Document:

Exhibit
10.4

Voting Agreement

This
Voting Agreement (the “Agreement”) is made and entered into as of this 26th day of August, 2014, by and
among Integrated Inpatient Solutions, Inc., a Nevada corporation (the “Company”),
Osnah Bloom, an individual currently serving the Company as its Chief Executive Officer (the “Key Holder”),
Dominic Alto, an individual (“Alto”), and Bradley
Scott, an individual (“Scott”), and Josh M. Bloom, an individual
(“Bloom” and collectively with Alto and Scott, the “New Shareholders”). The New Shareholders
and the Key Holder are collectively referred to herein as the “Stockholders.” The Company, the Key Holder and
the New Shareholders are individually referred to herein as “Party” and are collectively referred to herein
as the “Parties.”

Recitals:

Concurrently with
the execution of this agreement, the Company and an entity owned fully by the New Shareholders are entering into a Share Exchange
Agreement (the “Exchange Agreement”) resulting in each of the New Shareholders receiving shares of the Company’s
Common Stock, and in connection with that agreement the Parties desire to provide the Key Holder and the New Shareholders with
the right, among other rights, to elect certain members of the board of directors of the Company (the “Board”)
as well as to address other matters, all as set forth in this Agreement.

Agreement:

Now,
Therefore, in consideration of the foregoing and the mutual promises contained herein, the Parties agree as follows:

Article
1.        Voting Agreement.

Section 1.1 Board
Composition. Subject to the modification as set forth in Section 1.4, each Stockholder agrees to vote all of his, her or its
shares of voting securities in the Company, whether now owned or hereafter acquired or which such Stockholder may be empowered
to vote (together the “Shares”), from time to time and at all times, in whatever manner as shall be necessary
to ensure that, at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any
written consent of the stockholders, the following persons shall be elected to the Board:

(a)   
one individual designated by Alto so long as he holds not fewer than 20,000,000 shares of Common Stock (as adjusted for
any stock splits, stock dividends, recapitalizations or the like), which individual shall initially be Alto;

(b)  
one individual designated by Scott so long as he holds not fewer than 20,000,000 shares of Common Stock (as adjusted for
any stock splits, stock dividends, recapitalizations or the like), which individual shall initially be Scott;

(c)   
one individual designated by Bloom so long as he holds not fewer than 4,500,000 shares of Common Stock (as adjusted for
any stock splits, stock dividends, recapitalizations or the like), which individual shall initially be Bloom; and

(d)  
two individuals who are designated by the Key Holder as long as she holds not fewer than 20,000,000 shares of Common Stock
(as adjusted for any stock splits, stock dividends, recapitalizations or the like), which individuals shall initially be Osnah
Bloom and Billy A. Bloom.

Section 1.2 Size
of the Board. Each Stockholder agrees to vote all of his, her or its Shares, from time to time and at all times, in whatever
as manner shall be necessary to ensure that the size of the Board shall be set and remain at five (5) directors.

    	Voting Agreement	Page 1

    	 

    

Section 1.3 Removal
of Board Members. Each Stockholder also agrees to vote all of his, her or its Shares from time to time and at all times in
whatever manner as shall be necessary to ensure that (i) no director elected pursuant to Section 1.1 of this Agreement may be removed
from office other than for cause unless such removal is directed or approved by the person(s) or entity(ies) originally entitled
to designate or approve such director pursuant to Section 1.1 until such time as such person(s) or entity(ies) are no longer so
entitled to designate or approve such director; and (ii) any vacancies created by the resignation, removal or death of a director
elected pursuant to Section 1.1 shall be filled pursuant to the provisions of Section 1.1. All Stockholders agree to execute any
written consents required to effectuate the obligations of this Agreement, and the Company agrees at the request of any Party entitled
to designate directors to call a special meeting of stockholders for the purpose of electing directors.

Section 1.4 Modification
of Voting Obligations set forth herein. In the event that the Company fails to achieve gross revenue of: (a) $7,500,000 within
the twelve months following the date hereof or (b) $10,000,000 within the eighteen months following the date hereof, Key Holder
shall thereafter not be obligated to vote for Alto, Scott or Bloom pursuant to Section 1.1 hereof, but each of Alto, Scott
and Bloom shall continue to be obligated to vote for the Key Holder pursuant to Section 1.1 until such time as Key Holder voluntarily
resigns from the Company’s Board of Directors and each shall be obligated to vote their shares as directed by the Key Holder
regarding Amendments to the Company’s Articles of Incorporation or otherwise. The obligations set forth herein shall survive
any termination or expiration of this Agreement.

 

Article
2.        Amendments to Articles
of Incorporation.

Each Stockholder
also agrees to vote all of his, her or its Shares from time to time and at all times in whatever manner as shall be necessary to
ensure that no amendments are made to the Company’s Articles of Incorporation unless such amendment is approved by both:
(i) the Key Holder and (ii) at least two of the three New Shareholders.

Article
3.        Term.

This Agreement shall
be effective as of the date hereof and shall continue in effect until the date that is three (3) years after the date of this Agreement.

