
thereon and all other sums due to Lender in respect of the Loan under the Note, the Loan Agreement, this Guaranty or the other Loan Documents,
including, without limitation, the payment of all sums advanced and costs and expenses payable to Lender, in each case in accordance
with the terms and conditions set forth in the Loan Agreement or in the other Loan Documents, as the case may be.

 

7.            It
shall not be necessary for Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in order to enforce
the obligations of Guarantor hereunder, first to (a) institute suit or exhaust its remedies against Borrower or others liable for
amounts due under the Note or the Guaranteed Obligations or any other Person, (b) institute suit or exhaust its remedies with respect
to the Note or any Person, (c) enforce Lender’s rights against any collateral which shall ever have been given to secure the
Loan, (d) enforce Lender’s rights against any other guarantor of the Guaranteed Obligations, (e) join Borrower or any
others liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (f) exhaust any remedies available to
Lender against any collateral which shall ever have been given to secure the Loan, or (g) resort to any other means of obtaining
payment of the Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action to reduce, collect or
enforce the Guaranteed Obligations.

 

8.            The
term “Guaranteed Obligations” as used in this Guaranty shall mean all obligations and liabilities of Borrower for
which Borrower shall be personally liable pursuant to Article 13 of the Loan Agreement.

 

    - 2 - 

     

    

 

9.            Any
indebtedness of Borrower to Guarantor now or hereafter existing (including, but not limited to, any rights to subrogation Guarantor may
have as a result of any payment by Guarantor under this Guaranty), together with any interest thereon, shall be, and such indebtedness
is, hereby deferred, postponed and subordinated to the prior payment in full of the Debt. Until payment in full of the Debt (and including
interest accruing on the Note after the commencement of a proceeding by or against Borrower under the Bankruptcy Code, which interest
the parties agree shall remain a claim that is prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom
or ruling in cases under the Bankruptcy Code generally), Guarantor agrees not to accept any payment or satisfaction of any kind of indebtedness
of Borrower to Guarantor and hereby assigns such indebtedness to Lender until payment in full of the Debt, including the right to file
proof of claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code, including the right to vote on any
plan of reorganization. Further, if Guarantor shall comprise more than one person, firm or corporation, Guarantor agrees that until such
payment in full of the Debt, (a) no one of them shall accept payment from the others by way of contribution on account of any payment
made hereunder by such party to Lender, (b) no one of them will take any action to exercise or enforce any rights to such contribution,
and (c) if any of Guarantor should receive any payment, satisfaction or security for any indebtedness of Borrower to any of Guarantor
or for any contribution by the others of Guarantor for payment made hereunder by the recipient to Lender, the same shall be delivered
to Lender in the form received, endorsed or assigned as may be appropriate for application on account of, or as security for, the Debt
and until so delivered, shall be held in trust for Lender as security for the Debt.

 

10.          Guarantor
agrees that, within ten (10) days of receipt of written demand from Lender, Guarantor will reimburse Lender, to the extent that
such reimbursement is not made by Borrower, for all actual out-of-pocket costs and expenses (including reasonable counsel fees) incurred
by Lender in connection with the collection of the Guaranteed Obligations or any portion thereof or with the enforcement of this Guaranty.

 

11.          All
moneys paid to Lender hereunder shall be available to Lender for application in payment or reduction of the Debt and may be applied by
Lender in such manner and in such amounts and at such time or times and in such order and priority as Lender may see fit to the payment
or reduction of such portion of the Debt as Lender may elect.

 

    - 3 - 

     

    

 

12.           To
the extent not expressly prohibited by Applicable Law, Guarantor waives: (a) any defense based upon any legal disability or other
defense of Borrower (other than the defense that the Guaranteed Obligations are not due and owing or have been paid in full), any other
guarantor or other person, or by reason of the cessation or limitation of the liability of Borrower from any cause other than full payment
of all sums payable under the Loan Agreement or any of the other Loan Documents; (b) any defense based upon any lack of authority
of the officers, directors, partners or agents acting or purporting to act on behalf of Borrower or any principal of Borrower or any
defect in the formation of Borrower or any principal of Borrower; (c) any defense based upon the application by Borrower of the
proceeds of the Loan for purposes other than the purposes represented by Borrower to Lender or intended or understood by Lender or Guarantor;
(d) all rights and defenses arising out of an election of remedies by Lender; (e) any defense based upon Lender’s failure
to disclose to Guarantor any information concerning Borrower’s financial condition or any other circumstances bearing on Borrower’s
ability to pay all sums payable under the Loan Agreement or any of the other Loan Documents; (f) any defense based upon any statute
or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome
than that of a principal; (g) any defense based upon Lender’s election, in any proceeding instituted under the Bankruptcy
Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute; (h) any defense based
upon any borrowing or any grant of a security interest under Section 364 of the Bankruptcy Code; (i) except to the extent expressly
required under the Loan Documents, presentment, demand, protest and notice of any kind; and (j) the benefit of any statute of limitations
affecting the liability of Guarantor hereunder or the enforcement hereof. In addition, to the extent not expressly prohibited under Applicable
Law, Guarantor waives all rights and defenses that Guarantor may have because Borrower’s debt is secured by real property. This
means, among other things: (1) Lender may collect from Guarantor without first foreclosing on any real or personal property collateral
pledged by Borrower; and (2) if Lender forecloses on any real property collateral pledged by Borrower, then (i) the amount
of the debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth
more than the sale price, and (ii) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral,
has destroyed any right Guarantor may have to collect from Borrower. The foregoing sentence is an unconditional and irrevocable waiver
of any rights and defenses Guarantor may have because Borrower’s debt is secured by real property. Finally, Guarantor agrees that
the payment of all sums payable under the Loan Agreement or any of the other Loan Documents or any part thereof or other act which tolls
any statute of limitations applicable to the Note or the other Loan Documents shall similarly operate to toll the statute of limitations
applicable to Guarantor’s liability hereunder.

 

Guarantor
agrees to the provisions of the Loan Documents, and hereby waives notice of (a) any loans or advances made by Lender to Borrower,
(b) acceptance of this Guaranty, (c) any amendment or extension of the Note, the Security Instrument, the Loan Agreement or
of any other Loan Documents (other than this Guaranty), (d) the execution and delivery by Borrower and Lender of any other loan
or credit agreement or of Borrower’s execution and delivery of any promissory notes or other documents arising under the Loan Documents
or in connection with the Property, (e) Lender’s transfer or disposition of the Guaranteed Obligations, or any part thereof,
(f) the occurrence of any Default or an Event of Default, (g) sale or foreclosure (or posting or advertising for sale or foreclosure)
of any collateral for the Loan, (h) protest, proof of non-payment or default by Borrower and (i) any other action at any time
taken or omitted by Lender, and, generally, except to the extent expressly required in the Loan Documents, all demands and notices of
every kind in connection with this Guaranty or the Loan Documents.

