Document:

Exhibit 10.2

 

EMPLOYEE AND COST SHARING AGREEMENT

This EMPLOYEE AND COST SHARING AGREEMENT
(the “Agreement”), dated as of the 21st day of April, 2021, by and among Belpointe, LLC, a Connecticut limited liability
company (together with its Subsidiaries, Associates and Affiliates “Belpointe”), Belpointe PREP, LLC, a Delaware limited
liability company (the “Company”), the Operating Companies, and Belpointe PREP Manager, LLC, a Delaware limited liability
company (the “Manager”), is effective as of the 28th day of October, 2020 (the “Effective Date”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Amended and Restated Limited Liability
Company Agreement of Belpointe PREP, LLC.

WHEREAS, the Manager has entered into
a Management Agreement with the Company and the Operating Companies, effective as of October 28, 2020 (the “Management Agreement”),
pursuant to which the Manager will provide management services to the Company and Operating Companies, as described in the Management
Agreement (the “Services”);

WHEREAS, in order for the Manager to reduce
expenses and enjoy greater operating efficiencies, (i) Belpointe will share certain employees (the “Shared Employees”)
employed by Belpointe, and (ii) the Manager, Company or Operating Companies, as applicable, will reimburse Belpointe for certain costs
associated with the Shared Employees;

WHEREAS, Belpointe and the Manager will
share office space, supplies, equipment, furniture, and other resources as may be agreed to from time to time (the “Shared Resources”)
and the Manager, Company or Operating Companies, as applicable, will reimburse Belpointe for the costs incurred with respect to the Shared
Resources; and

WHEREAS, the parties desire to enter into
this Agreement to set forth the terms under which Belpointe and the Manager will share the Shared Employees and Shared Resources, and
the Manager, Company or Operating Companies, as applicable, will reimburse Belpointe in connection therewith.

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

Article
1

Shared Employees and Shared Resources

Section 1.1                 
Shared Employees. Belpointe agrees to make available to the Manager, and the Manager agrees to accept access to, the Shared
Employees for purposes of performing the Services. Belpointe and the Manager shall use reasonable efforts to jointly resolve any work
priority or performance conflicts with respect to the Shared Employees, and any conflicts that cannot be resolved jointly will be resolved
by Belpointe in its reasonable discretion.

Section 1.1                 
Employment Status.

(a)                
For such time as any Shared Employees are shared under this Agreement, (A) the Shared Employees will remain employees of Belpointe
and shall not be deemed to be employees of the Manager for any purpose, and (B) Belpointe shall be solely responsible for the payment
and provision of all wages, including, but limited to, compensation, bonuses and commissions (collectively, the “Wages”),
employee benefits, including, but not limited to, pension and welfare benefits, paid absences, health insurance and other fringe benefits,
direct non-labor costs and similar expenses, reimbursement of out-of-pocket third party costs and expenses, severance benefits and workers’
compensation insurance (collectively, the “Benefits”), and the withholding and payment of applicable payroll taxes
(the “Taxes”) related to such Shared Employees. The Manager shall not directly pay or provide any Wages or Benefits
to the Shared Employees, but rather the Manager, Company or Operating Companies, as applicable, shall reimburse Belpointe for their allocable
share of all Wages, Benefits and Taxes paid by Belpointe in accordance with Article 2 of this Agreement.

(b)               
Nothing contained in this Agreement shall require Belpointe to maintain the employment of any Shared Employee. If any Shared Employee
is terminated or ceases for any reason to be employed by Belpointe (including the elimination of such position), then:

(i)                 
If the Manager reasonably determines that the remaining Shared Employees will be unable to perform the activities related to performing
the Services in a manner acceptable to the Manager, it will notify Belpointe, and Belpointe use commercially reasonable efforts to retain
additional employees with such skills

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and qualifications as the Manager deems necessary. Such retained
employees shall be treated as Shared Employees for purposes of this Agreement.

(ii)               
If the Manager reasonably determines that the remaining Shared Employees will be able to perform the Services in a manner acceptable
to the Manager, such Shared Employees shall continue to so perform such activities.

