Document:

Exhibit 10.3

 

CONTRIBUTION AGREEMENT

 

This Contribution Agreement (“Agreement”),
effective as of May 16, 2019 (the “Effective Date”), is made and entered into by and between Postal Realty Trust,
Inc., a Maryland corporation (the “Contributor”), and Postal Realty LP, a Delaware limited partnership (“Transferee”).

 

RECITALS

 

WHEREAS, the Contributor is the legal, record and beneficial
owner of (i) equity interests (the “Property Entity Interests”) in the entities (the “Property Entities”)
described on Schedule A-1 hereto, which Property Entities are the direct or indirect owners of the real properties described on
Schedule A-1 hereto (the “Indirect Properties”), and (ii) undivided real property interests (the “Direct
Property Interests”) in the real properties described on Schedule A-2 hereto (the “Direct Properties”).
The Property Entity Interests, the Direct Property Interests, the Indirect Properties and the Direct Properties collectively are
referred to herein as the “Contributed Property”; and

 

WHEREAS, in consideration for Contributor’s contribution,
assignment and transfer of the Contributed Property to Transferee, Transferee shall assume the existing indebtedness encumbering
the Contributed Property and desires to issue and deliver common units of limited partnership interests of Transferee in the amount
described in Schedule B (the “OP Unit Consideration”) to the Contributor; and

 

WHEREAS, the Contributor now desires to contribute, assign and
transfer the Contributed Property to Transferee; and

 

WHEREAS, Transferee desires to acquire and assume the Contributed
Property from the Contributor, and issue and deliver to the Contributor the OP Unit Consideration, on the terms and conditions
hereinafter set forth.

 

AGREEMENT

 

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

 

1. Sale, Contribution
and Assignment of Contributed Property. The Contributor hereby contributes, assigns and transfers the Contributed Property
to Transferee, and Transferee hereby accepts transfer of and assumes the Contributed Property from the Contributor, pursuant to
the terms and conditions set forth in this Agreement. For the avoidance of doubt, beneficial ownership of the Contributed Property
shall be contributed, assigned and transferred (the “Contribution”) on the Effective Date.

 

2. Consideration.
In consideration for Contributor’s contribution, assignment and transfer of the Contributed Property to Transferee, Transferee
hereby issues and delivers to the Contributor, and the Contributor hereby accepts transfer of, the OP Unit Consideration.

 

     

     

    

 

3. Representations. Each party
hereto hereby represents and warrants that, with respect to itself, each and every one of the following statements is true, correct
and complete in every material respect as of the date of this Agreement:

 

(a) Such party is duly
organized, validly existing and in good standing under the laws of its jurisdiction of formation or incorporation, and has full
right, power and authority to enter into this Agreement and to assume and perform all of its obligations under this Agreement.
The execution and delivery of this Agreement and the performance by such party of its obligations under this Agreement require
no further action or approval of its members, of its board of managers, its board of directors or of any other individuals, entities
or governing bodies in order to constitute this Agreement as a binding and enforceable obligation of such party.

 

(b) Neither the entry
into nor the performance of, or compliance with, this Agreement by such party has resulted, or will result, in any violation of,
or default under, or has resulted, or will result, in the acceleration of, any obligation under any existing articles of incorporation,
bylaws, operating agreements, organizational documents, mortgages, indentures, lien agreements, notes, contracts, permits, judgments,
decrees, orders, restrictive covenants, statutes, rules or regulations applicable to such party. With regard to the representations
and warranties of Contributor only, Contributor has clear title to the Contributed Property.

 

(c) No authorization,
consent, approval, permit or license of, or filing with, any governmental or public body or authority, or any other person or entity
is required to authorize, or is required in connection with, the execution, delivery and performance of this Agreement or the agreements
contemplated hereby on the part of such party.

 

4. Entire Agreement. This Agreement constitutes
the entire agreement among the parties hereto and may not be modified or amended except by instrument in writing signed by the
parties hereto.

 

5. Governing Law. This Agreement shall be construed
and interpreted in accordance with the laws of the State of [Delaware].

 

6. Severability. If any term, covenant or condition
of this Agreement shall to any extent be deemed invalid or unenforceable, then the remainder of this Agreement, and the application
of such term, covenant or condition, shall not be affected thereby, and shall be valid and enforceable to the fullest extent permitted
by law.

 

7. Further Acts and Assurances. The Contributor
and Transferee each covenant that they will take all necessary action to confirm the transactions contemplated hereby, including
securing any necessary records of transfer and executing and delivering (or cause to be executed and delivered) all such agreements,
instruments, certificates and other documents, and shall take (or cause to be taken) and do (or cause to be done) all things necessary,
proper or advisable to consummate and make effective this Agreement.

 

8. Tax Treatment. The parties to this Agreement
intend that, for United States federal income tax purposes, the contribution and assignment of the Contributed Property shall
be treated as a tax-deferred contribution under Internal Revenue Code section 721 by the Contributor to Transferee.

 

[Signatures on following page]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the date first above written.

 

	 	POSTAL REALTY TRUST, INC.,
	 	 
	 	By:	/s/ Andrew
    Spodek
	 	Name:	Andrew Spodek
	 	Title:	Chief Executive Officer

 

	 	POSTAL REALTY LP,
	 	 
	 	By:	Postal Realty Trust, Inc.
	 	 	its general partner

 

	 	By:	/s/ Andrew Spodek
	 	Name:	Andrew Spodek
	 	Title:	Chief Executive Officer

 

 

[Signature page to Postal Realty Trust, Inc. Contribution
Agreement]

 

     

     

    

 

Schedule A-1

 

Property Entities

Seller’s Percentage Interest and Indirect Property

 

	Seller’s Percentage Interest/Sold Entity	 	Indirect Property
	100% Gary Glen Park Realty, LLC	 	Peru, IN
	 	 	Gary, IN
	 	 	Deville, LA 
	 	 	Scotland, SD
	 	 	 
	100% interest in Hiler Buffalo, LLC	 	Glasgow, VA
	 	 	Chicago, IL 
	 	 	Chester, WV 
	 	 	Flora, IN
	 	 	Edina, MO 
	 	 	Dobson, NC 
	 	 	Chicago, IL 
	 	 	Buffalo, NY
	 	 	 
	100% interest in PPP Assets, LLC	 	Spring Grove, PA
	 	 	Brockway, PA 
	 	 	Knox, PA
	 	 	Frackville, PA 
	 	 	Girardville, PA 
	 	 	New Philadelphia, PA 
	 	 	Orwigsburg, PA 
	 	 	Ringtown, PA 
	 	 	Shoemakersville, PA 
	 	 	Tower City, PA 
	 	 	Williamstown, PA
	 	 	Leola, PA
	 	 	Castleton on Hudson, NY
	 	 	 
	100% interest in Asset 20024, LLC	 	Sundown, TX
	 	 	Byron, MI
	 	 	Barton, VT
	 	 	Enosburg Falls, VT
	 	 	Fairlee, VT
	 	 	Groton, VT
	 	 	Hartford, VT
	 	 	Marlborough, NH
	 	 	Port Henry, NY
	 	 	Sheffield, VT
	 	 	South Royalton, VT
	 	 	Indian Rocks Beach, FL

 

    Schedule A-1

     

    

 

	 	 	Abington, MA 
	 	 	East Liverpool, OH 
	 	 	Poseyville, IN 
	 	 	Wadesville, IN 
	 	 	Edgewood, IA 
	 	 	Pelahatchie, MS 
	 	 	Kimball, NE
	 	 	Winamac, IN 
	 	 	Ralls, TX
	 	 	 
	15% interest in Harbor Station LLC	 	Milwaukee, WI
	 	 	 
	100% interest in A&J Assets LLC	 	El Paso, TX
	 	 	El Paso, TX
	 	 	Stinnett, TX
	 	 	Fabius, NY
	 	 	Pompey, NY
	 	 	Mount Vernon, IL
	 	 	Deltaville, VA
	 	 	Memphis, TN
	 	 	Memphis, TN
	 	 	 
	100% interest in UPH Merger Sub LLC	 	Adrian, PA – MPO
	 	 	Akron, MI - MPO
	 	 	Albany, LA - MPO
	 	 	Amelia, LA - MPO
	 	 	Amoret, MO - MPO
	 	 	Arcadia, OK - MPO
	 	 	Archer, IA - MPO
	 	 	Barton City, MI - MPO
	 	 	Basalt, ID - MPO
	 	 	Beach, ND - MPO
	 	 	Blanco, OK - MPO
	 	 	Blandon, PA - MPO

 

    Schedule A-1

     

    

 