 

Guarantor
hereby acknowledges that: (a) as part of Lender's consideration for entering into this transaction, Lender has specifically bargained
for the waiver and relinquishment by Guarantor of all such defenses and (b) Guarantor has had the opportunity to seek and receive
legal advice from skilled legal counsel in the area of financial transactions of the type reflected in this Guaranty and the Loan Documents. 
Guarantor hereby represents and confirms to Lender that Guarantor is fully informed regarding, and that Guarantor does thoroughly understand,
(i) the nature of all such possible defenses, (ii) the circumstances under which those defenses may arise, (iii) the benefits
which those defenses might confer upon Guarantor, and (iv) the legal consequences to Guarantor of waiving those defenses. 
Guarantor acknowledges that Guarantor has entered into this Guaranty, and both undertaken Guarantor's obligations and given its unconditional
waiver with the intent that this Guaranty and all such waivers shall be fully enforceable by Lender, and that Lender has been induced
to enter into this transaction in material reliance upon the presumed full enforceability thereof.

 

    - 4 - 

     

    

 

13.           Guarantor
further agrees that the validity of this Guaranty and the obligations of Guarantor hereunder shall in no way be terminated, affected
or impaired by reason of (a) the assertion by Lender of any rights or remedies which it may have under or with respect to the Note,
the Loan Agreement, the Security Instrument, or the other Loan Documents against any Person obligated thereunder or against the owner
of the Property, (b) any failure to file or record any of such instruments or to take or perfect any security intended to be provided
thereby, (c) the release or exchange of any property covered by the Security Instrument or other collateral for the Loan, (d) Lender’s
failure to exercise, or delay in exercising, any such right or remedy or any right or remedy Lender may have hereunder or in respect
to this Guaranty, (e) the commencement of a case under the Bankruptcy Code by or against any person obligated under the Note, the
Loan Agreement, the Security Instrument or the other Loan Documents, or the death of any Guarantor, (f) by any partial or total
transfer or pledge of the interests in Borrower or Guarantor, or in any direct or indirect owner of Borrower or Guarantor, and/or the
reconstitution of Borrower or Guarantor as a result of such transfer or pledge, regardless of whether any of the foregoing is permitted
under the Loan Documents, unless, and only to the extent, that Guarantor is expressly released by Lender from its obligations hereunder
in writing, or (g) any payment made on the Debt or any other indebtedness arising under the Note, the Loan Agreement, the Security
Instrument or the other Loan Documents, whether made by Borrower or Guarantor or any other person, which is required to be refunded pursuant
to any bankruptcy or insolvency law; it being understood that no payment so refunded shall be considered as a payment of any portion
of the Debt, nor shall it have the effect of reducing the liability of Guarantor hereunder. In the event that pursuant to any insolvency,
bankruptcy, reorganization, receivership or other debtor relief law or any judgment, order or decision thereunder Lender must rescind
or restore any payment or any part thereof received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any
prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty shall
remain in full force and effect. It is the intention of Borrower and Guarantor that the Guaranteed Obligations hereunder shall not be
discharged except by Guarantor’s performance of such Guaranteed Obligations and then only to the extent of such performance. If
acceleration of the time for payment by Borrower of any Guaranteed Recourse Obligation of Borrower under any Loan Document is stayed
or delayed by any law or tribunal (including, without limitation, the filing of a bankruptcy or insolvency case with respect to Borrower),
any amounts due and payable hereunder shall nonetheless be payable by Guarantor upon written demand by Lender.

 

14.           Guarantor
warrants and acknowledges that: (a) Lender would not make the Loan but for this Guaranty; (b) there are no conditions precedent
to the effectiveness of this Guaranty and this Guaranty shall be in full force and effect and binding on Guarantor regardless of whether
Lender obtains other collateral or any guaranties from others or takes any other action contemplated by Guarantor; (c) Guarantor
has established adequate means of obtaining from sources other than Lender, on a continuing basis, financial and other information pertaining
to Borrower’s financial condition, the Property and Borrower’s activities relating thereto, and the status of Borrower’s
performance of obligations under the Loan Documents, and Guarantor agrees to keep adequately informed from such means of any facts, events
or circumstances which might in any way affect Guarantor’s risks hereunder and Lender has not made any representation to Guarantor
as to any such matters; and (d) the most recent financial statements of Guarantor previously delivered to Lender are true and correct
in all material respects, have been prepared in accordance with GAAP or in accordance with other principles acceptable to Lender in its
reasonable discretion (consistently applied) and fairly present the financial condition of Guarantor in all material respects as of the
respective dates thereof, and no material adverse change has occurred in the financial condition of Guarantor since the respective dates
thereof.

 

    - 5 - 

     

    

 

15.           So
long as the Debt remains outstanding (other than, following the termination of the Loan Agreement and all other Loan Documents, contingent
indemnification obligations as to which no claim has been made), Guarantor shall provide to Lender (i) within one hundred twenty
(120) days after the end of each fiscal year, (A) consolidated financial statements of Guarantor covering the corresponding period
then ended including a balance sheet, an income and expenses statement, a statement of cash flow and, with respect to such annual consolidated
financial statements, upon written request of Lender during the continuance of an Event of Default, audited by an Acceptable Accountant
(it being acknowledged that delivery to Lender of a copy of the annual audit report filed by the Guarantor with the Securities and Exchange
Commission shall satisfy the foregoing requirements), and (B) a certificate of Guarantor that the Minimum Financial Criteria (as
defined below) continues to be satisfied (including Guarantor’s calculation of Guarantor’s Net Worth and Liquidity, each
of such statements delivered pursuant to this clause (i) shall be certified as being true and correct in all material respects
by a Responsible Officer of Guarantor, and (ii) such other information reasonably requested by Lender and reasonably available to
Guarantor. Guarantor agrees that all financial statements to be delivered to Lender pursuant to this Section 15 shall: (i) be
complete and correct in all material respects; (ii) present fairly and accurately the financial condition of Guarantor in all material
respects as of the date of such financials; (iii) disclose all liabilities that are required to be reflected or reserved against
under GAAP; and (iv) be prepared (A) in hardcopy and electronic formats and (B) in accordance with GAAP or in accordance
with other principles acceptable to Lender in its reasonable discretion (consistently applied). Guarantor agrees that all financial statements
shall not contain any misrepresentation or omission of a material fact which would make such financial statements inaccurate, incomplete
or otherwise misleading in any material respect.