(iii)             
Belpointe may designate a substitute Shared Employee, who shall, upon such designation, become a Shared Employee for purposes of
this Agreement. If the Manager reasonably determines that such designated Shared Employee is inadequate for the performance of the Services,
the Manager shall notify Belpointe and the provisions of Section 1.2(b)(i) shall apply.

Section 1.2                 
Shared Resources. In performing Services for the Manager, the Shared Employees may use the Shared Resources.

Section 1.3                 
Additional Services. If at any time during the term of this Agreement, the Manager, Company or Operating Companies, as applicable,
becomes aware of any service the provision of which by Belpointe is necessary or advisable, which is not already being provided pursuant
hereto (each, an “Additional Service”), then the parties shall, as promptly as reasonably practicable, negotiate in
good faith (a) whether Belpointe will provide such Additional Service, and (b) upon Belpointe’s agreement to provide such Additional
Service, the scope, terms, duration and cost and fees therefor. Once agreed, the parties shall amend this Agreement as necessary to cover
such Additional Services.

Article
2

Reimbursement

Section 2.1                 
Reimbursement. The Manager, Company or Operating Companies, as applicable, will reimburse Belpointe for their allocable
share of all:

(a)                
employment costs incurred by Belpointe with respect to the Shared Employees, including, but not limited to, Wages, Benefits, Taxes,
overhead and operational costs (such as office rent maintenance, utilities, and supplies); and

(b)               
indirect costs incurred by Belpointe with respect to the Shared Employees and Shared Resources, including, but not limited to,
general administrative services, human resources and employee benefits, payroll services, activities related to accounts receivable and
payable, legal services, corporate, public and investor relations, information and technology services, accounting, auditing, finance
and tax services, treasury activities, staffing, recruiting, training and employee development services, insurance claims management,
budgeting, and activities related to corporate and government affairs.

Section 2.2                 
Allocations. Unless otherwise agreed, costs incurred by a party shall be allocated between the Manager, Company and Operating
Companies, on the one hand, and Belpointe, on the other hand, using a reasonable allocation methodology to be mutually established by
Belpointe and the Manager and reviewed on at least an annual basis.

Section 2.3                 
Process for and Timing of Reimbursement. Unless otherwise agreed, within 60 days following the end of each fiscal quarter,
Belpointe will submit a statement to each of the Manager, Company or Operating Companies, as applicable, setting forth in reasonable detail
their allocable share of the costs described in Section 2.1(a) and Section 2.1(b) for such period (each a “Statement”).
Full payment of a Statement shall be made withing 10 days following its receipt. Payments may be made in cash, through issuance of equity
securities, or by any other means acceptable to Belpointe, in its sole discretion. In the event of any disagreement between the Manager,
Company or Operating Companies and Belpointe with respect to any Statement or any amounts owed thereunder, the parties agree to negotiate
in good faith to resolve such dispute.

Section 2.4                 
Reimbursements not Treated as Gross Income. For the avoidance of doubt, the reimbursements described in this Article
2 shall be treated for U.S. federal income tax purposes as if the applicable costs were incurred directly by Belpointe, and the Manager,
Company or Operating Companies, as applicable, shall not treat any such cost as an item of deduction, nor the reimbursed amount as an
item of income.

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Article
3

Limitation of Liability; Indemnification

Section 3.1                 
Limitation of Liability. To the fullest extent permitted by applicable law, neither the Shared Employees, Belpointe, its
members, principals, managers, officers, employees or agents, nor their respective Associates or Affiliates (the “Indemnitees”),
shall have any liability to the Manager, Company, Operating Companies, any other party, or their respective Associates, Affiliates, directors,
officers, equityholders, employees or agents, whether based on contract, warranty, tort, strict liability, or any other theory, for any
damages, including, without out limitation, indirect, incidental, consequential or special damages, arising out of or relating to this
Agreement.

