Document:

fcel-ex102_21.htm

EXHIBIT 10.2

(Multicurrency – Cross-Border)

SCHEDULE
to the
1992 Master Agreement

dated as of May 16, 2019

between

FIFTH THIRD FINANCIAL RISK SOLUTIONS, 

a division of FIFTH THIRD BANK,
    an Ohio banking corporation (“Party A”)

and

 

BRIDGEPORT FUEL CELL, LLC,

 a Virginia limited liability company (“Party B”)

                                                                                                                                                

                                                                                                                                                

 

Part 1.Termination Provisions

In this Agreement:

	
(a)
	
“Specified Entity” means in relation to Party A for the purpose of:

	
 
	

	
Section 5(a)(v),Not applicable.
Section 5(a)(vi),Not applicable.
Section 5(a)(vii),Not applicable.
Section 5(b)(iv),Not applicable.

	

	
and in relation to Party B for the purpose of:

Section 5(a)(v),Not applicable.
Section 5(a)(vi),Not applicable.
Section 5(a)(vii),Not applicable.
Section 5(b)(iv),Not applicable.

	
(b)
	
“Specified Transaction” will have the meaning specified in Section 14 of this Agreement, but for purposes of clause (c) of such definition, Specified Transaction includes any securities lending agreement, securities options, margin loans, short sales, and any other similar agreement between Party A (or any Credit Support Provider of Party A or any 5(a)(v) Specified Entity of Party A) and Party B (or any Credit Support Provider of Party B or any 5(a)(v) Specified Entity of Party B).

 

 

 

 

	
(c)
	
The “Cross Default” provisions of Section 5(a)(vi) will apply to Party A and will apply to Party B, provided that, notwithstanding the foregoing, an Event of Default shall not occur under either (1) or (2) therein if (a) the event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay caused by an error or omission of an administrative or operational nature; (b) funds were available to such party to enable it to make the relevant payment when due; and (c) such relevant payment is made within three Local Business Days following the discovery of the error or failure.  For purposes of Section 5(a)(vi), the following provisions apply:

“Specified Indebtedness” will have the meaning specified in Section 14 of this Agreement; provided that Specified Indebtedness shall not include obligations in respect of deposits received in the ordinary course of a party’s banking business.

“Threshold Amount” means, (a) with respect to Party A, an amount equal to three percent (3%) of the total shareholders’ equity of Fifth Third Bancorp as specified from time to time in its most recently published financial statements; and (b) with respect to Party B, zero (USD $0).

	
(d)
	
The “Credit Event Upon Merger” provisions of Section 5(b)(iv) will apply to Party A and Party B; provided, however, that, with respect to Party A, for so long as the respective rating then assigned by S&P or Moody’s to the senior unsecured and unsubordinated long-term debt or deposit obligations, if any, otherwise, the corporate credit rating or issuer rating, as the case may be (in any case, not supported by third-party credit enhancement) to the resulting, surviving or transferee entity is (i) BBB- or higher by S&P or (ii) Baa3 or higher by Moody’s, such party shall not be deemed materially weaker for purposes of Section 5(b)(iv).

For such purpose: “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (or any successor rating agency); and “Moody’s” means Moody’s Investors Service, Inc. (or any successor rating agency).

	
(e)
	
The “Automatic Early Termination” provision of Section 6(a) will not apply to either Party A or Party B; provided that, with respect to a party, where the Event of Default specified in Section 5(a)(vii)(1),(3),(4),(5),(6) or, to the extent analogous thereto, (8), and the Defaulting Party is governed by a system of law that would otherwise not permit termination to take place after the occurrence of the relevant Event of Default, then the “Automatic Early Termination” provision of Section 6(a) will apply to such Defaulting Party.

	
(f)
	
Payments on Early Termination. For the purpose of Section 6(e) of this Agreement, Loss and the Second Method will apply.

	
(g)
	
Additional Termination Events will apply.  As used herein, the term “Loan Agreement” means any and all loan agreements, credit agreements or notes to which Party A or any affiliate of Fifth Third Bancorp and Party B are parties, as the same may be amended, modified or supplemented from time to time.  Each of the following shall constitute an 

 

 

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Additional Termination Event: (i) payment in full of all extensions of credit and all other amounts owing under the Loan Agreement and termination of all commitments to extend credit under the Loan Agreement; (ii) termination of the Loan Agreement; and (iii) Party A or any affiliate of Fifth Third Bancorp ceases to be a Lender under the Loan Agreement. For the purposes of these Additional Termination Events, Party B shall be the Affected Party.

 (h)Termination Currency.  “Termination Currency” means United States Dollars.

Part 2. Tax Representations

 

	
(a)
	
Payer Representations; FATCA.  

 

(i)  For the purpose of Section 3(e) of this Agreement, Party A and Party B make the following representation:

 

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Sections 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under this Agreement.  In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

 

(ii) “Tax” as used above in clause (a)(i) of Part 2 hereof and “Indemnifiable Tax” as defined in Section 14 of this Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of this Agreement.

 

	
(b)
	
Payee Representations.  For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations specified below, if any:

 

	
 
	
(i)
	
Party A represents as follows:

 

	

	
(A)  It is: (x) the beneficial owner of each payment made or to be made under this Agreement, and (y) a “U.S. person” (as that term is used in Section 1.1441-

 

 

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4(a)(3)(ii) of the United States Treasury Department regulations) for United States federal income tax purposes.

 

 

	

	
(ii)Party B represents as follows:

It is (x) organized or formed under the laws of a state within the United States, (y) the beneficial owner of each payment made or to be made under this Agreement, and (z) a “U.S. person” (as that term is defined in Section 7701(a)(3) of U.S. Internal Revenue Code of 1986, as amended (the “Code”), and used in Section 1.1441-4(a)(3)(ii) of the United States Treasury Department regulations) for United States federal income tax purposes.

 

 

Part 3.Agreement to Deliver Documents

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable:    

 

	
(a)
	
(i)  Party A and Party B agree to deliver a complete and accurate United States Internal Revenue Service Form W-9 (or any applicable successor form), that eliminates U.S. federal withholding tax and backup withholding on payments under this Agreement and is otherwise completed in a manner reasonably satisfactory to the other party at each of the following times:  (I) upon execution of this Agreement; and (II) promptly upon learning that any such form previously provided by either party has become obsolete or incorrect (and each such term is hereby identified for purposes of Section 3(d) of this Agreement).

 

	

	
(ii)  For purposes of Sections 4(a)(i) and (ii) of this Agreement, Party B agrees to deliver to Party A any forms required to be delivered pursuant to Section 1471(b) or Section 1472(b)(1) of the Code and any other documentation reasonably requested by Party A as it relates thereto, on or before such forms are prescribed by law to be supplied and otherwise at the time or times reasonably requested by Party A, but in no event before the form and content of such forms or other documentation are made known to the IRS.

 

(b)      Other documents to be delivered are:

 

 

 

4

 

 

 

				
				
	
Party Required To Deliver Document
	
Form/Document/Certificate
	
Date by Which

to be Delivered
	
Covered by

Section 3(d)

	
 
	
 
	
 
	
 

	
Party B
	
An incumbency certificate with respect to the signatory of this Agreement and any Credit Support Document.

 
	
Upon execution of this Agreement
	
Yes

	
Party B
	
A copy of the resolutions of the Board of Directors of Party B, pursuant to which it is authorized to enter into this Agreement, any Credit Support Document, and each Transaction entered into hereunder.
	
Upon execution of this Agreement
	
Yes

	
Party A
	
Annual/quarterly financial statements which shall be satisfied by publication on EDGAR (the US Securities and Exchange Commission’s Electronic Data Gathering and Retrieval system) of the annual reports required to be filed by Fifth Third Bancorp, Party A’s ultimate parent. 
	
Upon request of Party B on or after such time as such financial statements are required to be filed by Fifth Third Bancorp, Party A’s ultimate parent.
	
Yes, except that the representation shall be amended to read “fairly presents the financial position of Fifth Third Bancorp” with respect to Party A

 

 

 

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Party B
	
Party B's audited consolidated balance sheet, and related statements of operations, stockholders equity and cash flows certified by independent certified public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) consistently applied.

 
	
If Party A is not currently receiving such financial statements from Party B under another credit facility, as soon as available and in any event within 120 days after the end of each of its fiscal years.
	
Yes

	
Party B
	
Party B's unaudited consolidated balance sheet and related statements of operations, stockholders equity and cash flows for each fiscal quarter prepared in accordance with GAAP consistently applied and certified by the chief financial officer, principal accounting officer, treasurer or controller of Party B. 
	
If Party A is not currently receiving such financial statements from Party B under another credit facility, as soon as available and in any event within 45 days after the end of each of its fiscal quarters.
	
Yes

 

Part 4.Miscellaneous

	
(a)
	
(i)Addresses for Notices.  For the purpose of Section 12(a) of this Agreement:

Address for notices or communications to Party A:

Address:Fifth Third Bank

38 Fountain Square Plaza

Cincinnati, Ohio 45202

Attention:Legal Department - MD 10909F  
Fax No.:513.534.6757
Telephone: 513.534.4300

 

Address for notices or communications to Party B:

 

Address:Bridgeport Fuel Cell, LLC

3 Great Pasture Rd

Danbury CT 06810

 

 

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Attention:Daniel Case
Telephone: 203-830-7479

Email:dcase@fce.com

 

(ii) Address for Complaints to Party A. Set forth below is the physical address and telephone number of the department of Party A to which any complaints may be directed:

 

Department:Fifth Third Bank Legal Department

Address: 38 Fountain Square Plaza

   Cincinnati, Ohio 45202

Attention: Legal Department- MD 10909F

 

Telephone: 513.534.4300

 

	
(b)
	
Process Agent.  If a party or its Credit Support Provider is or becomes organized outside the United States of America, then promptly upon written demand an agent for service of process in the United States reasonably satisfactory to the other party shall be irrevocably appointed by such party or its Credit Support Provider, as the case may be, and the other party shall be provided with a copy of such agent’s written acceptance of such appointment.  Subject to the foregoing, for the purpose of Section 13(c): 

 

Party A appoints as its Process Agent: N/A

 

Party B appoints as its Process Agent: N/A

 

(c)Offices. The provisions of Section 10(a) will apply to this Agreement.