 

16.           Guarantor
further covenants that this Guaranty shall remain and continue in full force and effect as to any modification, extension or renewal
of the Note, the Loan Agreement, the Security Instrument, or any of the other Loan Documents, that Lender shall not be under a duty to
protect, secure or insure any security or lien provided by the Security Instrument or other such collateral, and that other indulgences
or forbearance may be granted under any or all of such documents, all of which may be made, done or suffered without notice to, or further
consent of, Guarantor.

 

    - 6 - 

     

    

 

17.           As
a further inducement to Lender to make the Loan and in consideration thereof, Guarantor further covenants and agrees (a) that in
any action or proceeding brought by Lender against Guarantor on this Guaranty, Guarantor shall and does hereby waive trial by jury, (b) Guarantor
will maintain a place of business or an agent for service of process in the State of New York and give prompt notice to Lender of the
address of such place of business and of the name and address of any new agent appointed by it, as appropriate, (c) the failure
of Guarantor’s agent for service of process to give it notice of any service of process will not impair or affect the validity
of such service or of any judgment based thereon, (d) if, despite the foregoing, there is for any reason no agent for service of
process of Guarantor available to be served, and if Guarantor at that time has no place of business in the State of New York then Guarantor
irrevocably consents to service of process by registered or certified mail, postage prepaid, to it at its address given in or pursuant
to the first paragraph hereof, Guarantor hereby waiving personal service thereof, (e) that within thirty days after such mailing,
Guarantor so served shall appear or answer to any summons and complaint or other process and should Guarantor so served fail to appear
or answer within said thirty-day period, said Guarantor shall be deemed in default and judgment may be entered by Lender against the
said party for the amount as demanded in any summons and complaint or other process so served, (f) Guarantor hereby designates Corporation
Service Center, with offices on the date hereof at 251 Little Falls Drive, Wilmington Delaware 19808, to receive for and on behalf of
Guarantor service of process in the State of New York with respect to this Guaranty and Guarantor (i) shall give prompt notice to
Lender of any changed address of its authorized agent hereunder, (ii) may at any time and from time to time designate a substitute
authorized agent with an office in New York, New York (which substitute agent and office shall be designated as the person and address
for service of process), and (iii) shall promptly designate such a substitute if its authorized agent ceases to have an office in
New York, New York or is dissolved without leaving a successor, and (g) with respect to any claim or action arising hereunder, each
of Guarantor and Lender (i) irrevocably submits to the non-exclusive jurisdiction of any state court in the City of New York and
the United States District Court located in New York County, and appellate courts from any thereof, pursuant to Section 5-1402 of
the New York General Obligations Law, and (ii) irrevocably waives any objection which it may have at any time to the laying on venue
of any suit, action or proceeding arising out of or relating to this Guaranty brought in any such court, irrevocably waives any claim
that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Guarantor acknowledges
that this Guaranty is an “instrument for the payment of money only” within the meaning of New York Civil Practice Law and
Rules Section 3213.

 

18.          All
notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes
if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested, (b) hand
delivery, or (c) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted
delivery, addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as
the case may be, in a written notice to the other parties hereto in the manner provided for in this Section 18):

 

		Guarantor:	Orion
                                            Office REIT Inc.

2325
East Camelback Road, Suite 850 

Phoenix,
Arizona 85016 

Attention:
Chief Financial Officer and

Attention: General Counsel

 

With
a copy to:                       Latham &
Watkins LLP 

1271
Avenue of the Americas 

New
York, New York 10020 

Attention:
Elizabeth Jaffe, Esq. 

Email:
betsy.jaffe@lw.com

 

    - 7 - 

     

    

 

		Lender:	Wells
                                            Fargo Commercial Mortgage Servicing

                                            401 S. Tryon Street, 8th Floor

                                            Charlotte, North Carolina 28202

                                            Facsimile No.: 704-715-0034

 

with
a copy
to:                     
   Cadwalader, Wickersham & Taft LLP
 227 West Trade Street, Suite 2400
 Charlotte, North Carolina 28202

Attention: Holly M. Chamberlain, Esq.
 Email: Holly.Chamberlain@cwt.com

 

19.           This
is a guaranty of payment and not of collection and Guarantor shall be a primary obligor of the Guaranteed Obligations. Upon the Guaranteed
Obligations being incurred by Lender or upon all or any portion of the Debt becoming fully recourse to Borrower pursuant to Section 13.1
of the Loan Agreement, Lender may, at its option, proceed directly and at once, without notice, against Guarantor to collect and recover
the full amount of the liability hereunder or any portion thereof, without proceeding against Borrower or any other person, or foreclosing
upon, selling, or otherwise disposing of or collecting or applying against any of the mortgaged property or other collateral for the
Loan.

 

20.           Each
reference herein to Lender shall be deemed to include its successors and/or assigns, to whose favor the provisions of this Guaranty shall
also inure. Each reference herein to Guarantor shall be deemed to include the heirs, executors, administrators, legal representatives,
successors and assigns of Guarantor, all of whom shall be bound by the provisions of this Guaranty.

 

21.           If
any party hereto shall be a partnership, the agreements and obligations on the part of Guarantor herein contained shall remain in force
and application notwithstanding any changes in the individuals composing the partnership and the term “Guarantor” shall include
any altered or successive partnerships but the predecessor partnerships and their partners shall not thereby be released from any obligations
or liability hereunder.

 

    - 8 - 

     

    

 