	 	 	Boswell, PA - MPO
	 	 	Briscoe, TX - MPO
	 	 	Brownfield, PA - MPO
	 	 	Camp Crook, SD - MPO
	 	 	Caney, OK - MPO
	 	 	Carencro, LA - MPO
	 	 	Castlewood, SD - MPO
	 	 	Cedarville, AR - MPO
	 	 	Chalk Hill, PA - MPO
	 	 	Clancy, MT - MPO
	 	 	Cochranville, PA - MPO
	 	 	Cortland, NE - MPO
	 	 	De Witt, MO - MPO
	 	 	Dewar, OK - MPO
	 	 	Dracut, MA - MPO
	 	 	Dunlap, TN - MPO
	 	 	Eagle, WI - MPO
	 	 	Eden Valley, MN - MPO
	 	 	Exline, IA - MPO
	 	 	Falcon, MO - MPO
	 	 	Flippin, AR - MPO
	 	 	Folsom, LA - MPO
	 	 	Fountain, MI - MPO
	 	 	Foyil, OK - MPO
	 	 	Fruitland, ID - MPO

 

    Schedule A-1

     

    

 

	 	 	Gallitzin, PA - MPO
	 	 	Gillett, TX - MPO
	 	 	Glenmora, LA - MPO
	 	 	Grand Cane, LA - MPO
	 	 	Grantville, KS - MPO
	 	 	Guy, TX - MPO
	 	 	Hadley, MA - MPO
	 	 	Halls, TN - MPO
	 	 	Hallsville, TX - MPO
	 	 	Hamer, ID - MPO
	 	 	Harris, MN - MPO
	 	 	Hartland, MI - MPO
	 	 	Herminie, PA - MPO
	 	 	Hillsdale, OK - MPO
	 	 	Hulbert, MI - MPO
	 	 	Huntington, MA - MPO
	 	 	Iroquois, SD - MPO
	 	 	Island Park, ID - MPO
	 	 	Jackson Center, PA - MPO
	 	 	Julian, PA - MPO
	 	 	Kansas, OK - MPO
	 	 	Ketchum, OK - MPO
	 	 	Knobel, AR - MPO
	 	 	Lake Andes, SD - MPO
	 	 	Lake Cormorant, MS - MPO

 

    Schedule A-1

     

    

 

	 	 	Lake Nebagamon, WI - MPO
	 	 	Lake, MI - MPO
	 	 	Langley, OK - MPO
	 	 	Le Center, MN - MPO
	 	 	Liberty, MS - MPO
	 	 	Lincoln, AR - MPO
	 	 	Luther, OK - MPO
	 	 	Maiden Rock, WI - MPO
	 	 	Malone, FL - MPO
	 	 	Manvel, TX - MPO
	 	 	Marietta, IL - MPO
	 	 	Marvell, AR - MPO
	 	 	Maysville, NC - MPO
	 	 	Meeker, OK - MPO
	 	 	Midvale, ID - MPO
	 	 	Mill Creek, OK - MPO
	 	 	Monroe, OK - MPO
	 	 	Montello, WI - MPO
	 	 	Monterey, LA - MPO
	 	 	Monteview, ID - MPO
	 	 	Mooringsport, LA - MPO
	 	 	Morganton, GA - MPO
	 	 	Morrisdale, PA - MPO
	 	 	Mount Washington, KY - MPO

 

    Schedule A-1

     

    

 

	 	 	New Haven, MI - MPO
	 	 	New Salem, PA - MPO
	 	 	New Waverly, TX - MPO
	 	 	Newcastle, OK - MPO
	 	 	Noble, LA - MPO
	 	 	Nolensville, TN - MPO
	 	 	North Waterboro, ME - MPO
	 	 	Oakland, ME - MPO
	 	 	Ola, AR - MPO
	 	 	Paris, ID - MPO
	 	 	Parsons, TN - MPO
	 	 	Pewaukee, WI - MPO
	 	 	Pilot Knob, MO - MPO
	 	 	Plainview, AR - MPO
	 	 	Powersville, MO - MPO
	 	 	Prue, OK - MPO
	 	 	Raymond, SD - MPO
	 	 	Richey, MT - MPO
	 	 	Ridgetop, TN - MPO
	 	 	Rozet, WY - MPO
	 	 	Saint Charles, ID - MPO
	 	 	Sand Creek, MI - MPO
	 	 	Saucier, MS - MPO

 

    Schedule A-1

     

    

 

	 	 	Saxton, PA - MPO
	 	 	Sheldon, ND - MPO
	 	 	Shell, WY - MPO
	 	 	Sherburn, MN - MPO
	 	 	Shirley, AR - MPO
	 	 	Slippery Rock, PA - MPO
	 	 	Smokerun, PA - MPO
	 	 	Snow Hill, MD - MPO
	 	 	Somers, CT - MPO
	 	 	Spavinaw, OK - MPO
	 	 	Spencer, OK - MPO
	 	 	Sprague, NE - MPO
	 	 	Storden, MN - MPO
	 	 	Strong, AR - MPO
	 	 	Stuart, OK - MPO
	 	 	Tetonia, ID - MPO
	 	 	Towner, ND - MPO
	 	 	Trego, MT - MPO
	 	 	Troy, TX - MPO
	 	 	Turtletown, TN - MPO
	 	 	Vici, OK - MPO
	 	 	Wadsworth, NV - MPO
	 	 	Warden, WA - MPO
	 	 	Waskom, TX - MPO
	 	 	West, MS - MPO

 

    Schedule A-1

     

    

 

	 	 	White, GA - MPO
	 	 	Wilmer, AL - MPO
	 	 	Wilson, MI - MPO
	 	 	Winburne, PA - MPO
	 	 	Woodbine, KY - MPO
	 	 	Yeagertown, PA - MPO

 

    Schedule A-1

     

    

 

Schedule A-2

 

Direct Properties

Seller’s Percentage Interest and Property

 

	Seller’s Percentage Interest	 	Property
	100%	 	Barstow, IL
	 	 	Carbon Cliff, IL
	 	 	Hillsdale, IL
	 	 	Little York, IL
	 	 	Lynn Center, IL
	 	 	New Windsor, IL
	 	 	Rapids City, IL
	 	 	Alpha, IL
	 	 	Orion, IL
	 	 	Seatonville, IL
	 	 	Hancock, NY
	 	 	Elba, NY
	 	 	Tulsa, OK
	 	 	Vanndale, AR
	 	 	Cadwell, GA
	 	 	Colquitt, GA
	 	 	Meansville, GA
	 	 	Tacoma, WA
	 	 	Leslie, MI
	 	 	Springport, MI
	 	 	Chesaning, MI
	 	 	Aurora, CO
	 	 	West Sacramento, CA
	 	 	Oakdale, PA
	 	 	Princess Anne, MD
	 	 	Elizabeth, PAExhibit 10.4

 

CONTRIBUTION AGREEMENT

 

This CONTRIBUTION
AGREEMENT (this “Agreement”) is made as of May 14, 2019 by and among Andrew Spodek, IDJ Holdings, LLC and Tayaka
Holdings, LLC (“Contributor”), Postal Realty LP, a Delaware limited partnership (the “Operating Partnership”),
and Postal Realty Trust, Inc., a Maryland corporation (the “REIT”), the sole general partner of the Operating
Partnership.

 

RECITALS

 

WHEREAS, Contributor
is the record and beneficial owner of equity interests in the amount or percentage described on Exhibit A hereto (the “Contributed
Interests”) in each of the entities described in Exhibit A hereto (each, a “Contributed Entity”
and collectively, the “Contributed Entities”);

 

WHEREAS, the
Contributed Entities are the direct or indirect owners of the properties described on Exhibit A hereto (each a “Property”
and collectively, the “Properties”); and

 

WHEREAS, Contributor
desires to contribute the Contributed Interests to the Operating Partnership, and the Operating Partnership desires to acquire
the Contributed Interests from Contributor, on the terms and subject to the conditions hereinafter set forth.

 

NOW, THEREFORE,
for and in consideration of the foregoing, and the representations, warranties and other terms contained in this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending
to be legally bound hereby, agree as follows:

 

ARTICLE I

 

THE CONTRIBUTION

 

1.1 Contribution of Contributed
Interests. Contributor irrevocably agrees to contribute, transfer and assign at the Closing (as defined herein) the
Contributed Interests, together with any other interests such Contributor may have in any of the Contributed Entities, and
the Operating Partnership agrees to accept transfer of the Contributed Interests and any such other interests pursuant to the
terms and subject to the conditions set forth in this Agreement. Contributor shall transfer the Contributed Interests to the
Operating Partnership free and clear of all liens, encumbrances, security interests, pledges, voting agreements, prior
assignments or conveyances, conditions, restrictions, claims, and any other matters affecting title thereto, except as
described on Exhibit A hereto.