 

(d)Multibranch Party.   For the purpose of Section 10(c) of this Agreement-

 

Party A is not a Multibranch Party.

 

Party B is not a Multibranch Party.

 

	
(e)
	
Calculation Agent. The Calculation Agent is Party A, unless otherwise specified in a Confirmation in relation to the relevant Transaction.

	
(f)
	
Credit Support Document. Details of any Credit Support Document:—Each Credit Support Document (described below) is incorporated by reference in, constitutes part of, and is in connection with, this Agreement and each Confirmation (unless provided otherwise in a Confirmation) as if set forth in full in this Agreement or such Confirmation, and each representation, warranty, covenant and agreement of Party B contained therein is incorporated by reference herein and is repeated and restated in favor of Party A.  Party B grants to Party A a security interest in all assets and collateral that are subject to a security interest pursuant to each Credit Support Document of Party B.  

In the case of Party A, there is no Credit Support Document.

 

 

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In the case of Party B, the term “Credit Support Document” means the Loan Agreement and each agreement and instrument, now or hereafter existing, of any kind or nature which secures, guarantees or otherwise provides direct or indirect assurance of payment or performance of any existing or future obligation of Party B under this Agreement or the Loan Agreement, made by or on behalf of any person or entity (including, without limiting the generality of the foregoing, any agreement or instrument granting any lien, security interest, assignment, charge or encumbrance to secure any such obligation, any guaranty, suretyship, letter of credit, put option or subordination agreement relating to any such obligation, and any “keep well” agreement or other financial support agreement relating to Party B). 

Credit Support Provider.

Credit Support Provider means in relation to Party A:  Not Applicable.

Credit Support Provider means in relation to Party B: any other person or entity (other than Party B) that now or hereafter secures, guarantees or otherwise provides direct or indirect assurance of payment or performance of any existing or future obligation of Party B under this Agreement or the Loan Agreement.  

Notwithstanding the foregoing, no person providing a guaranty of any obligation of Party B under this Agreement (each such person, a “Guarantor”) shall be deemed to be a guarantor of, or to have granted a security interest to secure any guaranty by Guarantor of, any Swap Obligation (as defined below) if such Guarantor is not an “Eligible Contract Participant” as defined in § 1(a)(18) of the U.S. Commodity Exchange Act, as amended and as the same may be further amended from time to time (the “Act”) and the applicable rules and regulations issued by the Commodity Futures Trading Commission (the “CFTC”) and/or the Securities and Exchange Commission (the “Regulations”) (collectively, and as now or hereafter in effect, “the ECP Rules”) at the time Party B entered into any applicable Transaction (each such Swap Obligation, an “Excluded Swap Obligation”), but solely to the extent that the providing of such guaranty by such Guarantor, or grant of a security interest to secure any guaranty by Guarantor, of any Swap Obligation by such Guarantor would violate the ECP Rules or other applicable law or regulation.  Except as expressly set forth in the preceding sentence, nothing in this Agreement shall be deemed to restrict, reduce or waive any obligation of any such Guarantor under any guaranty or other Credit Support Document, and such guaranty or other Credit Support Document shall continue to guarantee, or grant as security interest to secure, as applicable, in accordance with its terms, each Swap Obligation that is not an Excluded Swap Obligation.

The term “Swap Obligation” means any obligation of any Person to pay or perform under any Transaction that constitutes a “swap” within the meaning of section 1a(47) of the Act other than (i) a swap entered into on, or subject to the rules of, a board of trade designated as a contract market under Section 5 of the Act, or (ii) a commodity option entered into pursuant to CFTC Regulation 32.3(a).

 

 

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(g)
	
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York (without giving effect to any provision of New York law that would cause another jurisdiction’s laws to be applied).

	
(h)
	
Netting of Payments.  Subparagraph (ii) of Section 2(c) of this Agreement will apply to Transactions entered into this Agreement unless otherwise specified in a Confirmation. For purposes of Section 2(c) of this Agreement “Multiple Transaction Payment Netting” will not apply.

 

(i)“Affiliate” will have the meaning specified in Section 14 of this Agreement.

Part 5.  Other Provisions

 

	
(a)
	
Waiver of Trial By Jury.  Insofar as is permitted by law, each party irrevocably waives any and all rights to trial by jury in any legal proceeding in connection with this Agreement or any Transaction, and acknowledges that this waiver is a material inducement to the other party’s entering into this Agreement and each Transaction hereunder.

	
(b)
	
Set Off.  The parties agree to amend Section 6 by adding a new Section 6(f) as follows:

	
 
	
(i)
	
Any amount (the “Early Termination Amount”) payable to one party (the “Payee”) by the other party (the “Payer”) under Section 6(e), in circumstances where there is a Defaulting Party or one Affected Party in the case where a Termination Event under Section 5(b)(iv) has occurred, will, at the option of the party (“X”) other than the Defaulting Party or the Affected Party (and without prior notice to the Defaulting Party or the Affected Party), be reduced by its set-off against any amount(s) (the “Other Agreement Amount”) payable (whether at such time or in the future or upon the occurrence of a contingency) by the Payee to the Payer, irrespective of the currency, place of payment or booking office of the obligation, under any other agreement(s) between the Payee or any Affiliate of the Payee and the Payer or any Affiliate of the Payer or instrument(s) or undertaking(s) issued or executed by one party or any Affiliate thereof to, or in favor of, the other party or any Affiliate thereof (and the Other Agreement Amount will be discharged promptly and in all respects to the extent it is so set-off).  X will give notice to the other party of any set-off effected under this Section 6(f).

For this purpose, either the Early Termination Amount or the Other Agreement Amount (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency.

	
 
	
(ii)
	
If an obligation is unascertained, X may in good faith estimate that obligation and set-off in respect of an estimate, subject to the relevant party accounting to the other when the obligation is ascertained.

	
 
	
(iii)
	
Nothing in this Section 6(f) shall be effective to create a security interest.  This Section 6(f) shall be without prejudice and in addition to any right of set-off, 

 

 

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combination of accounts, lien or other right to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise).

	
(c)
	
Recorded Conversations.  Each party may electronically record any and all telephone conversations between itself and the other party in connection with this Agreement (including any Transaction) and agrees that any such recordings may be submitted in evidence to any court or in any proceeding for the purpose of establishing any matters pertinent thereto.

	
(d)
	
Incorporation.  Each Transaction entered into under this Agreement will be subject to, and governed by the provisions of, the 2006 ISDA Definitions as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), without regard to any subsequent amendments to the ISDA Definitions (the “ISDA Definitions”).  

This Agreement is further subject to the 1998 FX and Currency Option Definitions, as published by ISDA, the Emerging Markets Traders Association, and the Foreign Exchange Committee, as amended and supplemented from time to time (the “FX Definitions”), and the 2005 ISDA Commodity Definitions, as published by ISDA, as amended and supplemented from time to time (the “Commodity Definitions”), and will be governed by the provisions of the FX Definitions and the Commodity Definitions.  The FX Definitions and the Commodity Definitions are incorporated by reference in, and made part of, this Agreement and each Confirmation for an FX Transaction, a Currency Option Transaction and a Transaction in respect of one of more Commodities (each, a “Commodity Transaction”), as applicable, as if set forth in full in this Agreement and such Confirmations.

Unless agreed otherwise between the parties, any interest rate hedge transaction, rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, or currency option transaction into which the parties may enter or may have entered into prior to the date hereof (each, an “Existing Transaction” and, collectively, the “Existing Transactions”) shall be subject to the terms of this Agreement.  Each Existing Transaction shall constitute a Transaction under this Agreement and any documents exchanged between the parties confirming such Existing Transaction shall be a Confirmation for the purposes of this Agreement.

	
(e)
	
Inconsistency.  In the event of any inconsistency between any of the following documents, the relevant document first listed below shall govern:  (i) a Confirmation; (ii) the Schedule; (iii) (iv) the printed form of ISDA Master Agreement; and (iv) the Definitions (including: (1) the FX Definitions, as applicable, and (2) the 2000 Definitions. 

	
(f)
	
Confirmations.  For each Transaction that Party A and Party B agree to enter into under this Agreement, Party A shall use reasonable efforts to promptly send to Party B a Confirmation setting forth the terms of such Transaction by telephone, electronic means, facsimile transmission or mail.  Unless Party A receives notice that Party B objects to the 

 

 

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terms of a Transaction contained in any Confirmation within two (2) Local Business Days of receipt thereof, the terms of such Confirmation shall be deemed correct and accepted absent manifest error, unless a corrected Confirmation is sent by Party A, within such two-day period, in which case Party B shall have two (2) Local Business Days after receipt thereof to object to the terms contained in such corrected Confirmation.

	
(g)
	
Additional Representations.  In addition to the representations made in Section 3 of the Agreement, each party hereby represents and warrants to the other party (which representation will be deemed to be repeated by each party on each date on which a Transaction is entered into) as follows:

	
 
	
(i)
	
No Agency.  It is entering into this Agreement and each Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise).

	
 
	
(ii)
	
Eligible Contract Participant.  It is an “eligible contract participant” as defined in the Act and the Regulations, or, in each case, under any successor statute or rule, including those enacted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”).

	
 
	
(iii)
	
Line of Business.  It has entered into this Agreement (including each Transaction evidenced hereby) in conjunction with its line of business (including financial intermediation services) or the financing of its business. It represents and warrants that all transactions effected under this Agreement (i) will be appropriate in the conduct and management of its business, (ii) will be entered into for non- speculative purposes, and (iii) as to Party B, Party B represents that all Transactions effected under this Agreement constitute transactions entered into for purposes of hedging or managing risks related to its assets or liabilities as currently owned or incurred, or likely to be owned or incurred in the conduct of its business.