Article
4.        Specific Enforcement.

Each Party acknowledges
and agrees that each Party would be irreparably damaged in the event any of the provisions of this Agreement are not performed
by the Parties in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that each of the Company
and the Stockholders shall be entitled to seek an injunction to prevent breaches of this Agreement and to specific enforcement
of this Agreement and its terms and provisions in any action instituted in any court of the United States of America or any state
having subject matter jurisdiction, in addition to any other remedy to which the Parties may be entitled at law or in equity. Each
of the Parties hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with
this Agreement shall be brought only in a state or Federal court sitting in the State of Florida, county of Palm Beach (the “Florida
Courts”), and not in any other state or federal court in the United States of America or any court in any other country,
(ii) consent to submit to the exclusive jurisdiction of the Florida Courts for purposes of any action or proceeding arising out
of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the
Florida Courts, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Florida Courts has been brought in an improper or inconvenient forum. EACH OF THE
PARTIES HEREBY WAIVES THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT
TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT
IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

    	Voting Agreement	Page 2

    	 

    

Article
5.        Miscellaneous.

Section 5.1 Transfers,
Successors and Assigns. 

(a)   
Subject to the last sentence of this Section 5.1(a), the terms and conditions of this Agreement shall inure to the benefit
of, be binding upon, and be enforceable by, the respective successors and assigns of the Parties. Nothing in this Agreement, express
or implied, is intended to confer upon any person or entity other than the Parties hereto or their respective successors and permitted
assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement. Notwithstanding anything to the contrary set forth herein, none of the New Shareholders, nor any permitted successor
or assign of any New Shareholder (each, an “Attempted Transferor”) may sell their shares or assign this Agreement
to any person or entity that is engaged (or whose affiliate(s) is engaged) in a business that competes with the Company or a New
Shareholder (other than the Attempted Transferor), without the consent of the Company or such New Shareholder, respectively (the
“Consenting Party”). For purposes of this Section 5.1(a), (i) the Consenting Party shall be deemed to have consented
to such assignment to a competitor of the Consenting Party unless the Consenting Party shall have provided written notice to the
Attempted Transferor of its objection to such proposed assignment within five (5) business days after the Consenting Party’s
receipt of written notice from the Attempted Transferor of its intention to assign its rights hereunder to a competitor of the
Consenting Party. If the Parties hereto are unable to resolve any dispute or disagreement among any of them regarding whether a
proposed assignee of this Agreement is engaged in a business that competes with the Consenting Party, the Parties promptly will
refer any disputed matter to a nationally recognized independent accounting or consulting firm with expertise on the subject matter
of the dispute. If the Parties are unable to agree on an accounting or consulting firm to resolve the dispute, then each Party
will designate a nationally recognized independent accounting or consulting firm with whom neither it nor any affiliate has any
current professional relationship, and the accounting or consulting firm to resolve the dispute will be chosen by lot. The Party
against whom the resolution of the dispute is ultimately determined by the independent accounting or consulting firm will pay the
fees and expenses of such firm. The designated accounting or consulting firm will act as a neutral and final arbitrator of the
disputed matter, and will be asked to issue a final decision on the disputed matter within fifteen (15) business days of the Parties’
submission of the matter to it.

(b)  
Subject to the last sentence of Section 5.1(a), each transferee or assignee of the Shares subject to this Agreement shall
continue to be subject to the terms hereof, and, as a condition to the Company’s recognizing such transfer, each transferee
or assignee shall agree in writing to be subject to each of the terms of this Agreement by executing and delivering an Adoption
Agreement substantially in the form attached hereto as Exhibit A. Upon the execution and delivery of an Adoption Agreement
by any transferee, such transferee shall be deemed to be a Party hereto as if such transferee’s signature appeared on the
signature pages of this Agreement. By execution of this Agreement or of any Adoption Agreement, each of the Parties appoints the
Company as its attorney in fact for the purpose of executing any Adoption Agreement that may be required to be delivered under
the terms of this Agreement. The Company shall not permit the transfer of the Shares subject to this Agreement on its books or
issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of this
Section 5.1. Each certificate representing the Shares subject to this Agreement if owned on, or issued on or after the date of,
this Agreement shall be endorsed by the Company with the legend set forth in Section 5.10.

Section 5.2 Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Florida, without
regard to its principles of conflicts of laws.

Section 5.3 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Section 5.4 Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

    	Voting Agreement	Page 3

    	 

    

Section 5.5 Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the Party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent
during normal business hours of the recipient, provided that such transmission shall be followed within two (2) business
days by notice given in accordance with subparagraph (a), (c), or (d), (c) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective
Parties at their address as set forth on the signature page or to such email address, facsimile number or address as subsequently
modified by written notice given in accordance with this Section 5.5. If notice is given to the Company, a copy shall also be sent
to The Law Office of James G. Dodrill II, P.A., 5800 Hamilton Way, Boca Raton, Florida 33496, Fax Number 561-892-7787; if notice
is given to Key Holder, a copy shall also be given to The Law Office of James G. Dodrill II, P.A.,, 5800 Hamilton Way, Boca Raton,
Florida 33496, Fax Number 561-892-7787if notice is given to Alto, a copy shall also be given to William C. Phillippi, P.A., Lubell
and Rosen LLC, 200 S. Andrews Avenue, Suite 900, Fort Lauderdale, Florida 33301, Fax: (954) 755-2993, if notice is given to Scott,
a copy shall also be given to Tiffanie Torvach, 106 Dogwood Place, Hendersonville, TN 37075 and if notice is given to Bloom, a
copy shall also be given to William C. Phillippi, P.A., Lubell and Rosen LLC, 200 S. Andrews Avenue, Suite 900, Fort Lauderdale,
Florida 33301, Fax: (954) 755-2993.