22.           It
is the intent of Guarantor and Lender that the obligations and liabilities of Guarantor hereunder are absolute and unconditional under
any and all circumstances and that until the Debt is fully and finally paid, and not subject to refund or disgorgement, the obligations
and liabilities of Guarantor hereunder shall not be discharged or released, in whole or in part, by any act or occurrence that might,
but for the provisions of this Guaranty, be deemed a legal or equitable discharge or release of a Guarantor. This Guaranty shall be deemed
to be continuing in nature and shall remain in full force and effect and shall survive the exercise of any remedy by Lender under the
Security Instrument or any of the other Loan Documents, including, without limitation, any foreclosure or deed in lieu of foreclosure.
Notwithstanding anything to the contrary contained herein, (a) Guarantor shall have no liability under this Guaranty to Lender with
respect to any Guaranteed Obligations relating to a specific Individual Property, to the extent that such Guaranteed Obligations do not
arise as a result of the direct or indirect actions or omissions (where a duty to act exists) of Borrower, Guarantor or any other Borrower
Party (i) that first occurred (A) after a sale or transfer of Borrower’s entire interest in such Individual Property
pursuant to a foreclosure of the applicable Security Instrument, trustee’s sale or similar event, (B) after the delivery by
Borrower of a deed-in-lieu of foreclosure of the applicable Security Instrument, whereby Borrower is no longer the owner of any portion
of such Individual Property, or (C) during such period of time that the entire Individual Property is under the control of a receiver
that was appointed at the request of Lender and (b) shall have no liability under this Guaranty to Lender for acts, events, conditions,
or circumstances first occurring or arising after the date of a permitted transfer and assumption of the Loan pursuant to Section 6.4
of the Loan Agreement as long as the Replacement Guarantor Conditions have been satisfied in accordance with the terms therein, in each
case under clauses (a) and (b) above, except to the extent that such Guaranteed Obligations arise due to the
direct or indirect actions or omissions (where a duty to act exists) of Borrower, Guarantor or any other Borrower Party.

 

23.           All
understandings, representations and agreements heretofore had with respect to this Guaranty are merged into this Guaranty which alone
fully and completely expresses the agreement of Guarantor and Lender.

 

24.           This
Guaranty may be executed in one or more counterparts by some or all of the parties hereto, each of which counterparts shall be an original
and all of which together shall constitute a single agreement of Guaranty. The failure of any party hereto to execute this Guaranty,
or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

 

25.           This
Guaranty may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on
the part of Lender or Borrower, but only by an agreement in writing signed by the party against whom enforcement of any modification,
amendment, waiver, extension, change, discharge or termination is sought.

 

26.           This
Guaranty shall be deemed to be a contract entered into pursuant to the laws of the State of New York and shall in all respects be governed,
construed, applied and enforced in accordance with applicable federal law and the laws of the State of New York, without reference or
giving effect to any choice of law doctrine (other than Section 5-1401 of the New York General Obligations Law).

 

27.           Guarantor
hereby warrants and represents to Lender as of the date hereof, and hereby covenants to Lender, that:

 

(a)            Guarantor
is duly organized and existing and in good standing under the laws of the state in which such entity is organized. Guarantor is currently
qualified or licensed (as applicable) and shall remain qualified or licensed to do business in each jurisdiction in which the nature
of its business requires it to be so qualified or licensed.

 

(b)            The
execution, delivery and performance by Guarantor (and its representative executing below, if any) of the Loan Documents to which Guarantor
is a party (i) are within the power and authority of Guarantor, (ii) have been duly authorized and (iii) will not require
any authorization or license from, or any filing with, any Governmental Authority.

 

    - 9 - 

     

    

 

(c)            the
Loan Documents to which Guarantor is a party (i) have been duly executed and delivered by Guarantor through an authorized representative
of Guarantor and (ii) constitute valid and binding obligations of Guarantor, enforceable in accordance with their terms, except
as such enforcement may be limited by bankruptcy, insolvency, moratorium or other laws affecting the enforcement of creditors’
rights, or by the application of rules of equity

 

(d)            The
execution, delivery and performance by Guarantor of each of the Loan Documents to which Guarantor is a party do not (i) violate
any provision of any law or regulation, or result in any breach or default under any contract, obligation, indenture or other instrument
to which Guarantor is a party or by which Guarantor is bound or (ii) violate any organizational document of Guarantor.

 

(e)            There
are no pending or, to Guarantor’s knowledge, threatened (in writing) actions, claims, investigations, suits or proceedings against
or affecting Guarantor or any of its subsidiaries before any governmental authority, court or administrative agency which, if determined
adversely to Guarantor or such subsidiary, would reasonably be expected to have a material adverse effect on the Guarantor’s ability
to perform its obligations under this Guaranty or the Environmental Indemnity Agreement.

 

(f)            None
of the transactions contemplated by the Loan Documents have been made with an actual intent to hinder, delay or defraud any present or
future creditors of Borrower or Guarantor.

 

(g)            Guarantor
shall promptly notify Lender in writing of any litigation pending or threatened in writing against Guarantor or any subsidiary, which,
if determined adversely to Guarantor or such subsidiary, has, or would reasonably be expected to have, a material adverse effect on the
Guarantor’s ability to perform its obligations under this Guaranty or the Environmental Indemnity Agreement.

 

(h)            Guarantor
is solvent and will not be rendered insolvent by the transactions contemplated by the Loan Documents, and no proceeding under Creditors
Rights Laws with respect to Guarantor has been initiated by Guarantor or any of its Affiliates, nor to Guarantor’s knowledge any
other Person, and Guarantor has received reasonably equivalent value for the granting of this Guaranty and the Environmental Indemnity
Agreement. Giving effect to the Loan, the fair saleable value of Guarantor’s assets exceeds and will, immediately following the
execution and delivery of the Loan Documents, exceed Guarantor’s total liabilities, including, without limitation, subordinated,
unliquidated, disputed or contingent liabilities. The fair saleable value of Guarantor’s assets is and will, immediately following
the execution and delivery of the Loan Documents, be greater than Guarantor’s probable liabilities, including the maximum amount
of its contingent liabilities or its debts as such debts become absolute and matured. Guarantor’s assets do not and, immediately
following the execution and delivery of the Loan Documents will not, constitute unreasonably small capital to carry out its business
as conducted or as proposed to be conducted. Guarantor does not intend to, and does not believe that it will, incur debts and liabilities
(including, without limitation, contingent liabilities and other commitments) beyond its ability to pay such debts as they mature (taking
into account the timing and amounts to be payable on or in respect of obligations of Guarantor).

 

    - 10 - 

     

    

 

(i)            No
petition in bankruptcy has been filed by or against Guarantor, in the last ten (10) years, and Guarantor, in the last ten (10) years
has not ever made any assignment for the benefit of creditors or taken advantage of any Creditors Rights Laws.

 

(j)            Guarantor
is not contemplating either the filing of a petition by it under any Creditors Rights Laws or the liquidation of its assets or property,
and Guarantor does not have any knowledge of any Person contemplating the filing of any such petition against it.