Section 3.2                 
Indemnification. To the fullest extent permitted by applicable law, all Indemnitees shall be indemnified and held harmless
by the Manager, Company and Operating Companies, jointly and severally, on an after tax basis from and against any and all losses, claims,
damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, amounts paid
in settlement (with approval of the Manager) or other amounts arising from any and all threatened, pending or completed claims, demands,
actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including
appeals, in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as
an Indemnitee whether arising from acts or omissions occurring on, before or after the date of this Agreement, except for liability caused
by an Indemnitee’s willful malfeasance or gross negligence,

Section 3.3                 
Survival. The indemnification obligations set forth in this Section 3.1 shall survive the termination or expiration
of this Agreement.

Article
4

Confidential Information

Section 4.1                 
Confidential Information. As used in this Agreement, the “Confidential Information” of a party (a “Disclosing
Party”) includes, but is not limited to, all information belonging to the Disclosing Party and not generally known to the public,
in spoken, printed, electronic, or any other form or medium, or which was learned, discovered, developed, conceived, originated, or prepared
by a Shared Employee in the scope and during course of this Agreement, relating directly or indirectly to: business processes, practices,
methods, policies, plans, publications, documents, research, operations, services, strategies, techniques, agreements, contracts, terms
of agreements, Investments, Securities, transactions, potential transactions, negotiations, pending negotiations, know-how, trade secrets,
databases, records, articles, systems, material, sources of material, partner information, developer information, supplier information,
vendor information, financial information, results, accounting information, accounting records, legal information, marketing information,
advertising information, pricing information, credit information, design information, payroll information, staffing information, personnel
information, employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings,
sketches, market studies, sales information, revenue, costs, notes, communications, designs, styles, models, ideas, audiovisual programs,
inventions, specifications, client information, client lists, an audit pursuant to Section 4.4, or of any other person or entity
that has entrusted information to the Disclosing Party in confidence. Confidential Information also includes other information that is
marked or otherwise identified as confidential or proprietary, or information that would otherwise appear to a reasonable person to be
confidential or proprietary in the context and circumstances in which the information is known or used.

Section 4.2                 
Confidentiality Obligations. Except as expressly authorized by prior written consent of the Disclosing Party, the receiving
party (“Receiving Party”) shall:

(a)                
limit access to any Confidential Information of the Disclosing Party received by it to its and its Affiliates’, Associates’
directors, officers, employees, subcontractors, agents and representatives, including third-party vendors, who need to know in connection
with this Agreement and the obligations of the parties hereunder;

(b)               
advise such directors, officers, employees, subcontractors, agents and representatives, including third-party vendors, having access
to the Confidential Information of the Disclosing Party of the proprietary nature thereof and of the obligations set forth in this Agreement
and confirm their agreement that they will be bound by such obligations;

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(c)                
 safeguard all Confidential Information of the Disclosing Party using a reasonable degree of care, but not less than that degree
of care used by the Receiving Party in safeguarding its own similar information or material;

(d)               
comply in all material respects with all applicable: (A) laws relating to maintaining the confidentiality of the Confidential Information
of the Disclosing Party; and (B) privacy policies provided to the Receiving Party relating to Confidential Information of the Disclosing
Party;

(e)                
not reproduce or use any Confidential Information of the Disclosing Party or disclose the Confidential Information of the Disclosing
Party to any other person without the prior written consent of the Disclosing Party; and

(f)                 
use the Confidential Information of the Disclosing Party only for the purposes and in connection with the performance of the Receiving
Party’s obligations set forth in this Agreement.

Section 4.3                 
Exceptions. Notwithstanding the obligations set forth in Section 4.2, the obligations of confidentiality, non-use
and non-disclosure imposed under this Article 4 shall not apply to any Confidential Information of the Disclosing Party that the
Receiving Party can demonstrate:

(a)                
has been published or otherwise been made available to the general public without breach of this Agreement;

(b)               
has been furnished or made known to the Receiving Party without any obligation to keep it confidential by a third person under
circumstances which are not known or should not have reasonably been known to the Receiving Party to involve a breach of the third person’s
obligations to a party hereto; or

(c)                
was developed or acquired independently by an employee or agent of the Receiving Party without access to or use of Confidential
Information of the Disclosing Party furnished to the Receiving Party pursuant to this Agreement.