Section 5.6 Amendment.
This Agreement may be amended or modified and the observance of any term hereof may be waived (either generally or in a particular
instance and either retroactively or prospectively) only by a written instrument executed by (i) the Key Holder holding, and (ii)
two of the New Shareholders. Any amendment or waiver so effected shall be binding upon the Company, the New Shareholders, the Key
Holder and all of their respective successors and permitted assigns whether or not such party, assignee or other stockholder entered
into or approved such amendment or waiver. The Company shall give prompt writtenotice of any amendment or termination of this Agreement
or waiver hereunder to any Party that did not consent in writing to such amendment, termination or waiver. Any amendment, termination
or waiver effected in accordance with this Section 5.6 shall be binding on all Parties, even if they do not execute such consent.
No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed
to be, or construed as, a further or continuing waiver of any such term, condition or provision.

Section 5.7 Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

Section 5.8 Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Party, upon any breach or default
of any other Party, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be
construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or
thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or
default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be
in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement
or by law or otherwise afforded to any Party, shall be cumulative and not alternative.

Section 5.9 Entire
Agreement. This Agreement (including the Exhibits hereto, if any), and the other transaction agreements described in the Exchange
Agreement to which each Party is a party constitute the full and entire understanding and agreement between the Parties with respect
to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the
parties is expressly canceled.

Section 5.10 Legend
on Share Certificates. Each certificate representing any Shares shall be endorsed by the Company with a legend reading substantially
as follows:

“THE SHARES EVIDENCED HEREBY
ARE SUBJECT TO A VOTING AGREEMENT (A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY), AND BY ACCEPTING ANY
INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS
OF THAT VOTING AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND OWNERSHIP SET FORTH THEREIN.”

    	Voting Agreement	Page 4

    	 

    

In the event that a party hereto sells such party’s Shares
into the public markets, it is agreed that the recipient of such Shares shall NOT be subject to the terms of this Agreement.

 

Section 5.11 Execution
by the Company. The Company, by its execution in the space provided below, agrees that it will cause the certificates evidencing
the shares of capital stock of the Company to bear the legend required by Section 5.10 of this Agreement, and it shall supply,
free of charge, a copy of this Agreement to any holder of a certificate evidencing shares of capital stock of the Company upon
written request from such holder to the Company at its principal office. The Parties to this Agreement do hereby agree that the
failure to cause the certificates evidencing the shares of capital stock of the Company to bear the legend required by Section
5.10 herein and the failure of the Company to supply, free of charge, a copy of this Agreement as provided under this Section 5.11
shall not affect the validity or enforcement of this Agreement.

Section 5.12 Stock
Splits, Stock Dividends, etc. In the event of any issuance of Shares of the Company’s voting securities hereafter
to any of the Stockholders (including, without limitation, in connection with any stock split, stock dividend, recapitalization,
reorganization, or the like), such Shares shall become subject to this Agreement and shall be endorsed with the legend set forth
in Section 5.10.

Section 5.13 Covenants
of the Company. The Company agrees to use its best efforts to ensure that the rights granted under this Agreement are effective
and that the Parties enjoy the benefits of this Agreement. Such actions include, without limitation, the use of the Company’s
best efforts to cause the nomination and election of the director(s) as provided above. The Company will not, by any voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be performed hereunder by the Company, but
will at all times in good faith assist in the carrying out of all of the provisions of this Agreement and in the taking of all
such actions as may be necessary, appropriate or reasonably requested by any of the New Shareholders in order to protect the rights
of the Stockholders against impairment.

Section 5.14 Manner
of Voting; Grant of Proxy. The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written
consent or in any other manner permitted by applicable law. Each Party hereby grants to the Secretary of the Company, in the event
that such Party or Parties fail to vote their Shares as required by this Agreement, a proxy coupled with an interest in all Shares,
beneficially owned by such Party, which proxy is irrevocable until this Agreement terminates pursuant to its terms or this Section
5.14 is amended in accordance with Section 5.6 of this Agreement to remove such grant of proxy.

Section 5.15 Costs
of Enforcement. If any Party to this Agreement seeks to enforce its rights under this Agreement by legal proceedings, the non-prevailing
Party shall pay all costs and expenses incurred by the prevailing Party, including, without limitation, all reasonable attorneys’
fees.