 

(k)            As
of the date hereof and throughout the term of the Loan (a) Guarantor is not and will not be an “employee benefit plan,”
as defined in Section 3(3) of ERISA, subject to Title I of ERISA or a “plan” as defined in Section 4975 of
the Code, (b) Guarantor is not and will not be a “governmental plan” within the meaning of Section 3(32) of ERISA,
(c) assuming that the assets used to fund the Loan do not constitute assets of a governmental plan (unless an exemption applies
the conditions of which are satisfied), transactions by or with Guarantor hereunder or under the other Loan Documents are not in violation
of any state statute, regulation or ruling regulating investments of, or fiduciary obligations with respect to, governmental plans, and
(d) none of the assets of Guarantor constitutes “plan assets” of one or more such plans within the meaning of 29 C.F.R.
Section 2510.3-101, as modified by Section 3(42) of ERISA. As of the date hereof, neither Guarantor nor any ERISA Affiliate
maintains, sponsors, contributes or has any obligation to contribute to a Defined Benefit Plan or a Multiemployer Plan.

 

For
purposes of this Guaranty:

 

“ERISA
Affiliate” shall mean all members of a controlled group of corporations and all trades and business (whether or not incorporated)
under common control and all other entities which, together with Guarantor, are treated as a single employer under any or all of Sections
414(b), or (c), (m) or, solely for purposes of Section 412 of the IRS Code and Sections 302 or 4007 of ERISA, Sections 414
(o) of the IRS Code.

 

“Defined
Benefit Plan” shall mean an “employee benefit pension plan” within the meaning of Section 3(2) of ERISA
(other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412
of the IRS Code and that is currently or previously maintained or sponsored by the Guarantor or by any ERISA Affiliate, or to which either
the Guarantor or ERISA Affiliate currently makes, or previously made, contributions and which (i) provides or is expected to provide
retirement benefits to employees or other workers and (ii) the Guarantor could reasonably be expected to have any liability (including
liability attributable from an ERISA Affiliate). A Defined Benefit Plan shall include any plan that if it were terminated at any time,
would result in Guarantor or ERISA Affiliate being deemed to be a “contributing sponsor” (as defined in Section 4001(a)(13)
of ERISA) of the terminated plan pursuant to ERISA Section 4069.

 

“Multiemployer
Plan” shall mean a “multiemployer plan” as defined in Section 3(37) of ERISA or Section 4001(a)(3) of
ERISA, and to which Guarantor or any ERISA Affiliate is making, is obligated to make or has made or been obligated to make during the
last six years, contributions on behalf of participants who are or were employed by any of them.

 

    - 11 - 

     

    

 

(l)            Guarantor
is not a “foreign person” within the meaning of § 1445(f)(3) of the IRS Code.

 

(m)            Guarantor
is in compliance with all Applicable Law relating to Sanctions, OFAC, Sanctioned Targets, AML Law, Anti-Corruption Laws, the Corporate
Transparency Act, and any other anti-money laundering, anti-bribery, and anti-corruption laws in any U.S. or foreign jurisdiction and
is in compliance in all material respects with all other Applicable Law.

 

(n)            No
statement of fact made by or on behalf of Guarantor in this Agreement or in any of the other Loan Documents or in any other document,
financial statement, or certificate delivered by or on behalf of Guarantor, as applicable, contains any untrue statement of a material
fact or omits to state any material fact necessary to make statements contained herein or therein not materially misleading. There is
no material fact presently known to Guarantor which has not been disclosed to Lender which would reasonably expected to have a material
adverse effect on the Guarantor’s ability to perform its obligations under this Guaranty or the Environmental Indemnity Agreement.

 

(o)            All
financial data in respect to Guarantor, including, without limitation, the balance sheets, statements of cash flow, statements of income
and operating expenses, that have been delivered to Lender by, or on behalf of, or at the direction of, Borrower or Guarantor (i) are
true, complete and correct in all material respects, (ii) accurately represent the financial condition of Guarantor as of the date
of such reports, and (iii) to the extent prepared or audited by an independent certified public accounting firm, have been prepared
in accordance with GAAP throughout the periods covered, except as disclosed therein. Guarantor does not have any contingent liabilities,
liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments
that are known to Borrower and which would reasonably expected to have a material adverse effect on the Guarantor’s ability to
perform its obligations under this Guaranty or the Environmental Indemnity Agreement. Since the date of such financial statements, there
has been no materially adverse change in the financial condition, operations or business of Guarantor from that set forth in said financial
statements.

 

(p)            As
of the date hereof and continuing thereafter for the term of the Loan, the representations and warranties set forth in Sections 3.28
and 3.29 of the Loan Agreement are true and correct with respect to Guarantor, it being understood that wherever the term “Borrower”
is used in each the foregoing sections it shall be deemed to be “Guarantor”.

 

(q)            Guarantor
shall keep and maintain or will cause to be kept and maintained proper and accurate books and records reflecting the financial affairs
of Guarantor. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right from time to time during
normal business hours upon reasonable notice to Guarantor to examine such books and records at the office of Guarantor or other Person
maintaining such books and records and to make such copies or extracts thereof as Lender shall reasonably desire.

 

    - 12 - 

     

    

 

(r)            As
of the Closing Date, Guarantor has a Net Worth and maintains Liquidity equal to or greater than the Minimum Financial Criteria (as defined
herein). Until such time as the Guarantor no longer has any obligations under this Guaranty as determined in accordance with the terms
of this Guaranty, Guarantor shall maintain (i) a minimum Net Worth (as defined herein) of not less than $355,000,000 and (ii) Liquidity
(as defined herein) of no less than $10,000,000 (the above items, (i) and (ii), collectively, the “Minimum
Financial Criteria”).

 

As
used herein:

 

“Cash
and Cash Equivalents” shall mean all unrestricted or unencumbered (A) cash and (B) any of the following: (x) marketable
direct obligations issued or unconditionally guaranteed by the United States Government or issued by an agency thereof and backed by
the full faith and credit of the United States; (y) marketable direct obligations issued by any state of the United States of America
or any political subdivision of any such state or any public instrumentality thereof which, at the time of acquisition, has one of the
two highest ratings obtainable from any two (2) of S&P, Moody’s, or Fitch (or, if at any time no two of the foregoing
shall be rating such obligations, then from such other nationally recognized rating services as may be acceptable to Lender) and is not
listed for possible down-grade in any publication of any of the foregoing rating services; (z) domestic certificates of deposit
or domestic time deposits or repurchase agreements issued by any commercial bank organized under the laws of the United States of America
or any state thereof or the District of Columbia having combined capital and surplus of not less than $1,000,000,000.00, which commercial
bank has a rating of at least either AA or such comparable rating from S&P, Moody’s, or Fitch, respectively; (aa) any funds
deposited or invested by Guarantor in accounts maintained with Lender and which are not held in escrow for, or pledged as security for,
any obligations of Guarantor, Borrower and/or any of their affiliates; (bb) money market funds having assets under management in excess
of $2,000,000,000.00 and/or (cc) any unrestricted stock, shares, certificates, bonds, debentures, notes or other instrument which constitutes
a “security” under the Security Act of 1933 (other than Guarantor, Borrower and/or any of their affiliates) which are freely
tradable on any nationally recognized securities exchange and are not otherwise encumbered by Guarantor.