	
 
	
(iv)
	
No Reliance.  In connection with the negotiation of, the entering into, and the execution of, this Agreement, any Credit Support Document to which it is a party, and each Transaction hereunder, Party B acknowledges and agrees that: (i) Party A is acting for its own account and is not acting as a fiduciary for, or a financial or investment advisor to Party B (or in any similar capacity); (ii) Party B is not relying upon any communications (whether written or oral) from Party A as investment advice or as a recommendation to enter into this Agreement, any Credit Support Document to which it is a party and each Transaction hereunder (other than the representations expressly set forth in this Agreement and in such Credit Support Document), it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction; (iii) Party B has not received from Party A any assurance or guarantee as to the expected results of any Transaction; and (iv) Party B has consulted with its own legal, regulatory, tax, business, investment, financial, and accounting advisors to the extent it has deemed necessary, and it has made its own independent investment, hedging, and trading decisions based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by Party A.

 

 

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(h)
	
Special Entity.  Party B will be deemed to represent to Party A on the date on which it enters into a Transaction and all times until the termination of this Agreement that it is not a “special entity” as defined in the Act and the Regulations, or, in each case, under any successor statute or rule, including those enacted pursuant to Dodd Frank.

	
(i)
	
Pari Passu Treatment.  In addition to the Events of Default specified in Section 5(a) of this Agreement, it shall be an Event of Default under this Agreement with respect to Party B as the Defaulting Party if (i) the obligations and liabilities of Party B hereunder are not secured to the same extent as the loans or advances under the Loan Agreement; or (ii) the obligations and liabilities of Party B hereunder fail to be equal in right and priority of payment with the obligations of Party B under any Specified Indebtedness of Party B or any transaction with a third party which would be a Specified Transaction if it had been entered into between Party A and Party B.

	
(j)
	
USA PATRIOT Act Notice. Party A hereby notifies Party B that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies Party B, which information includes the name and address of Party B and other information that will allow Party A to identify Party B in accordance with the Patriot Act.

	
(k)
	
No Obligation.  Neither party to this Agreement shall be required to enter into any Transaction with the other.

	
(l)
	
Risk Disclosure.  Party B hereby acknowledges and agrees that it: (i) has received and reviewed the written risk disclosures, as the same may be amended, modified or supplemented from time to time, made available by Party A to Party B at www.53.com/swapdealer (as now or hereafter in effect, the “Risk Disclosures”); (ii) had reasonably sufficient time to review and analyze the Risk Disclosures prior to each Transaction and the execution of this Agreement, and understands the material risks set forth therein, the material characteristics of the Transactions described therein and the material incentives and conflicts of interest of Party A set forth therein, and (iii) has had an adequate opportunity to discuss any questions or comments that it may have had with respect to the Risk Disclosures with its own legal, regulatory, tax, business, investment, financial, and accounting advisors to the extent it has deemed necessary prior to each Transaction and the execution of this Agreement.

 

 

 

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The parties executing this Schedule have executed the Agreement and have agreed as to the contents of this Schedule. 

 

 

FIFTH THIRD FINANCIAL RISKBRIDGEPORT FUEL CELL, LLC

SOLUTIONS, a division of FIFTH THIRD

BANK           

 

 

 

 

	
By:
	
/s/ Timothy Lyons
	
 
	
By:
	
/s/ Michael S. Bishop

	
Name:
	
     Timothy Lyons
	
 
	
Name:
	
     Michael S. Bishop

	
Title:
	
Managing Director, Fifth Third Bank
	
 
	
Title:
	
Senior Vice President,

	
 
	
 
	
 
	
Chief Financial Officer and Treasurer

 

 

 

 

13Exhibit 4.1

 

POSTAL
REALTY TRUST, INC.

 

ARTICLES
OF AMENDMENT AND RESTATEMENT

 

FIRST:            Postal
Realty Trust, Inc., a Maryland corporation (the “Corporation”), desires to amend and restate its charter as currently
in effect and as hereinafter amended.

 

SECOND:       The
following provisions are all the provisions of the charter currently in effect and as hereinafter amended:

 

ARTICLE
I

 

INCORPORATOR

 

James
V. Davidson, whose address is c/o Hunton Andrews Kurth LLP, 951 East Byrd Street, Richmond, VA 23219, being at least 18 years
of age, formed a corporation under the general laws of the State of Maryland on November 19, 2018.

 

ARTICLE
II

 

NAME

 

The
name of the corporation (the “Corporation”) is:

 

Postal Realty
Trust, Inc.

 

ARTICLE
III

 

PURPOSE

 

The
purposes for which the Corporation is formed are to engage in any lawful act or activity (including, without limitation or obligation,
engaging in business as a real estate investment trust under the Internal Revenue Code of 1986, as amended, or any successor statute
(the “Code”)) for which corporations may be organized under the general laws of the State of Maryland as now or hereafter
in force. For purposes of the charter of the Corporation (the “Charter”), “REIT” means a real estate investment
trust under Sections 856 through 860 of the Code or any successor provisions.

 

     

    

    

 

ARTICLE
IV

 

PRINCIPAL
OFFICE IN STATE AND RESIDENT AGENT

 

The
address of the principal office of the Corporation in the State of Maryland is c/o CSC-Lawyers Incorporating Service Company,
7 St Paul Street, Suite 820, Baltimore, Maryland 21202. The name of the resident agent of the Corporation in the State of Maryland
is CSC-Lawyers Incorporating Service Company whose post address is 7 St Paul Street, Suite 820, Baltimore, Maryland 21202. The
resident agent is a Maryland corporation.

 

ARTICLE
V

 

PROVISIONS
FOR DEFINING, LIMITING

AND REGULATING
CERTAIN POWERS OF THE

CORPORATION
AND OF THE STOCKHOLDERS AND DIRECTORS

 

 Section
5.1     Number of Directors. The business and affairs of the Corporation shall be managed under the direction of the Board
of Directors. The number of directors of the Corporation is currently one, which number may be increased or decreased only by
the Board of Directors pursuant to the Bylaws of the Corporation (the “Bylaws”), but shall never be less than the
minimum number required by the Maryland General Corporation Law (the “MGCL”). The name of the director who shall serve
until the next annual meeting of stockholders and until his successors are duly elected and qualify is:

 

Andrew Spodek

 

Any vacancy
on the Board of Directors may be filled in the manner provided in the Bylaws.

 

The
Corporation elects, effective at such time as it becomes eligible under Section 3-802 of the MGCL to make the election provided
for under Section 3-804(c) of the MGCL, that, except as may be provided by the Board of Directors in setting the terms of any
class or series of stock, any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority
of the directors remaining in office, even if the remaining directors do not constitute a quorum, and any director elected to
fill a vacancy shall serve for the remainder of the full term of the directorship in which such vacancy occurred and until a successor
is elected and qualifies.

 

 Section
5.2      Extraordinary Actions. Except as specifically provided in Section 5.8 (relating to removal of directors) and in
Article VIII (relating to amendments to the Charter), notwithstanding any provision of law requiring any action to be taken or
approved by the affirmative vote of stockholders entitled to cast a greater number of votes, any such action shall be effective
and valid if declared advisable by the Board of Directors and taken or approved by the affirmative vote of stockholders entitled
to cast a majority of all the votes entitled to be cast on the matter.

 

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 Section
5.3       Authorization by Board of Directors of Stock Issuance. The Board of Directors may authorize the issuance from time
to time of shares of stock of the Corporation of any class or series, whether now or hereafter authorized, or securities or rights
convertible into shares of its stock of any class or series, whether now or hereafter authorized, for such consideration as the
Board of Directors may deem advisable (or without consideration in the case of a stock split or stock dividend), subject to such
restrictions or limitations, if any, as may be set forth in the Charter or the Bylaws.

 

 Section
5.4      Preemptive and Appraisal Rights. Except as may be provided by the Board of Directors in setting the terms of classified
or reclassified shares of stock pursuant to Section 6.4 or as may otherwise be provided by a contract approved by the Board of
Directors, no holder of shares of stock of the Corporation shall, as such holder, have any preemptive right to purchase or subscribe
for any additional shares of stock of the Corporation or any other security of the Corporation which it may issue or sell. Holders
of shares of stock shall not be entitled to exercise any rights of an objecting stockholder provided for under Title 3, Subtitle
2 of the MGCL or any successor statute unless the Board of Directors upon such terms and conditions as may be specified by the
Board of Directors, determines that such rights apply, with respect to all or any shares of all or any classes or series of stock,
to one or more transactions occurring after the date of such determination in connection with which holders of such shares would
otherwise be entitled to exercise such rights.

 

 Section
5.5      Indemnification and Advance of Expenses. To the maximum extent permitted by Maryland law in effect from time to
time, the Corporation shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification,
shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present
or former director or officer of the Corporation and who is made or threatened to be made a party to, or witness in, the proceeding
by reason of his or her service in that capacity and (b) any individual who, while a director or officer of the Corporation and
at the request of the Corporation, serves or has served as a director, officer, partner, member, manager, trustee, employee or
agent of another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason
of his or her service in that capacity, in either case, from and against any claim or liability to which such person may become
subject or which such person may incur by reason of his or her service in such capacity. The rights to indemnification and advance
of expenses provided by the Charter shall vest immediately upon election of a director or officer. The Corporation may, with the
approval of its Board of Directors, provide such indemnification and advance of expenses to an individual who served a predecessor
of the Corporation in any of the capacities described in (a) or (b) above and to any employee or agent of the Corporation or a
predecessor of the Corporation. The indemnification and payment or reimbursement of expenses provided in the Charter shall not
be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement
of expenses may be or may become entitled under any bylaw, resolution, insurance, agreement or otherwise.

 

Neither
the amendment nor repeal of this Section, nor the adoption or amendment of any other provision of the Charter or the Bylaws inconsistent
with this Section, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act
or failure to act which occurred prior to such amendment, repeal or adoption.

