Document:

Exhibit 10.64

RESTATED EMPLOYMENT AGREEMENT

This RESTATED EMPLOYMENT AGREEMENT ("Agreement") is made effective July 1, 2013 by and between Willis North America Inc. ("Employer") and Todd J. Jones ("Employee").

WHEREAS, Employee's execution of this Agreement will result in Employee's promotion to the position of Chief Executive Officer of Employer as of July 1, 2013; and 

WHEREAS, Employee's execution of this Agreement will result in a significant increase in Employee's overall compensation package including his base salary and incentive compensation as detailed in the Letter Agreement which is attached hereto as Exhibit A.

NOW THEREFORE, in consideration of the mutual covenants and promises contained herein and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. Employment, Compensation and Benefits. Employer will pay Employee such compensation and benefits as are set forth in the Letter Agreement attached hereto and incorporated into this Agreement as Exhibit A. Such compensation and benefits may be changed by Employer pursuant to its normal compensation and benefit review procedures or from time to time. Employee's job title, position and duties are also subject to review and change by Employer pursuant to its normal job position and performance review procedures or from time to time.

2. Confidential Information and Work for Hire.

a. Employer shall provide Employee with access to nonpublic Employer/Willis1 information to the extent reasonably necessary to the performance of Employee's job duties. Employee acknowledges that all non-public information (including, but not limited to, information regarding Employer's clients), owned or
possessed by Employer/Willis (collectively, "Confidential Information") constitutes a valuable, special and unique asset of the business of Employer/Willis. Employee shall not, during or after the period of his/her employment with Employer (i) disclose, in whole or in part, such Confidential Information to any third party without the consent of Employer or (ii) use any such Confidential Information for his/her own purposes or for the benefit of any third party. These restrictions shall not apply to any information in the public domain provided that Employee was not responsible, directly or indirectly, for such information entering the public domain without the Employer's consent. Upon termination of Employee's employment hereunder, Employee shall promptly return to Employer all Employer/Willis materials, information and other property (including all files, computer discs and manuals) as may then be in Employee's possession or control.

b. Any work prepared by Employee as an employee of Employer including written and/or electronic reports and other documents and materials shall be "work for hire" and shall be the exclusive property of the Employer. If, and to the extent that, any rights to such work do not vest in Employer automatically, by operation of law, Employee shall be deemed to hereby unconditionally and irrevocably assign to Employer all rights to such work and Employee shall cooperate fully with Employer's efforts to establish and protect its rights to such work.

3. Employee Loyalty, Non-competition and Non-solicitation. Employee understands that Employee owes a duty of loyalty to Employer and, while in Employer's employ, shall devote Employee's entire business time and best good  faith efforts to the furtherance of Employer's legitimate business interests. All business activity participated in by  Employee as an employee of Employer shall be undertaken solely for the benefit of Employer. Employee shall  have no right to share in any commission or fee resulting from such business activity other than the compensation referred to in paragraph 1. While this Agreement is in effect and for a period of two years following termination of

1 All references in this Employment Agreement to "Employer/Willis" shall be understood to refer to Employer and/or Employer's parent companies and other affiliates, as well as their successors and assigns.

 Employee's employment with Employer, Employee shall not, within the "Territories" described below:

a. directly or indirectly solicit, accept, or perform, other than on Employer's behalf, insurance brokerage, insurance agency, risk management, claims administration, consulting or other business performed by the Employer/Willis from or with respect to (i) clients of Employer/Willis with whom Employee had business contact or provided services to, either alone or with others, while employed by either Employer or any affiliate of Employer and, further provided, such clients were clients of Employer/Willis either on the date of termination of Employee's employment with Employer or within twelve (12) months prior to such termination (the "Restricted Clients") and (ii) active prospective clients of Employer/Willis with whom Employee had business contacts regarding the business of the Employer/Willis within six (6) months prior to termination of Employee's employment with Employer (the "Restricted Prospects").

b. directly or indirectly (i) solicit any employee of Employer/Willis ("Protected Employees") to work for Employee or any third party, including any competitor (whether an individual or a competing company) of Employer/Willis or (ii) induce any such employee of Employer/Willis to leave the employ of Employer/Willis. 

For purposes of this paragraph 3, "Territories" shall refer to those counties where the Restricted Clients, Restricted Prospects, or Protected Employees of Employer/Willis are present and available for solicitation.

4. Term and Termination. This Agreement shall commence upon the effective date first set forth above and shall continue until terminated (i) by either party, with or without cause, upon thirty calendar days prior written notice, (ii) immediately by Employer upon any willful misconduct or material breach by Employee of this Agreement, or (iii) immediately upon the Employee's death or disability (as disability is defined in Employer's Long Term Disability Benefits Plan). Should Employer give Employee thirty days notice of termination, (i) Employee will not, thereafter, be entitled to access to the office premises of Employer and (ii) said thirty calendar days shall be treated as four weeks' pay for purposes of severance arrangements and/or calculating pay in lieu of prior notice. Paragraphs 2, 3, 5 and 7 shall survive termination of this Agreement.