 

“Net
Worth” shall mean, as of a given date, (A) Guarantor’s total assets as of such date (exclusive of the Properties
or in any other asset that is part of the collateral for the Loan) less (B) Guarantor’s total liabilities as of such date
(exclusive of any liabilities attributable to the Properties or any other asset that is part of the collateral for the Loan), in each
case determined in accordance with GAAP, provided that any accumulated depreciation and amortization which would otherwise be deducted
shall be added back for purposes of this definition.

 

“Liquidity”
shall mean the sum of (a) unencumbered Cash and Cash Equivalents of Guarantor, (b) marketable securities of Guarantor, each
valued in accordance with GAAP (or other principles acceptable to Lender), (c) undrawn amounts under any revolving credit facility
under which Guarantor (or, so long as Guarantor is the sole general partner of and controls Orion Office REIT LP, Orion Office REIT LP)
is the Borrower, provided that (i) Guarantor is not in default beyond any applicable notice and cure periods under any such facility,
(ii) such facility is not secured by any direct or indirect interests in the Borrower or the cash flow derived from the Properties,
and (iii) such facility does not contain any conditions to draws thereunder that are not satisfied as of the related date of calculation
of Liquidity other than the giving of a ministerial notice that a draw under such credit facility is being demanded; provided that Liquidity
shall not include any asset that is part of the Property or that is otherwise collateral for the Loan.

 

    - 13 - 

     

    

 

28.          In
the event of any inconsistencies between the other terms and conditions of this Guaranty and this Paragraph 28, the terms and conditions
of this Paragraph 28 shall control and be binding.

 

(a)          If
and to the extent that the laws of the State of Colorado shall apply, then Guarantor agrees to the following provisions of this Section:

 

(i)             Guarantor
waives any rights which might otherwise exist under C.R.S. §§ 13-50-102 or 13-50-103 (or under any corresponding or similar
statute, future statute or rule of law) by reason of any release of fewer than all of the guarantors if there are multiple guarantors.

 

(b)            If
and to the extent that the laws of the State of Arizona shall apply, then Guarantor agrees to the following provisions of this Section:

 

(i)           To
the extent permitted by applicable law and subject to Section 9.3 of the Loan Agreement, Guarantor waives any rights or benefits
it may have which could limit the amount which Lender could recover in a foreclosure of any of the Individual Properties to the difference
between the amount owing under the Loan Documents and the fair value of any such Individual Property or interests sold at a nonjudicial
foreclosure sale or sales of any other real property held by Lender as security for the obligations under the Loan Documents.

 

       (ii)           To
the extent permitted by applicable law, Guarantor, as guarantor, hereby waives all rights and defenses that Guarantor may have because
the Loan is secured by real property. Subject to Section 9.3 of the Loan Agreement, this means, among other things, that if Lender
forecloses on any real property collateral pledged by any Other Obligor:

 

(A)            The
amount of the Loan may be reduced only by the price for which the collateral is sold at the foreclosure sale, even if the collateral
is worth more than the sale price.

 

(B)            Lender
may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor may have
to collect from any Other Obligor.

 

(iii)       To
the extent permitted by Applicable Law, Guarantor waives its rights under Arizona Revised Statutes §§ 12-1566, 12-1641 through
and including 12-1646, 44-142, 47-3605 and Rule 17(f) of the Arizona Rules of Civil Procedure for the Superior Courts
of Arizona, as sections and rule may be amended from time to time.

 

    - 14 - 

     

    

 

(c)            If
and to the extent that the laws of the State of Texas shall apply, then Guarantor agrees to the following provisions of this Section:

 

(i)            Guarantor
hereby expressly waives: (i) any right to revoke this Guaranty with respect to the Guaranteed Obligations; (ii) any right to
require Lender to do any of the following before Guarantor is obligated to pay or perform the Guaranteed Obligations or before Lender
may proceed against Guarantor: (A) sue or exhaust remedies against Borrower or any other Person liable for the Guaranteed Obligations
or any portion thereof; (B) sue on an accrued right of action in respect of any of the Guaranteed Obligations or bring any other
action, exercise any other right, or exhaust any other remedy; or (C) enforce rights against Borrower’s assets or the collateral
pledged by Borrower to secure the Guaranteed Obligations; (iii) any right relating to the timing, manner or conduct of Lender’s
enforcement of rights against Borrower’s assets or the collateral pledged by Borrower to secure the Guaranteed Obligations; (iv) if
Guarantor and Borrower (or any other Person) have each pledged assets to secure the Guaranteed Obligations, any right to require Lender
to proceed first against collateral pledged by Borrower (or any other Person) before proceeding against the collateral pledged by Guarantor;
(v) other than as provided for in this Guaranty or the Loan Documents, promptness, diligence, notice of any Event of Default, notice
of nonpayment or nonperformance, notice of acceleration or intent to accelerate, demand for payment (although Lender may, but shall have
no obligation to, make demand for payment), acceptance or notice of acceptance of this Guaranty, presentment, notice of protest, notice
of dishonor, notice of the incurring by Borrower of additional indebtedness, notice of any suit or other action by Lender against Borrower
or any other Person, any notice to any Person liable for the obligation which is the subject of the suit or action, and all other notices
and demands with respect to the Guaranteed Obligations and this Guaranty; and (vi) each of the foregoing rights or defenses, regardless
of whether they arise under (A) Rule 31 of the Texas Rules of Civil Procedure, (B) Section 17.001 of the Texas
Civil Practice and Remedies Code, (C) Chapter 34 of the Texas Business and Commerce Code, or (D) any other statute or law,
common law, in equity, under contract or otherwise, or under any amendments, recodifications, supplements or any successor statute or
law of or to any such statute or law; and (vii) subject to Section 9.3 of the Loan Agreement, any and all rights under Sections
51.003, 51.004 and 51.005 of the Texas Property Code, and under any amendments, recodifications, supplements or any successor statute
or law of or to any such statute or law.

 

(d)            If
and to the extent that the laws of the State of Georgia shall apply, then Guarantor agrees to the following provisions of this Section:

 

(i)            Guarantor
waives any rights which might otherwise exist under the provisions of Section 10-7-24 of O.C.G.A. or 11-3-601 O.C.G.A.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

    - 15 - 

     

    

 

IN
WITNESS WHEREOF, Guarantor has duly executed this Guaranty of Recourse Obligations as of the day and year first above written.