Article
5

Books and Records; Audit Rights

Section 5.1                 
Maintenance of Books and Records. Each party agrees to maintain, and to cause its applicable Affiliates to maintain, books
and records arising from or related to any Shared Employees, Shared Resources or Additional Services provided hereunder that are accurate
and complete in all material respects during the term, and for a period of four years following the termination or expiration, of this
Agreement (the “Records”).

Section 5.2                 
Access to Books and Records. Upon written request a party to this Agreement shall provide any other party with reasonable
access to its Records and relevant personnel during the term of this Agreement (and, for a period of four years following its termination
or expiration, for purposes of defending any litigation, the preparation of income and other tax returns, demonstrating to any third-party
as reasonably necessary compliance with applicable laws or regulations or pursuant to the request of any applicable regulatory authority);
provided, that the requesting party shall bear any expenses (including out of pocket expenses) incurred in connection therewith,
such access shall be provided at a reasonable time, under the supervision of the complying party’s or its Affiliates’ personnel
and in such a manner as not to interfere unreasonably with the normal operation of such complying party’s or its Affiliates’
businesses, and shall be subject to any confidentiality obligations on the part of the requesting party or its Affiliates to any third
party; provided further that nothing herein shall require any party to provide a requesting party access to any information contained
in any Record that does not relate to the Shared Employees, Shared Resources or Additional Services.

Section 5.3                 
Audit Rights.

(a)                
During the term of this Agreement, and for a period of one year following its termination or expiration, no more than once in any
12-month period, a representative acting on behalf of the Manager, Company and Operating Companies, as a group, which, for the avoidance
of doubt, may be the Manager, Company, an Operating Company, or one of their respective Associates, Affiliates, officers, employees or
agents (a “Representative”) shall have the right to audit the Records of Belpointe pertaining to the Shared Employees,
Shared Resources or Additional Services provided during the preceding fiscal year (the “Audit”). Any such Representative
shall be reasonably acceptable to Belpointe and shall enter into a customary confidentiality agreement with respect to the information
and materials reviewed during the course of the audit.

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(b)               
 Any Audit shall be conducted during regular business hours, at the office of Belpointe and in a manner that does not unreasonably
interfere with the operations of Belpointe. Each Audit shall begin on and agreed upon date and shall be completed as soon as reasonably
practicable thereafter. The Manager, Company and Operating Companies shall pay the costs of conducting such Audit.

(c)                
In connection with any Audit, Belpointe shall provide the Representative reasonable access to Records (and permit the Representative
to examine and make copies and abstracts from such Records), facilities and management personnel and Affiliates (if applicable) with respect
to the relevant Shared Employees, Shared Resources or Additional Services provided for the purpose of: (i) performing the Company’s
end of fiscal quarter or end of fiscal year financial closing process, and to prepare the related financial statements and accounting
reports, or to revise any financial statements and accounting reports for any prior periods; or (ii) performing audits and inspections
of the relevant businesses necessary to meet regulatory requirements applicable to the Company, including Section 404 of the Sarbanes-Oxley
Act of 2002, as amended.

Article
6

Term; Termination

Section 6.1                 
Term. This Agreement shall have an initial term expiring on December 31, 2025 (the “Initial Term”), and
will be automatically renewed for an unlimited number of successive three-year terms thereafter (each a “Renewal Term”
and together with the Initial Term, the “Term”), unless (a) at least 180 days’ prior the expiration of any Term,
the Manager provides written notice to Belpointe of its intent not to renew, or (b) the Agreement is earlier terminated in accordance
with Section 6.2.

Section 6.2                 
Termination. This Agreement may be terminated prior to expiration of a Term at the option of (a) Belpointe upon at least
60 days’ prior written notice to the Manager, and (b) the Manager upon (i) Cause, (ii) the bankruptcy of Belpointe, or (iii) a material
breach of this Agreement by Belpointe, which breach (to the extent such breach is capable of cure) remains uncured for 90 days after the
Manger provides Belpointe with written notice thereof. With respect to the termination of this Agreement, “Cause” means
fraud or willful malfeasance, gross negligence, the commission of a felony or a material violation of applicable law, in each case that
has or could reasonably be expected to have a material adverse effect on the Manager or Company and Operating Companies, as a group.