 

1.2 Consideration.

 

(a) Consideration
Amount. The total consideration (the “Consideration”) for which Contributor agrees to contribute,
transfer and assign the Contributed Interests to the Operating Partnership, and for which the Operating Partnership agrees to
pay, issue or deliver to Contributor, subject to the terms of this Agreement, at Closing shall be the amount of cash and
number of common units of limited partnership interests of the Operating Partnership (“OP Units”)
set forth on Exhibit A as “Total Consideration.” The Consideration may be adjusted, upward or downward,
by the amount of any adjustments arising from the Prorations (as defined herein). Any decrease in the Consideration as a
result of the Prorations will be deducted first from the cash portion of the Consideration, if any, and the balance will be
deducted from the OP Units. Any increase in the Consideration as a result of the Prorations will adjust the Consideration
payable hereunder in the form of OP Units based on the IPO Price.

 

     

     

    

 

(b) OP Units.
Any portion of the Consideration payable hereunder to be in the form of OP Units shall be registered in the name of Contributor.
OP Units will not be delivered to Contributor unless Section 2.2(j) hereof is true and correct as of the Closing Date (as defined
herein). No fractional OP Units will be issued and OP Units will be rounded to the nearest whole number. The Consideration, whether
in cash, in OP Units or a combination thereof, may be reduced by the amount the Operating Partnership reasonably determines must
be withheld for tax purposes. The rights and obligations of holders of OP Units as of the Closing will be as set forth in the
First Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership Agreement”),
the form of which was filed as Exhibit 10.1 to the REIT’s Registration Statement on Form S-11 (File No. 333- 230684), which
the REIT filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 2, 2019. Although initially
the OP Units will not be certificated, certificates, if any, subsequently evidencing the OP Units will bear appropriate legends
(i) indicating that the OP Units have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), (ii) indicating that the Partnership Agreement will restrict the transfer of the OP Units, and (iii) describing
the ownership limitations and transfer restrictions imposed by the charter of the REIT with respect to shares of the REIT’s
capital stock.

 

1.3 No Further Interest. Contributor
acknowledges and agrees that effective upon the Closing, and without any further action by Contributor, the Contributed
Interests shall be transferred, assigned and conveyed to the Operating Partnership, or a subsidiary thereof, and Contributor
shall no longer be an equity holder of any of the Contributed Entities, shall no longer be entitled to receive any
distributions from any of the Contributed Entities, and shall have no further right, title or interest in any of the
Contributed Interests, the Contributed Entities or the Property Entities, other than indirectly through the ownership of any
OP Units.

 

1.4 Tax
Consequences to Contributor. Notwithstanding anything to the contrary contained in this Agreement, including without
limitation the use of words and phrases such as “sell,” “sale,” “purchase,” and
“pay,” the parties hereto acknowledge and agree that (i) all indebtedness to be assumed by the Operating
Partnership or any of its affiliates pursuant to the transactions contemplated by this Agreement (other than the Minnesota
loan and the Reynoldsburg loan) be treated as “qualified liabilities” within the meaning of Treasury Regulation
Section 1.707-5(a)(5); (ii) the Cash Consideration be treated as a reimbursement of preformation capital expenditures
incurred by the Contributor pursuant to Treasury Regulation Section 1.707-4(d); and (iii) therefore, the Contribution be
treated as a nontaxable contribution by the Contributor of the Contributed Interests, Contributed Entity or Property to the
Operating Partnership under Section 721(a) of the Code, with no gain required to be recognized by the Contributor or any
partner in the Contributor as a result thereof. The Parties further intend that any liabilities of the Operating Partnership
be allocated to its partners in a manner consistent with the guarantees contemplated by the Tax Protection Agreement. Except
as otherwise provided in the Tax Protection Agreement, no Party shall take any position on any
tax return that is inconsistent with the foregoing treatment except as required by law.

 

    2

     

    

 

1.5 Definitions. As used in this Agreement,
the following terms have the following meanings:

 

“Contributor’s
Percentage Interest” means, with respect to each Contributed Entity, the percentage set forth on Exhibit A hereto
under the heading “Contributed Interest”, which reflects the Contributor’s percentage ownership interest in each
Contributed Entity pursuant to and in accordance with the applicable Governing Agreement (as defined herein) of the Contributed
Entity.

 

“IPO”
means the underwritten initial public offering of shares of Class A common stock, par value $0.01 per share, of the REIT.

 

“IPO Price”
means the public offering price set forth on the front cover of the final prospectus for the IPO (the “Prospectus”),
to be filed by the REIT with the SEC.

 

“Post-Closing
Tax Period” means any taxable period that begins after the Closing Date and, in the case of a Straddle Period, the portion
of the Straddle Period beginning after the Closing Date.

 

“Pre-Closing
Tax Period” means any taxable period (or portion thereof) ending on or before the end of the Closing Date and, in the
case of a Straddle Period, the portion of the Straddle Period ending on the Closing Date.

 

“Property Entity” means an entity
owning a Property, as set forth on Exhibit A hereto.

 

“Prorations”
means those proration and adjustment amounts that are customarily applied to closings of commercial real estate transactions in
the county in which the Property is located, which amounts shall be calculated as of midnight (Eastern time) of the day immediately
preceding the Closing Date. Contributor shall be entitled to Contributor’s share of all income and responsible for Contributor’s
share of all expenses of the Contributed Interest, Contributed Entity and the Property for the period of time up to but not including
the Closing Date, and the Operating Partnership shall be entitled to all such income and responsible for all such expenses for
the period of time after and including the Closing Date. Without limiting the generality of the foregoing, the following items
of income and expense shall be prorated on the Closing Date:

 

		(A)	Taxes. All real estate and personal property taxes
and special assessments, if any, with respect to each Property shall be prorated at the Closing;

 

		(B)	Utilities. All telephone, electric, sewer, water
and other utility bills, trash removal bills, janitorial and maintenance service bills and all other expenses relating to a Property,
if any, that are obligations of the Property Entity and which are allocable to the period prior to the Closing Date shall be determined
and paid, or caused to be paid, by the Property Entity or Contributed Entity before the Closing, if possible, or if such is not
determinable before the Closing, then the Parties shall use their commercially reasonable efforts to determine and pay such amounts
as promptly as possible following the Closing and the Operating Partnership may withhold from any
cash amount of the Consideration payable at the Closing hereunder an amount of cash reasonably estimated to cover any estimated
Proration for the items described in this subsection (B);

 

    3

     

    

 

		(C)	Rents. All rents, including, without limitation,
base rents, operating expense payments or common area maintenance charges and all other forms of additional rents, payable under
the leases for the Property and all other income from the Property shall be prorated at the Closing; and

 

		(D)	Other Items. Any other items of revenue, operating
expenses or other items which are customarily prorated between a transferor and transferee of real estate in the county in which
the Property is located shall be prorated at the Closing.

 

“Representation,
Warranty and Indemnity Agreement” means the Representation, Warranty and Indemnity Agreement dated May 14, 2019 by and
among the REIT, the Operating Partnership and Andrew Spodek.

 

“Straddle Period”
means a taxable period beginning before and ending after the Closing Date.

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES

 

2.1 Representations by the Operating
Partnership. The Operating Partnership hereby represents and warrants to Contributor that the following statements are
true, correct, and complete as of the date of this Agreement and will be true, correct, and complete as of the Closing
Date:

 

(a) Organization and
Power. The Operating Partnership is duly organized, validly existing, and in good standing under the laws of the State of
Delaware, and has full right, power, and authority to enter into this Agreement and to assume and perform all of its obligations
under this Agreement. The execution and delivery of this Agreement and the performance by the Operating Partnership of its obligations
hereunder have been duly authorized by all requisite action of the Operating Partnership and require no further action or approval
of the Operating Partnership’s partners or of any other individuals or entities in order to constitute this Agreement as
a binding and enforceable obligation of the Operating Partnership.

 

(b) OP Units Validly
Issued. The OP Units, when issued in accordance with the terms of this Agreement and the Partnership Agreement, will be duly
and validly authorized and issued, free of any preemptive or similar rights, and will be without any obligation to restore capital,
except as required by the Delaware Revised Uniform Limited Partnership Act (the “Limited Partnership Act”).

 

    4

     

    

 

2.2 Representations by Contributor.
Contributor hereby represents and warrants to the Operating Partnership that the following statements are true, correct, and
complete as of the date of this Agreement and will be true, correct, and complete as of the Closing Date:

 

(a)
 Organization and Power; Due Authorization. Contributor, if an entity or trust, is duly incorporated, formed or organized,
validly existing, and in good standing under the laws of its state of incorporation, formation or organization. Contributor has
full right, power, and authority to enter into this Agreement and to assume and perform all of its obligations under this Agreement;
and the execution and delivery of this Agreement and the performance by Contributor of its obligations hereunder have been duly
authorized by all requisite action of Contributor and require no further action or approval of Contributor’s members, partners,
stockholders, managers, board of directors, trustees or of any other individuals or entities, as applicable, in order to constitute
this Agreement as a binding and enforceable obligation of Contributor. This Agreement, and each agreement, document and instrument
executed and delivered by or on behalf of Contributor pursuant to this Agreement, constitutes, or when executed and delivered
will constitute, the legal, valid and binding obligation of Contributor, enforceable against Contributor in accordance with its
terms, except as such enforceability may be limited by bankruptcy or the application of equitable principles.