5. Mandatory Binding Arbitration. Except for a claim beginning with a request for injunctive relief brought by Employer or Employee, Employer and Employee agree that any dispute arising either under this Agreement or from the employment relationship shall be resolved by arbitration - it is understood that disputes arising either under this Agreement or from the employment relationship shall be understood to include, but not be limited to, any and all disputes concerning any claim by the Employee against the Employer/Willis concerning or relating to (i) alleged illegal discrimination against the Employee in the terms and conditions of employment (including but not limited to any claim of alleged illegal discrimination on the basis of race, color, religion, sex, gender, national origin, age, physical disability and/or mental disability), (ii) alleged public policy violations, (iii) alleged wrongful employment termination and/or (iv) any other disputes arising from or in connection with the employment relationship. Each party expressly waives any right, whether pursuant to any applicable federal, state, or local statute, to a
jury trial and/or to have a court of law determine rights and award damages with respect to any such dispute. The party invoking arbitration shall notify the other party in writing (the "Written Notice"). The parties shall exercise their best efforts, in good faith, to agree upon selection of a single arbitrator. If the parties are unable to agree upon selection of a single arbitrator, they shall so notify the American Arbitration Association ("AAA") or another agreed upon arbitration administrator and request that the arbitration provider work with the parties to select a single arbitrator. The arbitration shall be (i) conducted in accordance with the American Arbitration Association's National Rules for the Resolution of Employment Disputes, (ii) held at a location reasonably convenient to that office of the Employer at which the Employee had most recently been assigned and (iii) completed within six months (or within such other time as the parties may mutually agree) of the receipt of Written Notice by the party being notified. The arbitrator shall have no authority to assess punitive or exemplary damages as to any dispute arising out of or concerning the provisions of this Agreement or otherwise arising out of the employment relationship, except as and unless such damages are expressly authorized by otherwise applicable and controlling statutes. The arbitrator's 

decision shall be final and binding and enforceable in any court of competent jurisdiction. To the extent permitted by applicable law, each party shall bear its own costs, including attorneys' fees, and share all costs of the arbitration equally. Nothing provided herein shall interfere with either party's right to seek or receive damages or costs as may be allowed by applicable statutory law.

6. Representations and Warranties. Employee represents and warrants that Employee has reviewed and will abide by the Employer/Willis Code of Ethics.

7. Miscellaneous. Except as set forth below, this Agreement sets forth the entire agreement between the parties and supersedes any and all prior agreements and understandings regarding the subject matter herein; provided further that this Agreement shall be in addition to, and not in lieu of: (i) the Deferred Compensation Agreement by and between Employee and "Willis Americas Admin"2 that became effective as of May 1, 2009 (and by signing below, Employee acknowledges, understands and agrees that pursuant to the automatic assignment language as contained in paragraph 4 of this Deferred Compensation Agreement, Employer can enforce the provisions and terms of the Deferred Compensation Agreement); and (ii) any written agreement, if any, as may have previously been entered into by the Employee with either the Employer or with a parent or other affiliated company of the Employer in connection with any share purchase and option plan and/or any equity award (such agreement to be governed in all respects by that agreement's own terms and conditions). This Agreement may only be modified by a written instrument signed by both parties. If any term of this Agreement is rendered invalid or unenforceable by judicial, legislative or administrative action, the remaining provisions hereof shall remain in full force and effect and shall in no way be affected, impaired or invalidated. Except for notices by Employer to Employee which Employer chooses to hand deliver to Employee, any notices given pursuant to this Agreement shall be sent by first class US postal service or overnight courier service to the addresses set forth below (or, to the then current address of a party, with both parties agreeing to promptly provide the other party with written notice of any change in address). This Agreement shall be governed by the law of the state in which Employee is assigned a regular office location by Employer, without giving effect to that state's  conflicts of law principles. The waiver by either party of any breach of this Agreement shall not operate or be construed as a waiver of that party's rights upon any subsequent breach. This Agreement shall inure to the benefit of and be binding upon and enforceable against the heirs, legal representatives and assigns of Employee and the successors and assigns of Employer. Should Employee be transferred or reassigned from Employer to a parent company or affiliate of Employer, this Agreement shall be deemed to be automatically assigned by Employer to such new employer. Employee's acceptance of Employee's first payment of compensation from such new employer shall be deemed as Employee's acknowledgment of (i) such assignment and (ii) the continuation of Employee's employment pursuant to the terms and conditions of this Agreement. Employee acknowledges and agrees that (i) the consideration provided to Employee by Employer as set forth in this Agreement (inclusive of Exhibit A hereto) is sufficient to support covenants made by Employee to Employer within this Agreement and (ii) following Employee's execution of this Agreement, Employee will at no time challenge the sufficiency and/or adequacy of the consideration provided in exchange for the various covenants provided by Employee to Employer within this Agreement. Monetary damages may not be an adequate remedy for Employee's breach of paragraphs 2 or 3 of this Agreement and Employer may, in addition to recovering legal damages (including lost commissions and fees), proceed in equity to enjoin Employee from violating any of the provisions. Upon the commencement by the Employee of employment with any third party, during the two (2) year period following termination of employment hereunder, the Employee shall promptly inform such new employer of the substance of paragraphs 2 and 3 of this Agreement.