Section 6.3                 
Payments on Termination. Any termination of this Agreement shall in no way be deemed to effect a release of the Manager,
Company or Operating Companies, as applicable, from their obligations to reimburse Belpointe for any costs incurred under the terms of
this Agreement through the date of termination.

Article
7

Miscellaneous

Section 7.1                 
Notices. Any notices or other communications required or permitted to be given under the terms of this Agreement must be
in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon delivery, when sent by electronic
mail (provided that the sending party does not receive an automated rejection or out-of-office notice); or (c) one business day after
deposit with a nationally recognized overnight delivery service that provides evidence of delivery, in each case properly addressed to
the party to receive the same. The addresses and email addresses for such communications shall be:

If to Belpointe:

Belpointe, LLC

255 Glenville Road

Greenwich, Connecticut 06831

Attn.: Brandon E. Lacoff, Managing Member

Email: blacoff@belpointe.com

If to the Manager:

Belpointe PREP Manger, LLC

255 Glenville Road

Greenwich, Connecticut 06831

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Attn.: Brandon E. Lacoff, Managing Member

Email: blacoff@belpointe.com

If to the Company or Operating Companies:

Belpointe PREP, LLC

255 Glenville Road

Greenwich, Connecticut 06831

Attn.: Brandon E. Lacoff, Chief Executive Officer

Email: blacoff@belpointe.com

With a copy (for informational purposes only)
to:

Sugar Felsenthal Grais & Helsinger LLP

230 Park Avenue, 9th Floor

New York, New York 10169

Attn.: Vanessa J. Schoenthaler

Email: vschoenthaler@sfgh.com

or such other address and email address to the
attention of such other person as the recipient party has specified by written notice given to each other party five (5) days prior to
the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other
communication, (ii) mechanically or electronically generated by the sender’s email containing the time, date, recipient email address,
or (iii) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by email or receipt
from a nationally recognized overnight delivery service in accordance with clause (a), (b) or (c) above, respectively.

Section 7.2                 
Entire Agreement. This Agreement contains the entire agreement and understanding between the parties hereto with respect
to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express
or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof.

Section 7.3                 
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

Section 7.4                 
Severability. Each provision of this Agreement shall be considered separable; and if, for any reason, any provision or provisions
herein are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect
those portions of this Agreement which are valid.

Section 7.5                 
Applicable Law; Jurisdiction; Waiver of Jury Trial. The provisions of this Agreement shall be construed and interpreted
in accordance with the laws of the State of Delaware. The parties hereby irrevocably submit to the exclusive jurisdiction of the federal
and state courts located in Stanford, Connecticut for purposes of any suit, action or other proceeding arising from this Agreement, and
hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or
thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts
or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts.
Each of the parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter
of any such dispute. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT

Section 7.6                 
Amendments. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived, generally
or in a particular instance, and either retroactively or prospectively, only with the written consent of the parties hereto.

Section 7.7                 
Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude
any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy,
power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any
other occurrence,

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past, present or future. No waiver shall be effective unless it is
in writing and is signed by the party asserted to have granted such waiver.

Section 7.8                 
Binding Effect. Except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective heirs, executors, administrators, representatives, trustees, permitted assigns
and successors in interest.

Section 7.9                 
Captions. Captions to Articles, Sections and subsections of this Agreement are included for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose or in any way affect the meaning or construction of any provision
of this Agreement.

Section 7.10              
No Partnership or Joint Venture. In performing its obligations under this Agreement, Belpointe and the Shared Employees
will be an independent contractor of each of the Manager, Company and Operating Companies, as applicable, and this Agreement will not
be deemed to create a partnership, joint venture, or other arrangement between the parties.

Section 7.11              
Joinders. The Company shall cause each Operating Company formed after the Effective Date (each a “Joining Operating
Company”) of this Agreement to execute a joinder to this Agreement in the form attached hereto as Exhibit A upon formation
of such Joining Operating Company.