 

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 Section
5.6      Determinations by Board of Directors. The determination as to any of the following matters, made by or pursuant
to the direction of the Board of Directors, shall be final and conclusive and shall be binding upon the Corporation and every
holder of shares of its stock: the amount of the net income of the Corporation for any period and the amount of assets at any
time legally available for the payment of dividends, acquisition of its stock or the payment of other distributions on its stock;
the amount of paid-in surplus, net assets, other surplus, annual or other cash flow, funds from operations, adjusted funds from
operations, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets;
the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety
thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been
set aside, paid or discharged); any interpretation or resolution of any ambiguity with respect to any provision of the Charter
(including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to
dividends or other distributions, qualifications or terms or conditions of redemption of any shares of any class or series of
stock of the Corporation) or of the Bylaws; the number of authorized or outstanding shares of stock of any class or series of
the Corporation; the value, fair value, or any sale, bid or asked price to be applied in determining the value, or fair value,
of any asset owned or held by the Corporation or of any shares of stock of the Corporation; any matter relating to the acquisition,
holding and disposition of any assets by the Corporation; any interpretation of the terms and conditions of one or more agreements
with any person, corporation, association, company, trust, partnership (limited or general) or other entity the compensation of
directors, officers, employees or agents of the Corporation; or any other matter relating to the business and affairs of the Corporation
or required or permitted by applicable law, the Charter or Bylaws or otherwise to be determined by the Board of Directors.

 

 Section
5.7      REIT Qualification. If the Corporation elects to qualify for federal income tax treatment as a REIT, the Board of
Directors shall use its reasonable best efforts to take such actions as are necessary or appropriate to preserve the status of
the Corporation as a REIT; however, if the Board of Directors determines that it is no longer in the best interests of the Corporation
to attempt to, or continue to, qualify as a REIT, the Board of Directors may revoke or otherwise terminate the Corporation’s
REIT election pursuant to Section 856(g) of the Code. The Board of Directors, in its sole and absolute discretion, also may (a)
determine that compliance with any restriction or limitation on stock ownership and transfers set forth in Article VII is no longer
required for REIT qualification and (b) make any other determination or take any other action pursuant to Article VII.

 

 Section
5.8      Removal of Directors. Subject to the rights of holders of shares of one or more classes or series of Preferred Stock
(as defined below) to elect or remove one or more directors, any director, or the entire Board of Directors, may be removed from
office at any time, but only for cause and then only by the affirmative vote of at least two-thirds of the votes entitled to be
cast generally in the election of directors. For the purpose of this paragraph, “cause” shall mean, with respect to
any particular director, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such director
caused demonstrable, material harm to the Corporation through bad faith or active and deliberate dishonesty.

 

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 Section
5.9      Corporate Opportunities. The Corporation shall have the power, by resolution of the Board of Directors, to
renounce any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, business opportunities
or classes or categories of business opportunities that are presented to the Corporation or developed by or presented to one or
more directors or officers of the Corporation.

 

ARTICLE
VI

 

STOCK

 

 Section 6.1      Authorized
Shares. The Corporation has authority to issue 600,027,206 shares of stock, consisting of 500,000,000 shares of Class A Common
Stock, $0.01 par value per share (“Class A Common Stock”), 27,206 shares of Class B Common Stock, $0.01 par value
per share (“Class B Common Stock”, and together with Class A Common Stock and any shares of stock herein reclassified
by the Board of Directors pursuant to this Article VI, “Common Stock”), and 100,000,000 shares of Preferred Stock,
$0.01 par value per share (“Preferred Stock”). The aggregate par value of all authorized shares of stock having par
value is $6,000,272.06. If shares of one class or series of stock are classified or reclassified into shares of another class
or series of stock pursuant to Section 6.2, 6.3, 6.4 or 6.5 of this Article VI, the number of authorized shares of the former
class or series shall be automatically decreased and the number of shares of the latter class or series shall be automatically
increased, in each case by the number of shares so classified or reclassified, so that the aggregate number of shares of stock
of all classes and series that the Corporation has authority to issue shall not be more than the total number of shares of stock
set forth in the first sentence of this paragraph. The Board of Directors, with the approval of a majority of the entire Board
of Directors and without any action by the stockholders of the Corporation, may amend the Charter from time to time to increase
or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Corporation
has authority to issue; provided that the Board of Directors may not (i) amend the Charter to increase the aggregate number of
shares of Class B Common Stock that the Corporation has the authority to issue, (ii) classify or reclassify shares of another
class of stock into Class B Common Stock or (iii) amend the Charter to alter or repeal this proviso or the last sentence of Article
VIII or adopt any provision inconsistent herewith, in each case without approval of the affirmative vote of stockholders of the
Corporation entitled to cast a majority of all the votes entitled to be cast on the matter, other than the holders of Class B
Common Stock.

 

Section 6.2      Class A
Common Stock. Subject to the provisions of Article VII and except as may otherwise be specified in the Charter, each share
of Class A Common Stock shall entitle the holder thereof to one vote for each share held of record by such holder on all matters
submitted to a vote of stockholders. Except as otherwise provided in the Charter, the Board of Directors may reclassify any unissued
shares of Class A Common Stock from time to time into one or more classes or series of Common Stock or Preferred Stock. In the
event of any voluntary or involuntary liquidation, dissolution or winding up of, or any distribution of the assets of, the Corporation,
each holder of shares of Class A Common Stock shall be entitled (after payment or provision for payment of the debts and other
liabilities of the Corporation and subject to the rights of the holders of shares of any class of stock hereafter classified or
reclassified having a preference over the Class A Common Stock as to distributions in the liquidation, dissolution or winding
up of the Corporation) to share ratably in the remaining net assets of the Corporation, together with the holders of shares of
any other class of stock now existing or hereafter classified or reclassified not having a preference over Class A Common Stock
as to distributions in the liquidation, dissolution or winding up of the Corporation. The holders of shares of Class A Common
Stock shall be entitled to receive dividends and other distributions when and as authorized by the Board of Directors and declared
by the Corporation out of cash or other assets legally available therefor. Except as expressly provided in this Article VI, shares
of Class A Common Stock and Class B Common Stock shall have the same rights and privileges and rank equally, share ratably in
dividends and other distributions and be identical in all respects as to all matters. Except as otherwise provided in the Charter,
holders of shares of Class A Common Stock and Class B Common Stock shall vote together as a single class.

 

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Section 6.3      Class
B Common Stock. Subject to the provisions of Article VII and except as may otherwise be specified in the Charter, the shares
of Class B Common Stock shall have the additional preferences, conversion or other rights, voting powers, restrictions and qualifications
as follows:

 

Section 6.3.1      Definitions.
For the purpose of this Section 6.3, the following terms shall have the following meanings:

 

Affiliate.
The term “Affiliate” shall mean, with respect to any Person, (i) any Person directly or indirectly controlling,
controlled by or under common control with such Person, or (ii) any officer, director, general partner or trustee of such
Person or any Person referred to in the foregoing clause (i). For purposes of this definition, “control,” when used
with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

Beneficial
Owner. The term “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 and Rule 13d-5 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).

 

Beneficial
Ownership. The term “Beneficial Ownership” shall mean, with respect to any security, the direct or indirect ownership
of such security by any Beneficial Owner of such security, except that, in calculating the beneficial ownership of any particular
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed
to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise
of other securities, whether such right is currently exercisable or is exercisable only after the passage of time.

 

Immediate
Family. The term “Immediate Family” shall mean, with respect to any natural Person, such natural Person’s
spouse, parents, descendants, nephews, nieces, brothers and sisters.

 

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OP
Unit. The term “OP Unit” shall mean a Class A Common Unit or a Class B Common Unit, as such terms are defined
in the Partnership Agreement.

 

Operating
Partnership. The term “Operating Partnership” shall mean Postal Realty LP, a Delaware limited partnership.

 

Partnership
Agreement. The term “Partnership Agreement” shall mean the Amended and Restated Agreement of Limited Partnership
of the Operating Partnership, as amended from time to time.

 

Permitted
Transferee. The term “Permitted Transferee” shall mean (i) with respect to a natural Person, any member of
his Immediate Family, any trust formed for the benefit of himself and/or members of his Immediate Family or any partnership, limited
liability company, joint venture, corporation or other business entity comprised only of himself and/or members of his Immediate
Family and entities the ownership interests in which are owned by or for the benefit of himself and/or members of his Immediate
Family, (ii) with respect to a trust, the beneficiaries of such trust, (iii) with respect to a partnership, limited
liability company, joint venture, corporation or other business entity that receives a transfer pursuant to clause (i) above,
its partners, owners or stockholders, as the case may be, who are members of the Immediate Family of or are actually the transferor
pursuant to clause (i) above, and (iv) with respect to a partnership, limited liability company, joint venture, corporation
or other business entity, to its partners, owners, stockholders or Affiliates, as the case may be, or the Persons owning the beneficial
interests in any of its partners, owners or stockholders or Affiliates. A trust or other entity will be considered formed “for
the benefit” of a Person’s Immediate Family even though some other Person has a remainder interest under or with respect
to such trust or other entity.

 

Person.
The term “Person” has the meaning set forth in Article VII below.

 

Transfer.
The term “Transfer” (and the correlative terms “Transferring” and “Transferred”) has the meaning
set forth in Article VII below; provided that for purposes of this Article VII, “Transfer” (and the correlative terms
“Transferring” and “Transferred”) shall not include any hypothecation, pledge or security interest that
does not include a transfer or sharing of any voting rights of such securities unless and until the secured party gains possession
or control of any such voting rights. The term “Transfer” (and the correlative terms “Transferring” and
“Transferred”) shall include the exercise of the redemption rights afforded to holders of OP Units under the Partnership
Agreement.

 

Section 6.3.2      Voting
Rights. Subject to the provisions of Article VII and except as may otherwise be specified in the Charter, each share of Class
B Common Stock shall entitle the holder thereof to fifty (50) votes on each matter on which holders of Class A Common Stock are
entitled to vote. Except as otherwise provided in the Charter or Bylaws, holders of shares of Class B Common Stock and Class A
Common Stock shall vote together as a single class, provided that holders of shares of Class B Common Stock will have exclusive
voting power with respect to an amendment to the Charter that would materially and adversely affect any right or voting power
of the Class B Common Stock.