2 It is understood and agreed that the reference to "Willis Americas Admin" in the May 1, 2009 Deferred Compensation Award Agreement is intended to be a reference to "Willis Americas Administration, Inc.".

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement to become effective as of the date first above written.

EMPLOYER:
Willis North America Inc.
One World Financial Center
200 Liberty Street
New York, NY 10281-1003
/s/ Celia Brown
Title: Group Human Resources Director

EMPLOYEE: Todd J. Jones
/s/ Todd Jones
Date: 8/22/13

EXHIBIT A-LETTER AGREEMENT

Willis
REPLY TO:
Celia R. Brown
Global Human Resources Director
Willis Group Holdings PLC
One World Financial Center
200 Liberty Street, 7th Floor
New York, NY 10281
Direct line: 212-915-8556
E-mail: celia.brown©vJillis.com

August 1, 2013
Todd J. Jones

Dear Todd:

We are delighted to provide this Letter Agreement1 to confirm our offer and your acceptance of the position of Chief Executive Officer of Willis North America Inc. (which is referred to hereafter as the "Company" or "Willis"). This offer is conditioned upon you signing and returning to me, both this letter and the enclosed July 1, 2013 Restated Employment Agreement no later than August 30, 2013 (the "Signing Requirements"). Subject to satisfaction of the Signing Requirements, you shall be promoted to the position of Chief Executive Officer of Willis North America Inc. effective July 1, 2013.

Compensation and benefits:

• Base Salary: Subject to satisfaction of the Signing Requirements, effective July 1, 2013, your salary will become $50,000 per month (to be paid less applicable withholdings). This monthly rate is equivalent to $600,000 on an annual basis. You acknowledge that such monthly salary rate is a substantial increase in your monthly salary rate (i.e., as compared to your monthly salary rate prior to July 1, 2013). You will be eligible for an annual salary review, with your next salary review to occur on or about April 1, 2014. Your compensation (including your base salary and any incentive compensation) and benefits may be adjusted, in accordance with the Company's normal compensation and benefits administration procedures, upon your annual review or from time to time.

• General Benefits: You will continue to participate in those Company employee benefit programs which are generally made available to the Company's associates, in accordance with and subject to the normal terms and conditions of those programs.
 
• Annual Incentive Plan ("AIP"): You will continue to participate in the Willis Annual Incentive Plan (the terms of which may be modified by the Company from time to time) under which you may become eligible to receive an annual bonus payment. Any bonus distributions to you under the AlP shall rest in the discretion of the Company and will be subject to applicable withholdings. To the extent you are eligible to receive AlP, your target AlP amount will be equal to 125% of your applicable base salary on an annualized basis. It is further provided that, at the Company's discretion, any AlP bonus distribution to you may be made, in whole or in part, in the form   of (i) restricted stock units of Willis Group Holdings issued to you. 

1This letter shall supersede and replace any prior employment offer or transfer letter that the Company may have 

Public Limited Company or other instruments (including, but not limited to, other forms of security instruments), any and or all of which may be a form of deferred compensation and/or subject to vesting schedules and/or (ii) a restricted cash payment that is subject to a vesting schedule and/or repayment obligation under such circumstances as Willis may specify. Each of the foregoing forms of compensation will be subject to such other terms and conditions as Willis specifies, in accordance with Willis' usual compensation practices and procedures (as may be modified from time to time). Your participation in the AlP shall be subject to the other terms and conditions of such plan. Among other conditions, you must be in the active employ of the Company at the time that any bonus payment is normally paid in order to be eligible to receive such bonus payment.

• Long Term Incentive Plan: The Company will award you a Long Term Incentive Plan ("LTIP") target equity grant award equal to $750,000. Any equity award to you will be made at the same time with the same terms, including performance conditions as other similarly situated executives. Any LTIP participation shall be subject to the usual terms and conditions of the L TIP and of the Company's applicable share plans, any and all of which may be amended from time to time. Being offered an L TIP equity grant award in a given year will not obligate the Company to offer or provide any equity grant award in any subsequent year.