Section 7.12              
Third-Party Beneficiaries. This Agreement is made solely for the benefit of the parties and their permitted successors and
assigns and does not create, and shall not be construed as creating, any rights enforceable by any Person that is not a party hereto;
provided, however, that the members, principals, managers, officers, employees and agents of Belpointe and the Manager,
and their respective Associates and Affiliates, shall be third party beneficiaries of Section 3.1.

Section 7.13              
Counterparts. The parties may execute this Agreement in counterparts, each of which shall be deemed an original, and all
of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement, by facsimile,
electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, has the same effect as delivery of an executed original of this Agreement.

 

[Intentionally left blank.

Signature page follows.]

 

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IN WITNESS WHEREOF, the parties hereto
have executed this Employee and Cost Sharing Agreement as of the date and year first above written.

 

BELPOINTE, LLC

 

By: /s/ Brandon E. Lacoff

Name: Brandon E. Lacoff

Title: Manager

 

BELPOINTE PREP, LLC

 

By: /s/ Brandon E. Lacoff

Name: Brandon E. Lacoff

Title: Chief Executive Officer

 

BELPOINTE PREP OC, LLC

 

By: /s/ Brandon E. Lacoff

Name: Brandon E. Lacoff

Title: Manager

 

BELPOINTE PREP TN OC, LLC

 

By: /s/ Brandon E. Lacoff

Name: Brandon E. Lacoff

Title: Manager

 

BELPOINTE PREP MANAGER, LLC

 

By: /s/ Brandon E. Lacoff

Name: Brandon E. Lacoff

Title: Manager

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EXHIBIT A

JOINDER TO EMPLOYEE AND COST SHARING AGREEMENT

This JOINDER (this “Joinder”)
to the Employee and Cost Sharing Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”),
dated as of April 21, 2021, by and among Belpointe, the Company, the Operating Companies, including any Operating Company which becomes
a party thereto by the execution of a joinder agreement substantially in the form of this Joinder, and the Manager. Capitalized terms
used herein but not otherwise defined have the meanings set forth in the Agreement.

Pursuant to Section 3.12 of the Agreement,
this Company is obligated cause each Operating Company formed after the Effective Date of the Agreement to execute this Joinder upon formation.

The Joining Operating Company hereby agrees as
follows.

1.                  
Upon execution of this Joinder, the Joining Operating Company will become a party to the Agreement
and will be fully bound by, and subject to, all of the terms and conditions of the Agreement as if the undersigned were an original signatory
to the Agreement as an Operating Company.

2.                  
This Joinder shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware.

3.                  
The parties may execute this Joinder in counterparts, each of which shall be deemed an original,
and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of this Joinder, by
facsimile, electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic
and pictorial appearance of a document, has the same effect as delivery of an executed original of this Joinder. Any person may rely on
a copy of this Joinder.

 

BELPOINTE, LLC

 

By:                                              

Name: Brandon E. Lacoff

Title: Manager

 

[●]

 

By:                                              

Name: [●]

Title: [●]Exhibit 10.3 

BELPOINTE PREP, LLC

SECURED PROMISSORY NOTE

	$35,000,000	October 28, 2020
	 	Greenwich, Connecticut

FOR
VALUE RECEIVED, Belpointe PREP, LLC, a Delaware limited liability company (together with its successors, the “Company”),
hereby unconditionally promises to pay to the order of Belpointe REIT, Inc., a Maryland corporation (together with its successors and
permitted assigns, the “Holder”), the principal sum of Thirty
Five Million Dollars ($35,000,000) together with interest thereon at the rate set forth in Section 1.

1.                  
Interest Rate. Interest on the outstanding principal balance of this note (this “Note”)
shall accrue at a rate of 0.14% per annum (the “Interest Rate”). Interest shall be calculated on the basis of a 365/366-day
year and the actual number of days elapsed. Following the occurrence and during the continuation of an Event of Default (as hereinafter
defined), this Note shall accrue interest at a rate that is 2% in excess of the Interest Rate (the “Default Rate”)
until such time as the Event of Default is cured or waived as provided herein.

2.                  
Maturity. The outstanding principal balance of this Note, together with all accrued and unpaid
interest thereon, is due and payable on June 30, 2021 (the “Maturity Date”).