	 	 
		GUARANTOR:
	 	 
		ORION OFFICE REIT INC., a Maryland
    corporation
	 	 
		By:	/s/
    Paul H. McDowell
	 	Name: Paul H. McDowell
		Title: Authorized Signatory
	 	 

 

    - 16 - 

     

    

 

SCHEDULE
I

 

BORROWER

 

	Borrower
    Name
	Orion
    Cedar Rapids IA LLC
	Orion
    Malone NY LLC
	Orion
    Columbus OH LLC
	Orion
    Memphis TN LLC
	Orion
    Brownsville TX 2 LLC
	Orion
    Paris TX LLC
	Orion
    Bedford TX LLC
	Realty
    Income East Windsor SciPark, LLC
	CLF
    Pulco One LLC
	ARCP
    OFC Malvern PA, LLC
	Cole
    OF Urbana MD, LLC
	Cole
    OF Kennesaw GA, LLC
	Cole
    OF Duluth GA, LLC
	Cole
    OF Hopewell Township NJ, LLC
	Realty
    Income East Syracuse Fair Lakes, LLC
	ARC
    ESSTLMO001, LLC
	Orion
    Phoenix AZ LLC
	Orion
    Nashville TN LLC
	Orion
    Sterling VA LLC

 

    - 17 -Exhibit 10.1

 

CONSULTING AGREEMENT

  

This
Consulting Agreement (the “Agreement") is made as of this 27thth day of January, 2022 (the ''Effective Date”)by
and between Great Union Investments Limited, a British Virgin Islands company (the “Consultant”) ,
and China Xiangtai Food Co. Ltd., a Cayman Islands exempted company with its registered office at c/o Chongqing Penglin Food Co.,
Ltd., Xinganxian Plaza, Building B, Suite 19-1, Lianglukou, Yuzhong District 400800, Chongqing, People's Republic of China (the "Company”).

 

WHEREAS, Consultant
has provided expertise and services for the benefit of the Company since the inception of the Company;

 

WHEREAS, the
Company desires the Consultant to provide certain consulting services to the Company and Consultant is agreeable to perfonning such services
for the Company;

 

NOW, THEREFORE,
in consideration of the mutual covenants hereinafter stated, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

 

		1.	APPOINTMENT.

 

The Company
hereby engages Consultant to provide, and Consultant hereby agrees to render, the Services (as defined herein) to the Company as a consultant
upon the terms and conditions hereinafter set forth.

 

		2.	TERM.

 

The term of
this Agreement shall be effective as of the Effective Date and shall continue month-to-month, until terminated or extended in accordance
with the provisions contained herein or by a subsequent agreement between the parties hereto (the "Term").

 

		3.	SERVICES.

 

During the
Term of this Agreement, Consultant shall assist the Company in certain advisory activities, including but not limited to those in connection
with Company's business expansion and investment in Singapore (collectively, the "Services"). Consultant shall report directly
to the Chief Executive Officer of the Company. As of the Effective Date, the Company acknowledges that the Consultant has provided substantial
services since August 2021. Consultant agrees to continue to provide the services in his position as required to the Company.

 

		4.	DUTIES OF THE COMPANY.

 

The Company
shall provide Consultant, on a regular and timely basis, with all approved data and information about it, its subsidiaries, its management,
its products and services and its operations as shall be reasonably requested by Consultant, and shall advise Consultant of any facts
which would affect the accuracy of any data and infbmnation previously supplied pursuant to this Section. The Company shall promptly supply
Consultant with full and complete copies of all financial reports; all filings with all federal and state securities agencies; all data
and information supplied by any financial analyst; and all business information relating to the Company's operations that the Consultant
may request.

 

    	 	 	 

     

    

 

		5.	COMPENSATION.

 

As of the Effective
Date, the Company agrees to pay Consultant or its designee(s) the following as consideration for the Services rendered:

 

(a)              
The Company shall pay Consultant 250,000 restricted ordinary shares on the date hereof valued at $1.00 per share.

 

(b)              
As further described in Section 10(a) of this Agreement, the Company may decide to terminate this Agreement at any time fbr any
reason. In the event the Company decides to terminate this Agreement without Cause (as defined herein), all compensation due hereunder
shall be paid on the date of said termination.

 

		6.	COSTS AND EXPENSES.

 

Consultant,
in providing the Services, shall not be responsible fbr any reasonable out-of- pocket costs, including, without limitation, travel, lodging,
telephone, postage and overnight delivery charges; provided that Consultant obtains prior approval of the Company, which approval shall
not be unreasonably withheld, prior to incurring such expenses. Consultant shall provide the Company with a detailed accounting of monthly
expenses incurred pursuant to the terms of this Agreement. Payment fbr these expenses shall be made to Consultant in accordance with the
Company's policy fbr reimbursements.

 

		7.	INDEMNIFICATION.

 

(a)              
The Company hereby agrees to indemnify, defend, and shall hold hannless Consultant, and defend any action brought against Consultant
with respect to any claim, demand, cause of action, debt or liability, including reasonable attorneys5 fees, to the extent
that such action is based upon a claim that (i) is true and (ii) (A) would constitute a breach of any of the Company's representations,
warranties, or agreements hereunder, (B) arises out of the negligence or willful misconduct of the Company, or (C) is based on any infbmiation
provided by the Company's content that violates any rights of third parties, including, without limitation, rights of publicity, privacy,
patents, copyrights, trademarks, trade secrets, and/or licenses. The Company agrees that it will not prosecute any action or proceeding
against Consultant except where such claim is materially and substantially based on the gross negligence or willful misconduct of Consultant.

 

(b)              
Consultant hereby agrees to indemnify, defend, and shall hold harmless the Company, its affiliates and their respective directors,
officers, employees, consultants, representatives and agents, and defend any action brought against same, with respect to any claim, demand,
cause of action, or liability, including reasonable attorneys' fees, to the extent that such an action arises out of (i) the gross negligence
or willful misconduct of Consultant or (ii) unlawful conduct.

 

(c)               
In claiming indemnification hereunder, the indemnified party shall promptly provide the indemnifying party written notice of any
claim that the indemnified party reasonably believes falls within the scope of the foregoing paragraphs. The indemnified party may, at
its expense, assist in the defense if it so chooses, provided that the indemnifying party shall control such defense, and all negotiations
relative to the settlement of any such claim. Any settlement intended to bind the indemnified party shall not be final without the indemnified
party's written consent.