• Termination without Good Cause/Good Reason: Pursuant to the terms of your July 1, 2013 Restated Employment Agreement, the Company or you may terminate your employment at any time without cause by providing thirty days prior written notice of termination (which thirty days days shall be treated as four weeks' pay for severance
purposes). Provided further that, if your employment is terminated by the Company without "Good Cause" (as defined below) or if you resign your employment for "Good Reason" (as defined below) and subject to you executing a Severance Agreement and Release in such form and content as Willis provides, you will thereafter receive severance pay equivalent to (1) twelve months' base salary2 (subject to applicable withholdings) paid over twelve months in equal semi-monthly installment payments and (2) a one-time payment of your applicable target award under the Company's Annual Incentive Plan (subject to applicable withholdings) paid at the time the Company terminates your employment.

All other compensation and other benefits shall cease following such employment termination (except for any accrued salary due with respect to service provided prior to employment termination and except for any accrued and vested pension benefits, if any, or other vested benefits, if any, payable in the future). If you ever become eligible to receive any severance payments described in this offer letter, you agree that (i) such severance payments will be subject to discontinuance at the Company's discretion if you violate the terms of any surviving written restrictive covenants you may have with the Company and/or with its affiliates and (ii) your acceptance of any such payments shall constitute your knowing and voluntary waiver of any right or claim to receive severance benefits from the Company (or any of its affiliates) pursuant to any severance benefit plan (if any) that the Company (or any of its affiliates) may, at the time of your employment termination, maintain.

"Good Cause" for purposes of this Letter Agreement is defined as (i) your gross and/or chronic neglect of your duties, (ii} your conviction of a felony or misdemeanor involving moral turpitude, (iii) dishonesty, embezzlement, fraud or other material willful misconduct by you in connection with your employment, (iv) the issuance of any final order for your removal as an associate of the Company by any state or federal regulatory agency, (v) your violation of the restrictive covenant provisions contained in your Employment Agreement or other agreement with the Company or any of its affiliates, (vi) your material breach of any duty owed to the Company or any of its affiliates, including, without limitation, the duty of loyalty, (vii) your material breach of any of your other material obligations under your Employment Agreement or other agreement with the Company or any of its affiliates, or (viii) any material breach of the Company's Code of Ethics by you. Good Cause shall not include an immaterial, isolated instance of ordinary negligence or failure to act, whether due to an error in judgment or otherwise, if you have exercised substantial efforts in good faith to perform the duties reasonably assigned or appropriate to your position. You will not be entitled to severance pay of any type from the Company following employment termination for Good Cause.

2For purposes of calculating any such severance pay, the Company shall apply your monthly base salary
rate as in effect immediately prior to your employment termination.

"Good Reason" for purposes of this Letter Agreement is defined as one of the following events which has occurred without your written consent: (i) a material diminution in your status, title, position, authority or responsibilities, (ii) a reduction in your monthly base salary, (iii} a material breach by the Company of any material provision of this
Letter Agreement, (iv) a requirement that you relocate your office outside of a radius of 35 miles from the current office location of One World Financial Center at 200 Liberty Street in New York City. You may not resign or otherwise terminate your employment for any reason set forth above as Good Reason unless you first notify the Company in writing describing such Good Reason, and thereafter, such Good Reason is not corrected by the Company within thirty days of the Company's receipt of such notice.

Todd, we look forward to your continuing work with, and contributions to, the Willis team!

Sincerely,

Celia Brown
Executive Vice President, Willis Group Human Resources Director
Enclosure

I, Todd J. Jones, sign below to provide my agreement to accept the position described above and to be employed pursuant to the terms and conditions set forth above:Exhibit 10.1

 

SEPARATION AGREEMENT AND RELEASE

 

This Separation Agreement
and Release (“Agreement”) is made and entered into by and between Michael D. Baumann (“Baumann”),
in his individual capacity and on behalf of all entities that he controls (the “Baumann Entities”) and
Trade Street Residential, Inc., a Maryland corporation, including its affiliates, parent entities and subsidiaries (“Company”).
For purposes hereof, Baumann and the Company shall be collectively referred to herein as the “Parties,”
and individually, as a “Party.”

 

WHEREAS, Company has
employed Baumann as its Chief Executive Officer in accordance with that certain Employment Agreement dated September 26, 2013,
by and between the Company and Baumann (“Employment Agreement”);

 

WHEREAS, Baumann currently
serves as a member of the Board of Directors of the Company (the “Board”); and

 

WHEREAS, Baumann and
the Company have reached the agreement set forth herein regarding the terms of Baumann’s departure from his employment with
the Company, his resignation as a member of the Board and the termination of his Employment Agreement;

 

NOW, THEREFORE, in
consideration of the mutual covenants set forth herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, Baumann and Company, hereby intending to be legally bound, agree as follows:

 

1.          Recitals.
The recitals set forth above are true and correct and are incorporated herein by reference.

 