3.                  
Prepayment. The Company may, at any time and from time to time, prepay all or any portion
of the principal amount of this Note, without penalty or premium. All such prepayments shall be accompanied by the payment of all unpaid
interest on the principal amount prepaid accrued to the date of prepayment.

4.                  
Method of Payment. Payment of any amounts due hereunder (whether principal or interest) shall
be made in United States Dollars by wire transfer of immediately available funds to such bank account as the Holder may from time to time
designate in writing. Any payment due hereunder on a date which is not a business day shall be due and payable on the immediately following
business day.

5.                  
Events of Default. For so long as any obligations under this Note remain outstanding, each
of the following shall be an “Event of Default” under this Note:

(a)                
the Company fails to pay any amount due under this Note when due and payable, and such failure continues
for thirty (30) days after notice thereof to the Company;

(b)                
the Company makes an assignment for the benefit of creditors, or admits
in writing its inability to pay its debts as they become due, or files a voluntary petition in bankruptcy, or is adjudicated as bankrupt
or insolvent, or files any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief under any present or future statute, law or regulation in the United States, or files any answer admitting
or failing to deny the material allegations of a petition filed against the Company for any such relief, or seeks or consents to or acquiesces
in the appointment of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company,
or the Company or its directors or majority equityholders take any action for the purpose of effecting any of the foregoing

(c)                
if, within sixty (60) days after the commencement of any proceeding against
the Company seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present
or future statute, law or regulation, in the United States, such proceeding has not been dismissed or if, within sixty (60) after the
appointment without the consent or acquiescence of the Company, of any trustee, receiver or liquidator of the Company or of all or any
substantial part of the properties of the Company, such appointment has not been vacated;

6.                  
Remedies on Default, etc. If an Event of Default has occurred and is continuing, subject to
Section 8, the Holder may (a) elect, by written notice to the Company, to declare the entire amount outstanding hereunder to be
due and payable in full, whereupon the entire such amount shall be and become due and payable in full, provided, however, that no such
notice shall be required in the event of occurrence of one of the events specified in clauses (b) or (c) of Section 5 and if any
such event shall occur this Note and all amounts outstanding hereunder shall immediately and automatically be and become due and payable
in full without notice or declaration of any kind, and (b) proceed to protect and enforce its rights by a suit or other appropriate proceeding,
whether for the specific performance of any agreement contained in this Note, or for an injunction against a violation of any of the terms
hereof or in aid of the exercise of any right, power or remedy granted hereby or by law, equity, statute or otherwise. No course of dealing
and no delay on the part of the Holder in exercising any right, power or remedy will operate as

    	1 

    	 

    

a waiver thereof or otherwise prejudice the Holder’s rights,
powers or remedies. No right, power or remedy conferred hereby is exclusive of any other right, power or remedy referred to herein or
now or hereafter available at law, by statute or otherwise. To the extent permitted by applicable law, the Company hereby agrees to waive,
and does hereby absolutely and irrevocably waive and relinquish, the benefit and advantage of any valuation, stay, appraisement, extension
or redemption law now existing or which may hereafter exist, which, but for this provision, might be applicable to any sale made under
the judgment, order or decree of any court, or otherwise, based on this Note or on any claim for principal of, or interest on, this Note.