Section 5.16 Spousal
Consent. If any Key Holder or New Shareholder is married on the date of this Agreement, such person’s spouse shall execute
and deliver to the Company a consent of spouse in the form of Exhibit B hereto (“Consent of Spouse”),
effective on the date hereof. Notwithstanding the execution and delivery thereof, such consent shall not be deemed to confer or
convey to the spouse any rights in such Key Holder’s or New Shareholder’s shares of capital stock that do not otherwise
exist by operation of law or the agreement of the parties. If any Key Holder or New Shareholder should marry or remarry subsequent
to the date of this Agreement, such person shall within thirty (30) days thereafter obtain his/her new spouse’s acknowledgement
of and consent to the existence and binding effect of all restrictions contained in this Agreement by causing such spouse to execute
and deliver a Consent of Spouse acknowledging the restrictions and obligations contained in this Agreement and agreeing and consenting
to the same.

 

[Signature
Page To Follow]

    	Voting Agreement	Page 5

    	 

    

In
Witness Whereof, the Parties have executed this Voting Agreement as of the date first above written.

 

	New Shareholders:	 	Company: 	 
	 	 	 	 
	/s/ Dominic Alto	 	Integrated Inpatient Solutions, Inc.	 
	Dominic Alto	 	 	 
	 	 	 	 
	 	 	/s/ Osnah Bloom	 
	 	 	 	 
	/s/ Bradley Scott	 	 	 
	Bradley Scott	 	 	 
	 	 	Key Holder:	 
	 	 	 	 
	/s/ Josh M. Bloom	 	 	 
	Josh M. Bloom	 	 	 
	 	 	/s/ Osnah Bloom	 
	 	 	Osnah Bloom	 

 

 

 

    	Voting Agreement	Page 6

    	 

    

Exhibit A

Adoption Agreement

This
Adoption Agreement (“Adoption Agreement”) is executed by the undersigned (the “Transferee”)
pursuant to the terms of that certain Voting Agreement dated as of August 26, 2014 (the “Agreement”) by and
among Integrated Inpatient Solutions, Inc., a Florida corporation, and certain of
its Stockholders. Capitalized terms used but not defined in this Adoption Agreement shall have the respective meanings ascribed
to such terms in the Agreement. By the execution of this Adoption Agreement, the Transferee agrees as follows:

Section 1. Acknowledgement.
Transferee acknowledges that Transferee is acquiring certain shares of the capital stock of the Company (the “Stock”),
subject to the terms and conditions of the Agreement.

Section 2. Agreement.
Transferee (i) agrees that the Stock acquired by Transferee shall be bound by and subject to the terms of the Agreement, and (ii)
hereby adopts the Agreement with the same force and effect as if Transferee were originally a Party thereto.

Section 3. Notice.
Any notice required or permitted by the Agreement shall be given to Transferee at the address listed beside Transferee’s
signature below.

Executed
And Dated this [__] day of [________ __, 200_].

	 	“Transferee”
	 	 
	 	 
	 	 
	 	By:
	 	Name and Title:
	 	Address:
	 	Fax:
	 	 
	 	Accepted and Agreed:
	 	 
	 	Integrated Inpatient Solutions, Inc.
	 	 
	 	 
	 	 
	 	By:
	 	Name: 
	 	Title:

 

    	Voting Agreement	Page 7

    	 

    

Exhibit B

Consent of Spouse

I, [____________________],
spouse of [______________], acknowledge that I have read the Voting Agreement, dated as of August 26, 2014, to which this Consent
is attached as Exhibit B (the “Agreement”), and that I know the contents of the Agreement. I am aware
that the Agreement contains provisions regarding the voting and transfer of shares of capital stock of the Company which my spouse
may own, including any interest I might have therein.

I hereby agree that
my interest, if any, in any shares of capital stock of the Company subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property interest I may have in such shares of capital stock of the Company
shall be similarly bound by the Agreement.

I am aware that the
legal, financial and related matters contained in the Agreement are complex and that I am free to seek independent professional
guidance or counsel with respect to this Consent. I have either sought such guidance or counsel or determined after reviewing the
Agreement carefully that I will waive such right.

 

 

	Dated: 	 	 	 	 
	 	 	 	[Name of Spouse, if any]	 

 

 

 

 

 

 

 

 