 

(b) Noncontravention.
Neither the entry into nor the performance of, or compliance with, this Agreement by Contributor has resulted, or will result,
in any violation of, or default under, or result in the acceleration of, any obligation under any charter, bylaws, limited liability
company agreement, partnership agreement, declaration of trust, mortgage indenture, lien agreement, note, contract, agreement,
permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to Contributor or to any Contributed
Interests, any Contributed Entity or any Property Entity.

 

(c) Litigation.
There is no action, suit, or proceeding, pending or known to be threatened, against or affecting Contributor in any court or before
any arbitrator or before any federal, state, municipal, or other governmental department, commission, board, bureau, agency or
instrumentality which (1) in any manner raises any question affecting the validity or enforceability of this Agreement, (2) could
materially and adversely affect the business, financial position, or results of operations of Contributor, any Contributed Entity,
Property Entity or Property, (3) could adversely affect the ability of Contributor to perform its obligations hereunder, or under
any document to be delivered pursuant hereto, (4) could create a lien on the Contributed Interests, any part thereof, or any interest
therein, or (5) could adversely affect the Contributed Interests, any part thereof, or any interest therein.

 

(d) Good Title.
Exhibit A accurately sets forth Contributor’s Percentage Interest. Contributor is the sole record and beneficial
owner of the Contributed Interests and has full power and authority to convey the Contributed Interests pursuant to the terms
of this Agreement. Contributor has good and marketable title to the Contributed Interests. No person has any community property
rights, by virtue of marriage or otherwise, with respect to the Contributed Interests. The Contributed Interests are free and
clear of all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances, conditions,
restrictions, claims or any other matters affecting title thereto and at the Closing will be contributed to the Operating Partnership
free and clear of all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances, conditions,
restrictions, claims or other matters affecting title thereto, except as described on Exhibit A hereto. No other person
or entity has an option to purchase or a right of first refusal to purchase the Contributed Interests nor are there any agreements
or understandings with respect to the voting, ownership or disposition of the Contributed Interests
that could adversely affect Contributor’s ability to perform its obligations hereunder or the Operating Partnership’s
ownership of the Contributed Interests following the Closing.

 

    5

     

    

 

(e) Contributed Interests.
There are no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive rights relating to the Contributed
Interests or any equity interest in any Contributed Entity, Property Entity or Property that will be in effect as of the Closing.

 

(f) No Consents.
Each consent, approval, authorization, order, license, certificate, permit, registration, designation, or filing by or with any
governmental agency or body necessary for the execution, delivery and performance of this Agreement or the transactions contemplated
hereby by Contributor has been obtained or will be obtained on or before the Closing Date. Each consent or approval required under
any Governing Agreement, contract or agreement of any Contributed Entity, or among the partners, members or stockholders of any
Contributed Entity, relating to indebtedness or otherwise, necessary for the execution, delivery and performance of this Agreement
and the contribution, acquisition and transfer of the Contributed Interests has been obtained or will be obtained on or before
the Closing Date.

 

(g) Actions Prior
to Closing. From the date hereof until the Closing Date, Contributor shall not take any action or fail to take any action
the result of which would (1) have a material adverse effect on the Contributed Interests or the Operating Partnership’s
ownership thereof, or any material adverse effect on the assets, business, condition (financial or otherwise), results or operation
of any Property or any Contributed Entity or Property Entity after the Closing Date or (2) cause any of the representations and
warranties contained in this Section 2.2 to be untrue as of the Closing Date.

 

(h) Governing
Agreements. Contributor has performed all of its obligations under the partnership agreement, limited liability company agreement,
operating agreement, charter and bylaws, as such may have been amended from time to time, as applicable, of each Contributed Entity
(each, a “Governing Agreement” and collectively, the “Governing Agreements”).

 

(i) Securities Law
Matters.

 

(1) In deciding to
engage in the transactions contemplated by this Agreement, including, if applicable, acquiring OP Units, neither Contributor nor
any equity holder thereof is relying upon any representations made to it by the Operating Partnership, or any of its partners,
officers, employees, or agents that are not contained herein. Contributor is aware of the risks involved in investing in the OP
Units and in the securities issuable upon redemption of the OP Units. Contributor is knowledgeable, sophisticated and experienced
in business and financial matters and fully understands the limitations on transfer imposed by the federal securities laws and
as described in this Agreement and related materials, including the Partnership Agreement. Contributor has received the Partnership
Agreement and related materials, including the registration statement filed by the REIT with the Securities and Exchange Commission
in connection with the IPO, has reviewed all documents and has had an opportunity to ask questions of, and
to receive answers from, the Operating Partnership and the REIT or a person or persons authorized to act on their behalf, concerning
the terms and conditions of an investment in the OP Units and the financial condition, affairs, and business of the Operating
Partnership and the REIT. Contributor confirms that all documents, records, and information pertaining to its investment in OP
Units that have been requested by Contributor have been made available or delivered to Contributor prior to the date hereof.

 

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(2) Contributor
and each equity holder thereof understands that the offer and sale of OP Units have not been registered under any state or federal
securities laws and are instead being offered and sold in reliance on an exemption from such registration requirements and that
the Operating Partnership’s reliance on such exemption is predicated in part on the accuracy and completeness of the representations
and warranties of Contributor contained herein. The OP Units issuable to Contributor are being acquired by Contributor solely for
its own account, for investment, and are not being acquired with a view to, or for resale in connection with, any distribution,
subdivision, or fractionalization thereof, in violation of such laws, and Contributor does not have any present intention to enter
into any contract, undertaking, agreement, or arrangement with respect to any such resale.

 

(3) Contributor
is able to bear the economic risk of holding the OP Units for an indefinite period and is able to afford the complete loss of its
investment in the OP Units.

 

(4) Contributor
understands that no federal agency (including the SEC) or state agency has made or will make any finding or determination as to
the fairness of an investment in the OP Units (including as to the value of the Consideration payable in OP Units).

 

(5) Contributor
understands that there is no established public, private or other market for the OP Units to be issued to Contributor hereunder
and it is not anticipated that there will be any public, private or other market for such OP Units in the foreseeable future.

 

(6) Contributor
understands that Rule 144 promulgated under the Securities Act is not currently available with respect to the sale of OP Units.

 

(j) Accredited
Investor. If Contributor has elected to receive OP Units as some or all of the Consideration as set forth on Exhibit A,
Contributor is an “accredited investor,” as that term is defined in Rule 501 of Regulation D under the Securities
Act, and has previously provided the Operating Partnership and the REIT with a duly executed questionnaire confirming Contributor’s
accredited investor status. No event or circumstance has occurred since delivery of such questionnaire to make the statements
therein false or misleading.

 

(k) Tax Matters.
Contributor represents and warrants that it has obtained from its own tax advisors advice regarding the tax consequences of (i)
the transfer of the Contributed Interests to the Operating Partnership and the receipt of OP Units and/or cash or deemed assumption
of debt as the Consideration therefor, (ii) its admission as a limited partner of the Operating
Partnership, if applicable, (iii) any other transaction contemplated by this Agreement and (iv) ownership of OP Units, including
the effect of Section 704(c) of the Code. Neither the Operating Partnership nor the REIT has made any representation to Contributor
regarding the tax treatment of the transactions contemplated by this Agreement, and Contributor further represents and warrants
that it has not relied on the Operating Partnership or the Operating Partnership’s representatives or counsel for any tax
advice.

 

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(l) Bankruptcy
with respect to Contributor. No Act of Bankruptcy (as defined below) has occurred with respect to Contributor. As used herein,
“Act of Bankruptcy” means if Contributor or any equity holder, partner, manager or director thereof shall (A)
apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself
or of all or a substantial part of its property, (B) admit in writing its inability to pay its debts as they become due, (C) make
a general assignment for the benefit of its creditors, (D) file a voluntary petition or commence a voluntary case or proceeding
under the Federal Bankruptcy Code (as now or hereafter in effect), (E) be adjudicated bankrupt or insolvent, (F) file a petition
seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution, winding-up
or composition or adjustment of debts, (G) fail to controvert in a timely and appropriate manner, or acquiesce in writing to,
any petition filed against it in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect),
or (H) take any entity action for the purpose of effecting any of the foregoing.