 

    	 	2	 

     

    

 

		8.	INDEPENDENTCONTRACTORSTATUSANDOTHERBUSINESS

  

OPPORTUNITIES.

 

It is understood
and agreed that Consultant will for all purposes hereof be deemed to be an independent contractor and will not, unless otherwise expressly
authorized by the Company, have any authority to act fbr or represent the Company in any way, execute any transaction or document on behalf
of the Company or otherwise be deemed an agent of the Company. No federal, state or local withholding deductions will be withheld from
any amounts owed by the Company to Consultant hereunder unless otherwise required by law.

 

Subject to
Consultant's obligations and duties, Consultant may, without limitation, (i) engage in the same or similar activities or lines of business
as the Company or its subsidiaries or develop or market any products or services that compete, directly or indirectly, with those of the
Company and its subsidiaries; provided that Consultant does not use in any manner any Confidential Information (as defined herein) of
the Company in doing so, (ii) invest or own any interest publicly or privately in, or develop a business relationship with, any person
engaged in the same or similar activities or lines of business as, or otherwise in competition with, the Company or its subsidiaries;
provided that Consultant does not use in any manner any Confidential Infbnnation of the Company in doing so; or (iii) do business with
any current or former client or customer of the Company or its subsidiaries; provided that such activity does not encourage or influence
such client or customer to discontinue, reduce or decline any new business opportunity with the Company. Neither the Company nor any of
its subsidiaries shall have any right by virtue of this Agreement in or to, or to be offered, any opportunity to participate or invest
in, any venture engaged in by Consultant or any right by virtue of this Agreement in or to any income or profits derived therefrom.

 

		9.	CONFIDENTIALITY.

 

Consultant
acknowledges that in providing the Services hereunder, Consultant will be privy to Confidential Information of the Company and its subsidiaries.
As used in this Agreement, "Confidential lnfbrmation,, of the Company means all trade practices, business plans, price lists, supplier
lists, customer lists, marketing plans, financial information, software and all other information or compilations thereof which relate
to the business of the Company, or to any of its subsidiaries or affiliates, and which have not been disclosed by the Company to the public,
or which are not otherwise generally available to the public.

 

Consultant acknowledges that the
Confidential Infbnnation of the Company, as such may exist from time to time, are valuable, confidential, special and unique assets of
the Company and its subsidiaries and affiliates, expensive to produce and maintain, and essential fbr the profitable operation of their
respective businesses. Consultant agrees that, during the Term, or at any time thereafter, it shall not, and shall cause his employees,
agents and representatives to not, directly or indirectly, communicate, disclose or divulge to any person or entity, or use fbr its benefit
or the benefit of any person or entity, in any manner, any Confidential Information of the Company or its subsidiaries or affiliates acquired
during the Term or any other confidential information concerning the conduct and details of the businesses of the Company and its subsidiaries
and affiliates, except as required in the course of the performance of the Services hereunder or as otherwise may be required by law.

 

The Company
agrees that it will not disclose, and will not include in any public announcement, the name of Consultant, unless expressly agreed to
by Consultant or unless and until such disclosure is required by law or applicable regulation, and then only to the extent of such requirement.

 

    	 	3	 

     

    

 

		10.	MISCELLANEOUS.

 

(a)              
Tennination. Subsequent to, and no less than ninety (90) days after the execution of this Agreement, either party hereto may terminate
this Agreement fbr any reason upon thirty (30) business days' prior written notice to the other party. Termination of this Agreement shall
cause Consultant to cease providing Services under this Agreement; however, termination fbr any reason whatsoever shall not decrease or
eliminate the compensatory obligations of the Company as outlined in Section 5 of this Agreement.

 

(b)              
Modification. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof.
This Agreement may be amended only in writing signed by both parties hereto.

 

(c)              
Notices. Any notice required or permitted to be given hereunder. shall be in writing and shall be mailed or otherwise delivered
in person at the address of such party set forth in the preamble thereof or to such other address or facsimile telephone number as the
party shall have furnished in writing to the other party in accordance with the terms of this subparagraph (c).

 

(d)              
Waiver. Any waiver by either party hereto of a breach of any provision of this Agreement shall not operate as or be construed to
be a waiver of any other breach of that provision or of any breach of any other provision of this Agreement. The failure of a party hereto
to insist upon strict adherence to any term of this Agreement on one or more occasions will not be considered a waiver or deprive that
party of the right thereafter to insist upon adherence to such term of any other term of this Agreement.

 

(e)              
Severability. If any provision of this Agreement is invalid, illegal, or unenforceable, the balance of this Agreement shall remain
in effect, and if any provision is inapplicable to any person, circumstance or jurisdiction, it shall nevertheless remain applicable to
all other persons, circumstances and jurisdictions.

 

(f)               
Disagreements. Any dispute, disagreement, conflict of interpretation or claim arising out of or relating to this Agreement, or
its enforcement, shall be governed by the laws of the State of New York, without regard to its conflicts of law principles. Consultant
and the Company hereby irrevocably and unconditionally submit themselves and their property to the nonexclusive jurisdiction of the federal
and state courts of the State of New York and any appellate court thereof, in any action or proceeding arising out of or relating to
this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agree that all claims in respect of any such action or proceeding may be heard and determined in New York, or, to the extent permitted
by law, in such federal court. Each of the parties hereto agree that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties hereto
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referenced.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient fbrum to
the maintenance of such action or proceeding in any such court. Each party to this Agreement irrevocably consents to service of process
in the manner provided fbr notices herein. Nothing in this Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it
may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions
contemplated hereby (whether based on contract, tort or any other theory). If either party hereto shall commence an action or proceeding
to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other
party fbr its reasonable attorneys' fees and other costs and expenses, including, but not limited to, court costs incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

    	 	4	 

     

    

 

(g)  
Counterparts. Each party hereto may sign identical counterparts of this Agreement with the same effect as if both parties signed
the same document. A copy of this Agreement signed by one party hereto and delivered by facsimile or electronic transmission to the other
party shall have the same effect as the deliveiy of an original of this Agreement containing the original signature of such party.

  

[SIGNATURE
PAGE FOLLOWS]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, this Agreement
has been executed by the parties as of the date first above written.

 

 

	CHINA XIANGTAI
    FOOD CO., LTD.	 
	 	 
	/s/ Zeshu Dai	 
	 	 
	Name: Zeshu Dai	 
	Title: Chief Executive Officer	 
	 	 
	CONSULTANT	 
	 	 
	Great Union Investments Limited	 
	 	 
	 	 
	/s/ Hong Hu	 
	By: Hong Hu	 
	Title: Director	 

 

    	 	6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]