    	Exhibit BExhibit 10.1

August 29, 2014
    

EMPLOYMENT AGREEMENT
BETWEEN WHITESTONE REIT AND JAMES C. MASTANDREA

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made at HOUSTON, TEXAS, as of this 29th day of August, 2014, between WHITESTONE REIT, a Maryland real estate investment trust (the “Company”) and JAMES C. MASTANDREA, 1600 Post Oak, Unit #1307, Houston, Texas, 77056  (“Mastandrea”).
WITNESSETH:
WHEREAS, Mastandrea holds the offices of Chairman of the Board of Trustees, Chairman of the Investment Committee of the Board of Trustees, President, and Chief Executive Officer of the Company;
WHEREAS, Mastandrea has made and is expected to continue to make substantial contributions towards the profitability, growth, and financial strength of the Company;
WHEREAS, the Shareholders have voted and approved the 2008 LONG TERM INCENTIVE OWNERSHIP PLAN (the “LTIOP”), and grants of restricted common shares and restricted share units (“Grants”) under the LTIOP are integral to this Agreement (”Agreement”);
WHEREAS, the compensation committee (“Compensation Committee”) of the Whitestone REIT board of trustees  (“Board”) has been authorized by the Board to implement, and has made Grants under the LTIOP in two phases, the 2008 Strategic Plan (“2008 Plan”), and the 2013 Strategic Plan (“2013 Plan”) collectively referred to as (“Plan”); and,
WHEREAS, the Company and Mastandrea desire to enter into this Agreement pursuant to which the Company will continue to employ Mastandrea and Mastandrea will continue to serve the Company;
NOW, THEREFORE, the Company and Mastandrea, in consideration of the premises and the mutual covenants herein contained, agree as follows:
		
	1.
	Employment, Contract Period.  During the period specified in this Section 1, the

Company shall employ Mastandrea, and Mastandrea shall serve the Company, on the terms and subject to the conditions set forth herein.  The initial term of Mastandrea’s employment hereunder shall commence as of the date specified in the first sentence of this Agreement (the “Effective Date”) and, subject to prior termination as provided in Section 7, shall continue through the third anniversary of the Effective Date, subject to automatic extension for an additional period of one year on each anniversary date after the third anniversary of the Effective Date unless either party shall have given written notice of his or its intention not to renew the term of Mastandrea’s employment hereunder at least 90 days prior to any Expiration Date, in which event Mastandrea’s employment will terminate on the anniversary date of the Effective Date next following the date of such notice (“Expiration Date”).  The term of Mastandrea’s employment hereunder is three years (subject to extension as described above), except as otherwise provided herein and is sometimes hereinafter referred to as the “Contract Period.”

		
	2.
	Position, Duties, Responsibilities.

		
	(a)
	At all times during the Contract Period, Mastandrea shall have the titles of Chairman 

of the Board of Trustees, Chairman of the Investment Committee of the Board of Trustees, and Chief Executive Officer of the Company and shall have and perform the duties and responsibilities of those offices (“the Offices”), consistent with the duties and responsibilities performed by Mastandrea as the incumbent in those Offices before the Effective Date, subject to the authority of the Board.  In addition, Mastandrea may hold such other offices as may be designated from time to time by the Board, such as Chairman of the Executive Committee of the Board of Trustees, if one were to be designated.

            (b) At all times during the Contract Period, Mastandrea shall devote substantial business time, energy, and talent to the business of and to the furtherance of the purposes and objectives of the Company.  Nothing in this Agreement shall preclude Mastandrea from devoting reasonable periods of time to charitable and community activities, service on boards of other companies (public or private) not in competition with the Company, or the management of his personal investment assets, provided such activities do not interfere with the performance by Mastandrea of his duties hereunder. 

                  (c) The duties to be performed by Mastandrea under this Agreement shall be performed primarily in the offices of the Company, except for travel incident to his performance of services and consistent with his travel for the Company before the Effective Date.

3.   Base Salary and Plan Compensation.

(a)The rate of Mastandrea’s base salary (“Base Salary”) hereunder as of the Effective Date shall be $400,000 per year, and Mastandrea shall be entitled to incentive compensation and/or bonus (“Bonus”), which shall constitute “performance awards” pursuant to the LTIOP, as determined and approved by the Compensation Committee of the Board. Together, Base Salary and Bonus shall be referred to as “Annual Base Compensation.”  The rate of Mastandrea’s Base Salary shall be reviewed at least annually during the Contract Period and may be adjusted from time to time, based upon such standards as determined by the Compensation Committee.  The Bonus shall be set annually at the beginning of the second quarter, based on achievement during the prior year of performance goals as set by the Board and will be paid in the second quarter in either cash or stock.  The Compensation Committee may determine the appropriate Annual Base Compensation, except that no such adjustment shall result in a reduction of Mastandrea’s Base Salary below the level for the preceding year during the Contract Period.

(b) Mastandrea, in addition to Section 3(a) above,  shall receive the awards under the Plan granted prior to the Effective Date, and any other awards under the Plan that are granted to Mastandrea subsequent to the Effective Date of this agreement, subject to applicable vesting provisions as set forth in award agreements and/or the LTIOP.  The Compensation Committee may, in its discretion, award to Mastandrea at any time such number of time-vested restricted shares as the Compensation Committee may elect to replace shares retained by the Company in net settlement of income tax withholding obligations with respect to the vesting of restricted shares and restricted share units previously awarded to Mastandrea under the LTIOP.

4.   Benefits.  During the Contract Period, the Company shall provide Mastandrea (a) health and welfare benefits that are generally comparable with the health and welfare benefits that the Company historically provided to Mastandrea before the Effective Date, including family health insurance, travel accident insurance, life and accidental death insurance, and long term disability insurance, (b) directors and officers liability insurance, (c) an annual executive physical, (d) use of an executive class automobiles in both Houston and Phoenix with all maintenance and insurance paid by the Company, (e) full participation in any 401(k), profit sharing, pension or other retirement benefit plan (“Pension Plan”) either in place or that are put in place during  Mastandrea’s employment, (f) Club memberships, business or 

social clubs, if any, as may be deemed necessary by Mastandrea and approved by the Compensation Committee, and (g) such other benefits that the Board may from time to time authorize.