 

(m) Brokerage Commission.
Contributor has not engaged the services of any real estate agent, broker, finder or any other person or entity for any brokerage
or finder’s fee, commission or other amount with respect to the transactions described herein.

 

(n) No Other Ownership.
Except for the Contributed Interests, neither Contributor nor any of its affiliates owns any interest in any Property other than
through the Contributed Interests.

 

ARTICLE III

 

INDEMNIFICATION

 

3.1 Survival of Representations and Warranties;
Remedy for Breach.

 

(a) Subject to Section
3.5 hereof, all representations and warranties of Contributor contained in this Agreement or in any Schedule, Exhibit, certificate
or affidavit delivered pursuant to this Agreement shall survive the Closing.

 

(b) Subject to the limitations
set forth in Section 3.4 hereof, following the Closing, Contributor shall be liable under this Agreement for monetary damages (or
otherwise) for breach of any of its representations, warranties, covenants and obligations contained in this Agreement or in any
Schedule, Exhibit, certificate or affidavit delivered by Contributor pursuant thereto.

 

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3.2 General Indemnification.

 

(a)
 From
and after the Closing Date, Contributor shall indemnify, hold harmless and defend the Operating Partnership and the REIT, and their
respective officers, directors, employees, stockholders, partners, agents and affiliates (each of which is an “Indemnified
Party”), from and against any and all claims, losses, damages, liabilities and expenses, including, without limitation,
interest, penalties, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, judicial or administrative
proceedings or appeals therefrom and costs of attachment or similar bonds (collectively, “Losses”) asserted
against, imposed upon or incurred by the Indemnified Party, to the extent resulting from any breach of a representation, warranty
or covenant of Contributor contained in this Agreement, or in any Schedule, Exhibit, certificate or affidavit delivered by Contributor
pursuant thereto. In each case, Contributor shall only bear the fees, costs or expenses in connection with the employment of one
counsel and any necessary local counsel (regardless of the number of Indemnified Parties).

 

(b) Contributor shall
also indemnify and hold harmless the Indemnified Parties from and against any and all Losses asserted against, imposed upon or
incurred by the Indemnified Parties to the extent resulting a third-party claim relating to the Contributed Interests arising from
matters that occurred prior to the Closing.

 

(c) With respect to any
indemnification claim by an Indemnified Party pursuant to this Section 3.2, to the extent available, the Operating Partnership
agrees to use diligent good faith efforts to pursue and collect any and all available proceeds and benefits of any right to defense
under any insurance policy that covers the matter which is the subject of the indemnification prior to seeking indemnification
from Contributor until all proceeds and benefits, if any, to which the Operating Partnership or the Indemnified Party is entitled
pursuant to such insurance policy have been exhausted; provided, however, that the Operating Partnership may make a claim under
this Section 3.2 even if an insurance coverage dispute is pending, in which case, if the Indemnified Party later receives insurance
proceeds with respect to any Losses paid by Contributor for the benefit of any Indemnified Party, then the Indemnified Party shall
reimburse Contributor in an amount equivalent to such proceeds in excess of any deductible amount pursuant to Section 3.2(a) hereof
up to the amount actually paid (or deemed paid) by Contributor to the Indemnified Party in connection with such indemnification
(it being understood that all costs and expenses incurred by Contributor with respect to insurance coverage disputes shall constitute
Losses paid by Contributor for purposes of Section 3.2(a) hereof).

 

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3.3 Notice and Defense of
Claims. As soon as reasonably practicable after receipt by the Indemnified Party of notice of any liability or claim
incurred by or asserted against the Indemnified Party that is subject to indemnification under this Article III, the
Indemnified Party shall give notice thereof to Contributor, including liabilities or claims to be applied against the
indemnification deductible established pursuant to Section 3.4 hereof; provided that failure to give notice to Contributor
will not relieve Contributor from any liability that it may have to any Indemnified Party, unless, and only to the extent
that, such failure (a) shall have caused prejudice to the defense of such claim or (b) shall have materially increased the
costs or potential liability of Contributor by reason of the inability or failure of Contributor (due to such lack of prompt
notice) to be involved in any investigations or negotiations regarding any such claim. Such notice shall describe in
reasonable detail the facts known to such Indemnified Party giving rise to such claim, and the
amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by law, such Indemnified Party
shall deliver to Contributor, promptly after such Indemnified Party’s receipt thereof, copies of all notices and
documents received by such Indemnified Party relating to such claim. The Indemnified Party shall permit Contributor, at
Contributor’s option and expense, to assume the defense of any such claim by counsel selected by Contributor and
reasonably satisfactory to the Indemnified Party, and to settle or otherwise dispose of the same; provided, however, that the
Indemnified Party may at all times participate in such defense at its sole expense; and provided further, however, that
Contributor shall not, in defense of any such claim, except with the prior written consent of the Indemnified Party in its
sole and absolute discretion, consent to the entry of any judgment or enter into any settlement that does not include as an
unconditional term thereof the giving by the claimant or plaintiff in question to all Indemnified Parties a full and complete
release of all liabilities in respect of such claims, or that does not result only in the payment of money damages which are
paid (or deemed paid) in full by Contributor. If Contributor shall not have undertaken such defense within 20 days after such
notice, or within such shorter time as may be reasonable under the circumstances to the extent required by applicable law,
then the Indemnified Party shall have the right to undertake the defense, compromise or settlement of such liability or claim
on behalf of and for the account of Contributor and at Contributor’s sole cost and expense (subject to the limitations
in Section 3.4 hereof).

 

3.4 Limitations on Indemnification Under Section
3.2(a).

 

(a) Contributor shall
not be liable under Section 3.2(a) hereof unless and until the total amount recoverable by the Indemnified Parties under Section
3.2(a) exceeds one percent (1%) of the value of the aggregate Consideration (valuing OP Units at the IPO Price) and then only to
the extent of such excess. Contributor’s total liability for indemnification shall not exceed the Consideration.

 

(b) Notwithstanding anything
contained herein to the contrary, before taking recourse against any assets of Contributor and subject to the limitations set forth
in the following sentence, the Indemnified Parties shall look, first to available insurance proceeds (including without limitation
any title insurance proceeds, if applicable) in accordance with Section 3.2(c) above, and then to indemnification under this Article
III, (and agree to treat any return of OP Units in satisfaction of indemnification obligations hereunder as an adjustment to the
Consideration delivered to Contributor hereunder). Notwithstanding anything to the contrary in this Agreement, except in the case
of fraud or in the event of Losses relating to a third-party claim, Contributor shall not be liable to the Indemnified Parties
for any indirect, special or consequential damages, loss of profits, taxes relating to tax years beginning on or after the Closing,
loss of value or other similar speculative damages asserted or claimed by the Indemnified Parties.

 

(c) The limitations in
this Section 3.4 shall not apply to any obligations of Contributor with respect to Prorations under this Agreement.

 

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3.5 Limitation Period.

 

(a)
 Any
claim for indemnification under Section 3.2 hereof must be asserted in writing by the Indemnified Party, stating the nature of
the Losses and the basis for indemnification therefor on or prior to the fifth anniversary of the Closing.

 

(b) If asserted in writing
on or prior to the date specified in Section 3.5(a) hereof for the applicable claim, any claims for indemnification pursuant to
Section 3.2 hereof shall survive until resolved by mutual agreement between Contributor and the Indemnified Party or by arbitration
or court proceeding.

 

3.6 Delivery of
Indemnity Amounts. Indemnity payments may be made by Contributor in the form of cash or OP Units. To the extent indemnification
is made through delivery by Contributor of OP Units, such OP Units shall be valued at an amount per OP Unit equal to the IPO Price.
Contributor hereby authorizes the REIT, as general partner of the Operating Partnership, to take all such action as may be necessary
to amend the Partnership Agreement, and any exhibits or schedules thereto, to reflect the delivery of any OP Units by Contributor
to the Operating Partnership as an indemnification payment hereunder and to reflect that Contributor has no further right, title
or interest with respect to any such OP Units.

 

ARTICLE IV

 

COVENANTS

 

4.1 Covenants of Contributor.

 

(a) Satisfaction
of Conditions. Contributor hereby covenants that Contributor shall: (A) use commercially reasonable efforts and diligence
in order to satisfy all of the conditions to the Closing set forth herein, and (B) cooperate and assist in the Operating Partnership’s
efforts to satisfy all of the conditions to the Closing set forth herein, and agrees that the Operating Partnership shall not
have any obligation to consummate the Closing hereunder unless and until such conditions have been satisfied or waived by the
Operating Partnership in writing.

 

(b) Consent to
Transfers. Contributor hereby consents to the transfer of, and waives any rights of first refusal, right of first offer, buy-sell
agreements, put, option or similar parallel or dissenter rights or similar rights afforded to Contributor under the Governing
Agreements or otherwise with respect to any equity ownership interest in any Contributed Entity, Property Entity or Property or
any other company or property being contributed or transferred to the Operating Partnership pursuant to a separate contribution
or other agreement.