2.          Termination
of Employment. Baumann’s separation from Company shall be effective at 5:00 p.m. Eastern Standard Time on February 23,
2014 (the “Separation Date”). Effective on the Separation Date, Baumann will be deemed to have (i) resigned
as a member of the Board, (ii) resigned his position as Chief Executive Officer of the Company and (iii) terminated all other employee,
agency, lessor, sublessor, licensor, sublicensor and other vendor relationships with the Company. Baumann warrants and represents
that he has returned, or will promptly hereafter return, to Company all property of Company in his possession, custody, or control,
including, but not limited to, files (paper and electronic) and other documents, client records, working papers, reports, computers
and other hardware or software, access cards, office keys, and all other Company property (tangible or intangible) of any nature.
For the avoidance of doubt, the Company shall continue to occupy the Company’s headquarters in Aventura, Florida, insofar
as a lease extension has been executed and delivered by the Company in its name subject only to execution by the landlord, and
the Company shall be deemed to own free and clear of any liens, security interests, claims or encumbrances whatsoever all furniture,
furnishings, leasehold improvements, fixtures and equipment currently used by the Company. Notwithstanding the foregoing, Baumann
shall be entitled to retain and remove all equipment currently in his office in the Company’s headquarters, including his
desktop computer, iPad and telephone, which property shall be deemed to be owned by Baumann free and clear of any liens, security
interests, claims or encumbrances. Baumann shall take reasonable steps as soon as possible to transfer any telephone and data plans
to his personal name and, if such is not done by February 28, 2014, the Company shall be free to cancel such plans.

 

3.        Payments
& Benefits to Baumann. In consideration of Baumann’s obligations and undertakings under this Agreement, the Company
agrees as follows:

 

		(a)	Cash Payments. On the Separation Date, the Company
shall pay to Baumann (i) a lump sum cash settlement payment of $2,250,000.00, minus all applicable withholding taxes in accordance
with normal payroll withholding practices, and minus a sum not to exceed $161,568.45 subject to verification of the Audit Committee
of the Board (regarding certain personal expenses); (ii) a lump sum payment of $8,582.57 representing the payment for health insurance
required by Section 7.4 of the Employment Agreement; and (iii) for a period of 12 months ending on the first anniversary of this
Agreement, a monthly amount equal to the monthly rent on 2,500 square feet of office space at market rental rates, which payments
will commence at such time as Baumann shall have presented to the Company an executed lease agreement evidencing such rental amount
and a prompt and reasonable determination by the Company that such rental rate is a market rate. It shall be presumed that any
“all-in” rental rate (including rent, tenant improvement charges, expense pass-through amounts and other costs) of
$40.00 per square foot or less is a market rate. The Company shall also pay to Barbara Montero on the Separation Date a lump sum
severance payment of $85,000.00, minus all applicable withholding taxes.

 

    	 

    	 

    

 

		(b)	Vesting of Restricted Stock. Effective at the
Separation Date, 54,338 shares of restricted common stock, par value $0.01 per share, of Company (“Common Stock”)
awarded to and in the name of Michael D. Baumann upon completion of Company’s initial public offering (the “Restricted
Shares”) shall vest in full; provided, however, that this number of shares of Common Stock otherwise to be issued
and delivered to Mr. Baumann shall be reduced, in accordance with Section 14.04 of the Company’s 2013 Equity Incentive Plan
(the “Plan”), to cover any tax withholding obligations applicable to the vesting of the Restricted Shares.
Company shall, upon request of Baumann, issue and deliver one or more certificates evidencing the 54,338 shares of Company common
stock, without any restrictive legend thereon referencing any vesting of such shares.

		(c)	Amendment of Partnership Agreement. At the Separation
Date, the Company and Baumann (including Baumann’s affiliates who are parties thereto) shall execute and deliver Amendment
No. 1 to the Second Amended and Restated Agreement of Limited Partnership of Trade Street Operating Partnership, LP (the “Partnership
Agreement”) in the form attached as Exhibit A hereto.

		(d)	Indemnification. That certain Indemnification
Agreement between the Company and Baumann dated as of June 28, 2012 shall remain in full force and effect for acts and conduct
by Baumann up to and including the Separation Date.

 

4.          Release.

 