5.  Reimbursement for Expenses.  Subject to such limitations as may be reasonably imposed by the Board from time to time, the Company shall reimburse Mastandrea for all reasonable, ordinary, and necessary expenses incurred by him in the performance of his duties hereunder including travel expenses and relocation expenses, and travel expenses for his wife when accompanying him on business.

6.  Effect of Disability during Contract Period.  If, during the Contract Period, Mastandrea becomes disabled as determined by a physician acceptable to Mastandrea and the Company, by reason of physical or mental impairment, to such an extent that he is unable to substantially perform his duties under this Agreement (“Disabled”):

(a) The Company may relieve Mastandrea of his duties under this Agreement for as long as Mastandrea is Disabled without terminating this Agreement.

(b) So long as Mastandrea remains Disabled, the Company shall continue to pay Mastandrea as provided in Section 3(a), 3(b), and 4 above at the rate in effect immediately before he became Disabled, net of any other disability benefits paid to him by the Company, or any insurance funded by the Company. The Company shall continue to provide those health and welfare benefits, including contribution to any Pension Plan, that were being provided to Mastandrea immediately before he became Disabled, and Mastandrea shall continue to earn the Plan benefits under Section 3(b) as if he had continued to be actively employed, until the earliest of (i) the first date on which he is no longer Disabled, (ii) the date of his death, (iii) the third anniversary of the date on which he became Disabled.  If Mastandrea becomes Disabled, thereafter recovers sufficiently to be able to substantially perform his duties, and later becomes Disabled again, the combined period in which Mastandrea is entitled to receive disability benefits under this Section 6(b) shall not exceed three years.

7.  Termination.

(a)     Death and Disability.  Mastandrea’s employment hereunder will terminate immediately upon Mastandrea’s death.  If Mastandrea shall be Disabled (as defined in Section 6) for an aggregate period of 180 days (whether business or non-business days) during any period of twelve consecutive months, the Company may terminate Mastandrea’s employment hereunder immediately upon giving notice of termination, stating the effective date of termination, and all amounts payable under Section 6(b) shall be paid to Mastandrea if he is disabled and to his estate in case of death, notwithstanding termination of his employment pursuant to this Section 7(a).

(b)     For Cause.  The Company may terminate Mastandrea’s employment under this Agreement for “Cause” if:

(i) Except by reason of death or disability, Mastandrea fails to devote the time and effort required for him to perform his duties hereunder;

(ii) Mastandrea is convicted of a felony involving moral turpitude;

(iii) Mastandrea engages in acts in violation of the confidentiality provisions of Section 11; or

(iv) Mastandrea willfully, wantonly, and without approval of the Board takes any action that he knows to be materially adverse to the interest of the Company and its shareholders, collectively.

Any termination of Mastandrea’s employment for Cause shall be effective immediately upon the Company giving Mastandrea notice of termination of employment and the grounds therefore.  However, if any failure on Mastandrea’s part referred to in clause (i) or (ii) of this Section 7(b) is curable, the Company may not terminate Mastandrea’s employment unless the Board first gives him written notice specifying the nature of the failure and the steps that he must take to cure the failure, and Mastandrea fails to take those steps within 60 days after the notice is given.

(c)      By the Company without Cause.  The Company may terminate Mastandrea’s employment hereunder without Cause at any time upon notice from the Board to Mastandrea.

(d)      By Mastandrea for Good Reason.  Mastandrea may terminate his employment hereunder for “Good Reason” if one or more of the events listed in clauses (i) through (iv) of this Section 7(d) occur:

(i) Mastandrea’s Base Salary is reduced below the amount stated in Section 3(a) at the time of the Effective Date of this agreement.

(ii) The Company fails to continue to provide the compensation contemplated by Section 3(a), 3(b), and 4;

(iii) The Company fails in any material respect to provide benefits in accordance with Sections 4 and 5, in either case after Mastandrea has given the Company written notice of the failure, and the Company has failed to effect a cure within 60 days after the notice is given;

(iv) Mastandrea is removed from any of Mastandrea’s offices or responsibilities or his duties with the Company are otherwise reduced to such an extent that he no longer has authority commensurate with the Chairman of the Board and Chief Executive Officer of a publicly-traded real estate investment trust;

(v) Mastandrea’s principal place of employment for the Company is relocated outside of the Houston and Phoenix metropolitan areas and, as a result, he is required to relocate; or

(vi) After a Shift in Ownership the Board fundamentally changes its strategic plan in a manner opposed by Mastandrea.  Mastandrea may not terminate his employment under this clause (vi) unless he first gives the Board written notice of specifying the change or changes that he opposes and the steps that Board must take to rectify the strategic plan, and the Board fails to take those steps within 60 days after the notice is given.