 

(c) No Disposition
or Encumbrance of Contributed Interests. From the date hereof through the Closing, except as specifically contemplated by
this Agreement, Contributor shall not, without the prior written consent of the Operating Partnership: (i) sell, transfer (or
agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of (or agree to do any of the foregoing)
all or any portion of the Contributed Interests or all or any portion of its interest in any Property Partnership or Property;
or (ii) mortgage, assign, pledge or otherwise encumber in any manner the Contributed Interests, the Property Entity or the Property.

 

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(d) Ordinary
Course of Business. From the date hereof through the Closing, and except as specifically contemplated by this Agreement,
Contributor shall, to the extent within its control, cause each Contributed Entity and Property Entity to conduct its
business in the ordinary course of business consistent with past practice, and shall, to the extent within its control, not
permit any Contributed Entity or any Property Entity without the prior written consent of the Operating Partnership, to: (i)
enter into any material transaction not in the ordinary course of business; (ii) mortgage, pledge or encumber any assets of
the Contributed Entity any Property Entity or any Property, (iii) cause or permit any change to the existing use of any
Property; (iv) cause or take any action that would render any of the representations or warranties set forth herein untrue;
(v) file an entity classification election pursuant to Treasury Regulations Section 301.7701-3(c) on Internal Revenue Service
Form 8832 (Entity Classification Election) to treat the Contributed Entity as an association taxable as a corporation for
federal income tax purposes; (vi) make or change any other tax elections; (vii) settle or compromise any claim, notice, audit
report or assessment in respect of taxes; (viii) change any annual tax accounting period; (ix) adopt or change any method of
tax accounting; (x) file any amended return, report or form (including an election, declaration, amendment, schedule,
information return or attachment thereto) required to be filed with a governmental authority with respect to taxes (each, a
“Tax Return”); (xi) enter into any tax allocation agreement, tax sharing agreement, tax indemnity
agreement or closing agreement relating to any tax; (xii) surrender any right to claim a tax refund; (xiii) consent to any
extension or waiver of the statute of limitations period applicable to any tax claim or assessment; or (xiv) make any
distribution to its partners or members, except for cash distributions in the ordinary course of business consistent with
past practices or as permitted by this Agreement.

 

4.2 Tax Matters.

 

(a) Tax Returns.

 

		(A)	Pre-Closing Tax Periods. Contributor shall prepare
and timely file all Tax Returns (other than amended Tax Returns) of the Contributed Entities for any Pre-Closing Tax Periods,
and Contributor shall remit or cause to be remitted any Taxes due in respect of such Pre-Closing Tax Periods. Such Tax Returns
shall be prepared in a manner consistent with past practice, except as otherwise required by law, and on such Tax Returns, no
position shall be taken, election made or method adopted that is inconsistent with positions taken, elections made or methods
used in preparing and filing similar Tax Returns in prior periods (including positions, elections or methods that would have the
effect of deferring income to periods ending after the Closing Date or accelerating deductions to periods ending on or before
the Closing Date). For the avoidance of doubt, the Operating Partnership will have authority to sign any Tax Returns relating
to the Contributed Entities that are filed after the Closing Date.

 

		(B)	Straddle Periods and Post-Closing Periods. The Operating
Partnership shall prepare and timely file all Tax Returns of the Contributed Entities for all taxable periods other than the Pre-Closing
Tax Periods, and the Operating Partnership shall remit or cause to be remitted any Taxes due in respect of such taxable periods.
At least 45 days prior to the deadline for the filing of any Tax Return for a Straddle Period (and
before the Operating Partnership files such Tax Return), the Operating Partnership shall furnish to Contributor a draft of such
Tax Return and Contributor shall have the right to review, provide written comments on, and approve the portion of such draft
Tax Return that relates to Taxes allocable to the portion of the Straddle Period for which Contributor is responsible.

 

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(b) Tax Matters.
Contributor shall pay and indemnify, without duplication, the Operating Partnership for the following Taxes (and all related
Adverse Consequences, including all out-of-pocket expenses incurred in defending an audit or other claim relating to such
Taxes):

 

		(A)	all such Taxes resulting from a breach of any representation
in Section 1.14 of the Representations, Warranty and Indemnity Agreement or a breach of any provision of this Section 4.2;

 

		(B)	with respect to such Taxes attributable to any Pre-Closing
Tax Period: (i) all such Taxes of the Contributed Entities; (ii) all such Taxes of any other Person that the Contributed Entities
are liable for as a result of transferee liability, successor liability, or a contractual obligation, in each case, that is attributable
to, or arose as a result of actions or breaches, incurred in such Pre-Closing Tax Period; and (iii) all Taxes resulting from a
Contributed Entity being a member of, or leaving, during a Pre-Closing Tax Period, an affiliated group of corporations that files
a consolidated, combined or unitary Tax Return for federal, state, local or foreign Tax purposes; and

 

		(C)	with respect
                                         to such Taxes attributable to any Straddle Period: (i) the Taxes of a Contributed Entity
                                         attributable to the portion of such Straddle Period that ends on the Closing Date, as
                                         determined under Section 4.2(c); and (ii) the Taxes of any other person that a
                                         Contributed Entity is liable for as a result of transferee liability, successor liability,
                                         or a contractual obligation, in each case, that is attributable to, or arose as a result
                                         of actions or breaches, incurred on or before the Closing Date, as determined under Section
                                         4.2(c).

 

For the avoidance of doubt,
the indemnification obligations of the Contributor under this Section 4.2 shall not be subject to the amount limitations
set forth in Article III.

 

(c) Allocation
of Taxes. For purposes of determining the amount of Taxes that relate to Pre-Closing Tax Periods and Straddle Periods for
purposes of any obligation to indemnify for Taxes under Section 4.2(b) the parties agree to use the following
conventions:

 

		(A)	Taxes in the form of interest, penalties, additions to
tax or other additional amounts that are actually incurred, accrued, assessed or similarly charged on or after the Closing Date
but that relate to Taxes that accrued on or before the Closing Date shall be treated as occurring prior to the Closing Date;

 

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		(B)	Except for Taxes
                                         for which the Operating Partnership is responsible hereunder and for real estate taxes
                                         (apportioned pursuant to Section 1.5), for all Taxes that are payable with respect
                                         to any Straddle Period, the portion of such Tax that is attributable
                                         to the portion of the Straddle Period ending on the Closing Date shall be allocated between
                                         the portion of the period ending on the Closing Date and the portion of the period beginning
                                         after the Closing Date using the following conventions:

 

(1) in the
case of such Taxes resulting from, or imposed on, net or gross income, Taxes resulting from, or imposed on, any sale, receipt,
use, transfer or assignments of property or other asset, or Taxes resulting from, or imposed on, any payment or accrual of any
amounts (including, without limitation, dividends, interest, or wages), the amount allocated to the portion of the period ending
on the Closing Date shall be the amount of Tax that would be payable for such portion of the Straddle Period if such person filed
a separate Tax Return with respect to such Taxes or Taxes solely for the portion of the Straddle Period ending on the Closing Date
using a “closing of the books” methodology for allocating items of such Tax Return; and

 

(2) in the
case of all other such Taxes, the amount allocated to the portion of the period ending on the Closing Date shall equal to the amount
of Taxes for the entire Straddle Period multiplied by a fraction the numerator of which is the number of calendar days in the portion
of the period ending on the Closing Date and the denominator of which is the number of calendar days in the entire Straddle Period.

 

For purposes of clause (i), any item determined
on an annual or periodic basis (including amortization and depreciation deductions and the effects of graduated rates) shall be
allocated to the portion of the Straddle Period ending on the Closing Date based on the relative number of days in such portion
of the Straddle Period as compared to the number of days in the entire Straddle Period.

 

(d) Survival.
The obligations of Contributor to pay or indemnify for a Tax under this Section 4.2 shall expire upon the expiration of
the applicable statute of limitations (after taking into account any waiver, extension, tolling, or mitigation thereof) of the
underlying Tax; provided, however, to the extent that Contributor’s obligation to pay a Tax arises under a contract or other
agreement or arrangement, Contributor’s obligations under this Section 4.2 shall not expire until sixty (60) days
after the expiration of such Contributor’s obligation to pay such Tax under the contract or other agreement or arrangement.
All other obligations of Contributor under this Section 4.2 shall survive until fully performed.