7.                  
Security Interest. As security for the payment of all amounts owed hereunder, the Company
hereby assigns to Holder as security, and grants to Holder, a continuing security interest in all of the assets and property of the Company
whether now or hereafter owned, existing or acquired, regardless of where located, including, without limitation, all of the Company’s:
(a) Accounts; (b) Certificated Securities; (c) Chattel Paper, including Electronic Chattel Paper; (d) Commercial Tort Claims; (e) Deposit
Accounts; (f) Documents; (g) Investment Property; (h) General Intangibles, including without limitation Payment Intangibles; (i) Goods
(including all of its Equipment, Fixtures and Inventory), and all embedded software, accessions, additions, attachments, improvements,
substitutions and replacements thereto and therefor; (j) Instruments; (k) Intellectual Property; (l) Letter of Credit Rights and Letters
of Credit; (m) money (of every jurisdiction whatsoever); (n) Security Entitlements; (o) Supporting Obligations; (p) Uncertificated Securities;
(q) all books and records and recorded data relating to any of the foregoing (regardless of the medium of recording or storage); and (r)
to the extent not included in the foregoing, other personal property of any kind or description, together with all tangible or intangible
property relating thereto, used or useful in connection with any of the foregoing, together with additions and accessions thereto, and
all Proceeds, products, offspring, rents, issues, profits and returns of and from any of the foregoing, and all insurance policies and
proceeds insuring the foregoing property or any part thereof, including unearned premiums (collectively, the “Collateral”).
Capitalized terms used in this Section 7 and not defined in this Note shall have the meanings ascribed to them in the Uniform Commercial
Code now in effect in the State of Delaware. If an Event of Default shall have occurred and be continuing, Holder may exercise any or
all of the remedies available to it under applicable law with respect to the Collateral. Upon the written request of Holder, the Company
shall take any actions that Holder may reasonably request to maintain and prefect Holder’s security interest in the Collateral.

8.                  
Amendments and Waivers. Neither this Note nor any term hereof may be amended or waived orally
or in writing, except that any term of this Note may be amended and the observance of any term of this Note may be waived (either generally
or in a particular instance and either retroactively or prospectively) with (but only with) the written consent of the Company and the
Holder.

9.                  
Captions. Any headings or captions in this Note are inserted for convenience of reference
only. Such headings or captions shall not be deemed to constitute a part of this Note, nor shall they be used to construe or interpret
the provisions of this Note.

10.               
Notices. All notices, consents, waivers and other communications required or permitted by
this Note shall be in writing and shall be deemed given to a party when: (a) delivered to the appropriate address by hand or by nationally
recognized overnight courier service (costs prepaid); (b) sent by email with confirmation of transmission; or (c) received or rejected
by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and marked to the attention
of the person (by name or title) designated below (or to such other address or person as a party may designate by notice to the other
parties):

	The Company:	Belpointe PREP, LLC

125 Greenwich Avenue, 3rd Floor

Greenwich, Connecticut 06830

Email: blacoff@belpointe.com
	Holder:	Belpointe REIT, Inc.

125 Greenwich Avenue, 3rd Floor

Greenwich, Connecticut 06830

Email: blacoff@belpointe.com

11.               
Restrictions on Transfer. THE HOLDER MAY NOT SELL, TRANSFER, ASSIGN, ENCUMBER OR OTHERWISE
PLEDGE OR DISPOSE OF THIS NOTE, INCLUDING THE UNDERLYING RIGHT TO RECEIVE PAYMENT HEREUNDER, AT ANY TIME WITHOUT OBTAINING THE PRIOR WRITTEN
CONSENT OF THE COMPANY.

    	2 

    	 

    

12.               
 Governing Law and Jurisdiction. This Note shall be governed by and construed according to
the internal laws (and not the choice of laws) of the State of Delaware.

13.               
Severability. In the event any one or more of the provisions of this Note shall for any reason
be held invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event any one or more of the provisions of
this Note operate or would prospectively operate to invalidate this Note, then, and in either of such events, such provision or provisions
only shall be deemed null and void to the minimum extent necessary, and shall not affect any other provision of this Note and the remaining
provisions of this Note shall remain operative and in full force and effect.

14.               
Waiver of Jury Trial. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE
RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS NOTE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY
COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER ORAL OR IN WRITING) OR ACTIONS OF EITHER PARTY.

 

[Intentionally left blank.

Signature page follows.]

    	3 

    	 

    

IN WITNESS WHEREOF, the
Company has through it duly authorized manager executed and delivered this Note as of the date first set forth above written.

BELPOINTE PREP, LLC

By: Belpointe PREP Manager, LLC, its manager

 

By: /s/ Brandon
E. Lacoff

Name:Brandon E. Lacoff

Title:Manager

Accepted and agreed as of the

date first set forth above:

 

BELPOINTE REIT, INC.

By: /s/ Brandon E. Lacoff

Name:Brandon E. Lacoff

Title:President and Chief Executive Officer

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