(e)  By Mastandrea without Good Reason.  Mastandrea may terminate his employment hereunder without Good Reason at any time upon thirty days advance notice from Mastandrea to the Board.

8.    Payments upon Termination.  Following any termination of Mastandrea’s employment with the Company, the Company shall pay and provide to Mastandrea, after the date of the termination (the “Termination Date”), the amounts and benefits set forth below.

(a)  Termination by the Company or by Mastandrea for any Reason.  Upon any termination of Mastandrea’s employment for any reason, the Company shall pay to Mastandrea all accrued and unpaid 

Annual Base Compensation and other benefits (e.g., accrued vacation) with respect to periods ending on or before the Termination Date.

(b)  Termination by the Company without Cause, or by Mastandrea for Good Reason.  If Mastandrea’s employment hereunder is terminated by the Company without Cause or by Mastandrea for Good Reason, in addition to (but not in duplication of) all other compensation payable hereunder, the Company shall pay and provide to Mastandrea the following amounts and benefits.
(i) A lump sum cash payment of 2.99 times his Annual Base Compensation for the previous full calendar year as provided in Section 3(a), which shall be paid within twenty (20) days after the Termination Date.

(ii) Immediate vesting of all unvested restricted shares and restricted share units awarded to Mastandrea under the LTIOP.

(iii) Continuation of benefits for as described in Section 4 for a period of three    years following the Termination Date. 

(c)    Full Satisfaction; Mitigation. Payment and provision of the salary and benefits to which Mastandrea is entitled under this Section 8 shall constitute full satisfaction of all obligations of the Company to Mastandrea arising under this Agreement and/or in connection with the termination of his employment.  Payment or provision of the items set forth in Section 8(b) above shall be conditioned upon Mastandrea executing and delivering to the Company a release of all claims Mastandrea may have against the Company up to the date of termination.
 
(d)    Escrow Arrangement.  To secure payment of the benefits provided for in this Section 8 the Company agrees to establish an irrevocable escrow account (the “Escrow Account”) at a national bank acceptable to Mastandrea (the “Bank”) promptly upon the earliest to occur of (i) Mastandrea’s receipt in writing of notice of termination of his employment hereunder, (ii) public notice of Change in Control or Shift in Ownership, (iii) an agreement in principle to effect a Change in Control or Shift in Ownership by merger, purchase or sale of assets or other business combination by any person or (iv) the date of consummation of a Change in Control or Shift in Ownership (“Change in Control Date” or “Shift in Ownership Date”).  The amount of security required on deposit in the Escrow Account shall be the maximum cash amount that the Company would be required to pay to Mastandrea under Section 8. 

If the Company were to terminate Mastandrea’s employment on the Change in Control Date or Shift in Ownership Date, such amount shall be maintained on deposit in the Escrow Account until receipt by the Bank of written acknowledgement by Mastandrea that he has received all amounts payable to him by the Company under Section 8.  Amounts deposited in the Escrow Account shall be paid out by the Bank only to Mastandrea or his designated beneficiary, in such amount as Mastandrea shall certify to the Bank as the amount he is owed by the Company and which the Company has not paid under Section 8 of this Agreement, or to the Company, to the extent that any amount remain on deposit in the Escrow Account after the Company shall have made all payments hereunder that it shall be obligated to make.  If any amount payable to Mastandrea pursuant to Section 8 is not paid by the Company or the Bank when due, interest on such payments shall accrue at the rate of one percent (1%) per month, or the highest rate allowed by law, whichever is lower, until all overdue payments are paid in full.

 9.  Effect of Failure to Extend Term.  If either the Company or Mastandrea gives notice to the other of an intention not to extend the term of Mastandrea’s employment hereunder for an additional year, as contemplated in Section 1, that notice shall be treated as a notice of intended termination of Mastandrea’s employment as of the Expiration Date defined in Section 1.  Accordingly, the termination of 

his employment will be treated as a termination by the Company or by Mastandrea, as the case may be, with or without Cause, and for or not for Good Reason, as the case may be; provided, however that if the notice of intention not to extend the term does not contain a reason meeting the definition of Cause or Good Reason as set forth in Section 7, then the termination shall be presumed to be without Cause, if the Company shall give the notice of intention not to extend, and without Good Reason, if Mastandrea shall give the notice of intention not to extend. 

10.  Change in Control; Shift in Ownership. (a) A “Change in Control” shall have the meaning given to it in the LTIOP.  A “Shift in Ownership” shall be deemed to have occurred if at any time before the Termination Date any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan or employee share ownership plan of the Company or any Subsidiary of the Company, or any Person organized, appointed, or established by the Company or any Subsidiary of the Company for or pursuant to the terms of any such plan), alone or together as a group, with any of its Affiliates or Associates, becomes the Beneficial Owner of 20% or more of the Shares then outstanding; provided that no Shift in Ownership shall be deemed to have occurred if, prior to the acquisition of Shares that causes the Person, or group, to become the Beneficial Owner of 20% or more of the combined voting power of the Company’s then outstanding Shares, the acquisition is supported by Mastandrea and approved by the Company’s Board.  For purposes of this definition, the terms “Beneficial Owner,” “Person,” and “Subsidiary” have the meanings given to them in the LTIOP, as amended from time to time.