 

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Section 6.3.3      Distribution
Rights. Subject to the preferences applicable to any class or series of Preferred Stock, if any, outstanding at any time,
the holders of shares of Class B Common Stock shall be entitled to share equally, on a per share basis, in such dividends and
other distributions of cash, property or shares of stock of the Corporation as may be authorized by the Board of Directors and
declared by the Corporation from time to time with respect to outstanding Class A Common Stock out of cash or other assets of
the Corporation legally available therefor.

 

Section 6.3.4      Liquidation.
In the event of any voluntary or involuntary liquidation, dissolution or winding up of, or any distribution of the assets of,
the Corporation, each holder of shares of Class B Common Stock shall be entitled (after payment or provision for payment of the
debts and other liabilities of the Corporation and to holders of shares of any class of stock hereafter classified or reclassified
having a preference over Class B Common Stock as to distributions in the liquidation, dissolution or winding up of the Corporation)
to share ratably in the remaining net assets of the Corporation, together with the holders of shares of any other class of stock
hereafter classified or reclassified not having a preference over Class B Common Stock as to distributions in the liquidation,
dissolution or winding up of the Corporation.

 

Section 6.3.5      Conversion.
The Class B Common Stock is not convertible into or exchangeable for any other property or securities of the Corporation, except
as provided in this Section 6.3.5.

 

(a)     Automatic
Conversion. Shares of Class B Common Stock convert automatically into fully-paid and non-assessable shares of Class A
Common Stock at a ratio of one (1) share of Class A Common Stock for each share of Class B Common Stock upon the following
events and in the following amounts:

 

(i)
the Transfer of Beneficial Ownership of Class B Common Stock by a Beneficial Owner thereof, with each share of Class B Common
Stock being Transferred converting automatically into Class A Common Stock immediately prior to such Transfer, and

 

(ii)
upon the Transfer of Beneficial Ownership of Class B Common Units by a Beneficial Owner of shares of Class B Common Stock, with
a number of shares of Class B Common Stock Beneficially Owned by the Beneficial Owner of such Class B Common Units equal to the
quotient (rounded up to the nearest whole number) of (x) number of Class B Common Units being Transferred, divided
by (y) forty nine (49), converting automatically into Class A Common Stock immediately prior to such Transfer, such
that, for example, the Transfer of Beneficial Ownership of between one (1) and forty nine (49) Class B Common Units
results in the automatic conversion of one share of Class B Common Stock, and the Transfer of Beneficial Ownership of between
fifty (50) and ninety nine (99) Class B Common Units results in the automatic conversion of two (2) shares of Class
B Common Stock.

 

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Notwithstanding
the foregoing, (A) if a Transfer of shares of Class B Common Stock or OP Units would otherwise trigger an automatic conversion
pursuant to clause (i) or clause (ii) above, such shares of Class B Common Stock shall not be so converted to the extent
that the Transfer is made to a Permitted Transferee of such transferring Beneficial Owner; provided, however,
that any subsequent Transfers of such Class B Common Units or shares of Class B Common Stock by such Permitted Transferee shall
trigger automatic conversion of Class B Common Stock in the amounts and in the manner specified above in this paragraph (a), unless
such subsequent Transfer is made to another Permitted Transferee of the original transferring Beneficial Owner, and (B) if
a Transfer of shares of Class B Common Units would otherwise trigger an automatic conversion pursuant to clause (ii) above,
Class B Common Stock shall not be so converted to the extent that following such Transfer, the transferring Beneficial Owner continues
to Beneficially Own at least forty nine (49) Class B Common Units for every share of Class B Common Stock Beneficially Owned
by such holder. Any shares of Class B Common Stock automatically converted pursuant to this paragraph (a) shall be converted
as and at the times specified in this paragraph (a) without any further action by the holders thereof and whether or not
the certificates representing such shares (if any) are surrendered to the Corporation. Upon the automatic conversion of shares
of Class B Common Stock pursuant to this paragraph (a), the Beneficial Owner thereof (or transferring Beneficial Owner thereof,
if such shares have been Transferred to a Permitted Transferee) shall identify for the Corporation the holder of record of the
shares so converted.

 

(b) Conversion
at the Option of the Holder. Pursuant to and in accordance with this paragraph (b), each holder of shares of Class B Common
Stock shall have the right, at such holder’s option at any time and from time to time, to convert all or a portion of such
holder’s shares of Class B Common Stock into an equal number of fully paid and non-assessable shares of Class A Common
Stock by delivering the certificates (if any) representing the shares of Class B Common Stock to be converted, duly endorsed for
transfer, together with a written conversion notice to the transfer agent for the Class B Common Stock (or if there is no transfer
agent, to the Corporation). Such conversion notice shall state: (i) the number of shares of Class B Common Stock to be converted;
and (ii) the date on which such conversion shall occur (which date shall be a Business Day no less than five (5) Business
Days and not exceeding twenty (20) Business Days from the date of such conversion notice) (the “Optional Conversion
Date”). Notwithstanding the foregoing, if the shares of Class B Common Stock are held in global form, such notice shall
comply with applicable procedures of the Depository Trust Company (“DTC”). In connection with the exercise of any
Optional Conversion Right, the Corporation shall comply with all U.S. federal and state securities laws and stock exchange rules
in connection with any conversion of shares of Class B Common Stock into shares of Class A Common Stock. Holders of Class
B Common Stock may withdraw any conversion notice by a written notice of withdrawal delivered to the Corporation’s transfer
agent prior to the close of business on the Business Day prior to the Optional Conversion Date. The notice of withdrawal must
state: (x) the number of withdrawn shares of Class B Common Stock; (y) if certificated shares of Class B Common Stock
have been issued, the certificate numbers of the withdrawn shares of Class B Common Stock; and (z) the number of shares of
Class B Common Stock, if any, which remain subject to the conversion notice. Notwithstanding the foregoing, if the shares of Series
B Preferred Stock are held in global form, the notice of withdrawal shall comply with applicable DTC procedures. Each conversion
pursuant to this paragraph (b) for which the conversion notice has been given and not properly withdrawn shall be deemed
to have been effected immediately prior to the close of business on the Optional Conversion Date.

 

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Section
6.4      Equal Status. Except as expressly provided in Article VI, shares of Class A Common Stock and Class B Common Stock
shall have the same rights and privileges and rank equally, share ratably in dividends and other distributions and be identical
in all respects as to all matters. In the event that the Corporation splits or subdivides, or effects a reverse stock split or
otherwise combines, shares of its outstanding Class A Common Stock or Class B Common Stock, the shares of Class B Common Stock
or the Class A Common Stock, respectively, shall be adjusted in a manner, whether by stock split, subdivision, reserve stock split,
combination or otherwise, to maintain the correlative voting and distribution rights provided herein.

 

Section 6.5      Preferred
Stock. Subject to Section 6.1, the Board of Directors may classify any unissued shares of Preferred Stock and reclassify any
previously classified but unissued shares of Preferred Stock of any class or series from time to time, into one or more classes
or series of stock.

 

Section 6.6      Classified
or Reclassified Shares. Prior to the issuance of classified or reclassified shares of any class or series of stock, the Board
of Directors by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of stock
of the Corporation; (b) specify the number of shares to be included in the class or series; (c) set or change, subject to the
provisions of Article VII and subject to the express terms of any class or series of stock of the Corporation outstanding at the
time, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions,
qualifications and terms and conditions of redemption for each class or series; and (d) cause the Corporation to file articles
supplementary with the State Department of Assessments and Taxation of Maryland (the “SDAT”). Any of the terms of
any class or series of stock set or changed pursuant to clause (c) of this Section 6.6 may be made dependent upon facts or events
ascertainable outside the Charter (including determinations by the Board of Directors or other facts or events within the control
of the Corporation) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall
operate upon the terms of such class or series of stock is clearly and expressly set forth in the articles supplementary or other
charter document.

 

Section 6.7      Action
by Stockholders in Lieu of Meeting. Any action required or permitted to be taken at any meeting of the holders of Common Stock
entitled to vote generally in the election of directors may be taken without a meeting by consent, in writing or by electronic
transmission, in any manner and by any vote permitted by the MGCL and set forth in the Bylaws.

 

Section 6.8      Charter
and Bylaws. The rights of all stockholders and the terms of all stock of the Corporation are subject to the provisions of
the Charter and the Bylaws.

 

Section
6.9      Distributions. Except as may otherwise be provided in the terms of any class or series of Preferred Stock, in determining
whether a distribution (other than upon liquidation, dissolution or winding up) is permitted under Maryland law, amounts that
would be needed, if the Corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights upon
dissolution of stockholders whose preferential rights upon dissolution are superior to those receiving the distribution, shall
not be added to the Corporation’s total liabilities.

 

    10 

    

    

 

ARTICLE
VII

 

RESTRICTION
ON TRANSFER AND OWNERSHIP OF SHARES

 

Section
7.1       Definitions. For the purpose of this Article VII, the following terms shall have the following meanings:

 

Beneficial
Ownership. The term “Beneficial Ownership” shall mean ownership of Capital Stock by a Person, whether the interest
in the shares of Capital Stock is held directly or indirectly (including by a nominee), and shall include interests that would
be treated as owned through the application of Section 544 of the Code, as modified by Section 856(h)(1)(B) of the Code. The terms
“Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned” shall have the correlative
meanings.

 

Business
Day. The term “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close.

 

Capital
Stock. The term “Capital Stock” shall mean all classes or series of stock of the Corporation, including, without
limitation, Common Stock and Preferred Stock.

 

Charitable
Beneficiary. The term “Charitable Beneficiary” shall mean one or more beneficiaries of the Trust as determined
pursuant to Section 7.3.6, provided that each such organization must be described in Section 501(c)(3) of the Code and contributions
to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code.