(a)           In
consideration of the payments and other benefits to be provided by the Company to Baumann after the Separation Date, Baumann, for
himself and his heirs, executors, administrators, personal representatives, affiliates and assigns, hereby irrevocably and unconditionally
forever releases and discharges Company, its past and present shareholders, officers, directors, partners, managers, members, attorneys,
consultants, agents, employees, subsidiaries, parent corporations, affiliated or related entities and its or their past and present
shareholders, officers, directors, agents, employees and all of the successors, assigns, and legal representatives of the foregoing
(collectively, “Releasees”) of and from, any matter or thing occurring in whole or in part through the
date hereof, any and all rights, claims, grievances, arbitrations, liabilities or causes of action (“Claims”)
which Baumann has asserted, could assert or which could be asserted on his behalf (1) arising from Baumann’s relationship
to, employment with or service as an employee, officer, director, or manager of the Company or its subsidiaries and affiliates
prior to the date of execution and delivery of this Agreement, including his separation from such employment; provided, however,
that Baumann does not release or discharge any claim that Baumann may have for or in respect of indemnification or advancement
of expenses pursuant to any indemnification agreement between Baumann and the Company or pursuant to the Company’s organizational
documents or applicable state law or (2) arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”),
the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, Title VII of the Civil Rights Act
of 1964, the Rehabilitation Act of 1973, the Equal Pay Act, the Lilly Ledbetter Fair Pay Act of 2009, the Civil Rights Act of 1866,
the Civil Rights Act of 1991, the Americans with Disabilities Act of 1990, the ADA Amendments Act of 2008, the Genetic Information
Nondiscrimination Act, the Florida Human Rights Act of 1977, the Florida Civil Rights Act of 1992, Section 760.50 of the Florida
Statutes, the Miami-Dade County Code, and the wage and discrimination laws of the United States or any State of the United States
or any other country and their subdivisions, including any state or local law, ordinance, regulation or rule, all of the foregoing
as heretofore or hereafter amended, or any court decree, heretofore or hereafter promulgated. To the extent permitted by law, Baumann
also waives any and all rights under the laws of any jurisdiction in the United States that would limit the foregoing release and
waiver of which he had knowledge as of the date hereof. Baumann recognizes that, among other things, he is releasing Releasees
of and from any and all claims he might have against Releasees for retaliation of any kind, pain and suffering, emotional distress,
defamation, libel, slander and for discrimination based on age, gender, national origin, race, religion, disability, sexual orientation,
or veteran status. Notwithstanding any other provision of this Agreement to the contrary, this Agreement does not encompass, and
Baumann does not release, waive or discharge, the obligations of the Company, or the rights of Baumann, under (i) any indemnification
or similar agreement with Baumann or (ii) under this Agreement.

 

    	 

    	 

    

 

(b)        In
consideration of the payments and other benefits to be provided by Baumann to the Company under this Agreement, the Company, on
behalf of itself and its affiliates and each of their respective officers, directors, partners, shareholders, employees, and agents,
hereby irrevocably and unconditionally forever releases and discharges Baumann and the Baumann Entities, their past and present
shareholders, officers, directors, partners, managers, members, attorneys, consultants, agents, employees, subsidiaries, parent
corporations, affiliated or related entities and their past and present shareholders, officers, directors, agents, employees and
all of the successors, assigns, and legal representatives of the foregoing (which, together with Bauman collectively are referred
to as the “Baumann Releasees”) of and from, any matter or thing occurring in whole or in part through
the date hereof, any and all Claims which the Company has asserted, could assert or which could be asserted on his behalf (1) arising
from Baumann’s relationship to, employment with or service as an employee, officer, director, or manager of the Company or
its subsidiaries and affiliates prior to the date of execution and delivery of this Agreement, including Bauman’s employment
and separation therefrom; provided, however, that the Company does not release any claim that the Company may have for indemnification
pursuant to any indemnification agreement between Baumann and the Company or otherwise existing pursuant to the Company’s
organizational documents or applicable state law, except insofar as such claim is released by this Agreement, including its release
and discharge of Baumann from any and all claims whatsoever up to the date hereof that it had, may have had, now have or may have
for or by reason of any claim arising out of or attributable to Baumann’s relationship to, employment with or service as
an employee, officer, director, manager, agent, lessor, sublessor, licensor, sublicensor or vendor of the Company or its subsidiaries
and affiliates, or pursuant to any, United States federal, state, or local law or regulation. Company agrees to indemnify and hold
Baumann harmless from and against any Claim, grievance, loss, damage, liability, cost or expense, including without limitation,
reasonable attorneys’ fees, by reason of Company’s breach of this Agreement, including the representations, warranties,
and covenants made under this Agreement.

 

(c)          Baumann
warrants and represents that he has not heretofore assigned or transferred to any person or entity any of the Claims released hereunder,
nor has he filed any grievance, charge or complaints against Company with any governmental or administrative agency or court. Baumann
agrees to indemnify and hold the Releasees harmless from and against any Claims, including without limitation, reasonable attorneys’
fees by reason of Baumann's breach of this Agreement, including representations, warranties, and covenants made under this Agreement.

 

(d)         
The Parties acknowledge that this Agreement is an important legal document and that each of them has been requested to sign this
document in connection with Bauman’s separation from Company. The Parties acknowledge that each of them: (i) has read this
Agreement in its entirety, (ii) is competent to execute this Agreement, (iii) Baumann has executed this Agreement knowingly and
voluntarily and without reliance upon any statement or representation of any Releasee or its representatives, (iv) has been advised
to, and has had ample opportunity if so desired, to discuss this Agreement with his own attorney for assistance and advice concerning
this Agreement, (v) the terms of this Agreement have been negotiated, (vi) understands the terms of this Agreement and their legal
effects, and (vii) understands that the terms of this Agreement are enforceable. Baumann further covenants, warrants, and represents
that he or it, as applicable, has entered into this Agreement freely and voluntarily.