(b) As provided in the LTIOP, in the event of a Change in Control of the Company, (i) all restricted shares, restricted share units, and share options theretofore granted and not yet vested, will become fully vested (and restricted share units shall be automatically replaced with fully vested restricted shares), exercisable and issued as of a time immediately before the Change in Control, and (ii) all restrictions and conditions applicable to restricted shares and other share awards will be deemed to have been satisfied as of the date of the Change in Control.

11.  Confidentiality; Non-Competition. Mastandrea acknowledges that the business in which the Company is engaged is competitive and that his employment with the Company has required and will require that he have access to and knowledge of confidential and proprietary information pertaining to the Company’s operations and its properties (“Confidential Information”). Mastandrea shall not, during the term of his employment hereunder or at any time thereafter, except in connection with the performance of services hereunder or in furtherance of the business of the Company, communicate, divulge, or disclose to any other person not a trustee, officer, employee, or affiliate of, or not engaged to render services to or for, the Company or use for his own benefit or purposes any Confidential Information that he has obtained from the Company during the term of his Employment under this Agreement, except that this provision shall not preclude Mastandrea from communication or use of Confidential Information made known generally to the public by any party unrelated to Mastandrea, or from making any disclosure required by applicable law, rules, regulations, or court or governmental or regulatory authority order or decree provided that, if practicable, Mastandrea shall not disclose any Confidential Information without first giving the Company notice of intention to make that disclosure and an opportunity to interpose an objection to the disclosure.

During the term of this Agreement and for a period of one (1) year after termination of Mastandrea’s employment, Mastandrea shall not, directly or indirectly as an employee, officer, director, trustee, consultant, partner, member or shareholder (other than as a passive shareholder of less than 1% of the outstanding stock of a publicly-traded company), have any interest in or perform any services in respect of any property that meets the Company’s publicly-stated definition of a Community Centered Property within a five (5) mile radius of any property then-owned by the Company.

12.  Merger or Transfer of Assets of the Company.  The Company will not consolidate with or merge into any other entity, or transfer all or substantially all of its assets or shares to another entity, unless such other entity assumes this Agreement in a signed writing and deliver a copy thereof to Mastandrea.  Upon such assumption the successor entity shall become obligated to perform the obligations of the Company under this Agreement, and the term “the Company” as used in this Agreement shall be deemed to refer to such successor entity.

13.  Notices. Notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person (to the Secretary of the Company in the case of notices to the Company and to Mastandrea in the case of notices to Mastandrea) or mailed by United States registered mail, return receipt requested, postage prepaid, as follows:

If to the Company:

Whitestone REIT
2600 South Gessner Road, Suite 500
Houston, Texas 77063
Attention: Secretary 

If to Mastandrea:

Mr. James C. Mastandrea
1600 Post Oak, Unit 1307
Suite 1307
Houston, Texas 77056

or such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

14.  Validity.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement shall remain in full force and effect.

15.  Miscellaneous.  This Agreement has been duly approved and authorized by the Board of the Company.  No provision of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in a writing signed by Mastandrea and the Company.  This agreement shall inure to the benefit of Mastandrea and his heirs, legatees and legal representatives.  No waiver by either party hereto at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or at any prior to subsequent time.  No agreement or representation, oral or otherwise, express or implied, with respect to the subject matter hereof has been made by either party, which is not set forth expressly in this Agreement.  This Agreement shall be governed by and construed in accordance with the laws of the State of Texas.  In the event legal action is instituted to enforce any provision of this Agreement, each party shall pay its own cost and expense thereof.  This Agreement, along with the LTIOP and all award agreements between the Company and Mastandrea thereunder, and any subsequent amendments approved in writing by Mastandrea and the Company, constitute the entire agreements between the parties with the subject matter of this agreement and the LTIOP and such award agreements, and all prior negotiations, discussions, and agreements on that subject matter are hereby superseded.

16.   No Personal Liability.  Notwithstanding anything herein to the contrary, this Agreement is made and executed on behalf of the Company, a real estate investment trust organized under the laws of the State of Maryland, by its officers thereof on behalf of the trustees thereof, and none of the trustees or any additional or successor trustee hereinafter appointed, nor any beneficiary, officer, employee or agent of the Company shall have any liability hereunder in his personal or individual capacity, but, instead, all parties shall look solely to the property and assets of the Company for satisfaction of claims of any nature arising under or in connection with this Agreement.

17. Mutual Indemnification.  Mastandrea and the Company, upon full settlement and payout of this agreement, agree to mutually indemnify each other against any and all future claims.

IN WITNESS WHEREOF, the Company and Mastandrea have signed this Agreement as of the date first above written.

WHITESTONE REIT

By Jack. L. Mahaffey
JACK L. MAHAFFEY
Chairman of the Compensation Committee

                            
/s/ James C. Mastandrea
JAMES C. MASTANDREA

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