 

Common
Stock Ownership Limit. The term “Common Stock Ownership Limit” shall mean 8.5% percent (in value or in number
of shares, whichever is more restrictive) of the aggregate of the outstanding shares of Common Stock of the Corporation, or such
other percentage determined by the Board of Directors in accordance with Section 7.2.8 of the Charter.

 

Constructive
Ownership. The term “Constructive Ownership” shall mean ownership of Capital Stock by a Person, whether the interest
in the shares of Capital Stock is held directly or indirectly (including by a nominee), and shall include interests that would
be treated as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The terms
“Constructive Owner,” “Constructively Owns” and “Constructively Owned” shall have the correlative
meanings.

 

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Excepted
Holder. The term “Excepted Holder” shall mean Andrew Spodek, any Permitted Transferee of Andrew Spodek and any
Person who is or would be a Beneficial Owner or Constructive Owner of shares of Common Stock as a result of the Beneficial Ownership
or Constructive Ownership of shares of Common Stock by Andrew Spodek or his Permitted Transferees or any other stockholder of
the Corporation for whom an Excepted Holder Limit is created by the Charter or by the Board of Directors pursuant to Section 7.2.7.

 

Excepted
Holder Limit. The term “Excepted Holder Limit” shall mean, provided that the affected Excepted Holder agrees to
comply with the requirements established by the Board of Directors pursuant to Section 7.2.7 and subject to adjustment pursuant
to Section 7.2.7, the percentage limit established by the Board of Directors pursuant to Section 7.2.7. An Excepted Holder Limit
is hereby established permitting Andrew Spodek to Beneficially Own or Constructively Own up to 15% in value or number of shares,
whichever is more restrictive, of the outstanding shares of Common Stock, provided that such Excepted Holder Limit shall apply
only so long as the Corporation qualifies as a REIT for Federal income tax purposes.

 

Initial
Date. The term “Initial Date” shall mean the date of the closing of the issuance of shares of Common Stock pursuant
to the initial underwritten public offering of the Corporation.

 

Market
Price. The term “Market Price” on any date shall mean, with respect to any class or series of outstanding shares
of Capital Stock, the Closing Price for such Capital Stock on such date. The “Closing Price” on any date shall mean
the last sale price for such Capital Stock, regular way, or, in case no such sale takes place on such day, the average of the
closing bid and asked prices, regular way, for such Capital Stock, in either case as reported in the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on the NYSE or, if such Capital Stock is not listed
or admitted to trading on the NYSE, as reported on the principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which such Capital Stock is listed or admitted to trading or, if such
Capital Stock is not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted,
the average of the high bid and low asked prices in the over-the-counter market, as reported by the principal automated quotation
system that may then be in use or, if such Capital Stock is not quoted by any such organization, the average of the closing bid
and asked prices as furnished by a professional market maker making a market in such Capital Stock selected by the Board of Directors
or, in the event that no trading price is available for such Capital Stock, the fair market value of the Capital Stock, as determined
by the Board of Directors.

 

NYSE.
The term “NYSE” shall mean the New York Stock Exchange.

 

Person.
The term “Person” shall mean an individual, corporation, partnership, limited liability company, estate, trust (including
a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used
exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section
509(a) of the Code, joint stock company or other entity and also includes a group as that term is used for purposes of Section
13(d)(3) of the Securities Exchange Act of 1934, as amended, and a group to which an Excepted Holder Limit applies.

 

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Preferred
Stock Ownership Limit. The term “Preferred Stock Ownership Limit” shall mean 8.5% percent in value of the aggregate
of the outstanding shares of any class or series of Preferred Stock, or such other percentage determined by the Board of Directors
in accordance with Section 7.2.8 of the Charter.

 

Prohibited
Owner. The term “Prohibited Owner” shall mean, with respect to any purported Transfer, any Person who, but for
the provisions of this Article VII, would Beneficially Own or Constructively Own shares of Capital Stock in violation of Section
7.2.1, and if appropriate in the context, shall also mean any Person who would have been the record owner of the shares that the
Prohibited Owner would have so owned.

 

Restriction
Termination Date. The term “Restriction Termination Date” shall mean the first day after the Initial Date on which
the Board of Directors determines pursuant to Section 5.7 of the Charter that it is no longer in the best interests of the Corporation
to attempt to, or continue to, qualify as a REIT or that compliance with the restrictions and limitations on Beneficial Ownership,
Constructive Ownership and Transfers of shares of Capital Stock set forth herein is no longer required in order for the Corporation
to qualify as a REIT.

 

TRS.
The term “TRS” shall mean a taxable REIT subsidiary (as defined in Section 856(l) of the Code) of the Corporation.

 

Transfer. The term “Transfer”
shall mean any issuance, sale, transfer, gift, assignment, devise or other disposition, pledge, hypothecation, grant of security
interest or other right to acquire Capital Stock, as well as any other event that causes any Person to acquire Beneficial Ownership
or Constructive Ownership, or any agreement to take any such action or cause any such event, of Capital Stock or the right to vote
or receive dividends on Capital Stock, including (a) the granting or exercise of any option (or any disposition of any option),
(b) any disposition of any securities or rights convertible into or exchangeable for Capital Stock or any interest in Capital Stock
or any exercise of any such conversion or exchange right and (c) Transfers of interests in other entities that result in changes
in Beneficial Ownership or Constructive Ownership of Capital Stock; in each case, whether voluntary or involuntary, whether owned
of record, Constructively Owned or Beneficially Owned and whether by operation of law or otherwise. The terms “Transferring”
and “Transferred” shall have the correlative meanings.

 

Trust. The term
“Trust” shall mean any trust provided for in Section 7.3.1.

 

    13 

    

    

 

Trustee. The term
“Trustee” shall mean the Person unaffiliated with the Corporation and a Prohibited Owner that is appointed by the Corporation
to serve as trustee of the Trust.

 

Section 7.2     Capital
Stock.

 

Section 7.2.1       Ownership
Limitations. During the period commencing on the Initial Date and prior to the Restriction Termination Date, but subject to
Section 7.4:

 

		(a)	Basic Restrictions.

 

(i) (1) No Person,
other than an Excepted Holder, shall Beneficially Own or Constructively Own shares of Common Stock in excess of the Common Stock
Ownership Limit, (2) no Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own shares of Preferred
Stock in excess of the Preferred Stock Ownership Limit and (3) no Excepted Holder shall Beneficially Own or Constructively Own
shares of Capital Stock in excess of the Excepted Holder Limit for such Excepted Holder.

 

(ii) No Person shall
Beneficially Own or Constructively Own shares of Capital Stock to the extent that such Beneficial Ownership or Constructive Ownership
of Capital Stock would result in the Corporation being “closely held” within the meaning of Section 856(h) of the Code
(without regard to whether the ownership interest is held during the last half of a taxable year), or otherwise failing to qualify
as a REIT.

 

(iii) Any Transfer
of shares of Capital Stock that, if effective, would result in the Capital Stock being beneficially owned by less than 100 Persons
(determined under the principles of Section 856(a)(5) of the Code) shall be void ab initio, and the intended transferee
shall acquire no rights in such shares of Capital Stock.

 

(iv) No
Person shall Beneficially Own or Constructively Own shares of Capital Stock to the extent such Beneficial Ownership or Constructive
Ownership would cause the Corporation to Constructively Own ten percent (10%) or more of the ownership interests in a tenant (other
than a TRS) of the Corporation’s real property within the meaning of Section 856(d)(2)(B) of the Code.

 

(b)          Transfer
in Trust. If any Transfer of shares of Capital Stock occurs which, if effective, would result in any Person Beneficially Owning
or Constructively Owning shares of Capital Stock in violation of Section 7.2.1(a)(i), (ii) or (v),

 

(i) then that number
of shares of the Capital Stock the Beneficial Ownership or Constructive Ownership of which otherwise would cause such Person to
violate Section 7.2.1(a)(i), (ii) or (iv) (rounded up to the nearest whole share) shall be automatically transferred to a Trust
for the benefit of one or more Charitable Beneficiaries, as described in Section 7.3, effective as of the close of business on
the Business Day prior to the date of such Transfer, and such Person shall acquire no rights in such shares; or

 

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(ii) if the transfer
to the Trust described in clause (i) of this sentence would not be effective for any reason to prevent the violation of Section
7.2.1(a)(i), (ii) or (iv), then the Transfer of that number of shares of Capital Stock that otherwise would cause any Person to
violate Section 7.2.1(a)(i), (ii) or (iv) shall be void ab initio, and the intended transferee shall acquire no rights in
such shares of Capital Stock.

 

(iii) To
the extent that, upon a transfer of shares of Capital Stock pursuant to this Section 7.2.1(b), a violation of any provision of
this Article VII would nonetheless be continuing (for example where the ownership of shares of Capital Stock by a single Trust
would violate the 100 stockholder requirement applicable to REITs), then shares of Capital Stock shall be transferred to that number
of Trusts, each having a distinct Trustee and a Charitable Beneficiary or Charitable Beneficiaries that are distinct from those
of each other Trust, such that there is no violation of any provision of this Article VII.

 

Section 7.2.2     Remedies
for Breach. If the Board of Directors shall at any time determine that a Transfer or other event has taken place that results
in a violation of Section 7.2.1 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive
Ownership of any shares of Capital Stock in violation of Section 7.2.1 (whether or not such violation is intended), the Board of
Directors shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event,
including, without limitation, causing the Corporation to redeem shares, refusing to give effect to such Transfer on the books
of the Corporation or instituting proceedings to enjoin such Transfer or other event; provided, however, that any
Transfer or attempted Transfer or other event in violation of Section 7.2.1 shall automatically result in the transfer to the Trust
described above, and, where applicable, such Transfer (or other event) shall be void ab initio as provided above irrespective
of any action (or non-action) by the Board of Directors.

 

Section 7.2.3     Notice
of Restricted Transfer. Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership
of shares of Capital Stock that will or may violate Section 7.2.1(a) or any Person who would have owned shares of Capital Stock
that resulted in a transfer to the Trust pursuant to the provisions of Section 7.2.1(b) shall immediately give written notice to
the Corporation of such event or, in the case of such a proposed or attempted transaction, give at least 15 days prior written
notice, and shall provide to the Corporation such other information as the Corporation may request in order to determine the effect,
if any, of such Transfer on the Corporation’s status as a REIT.