 

(e)          The
Parties further agree without any reservation whatsoever that neither of them (i) shall sue the other Party or become a party to
a lawsuit on the basis of any and all claims of any type lawfully and validly released herein or (ii) become a party to a lawsuit
on the basis of any and all claims of any type lawfully and validly released herein.

 

(f)          Baumann
hereby waives any right to monetary recovery or individual relief should any federal, state, or local agency (including the Equal
Employment Opportunity Commission) pursue any claim on Baumann’s behalf arising out of or related to Baumann’s employment
with and/or separation from employment with the Company.

 

    	 

    	 

    

 

5.          No
Admission. The Parties agree that this Agreement does not constitute an admission by the Company or Baumann of any: (a) violation
of any statute, law, regulation, order or other applicable authority; (b) breach of contract, actual or implied; or (c) commission
of any tort.

 

6.          
Non-Solicitation; Non-Disparagement. Baumann hereby covenants and agrees that for a period of one (1) year following
the Separation Date, he shall not directly or indirectly induce or encourage any employee of the Company or affiliated entities
to leave the employ of the Company or affiliated entities. Each of the Parties hereto agrees not to disparage the other or the
other’s officers, directors, employees, attorneys, agents, consultants or representatives (or, in the case of the Company,
any of its products or services); provided, that the foregoing shall not prohibit Baumann or the Company from making any general
competitive statements or communications about the other or their respective businesses in the ordinary course of competition.
Further, Baumann agrees and understands that any violation of this provision will void this Agreement and Baumann will be required
to return or repay to the Company any and all consideration received under this Agreement.

 

7.          Standstill.
For a period of four (4) years from and after the Separation Date, Baumann shall not:

 

(i) make any shareholder
proposal, or “solicit” any “proxy” (as such terms are defined under Regulation 14A under the Exchange Act,
disregarding clause (iv) of Rule 14a-1(1)(2), or in any way participate in, any such “solicitation” of “proxies”
to vote, or seek to advise or influence any person or entity with respect to the election of any director of the Company;

 

(ii) make any unsolicited
offer, submit any unsolicited letter to the Company or the Board or any member or committee thereof or any officer of the Company,
or otherwise make or participate in the making of any proposal, in each case to acquire, whether by merger, share exchange or otherwise,
substantially all of the stock or assets of the Company;

 

(iii) seek representation
on the Board or a change in the composition of the Board or otherwise submit any nominee to serve on the Board; and

 

(iv) bring, or participate
in the bringing, of any action by or in the right of the Company against any then-sitting current or former director of the Company,
or bring, or participate in the bringing, of any action or otherwise act to contest the validity of this Section 7;

 

8.          Confidentiality.
The Parties hereto agree to keep the existence and terms of this Agreement and the circumstances of Baumann’s separation
from the Company confidential, except as required to be disclosed by the regulations of the Securities and Exchange Commission
or the listing rules of the NASDAQ Global Market. Baumann specifically agrees not to discuss the existence or terms of this Agreement
with any third party except for his spouse, legal counsel and financial and legal advisors. The Company and Baumann agree that
the press release attached as Exhibit B hereto shall be released prior to the opening of the market on February 24, 2014. Baumann
acknowledges that during the course of Baumann’s employment and/or service on the Board he has had access to and/or the Company
has disclosed to him information relating to the nature and operation of the Company’s business, the Company’s manner
of operation, its financial condition, its business operations, it business and marketing plans and pricing methods (hereinafter
“Confidential Information”). Baumann agrees that, for a period of one year from the date this Agreement is executed,
Baumann will retain in confidence such Confidential Information and that Baumann will not, either directly or indirectly, use,
reveal, disclose, publish, communicate or divulge any such Confidential Information to any other person or entity for any purpose
whatsoever except as required by law. Baumann expressly agrees that he shall keep secret and confidential all such Confidential
Information, except: (i) as authorized by the Company in writing or as required by law; (ii) as required to comply with a court
order, subpoena, or demand of a governmental entity; (iii) to the extent that such information has become available to the public
through no fault of Baumann nor by any breach by Baumann of the provisions of this Agreement.

 

9.          Cooperation.
After the Separation Date, Baumann agrees to make himself available, upon reasonable request, to the Company, its external and
internal auditors, and representatives to a reasonable extent for the purpose of providing information and cooperating with respect
to pending or future investigations, audits, and inquiries on matters in which Baumann was involved during his tenure as Chief
Executive Officer of the Company and/or about which Baumann has knowledge.