 

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(e) Contributor
and the Operating Partnership shall provide each other with such cooperation and information relating to any of the
Contributed Interests, the Contributed Entities, their subsidiaries, the Property Entities or the Properties as the parties
reasonably may request in (i) filing any Tax Return, amended Tax Return or claim for tax refund, (ii) determining any
liability for taxes or a right to a tax refund, (iii) conducting or defending any proceeding in respect of taxes, or (iv)
performing tax diligence, including with respect to the impact of this transaction on the REIT’s tax status as a REIT.
Such reasonable cooperation shall include making employees available on a mutually convenient basis to provide additional
information and explanation of any material provided hereunder. The Operating Partnership shall promptly notify Contributor
upon receipt by the Operating Partnership or any of its affiliates of notice of (i) any pending or threatened tax audits or
assessments with respect to the income, properties or operations of any of the Contributed
Entities, their subsidiaries, the Property Entities or their subsidiaries or with respect to any Property and (ii) any
pending or threatened federal, state, local or foreign tax audits or assessments of the Operating Partnership or any of its
affiliates, in each case, which may affect the liabilities for taxes of Contributor with respect to any tax period ending
before or as a result of the Closing. Contributor shall promptly notify the Operating Partnership in writing upon receipt by
Contributor or any of its affiliates of notice of any pending or threatened federal, state, local or foreign tax audits
or assessments relating to the income, properties or operations of any of the Contributed Entities, the Property Entities or
their subsidiaries or with respect to any Property. Each of the Operating Partnership and Contributor may participate at its
own expense in the prosecution of any claim or audit with respect to taxes attributable to any taxable period ending on or
before the Closing Date; provided, that Contributor shall have the right to control the conduct of any such audit or
proceeding or portion thereof for which such Contributor has acknowledged liability (except as a partner of the Operating
Partnership) for the payment of any additional tax liability, and the Operating Partnership shall have the right to control
any other audits and proceedings. Notwithstanding the foregoing, neither the Operating Partnership nor Contributor may settle
or otherwise resolve any such claim, suit or proceeding which could have an adverse tax effect on the other party or its
affiliates (other than on Contributor or any of its affiliates as a partner of the Operating Partnership) without the consent
of the other party, such consent not to be unreasonably withheld. Contributor and the Operating Partnership shall retain all
Tax Returns, schedules and work papers with respect to the Contributed Entities, the Property Entities, their subsidiaries,
and the Properties, and all material records and other documents relating thereto, until the expiration of the statute of
limitations (and, to the extent notified by any party, any extensions thereof) of the taxable years to which such Tax Returns
and other documents relate and until the final determination of any tax in respect of such years.

 

(f) For purposes of allocating items of income,
gain, loss and deduction with respect to the Property and/or the Contributed Interests in the manner required by Section
704(c) of the Code, the Operating Partnership shall employ, and shall cause any entity controlled by the Operating
Partnership which holds title to the Property or the Contributed Interests to employ, the “traditional method”
(without curative allocations) as set forth in Treasury Regulations section 1.704-3(b)(1).

 

4.3 Relationship to Contributed
Entities. Contributor and the Operating Partnership acknowledge and agree that, from and after the Closing, Contributor
shall no longer be a member, partner, stockholder or equity owner, or, if applicable, managing member or general partner, of
any Contributed Entity and shall have no rights or benefits under any Governing Agreement.

 

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ARTICLE V

 

CONDITIONS PRECEDENT TO THE CLOSING

 

5.1 Conditions to the Operating
Partnership’s Obligation. In addition to any other conditions set forth in this Agreement, the Operating
Partnership’s obligation to consummate the Closing is subject to the timely satisfaction of each and every one of the
conditions and requirements set forth in this Section 5.1, all of which shall be conditions
precedent to the Operating Partnership’s obligations under this Agreement.

 

(a) IPO. The
IPO, in such form and substance as the REIT, in its sole and absolute discretion, shall have determined to be acceptable, shall
have been completed (or be completed simultaneously with the Closing).

 

(b) Formation Transactions.
The formation transactions described in the Prospectus shall have occurred or be scheduled to occur contemporaneously with the
Closing hereunder.

 

(c) Representations
and Warranties. The representations and warranties made by Contributor pursuant to this Agreement, as well as those contained
in the Representation, Warranty and Indemnity Agreement, shall be true and correct as of the Closing as though such representations
and warranties were made at the Closing and, if requested by the Operating Partnership, Contributor shall have delivered a certificate
to the Operating Partnership to such effect in regard to Contributor’s representations and warranties set forth in this
Agreement.

 

(d) Performance.
Contributor shall have performed and complied with all agreements and covenants that it is required to perform or comply with
pursuant to this Agreement prior to the Closing, including having delivered each of the items set forth in Section 5.2 hereof.

 

(e) Legal Proceedings.
No order, statute, rule, regulation, executive order, injunction, stay, decree, or restraining order shall have been enacted,
entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that restrains, prohibits or otherwise
invalidates the consummation of the transactions contemplated by this Agreement, and no litigation or governmental proceeding
seeking such an order shall be pending or threatened.

 

(f) Consents and
Approvals. All necessary approvals and consents of governmental and private parties, including, without limitation, all ground
lessors, tenants, other parties to service contracts, lenders and ratings agencies, partners, members or stockholders of any Contributed
Entity, Property Entity or their subsidiaries, to effect the transactions contemplated by this Agreement, shall have been obtained.

 

(g) Reliance on
Regulation D. If Contributor has elected to receive OP Units, the Operating Partnership shall, based on the advice of its
counsel and the representations made by Contributor in Contributor’s Investor Questionnaire, be reasonably satisfied that
the issuance of OP Units to Contributor may be made without registration under the Securities Act in reliance on Regulation D
under the Securities Act.

 

(h) Representation,
Warranty and Indemnity Agreement. Each of the parties thereto shall have entered into the Representation, Warranty and Indemnity
Agreement.

 

(i) No Material
Adverse Change. There shall have not occurred between the date hereof and the Closing Date any material adverse change with
respect to any of the Contributed Interests or any material adverse change in any of the assets, business, condition (financial
or otherwise), results of operation or prospects of any Property, Property Entity or Contributed Entity.

 

(j) Tenant and Lender Estoppels. The
Operating Partnership shall have received tenant and lender estoppels in form and substance satisfactory to the Operating
Partnership and its counsel.

 

    16

     

    

 

5.2 Conditions to Contributor’s
Obligation. In addition to any other conditions set forth in this Agreement, Contributor’s obligation to consummate
the Closing is subject to the timely satisfaction of each and every one of the conditions and requirements set forth in this
Section 5.2, all of which shall be conditions precedent to Contributor’s obligations under this Agreement.

 

(a) Representations
and Warranties. The representations and warranties made by the Operating Partnership pursuant to this Agreement shall be true
and correct as of the Closing as though such representations and warranties were made at the Closing.

 

(b) Performance.
The Operating Partnership shall have performed and complied in all material respects with all agreements and covenants that it
is required to perform or comply with pursuant to this Agreement prior to the Closing.

 

(c) Legal Proceedings.
No order, statute, rule, regulation, executive order, injunction, stay, decree, or restraining order shall have been enacted,
entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the consummation
of the transactions contemplated by this Agreement, and no litigation or governmental proceeding seeking such an order shall be
pending or threatened.

 

ARTICLE VI

 

CLOSING AND CLOSING DOCUMENTS

 

6.1 Closing. The consummation and
closing of the transactions contemplated pursuant to this Agreement (the “Closing”) shall take place at
the offices of Hunton Andrews Kurth LLP in New York, New York, or such other place as the Operating Partnership may
designate, promptly following satisfaction of the conditions to the Closing set forth herein (the “Closing
Date”), or as otherwise set by agreement of the parties.

 

6.2 Contributor’s Deliveries. At
the Closing, Contributor shall deliver the following to the Operating Partnership in addition to all other items required to
be delivered to the Operating Partnership by Contributor:

 

(a) Assignment
of Contributed Interests. An Assignment, in substantially the form of Exhibit C attached hereto.

 

(b) Execution of
Partnership Agreement. If Contributor has elected to receive OP Units, signature pages of the Partnership Agreement duly executed
by Contributor, as limited partner.

 

    17

     

    

 

(c)
 FIRPTA Certificate. An affidavit from Contributor certifying pursuant to Section 1445 and Section 1446(f) of the Code that
Contributor is not a foreign corporation, foreign partnership, foreign trust, foreign estate or foreign person (as those terms
are defined in the Code and the Treasury Regulations promulgated thereunder).

 

(d) Other Documents.
Any other document or instrument reasonably requested by the Operating Partnership or required hereby.

 

6.3 Default Remedies. If Contributor defaults
in performing any of Contributor’s obligations under this Agreement, the Operating Partnership shall have all rights and
remedies available to it at law or in equity resulting from Contributor’s default, including without limitation, the right
to seek specific performance of this Agreement and Contributor’s obligation to convey the Contributed Interests to the Operating
Partnership hereunder. The parties acknowledge and agree that the failure of a condition precedent to occur, notwithstanding the
good faith and commercially reasonable efforts of the applicable party, shall not be a default hereunder.