 

Section 7.2.4     Owners
Required To Provide Information. From the Initial Date and prior to the Restriction Termination Date:

 

(a)       every
owner of five percent or more (or such lower percentage as required by the Code or the Treasury Regulations promulgated thereunder)
of the outstanding shares of Capital Stock, within 30 days after the end of each taxable year, shall give written notice to the
Corporation stating the name and address of such owner, the number of shares of Capital Stock Beneficially Owned and a description
of the manner in which such shares are held. Each such owner shall provide to the Corporation such additional information as the
Corporation may request in order to determine the effect, if any, of such Beneficial Ownership on the Corporation’s status
as a REIT and to ensure compliance with the Common Stock Ownership Limit and the Preferred Stock Ownership Limit; and

 

    15

     

    

 

(b)       each
Person who is a Beneficial Owner or Constructive Owner of Capital Stock and each Person (including the stockholder of record) who
is holding Capital Stock for a Beneficial Owner or Constructive Owner shall provide to the Corporation such information as the
Corporation may request, in order to determine the Corporation’s status as a REIT and to comply with the requirements of
any taxing authority or governmental authority or to determine such compliance.

 

Section 7.2.5     Remedies
Not Limited. Subject to Section 5.7 of the Charter, nothing contained in this Section 7.2 shall limit the authority of the
Board of Directors to take such other action as it deems necessary or advisable to protect the Corporation in preserving the Corporation’s
status as a REIT.

 

Section 7.2.6     Ambiguity.
In the case of an ambiguity in the application of any of the provisions of this Section 7.2, Section 7.3 or any definition contained
in Section 7.1, the Board of Directors may determine the application of the provisions of this Section 7.2 or Section 7.3 or any
such definition with respect to any situation based on the facts known to it. In the event Section 7.2 or Section 7.3 requires
an action by the Board of Directors and the Charter fails to provide specific guidance with respect to such action, the Board of
Directors may determine the action to be taken so long as such action is not contrary to the provisions of Sections 7.1, 7.2 or
7.3. Absent a decision to the contrary by the Board of Directors, if a Person would have (but for the remedies set forth in Section
7.2.2) acquired Beneficial Ownership or Constructive Ownership of Capital Stock in violation of Section 7.2.1, such remedies (as
applicable) shall apply first to the shares of Capital Stock which, but for such remedies, would have been Beneficially Owned or
Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such shares of Capital
Stock based upon the relative number of the shares of Capital Stock held by each such Person.

 

Section 7.2.7     Exceptions.

 

(a)          Subject
to Section 7.2.1(a)(ii), the Board of Directors, may exempt (prospectively or retroactively) a Person from the Common Stock Ownership
Limit and the Preferred Stock Ownership Limit, as the case may be, and may establish or increase an Excepted Holder Limit for such
Person if:

 

(i) the Board of Directors
obtains such representations and undertakings from such Person as are reasonably necessary for the Board to ascertain that no individual’s
Beneficial or Constructive Ownership of such shares of Capital Stock will violate Section 7.2.1(a)(ii); and

 

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(ii) such Person agrees
that any violation or attempted violation of such representations or undertakings (or other action which is contrary to the restrictions
contained in Sections 7.2.1 through 7.2.6) will result in such shares of Capital Stock being automatically transferred to a Trust
in accordance with Sections 7.2.1(b) and 7.3.

 

(b)          Prior
to granting any exception pursuant to Section 7.2.7(a), the Board of Directors may require a ruling from the Internal Revenue Service,
or an opinion of counsel, in either case in form and substance satisfactory to the Board of Directors, as it may deem necessary
or advisable in order to determine or ensure the Corporation’s status as a REIT. Notwithstanding the receipt of any ruling
or opinion, the Board of Directors may impose such conditions or restrictions as it deems appropriate in connection with granting
such exception.

 

(c)          Subject
to Section 7.2.1(a)(ii), an underwriter which participates in a public offering, forward sale or a private placement of Capital
Stock (or securities convertible into or exchangeable for Capital Stock) may Beneficially Own or Constructively Own shares of Capital
Stock (or securities convertible into or exchangeable for Capital Stock) in excess of the Common Stock Ownership Limit, the Preferred
Stock Ownership Limit, or both such limits, but only to the extent necessary to facilitate such public offering, forward sale or
private placement.

 

(d)          The
Board of Directors may only reduce the Excepted Holder Limit for an Excepted Holder: (1) with the written consent of such Excepted
Holder at any time, or (2) pursuant to the terms and conditions of the agreements and undertakings entered into with such Excepted
Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No Excepted Holder Limit shall
be reduced to a percentage that is less than the Common Stock Ownership Limit or the Preferred Stock Ownership Limit, as appropriate.

 

Section 7.2.8     Increase
or Decrease in Common Stock Ownership or Preferred Stock Ownership Limits. Subject to Section 7.2.1(a)(ii) and this Section
7.2.8, the Board of Directors may from time to time increase or decrease the Common Stock Ownership Limit and the Preferred Stock
Ownership Limit for one or more Persons and increase or decrease the Common Stock Ownership Limit and the Preferred Stock Ownership
Limit for all other Persons. No decreased Common Stock Ownership Limit or Preferred Stock Ownership Limit will be effective for
any Person whose percentage of ownership of Capital Stock is in excess of such decreased Common Stock Ownership Limit or Preferred
Stock Ownership Limit, as applicable, until such time as such Person’s percentage of ownership of Capital Stock equals or
falls below the decreased Common Stock Ownership Limit or Preferred Stock Ownership Limit, as applicable; provided, however, any
further acquisition of Capital Stock by any such Person (other than a Person for whom an exemption has been granted pursuant to
Section 7.2.7(a) or an Excepted Holder) in excess of the Capital Stock owned by such person on the date the decreased Common Stock
Ownership Limit or Preferred Stock Ownership Limit, as applicable, became effective will be in violation of the Common Stock Ownership
Limit or Preferred Stock Ownership Limit. No increase to the Common Stock Ownership Limit or Preferred Stock Ownership Limit may
be approved if the new Common Stock Ownership Limit and/or Preferred Stock Ownership Limit would allow five or fewer Persons to
Beneficially Own, in the aggregate more than 49.9% in value of the outstanding Capital Stock.

 

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Section 7.2.9     Legend.
Each certificate for shares of Capital Stock, if certificated, shall bear substantially the following legend:

 

The shares represented
by this certificate are subject to restrictions on Beneficial Ownership and Constructive Ownership and Transfer for the purpose,
among others, of the Corporation’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue
Code of 1986, as amended (the “Code”). Subject to certain further restrictions and except as expressly provided in
the Corporation’s Charter, (i) no Person may Beneficially Own or Constructively Own shares of the Corporation’s Common
Stock in excess of the Common Stock Ownership Limit unless such Person is an Excepted Holder (in which case the Excepted Holder
Limit shall be applicable); (ii) no Person may Beneficially Own or Constructively Own shares of Preferred Stock of the Corporation
in excess of the Preferred Stock Ownership Limit, unless such Person is an Excepted Holder (in which case the Excepted Holder Limit
shall be applicable); (iii) no Person may Beneficially Own or Constructively Own Capital Stock that would result in the Corporation
being “closely held” under Section 856(h) of the Code or otherwise cause the Corporation to fail to qualify as a REIT;
(iv) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the Corporation being
owned by fewer than 100 Persons; and (v) No Person shall Beneficially Own or Constructively Own shares of Capital Stock to the
extent such Beneficial Ownership or Constructive Ownership would cause the Corporation to Constructively Own ten percent (10%)
or more of the ownership interests in a tenant (other than a TRS) of the Corporation’s real property within the meaning of
Section 856(d)(2)(B) of the Code. Any Person who Beneficially Owns or Constructively Owns or attempts or intends to Beneficially
Own or Constructively Own shares of Capital Stock which cause or will cause a Person to Beneficially Own or Constructively Own
shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Corporation. If any of the
restrictions on Transfer or ownership provided in (i), (ii), (iii) or (v) above are violated, the shares of Capital Stock in excess
or in violation of the above limitations will be automatically transferred to a Trustee of a Trust for the benefit of one or more
Charitable Beneficiaries. In addition, the Corporation may redeem shares upon the terms and conditions specified by the Board of
Directors in its sole and absolute discretion if the Board of Directors determines that ownership or a Transfer or other event
may violate the restrictions described above. Furthermore, if the ownership restrictions provided in (iv) above would be violated
or upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab
initio. All capitalized terms in this legend have the meanings defined in the Charter of the Corporation, as the same may be
amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder
of shares of Capital Stock of the Corporation on request and without charge. Requests for such a copy may be directed to the Secretary
of the Corporation at its Principal Office.

 

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Instead of the foregoing
legend, the certificate or any notice in lieu of a certificate may state that the Corporation will furnish a full statement about
certain restrictions on ownership and transfer of the shares to a stockholder on request and without charge.

 

If applicable, each
certificate for shares of Class B Common Stock, if certificated, shall also bear substantially the following legend:

 

The shares represented by this certificate
have not been registered under the Securities Act of 1933, as amended, or the security laws of any state of the United States.

 

Section 7.3 Transfer
of Capital Stock in Trust.

 

Section 7.3.1     Ownership
in Trust. Upon any purported Transfer or other event described in Section 7.2.1(b) that would result in a transfer of shares
of Capital Stock to a Trust, such shares of Capital Stock shall be deemed to have been transferred to the Trustee as trustee of
a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be deemed to be effective
as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to
the Trust pursuant to Section 7.2.1(b). The Trustee shall be appointed by the Corporation and shall be a Person unaffiliated with
the Corporation and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Corporation as provided in Section
7.3.6.