 

    	 

    	 

    

 

10.         Access
to Office; Conduct. Up to and including February 28, 2014, Baumann shall be allowed access to the Company’s offices between
the hours of 10:00 a.m. and 2:00 p.m. Eastern Standard Time. During any period that Baumann shall be present in the Company’s
offices, he shall conduct himself in a professional manner and with a demeanor that fosters a collegial work environment. For the
avoidance of doubt and without limiting the generality of the foregoing sentence, during any period that Baumann is present in
the Company’s offices, Baumann shall not discuss any business with any Company employee, engage in any verbal communication
with any Company employee except friendly pleasantries or physically touch, physically or mentally intimidate or otherwise threaten
any Company employee. If Baumann shall violate this provision, the Company shall have the right to expel him from the Company’s
office, and he shall not be readmitted at any time for any reason without the consent of the Company’s chairman.

 

11.         Other
Agreements. Notwithstanding the provisions of any stock award agreement with respect to shares of restricted common stock of
the Company owned by Barbara Montero, such shares of restricted common stock shall vest in full as of the Separation Date; provided,
however, that the number of shares to be delivered to Barbara Montero shall be reduced, in accordance with Section 14.04 of the
Plan, to cover tax withholding obligations applicable to the vesting of such restricted shares.

 

12.          Binding
Effect. All terms and provisions of this Agreement, whether so expressed or not, shall be binding upon, inure to the benefit
of, and be enforceable by the Parties and their respective administrators, executors, other legal representatives, heirs, successors
and permitted assigns.

 

13.          Enforcement
Costs. If any legal action or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute,
breach, default or misrepresentation in connection with any provisions of this Agreement, the successful or prevailing Party or
Parties shall be entitled to recover reasonable attorneys' fees and expenses, court costs and all expenses even if not taxable
as court costs (including, but not limited to, all attorneys' fees and expenses incident to any appeals), incurred in that action
or proceeding, in addition to any other relief to which such Party or Parties may be entitled.

 

14.          Entire
Agreement. This Agreement (together with the agreements and documents expressly referenced herein) represents the entire understanding
and agreement between the Parties with respect to the subject matter discussed in this Agreement, and supersedes all other negotiations,
understandings and representations (if any) made by and between such Parties with respect to such subject matter. In the event
that any provision in this Agreement is determined to be legally invalid or unenforceable by any court of competent jurisdiction
and cannot be modified to be enforceable, the affected provision shall be stricken from the Agreement, and the remaining terms
of the Agreement and its enforceability shall remain unaffected thereby.

 

15.          Counterparts.
This Agreement may be executed in one or more counterparts, and counterparts may be exchanged by electronic transmission (including
by email), each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

16.          Opportunity
for Independent Representation. Baumann hereby acknowledges and agrees that he has been given the opportunity, if so desired,
to seek independent counsel for review and advice in connection with his rights, remedies and obligations under this Agreement.

 

17.          Governing
Venue and Submission to Jurisdiction. This Agreement shall be governed by the laws of the State of Maryland. Any suit, action
or other legal proceeding arising out of, or relating to, this Agreement shall be brought in a court of competent jurisdiction
located in Baltimore, Maryland having subject matter jurisdiction thereof and both Parties agree to submit to the jurisdiction
of such forum.

  

18.          Notices.
All notices, demands, requests and replies required or permitted by this Agreement shall be in writing and shall be deemed given
when delivered in person or on the third (3rd) business day following the date of mailing if sent by first-class mail,
postage prepaid, return receipt requested, addressed as follows:

 

    	 

    	 

    

 

	 	(a)	if to the Company:	Trade Street Residential, Inc.
	 	 	 	Attention: Chief Executive Officer
	 	 	 	19950 W. Country Club Drive
	 	 	 	Suite 800
	 	 	 	Aventura, FL 33180

 

	 	(b)	if to Baumann:	Michael D. Baumann
	 	 	 	
        915 North Southlake Drive

        Hollywood, Florida 33019

 

PLEASE READ CAREFULLY.
THIS DOCUMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

[Signature Page Follows] 

 

    	 

    	 

    

 

The undersigned, Michael
Baumann, hereby represents that he has executed this Agreement for the purposes and the consideration expressed herein, and that
he has carefully read this Agreement, has had adequate time and opportunity to consider and understand its meaning and effect,
and, if he so desired, discussed it with any person of his choice, including his attorney, and that he has voluntarily executed
it as such.

 

The undersigned Parties,
intending to be legally bound, have executed this Agreement as of the day and year first above written.

 

	EMPLOYEE	 	TRADE STREET RESIDENTIAL, INC.
	 	 	 
	By:	 /s/ Michael D. Baumann	 	By:	/s/ Richard Ross 
	 	Michael D. Baumann	 	 

 

	 	 	Print Name:	 Richard Ross
	 	 	 	 
	 	 	Title:	Chief Financial Officer 
	 	 	 	 
	Date:	 February 23, 2014	 	Date:	 February 23, 2014
	 	 	 	 	 

 

[Signature Page to Separation Agreement
and Release]

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