 

Section 7.3.2     Status
of Shares Held by the Trustee. Shares of Capital Stock held by the Trustee shall be issued and outstanding shares of Capital
Stock of the Corporation. The Prohibited Owner shall have no rights in the shares held by the Trustee. The Prohibited Owner shall
not benefit economically from ownership of any shares held in trust by the Trustee, shall have no rights to dividends or other
distributions and shall not possess any rights to vote or other rights attributable to the shares held in the Trust.

 

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Section 7.3.3     Dividend
and Voting Rights. The Trustee shall have all voting rights and rights to dividends or other distributions with respect to
shares of Capital Stock held in the Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary.
Any dividend or other distribution paid prior to the discovery by the Corporation that the shares of Capital Stock have been transferred
to the Trustee shall be paid by the recipient of such dividend or other distribution to the Trustee upon demand and any dividend
or other distribution authorized but unpaid shall be paid when due to the Trustee. Any dividend or other distribution so paid to
the Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect
to shares of Capital Stock held in the Trust and, subject to Maryland law, effective as of the date that the shares of Capital
Stock have been transferred to the Trust, the Trustee shall have the authority (at the Trustee’s sole and absolute discretion)
(i) to rescind as void any vote cast by a Prohibited Owner prior to the discovery by the Corporation that the shares of Capital
Stock have been transferred to the Trust and (ii) to recast such vote; provided, however, that if the Corporation has already taken
irreversible corporate action, then the Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the
provisions of this Article VII, until the Corporation has received notification that shares of Capital Stock have been transferred
into a Trust, the Corporation shall be entitled to rely on its stock transfer and other stockholder records for purposes of preparing
lists of stockholders entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting
votes and determining the other rights of stockholders.

 

Section 7.3.4     Sale
of Shares by Trustee. Within 20 days of receiving notice from the Corporation that shares of Capital Stock have been transferred
to the Trust, the Trustee of the Trust shall sell the shares held in the Trust to a person, designated by the Trustee, whose ownership
of the shares will not violate the ownership limitations set forth in Section 7.2.1(a). Upon such sale, the interest of the Charitable
Beneficiary in the shares sold shall terminate and the Trustee shall distribute the net proceeds of the sale to the Prohibited
Owner and to the Charitable Beneficiary as provided in this Section 7.3.4. The Prohibited Owner shall receive the lesser of (1)
the price paid by the Prohibited Owner for the shares or, if the Prohibited Owner did not give value for the shares in connection
with the event causing the shares to be held in the Trust (e.g., in the case of a gift, devise or other such transaction),
the Market Price of the shares on the day of the event causing the shares to be held in the Trust and (2) the price per share received
by the Trustee (net of any commissions and other expenses of sale) from the sale or other disposition of the shares held in the
Trust. The Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends and distributions which have
been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Trustee pursuant to Section 7.3.3 of this Article
VII. Any net sales proceeds in excess of the amount payable to the Prohibited Owner shall be immediately paid to the Charitable
Beneficiary. If, prior to the discovery by the Corporation that shares of Capital Stock have been transferred to the Trustee, such
shares are sold by a Prohibited Owner, then (i) such shares shall be deemed to have been sold on behalf of the Trust and (ii) to
the extent that the Prohibited Owner received an amount for such shares that exceeds the amount that such Prohibited Owner was
entitled to receive pursuant to this Section 7.3.4, such excess shall be paid to the Trustee upon demand.

 

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Section 7.3.5     Purchase
Right in Stock Transferred to the Trustee. Shares of Capital Stock transferred to the Trustee shall be deemed to have been
offered for sale to the Corporation, or its designee, at a price per share equal to the lesser of (i) the price per share in the
transaction that resulted in such transfer to the Trust (or, in the case of a devise or gift, the Market Price at the time of such
devise or gift) and (ii) the Market Price on the date the Corporation, or its designee, accepts such offer. The Corporation may
reduce the amount payable to the Prohibited Owner by the amount of dividends and distributions which has been paid to the Prohibited
Owner and is owed by the Prohibited Owner to the Trustee pursuant to Section 7.3.3 of this Article VII. The Corporation may pay
the amount of such reduction to the Trustee for the benefit of the Charitable Beneficiary. The Corporation shall have the right
to accept such offer until the Trustee has sold the shares held in the Trust pursuant to Section 7.3.4. Upon such a sale to the
Corporation, the interest of the Charitable Beneficiary in the shares sold shall terminate and the Trustee shall distribute the
net proceeds of the sale to the Prohibited Owner.

 

Section 7.3.6     Designation
of Charitable Beneficiaries. By written notice to the Trustee, the Corporation shall designate one or more nonprofit organizations
to be the Charitable Beneficiary or Charitable Beneficiaries of the interest in the Trust such that (i) the shares of Capital Stock
held in the Trust would not violate the restrictions set forth in Section 7.2.1(a) in the hands of such Charitable Beneficiary
or Charitable Beneficiaries and (ii) each such organization must be described in Section 501(c)(3) of the Code and contributions
to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code. Neither
the failure of the Corporation to make such designation nor the failure of the Corporation to appoint the Trustee before the automatic
transfer provided in Section 7.2.1(b) shall make such transfer ineffective, provided that the Corporation thereafter makes such
designation and appointment.

 

Section
7.4     NYSE Transactions. Nothing in this Article VII shall preclude the settlement of any
transaction entered into through the facilities of the NYSE or any other national securities exchange or automated
inter-dealer quotation system. The fact that the settlement of any transaction occurs shall not negate the effect of any
other provision of this Article VII and any transferee in such a transaction shall be subject to all of the provisions and
limitations set forth in this Article VII.

 

Section 7.5     Enforcement.
The Corporation is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions
of this Article VII.

 

Section 7.6     Non-Waiver.
No delay or failure on the part of the Corporation or the Board of Directors in exercising any right hereunder shall operate
as a waiver of any right of the Corporation or the Board of Directors, as the case may be, except to the extent specifically
waived in writing.

 

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ARTICLE VIII

 

AMENDMENTS

 

The Corporation reserves
the right from time to time to make any amendment to the Charter, now or hereafter authorized by law, including any amendment altering
the terms or contract rights, as expressly set forth in the Charter, of any shares of outstanding stock. All rights and powers
conferred by the Charter on stockholders, directors and officers are granted subject to this reservation. Except as set forth in
this Article VIII and except for those amendments permitted to be made without stockholder approval under Maryland law or by specific
provision in the Charter, any amendment to the Charter shall be valid only if declared advisable by the Board of Directors and
approved by the affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast on the matter.
Any amendment to Section 5.8 of the Charter, Article VII or to this sentence of the Charter shall be valid only if declared advisable
by the Board of Directors and approved by the affirmative vote of stockholders entitled to cast two-thirds of all the votes entitled
to be cast on the matter. Any amendment to increase the aggregate number of shares of Class B Common Stock that the Corporation
has authority to issue, to alter or repeal the provisio in the last sentence in 6.1 or to this sentence shall, in each case, be
valid only if declared advisable by the Board of Directors and approved by the affirmative vote of not less than a majority of
all the shares of stock of the Corporation then outstanding and entitled to be cast on the matter, other than shares of Class B
Common Stock.

 

ARTICLE IX

 

LIMITATION OF LIABILITY

 

To the maximum extent
that Maryland law in effect from time to time permits limitation of the liability of directors and officers of a corporation, no
present or former director or officer of the Corporation shall be liable to the Corporation or its stockholders for money damages.
Neither the amendment nor repeal of this Article IX, nor the adoption or amendment of any other provision of the Charter or Bylaws
inconsistent with this Article IX, shall apply to or affect in any respect the applicability of the preceding sentence with respect
to any act or failure to act which occurred prior to such amendment, repeal or adoption.

 

THIRD:     The amendment
to and restatement of the charter as hereinabove set forth have been duly advised by the Board of Directors and approved by the
stockholders of the Corporation as required by law.

 

FOURTH:     The current
address of the principal office of the Corporation is as set forth in Article IV of the foregoing amendment and restatement of
the charter.

 

FIFTH:     The name
and address of the Corporation’s current resident agent are as set forth in Article IV of the foregoing amendment and restatement
of the charter.

 

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SIXTH:     The number
of directors of the Corporation and the names of those currently in office are as set forth in Article V of the foregoing amendment
and restatement of the charter.

 

SEVENTH:     The
total number of shares of stock which the Corporation had authority to issue immediately prior to this amendment and restatement
was 600,000,000, consisting of 600,000,000 shares of Common Stock, $0.01 par value per share. The aggregate par value of all shares
of stock having par value was $6,000,000.00.

 

EIGHTH:     The total
number of shares of stock which the Corporation has authority to issue pursuant to the foregoing amendment and restatement of the
charter is 600,027,206, consisting of 500,000,000 shares of Class A Common Stock, $0.01 par value per share, 27,206 shares of Class
B Common Stock, $0.01 par value per share, and 100,000,000 shares of Preferred Stock, $0.01 par value per share. The aggregate
par value of all authorized shares of stock having par value is $6,000,272.06.

 

NINTH:     Immediately
upon the effectiveness of these Articles of Amendment and Restatement pursuant to the Maryland General Corporation Law (the “Effective
Time”), and without any further action on the part of the Corporation or its stockholders, each share of common stock of
the Corporation, par value $0.01 per share, issued and outstanding immediately prior to the Effective Time shall be reclassified
into one share of validly issued, fully paid and nonassessable Class A Common Stock.

 

TENTH:     The undersigned
officer acknowledges these Articles of Amendment and Restatement to be the corporate act of the Corporation and as to all matters
or facts required to be verified under oath, the undersigned officer acknowledges that, to the best of such officer’s knowledge,
information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties
for perjury.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the
Corporation has caused these Articles of Amendment and Restatement to be signed in its name and on its behalf by its Chief Executive
Officer and attested to by its Secretary on this 15th day of May, 2019.

 

	ATTEST:	 	POSTAL REALTY TRUST, INC.	 
	 	 	 	 	 
	/s/ Jeremy
    Garber	 	By:	/s/ Andrew
    Spodek	(SEAL)
	Secretary	 	 	Chief Executive Officer	 

 

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