 

ARTICLE VII

 

MISCELLANEOUS

 

7.1 Notices. Any notice provided for by
this Agreement and any other notice, demand, or communication required hereunder shall be in writing and either delivered in
person (including by confirmed facsimile transmission) or sent by hand delivered against receipt or sent by recognized
overnight delivery service or by certified or registered mail, postage prepaid, with return receipt requested. All notices
shall be addressed as follows:

 

Operating Partnership:

 

Postal Re¢alty LP

75 Columbia Avenue

Cedarhurst, NY 11516

Attention:
Andrew Spodek

 

with a copy to (which shall not constitute notice):

 

Hunton Andrews Kurth LLP

Riverfront Plaza, East
Tower

951 E. Byrd Street

Richmond, Virginia 23219

Attention: James V. Davidson

Fax No.: 804-787-8035

 

Contributor:

 

Andrew Spodek

75 Columbia Avenue

Cedarhurst, NY 11516

 

    18

     

    

 

Any address or name specified above may
be changed by a notice given by the addressee to the other party. Any notice, demand or other communication shall be deemed given
and effective as of the date of delivery in person or set forth on the return receipt. The inability to deliver because of changed
address of which no notice was given, or rejection or other refusal to accept any notice, demand or other communication, shall
be deemed to be receipt of the notice, demand or other communication as of the date of such attempt to deliver or rejection or
refusal to accept.

 

7.2 Entire Agreement; Third-Party
Beneficiaries. This Agreement, including, without limitation, the exhibits hereto, constitutes the entire agreement and
supersedes each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter of
this Agreement. This Agreement is not intended to confer any rights or remedies on any person other than the parties
hereto.

 

7.3 Amendment. This Agreement may not be amended
except by an instrument in writing signed on behalf of each of the parties hereto.

 

7.4 Governing Law.

 

(a) This Agreement shall
be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law rules
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be, except to the extent otherwise required by applicable law, commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any provision of this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding.

 

(b) Each party hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing
a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law.

 

(c) If one or
more parties shall commence an action, suit or proceeding to enforce any provision of this Agreement, the prevailing party or
parties in such action, suit or proceeding shall be reimbursed by the other party or parties to such action, suit or
proceeding for the reasonable attorneys’ fees and other costs and expenses incurred by the prevailing party or parties
with the investigation, preparation and prosecution of such action, suit or proceeding.

 

    19

     

    

 

7.5 Counterparts. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of
copies hereof, each signed by less than all, but together signed by all of the parties hereto. Each party may rely upon the
facsimile or electronic pdf email signature of any other party as if such signature were an original signature.

 

7.6 Headings. Headings of the Articles
and Sections of this Agreement are for the convenience of the parties only, and shall be given no substantive or interpretive
effect whatsoever.

 

7.7 Incorporation. All Exhibits attached
hereto and referred to herein are hereby incorporated herein and made a part hereof for all purposes as if fully set forth
herein.

 

7.8 Severability. Any term or provision
of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the
extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions
of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any
other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted
to be only so broad as is enforceable.

 

7.9 Waiver of Conditions. The conditions to
each party’s obligations hereunder are for the sole benefit of such party and may be waived by such party in whole or in
part to the extent permitted by applicable law.

 

[Signature Page Follows.]

 

    20

     

    

 

IN WITNESS WHEREOF,
this Agreement has been entered into effective as of the date first written above.

 

	 	CONTRIBUTOR:
	 	 
	 	/s/ Andrew Spodek
	 	Name: Andrew Spodek
	 	 
	 	TAYAKA HOLDINGS, LLC
	 	 	 
	 	 	By:	/s/ Andrew Spodek
	 	 	 	Name:	Andrew Spodek
	 	 	 	Title:	Member
	 	 	 
	 	IDJ HOLDINGS, LLC
	 	 	 
	 	 	By:	/s/ Andrew Spodek
	 	 	 	Name:	Andrew Spodek
	 	 	 	Title:	Member
	 	 	 
	 	OPERATING PARTNERSHIP:
	 	 
	 	POSTAL REALTY LP, a Delaware limited partnership
	 	 
	 	By:	Postal Realty Trust, Inc.
	 	 	its general partner
	 	 	 
	 	 	By:	/s/ Andrew Spodek
	 	 	 	Name: 	Andrew Spodek
	 	 	 	Title:	Chief Executive Officer

 

[Signature page
to AS Contribution Agreement]

 

     

     

    

 

	 	REIT
	 	 
	 	POSTAL REALTY TRUST, INC., a Maryland corporation 
	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name: 	Andrew Spodek
	 	 	 	Title:	Chief Executive Officer

 

[Signature page
to AS Contribution Agreement]

 

     

     

    

 

Exhibit A

 

Contributed Entities, Contributed
Interests, Property, Property

Entity and Indebtedness

 

	
        Contributor
	
        Contributed

        Interest/

        Contributed Entity
	Property	Indebtedness
	Andrew Spodek	100% interest in 

Alabama Postal 

Holdings, LLC	Cedar Bluff, AL	-
	85% interest in 

Harbor Station, LLC	Milwaukee, WI	-
	100% interest in 

Illinois Postal 

Holdings, LLC	Trenton, IL	-
	100% interest in Iowa 

Postal Holdings, LLC	Spirit Lake, IA	-
	100% interest in 

Mass Postal 

Holdings, LLC	Auburn, MA	-
	East Weymouth, MA	-
	North Quincy, MA	-
	Sharon, MA	-
	North Weymouth, 

MA	-
	Maynard, MA	-
	100% interest in 

Michigan Postal 

Holdings, LLC	Detroit, MI	-
	Portland, MI	-
	Shepherd, MI	-
	100% interest in 

Missouri & 

Minnesota Postal 

Holdings, LLC	Saint Ann, MO	-
	Shelbina, MO	-
	La Grange, MO	-
	Butterfield, MN	$91,553.10
	Fulda, MN	$104,523.12
	Mountain Lake, MN	$103,760.18
	Trimont, MN	$85,449.56
	100% interest in Ohio	Reynoldsburg, Ohio	$924,161.48

 

Exhibit A

 

     

     

    

 

	 	Postal Holdings, LLC	Rittman, OH	-
	Cincinnati, OH	-
	Camden, OH	-
	Norwood, OH	-
	Toledo, OH	-
	100% interest in 

Pennsylvania Postal 

Holdings, LLC	Denver, PA	$607,748.82
	Nescopeck, PA	-
	Williamsburg, PA	-
	Middleburg, PA	$202,584.76
	Dillsburg, PA	$280,500.08
	Reynoldsville, PA	$187,000.06
	Glen Rock, PA	$280,500.08
	100% interest in 

Postal Holdings, LLC	Galena, AK	-
	Fairview, OK	-
	100% interest in 

Tennessee Postal 

Holdings, LLC	Chattanooga, TN	-
	Woodbury, TN	-
	100% interest in 

Wisconsin Postal 

Holdings LLC	Milwaukee, WI	-
	Milwaukee, WI	-
	Stevens Point, WI	-
	Marinette, WI	-

 

Total Consideration

 

Total

Consideration

888,152 OP

       Units      

 

Exhibit A

 

     

     

    

 

Exhibit
C

 

Assignment

 

The undersigned
(“Assignor”), for good and valuable consideration paid to the Assignor by Postal Realty LP, a Delaware
limited partnership (“Assignee”), pursuant to the Contribution Agreement dated as of , 2019, by and among
Assignor, Assignee and Postal Realty Trust, Inc. (the “Agreement”), and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, does hereby sell, assign, transfer, convey and
deliver to the Assignee, its successors and assigns, good and indefeasible right, title and interest to the [partnership
or limited liability company interests/shares of common stock] described on Schedule A attached hereto, including,
without limitation, all right, title and interest, if any, of the undersigned in and to the assets of each such [partnership/limited
liability company/corporation] and the right to receive distributions of money, profits and other assets from each such
entity, presently existing or hereafter at any time arising or accruing, free and clear of all liens, encumbrances, security
interests, pledges, voting agreements, prior assignments or conveyances, conditions, restrictions, claims, and any other
matters affecting title thereto, except as described on Schedule A hereto.

 

The undersigned, for
itself, its successors and assigns, hereby covenants and agrees that, at any time and from time to time after the date hereof,
upon the written request of Assignee, the undersigned will, without further consideration, do, execute, acknowledge, and deliver
or cause to be done, executed, acknowledged and delivered, each of and all of such further acts, deeds, assignments, transfers,
conveyances and assurances as may reasonably be required by Assignee in order to assign, transfer, set over, convey, assure and
confirm unto and vest in Assignee, its successors and assigns, title to the interests described in Schedule A attached hereto.

 

Capitalized terms used
but not defined herein shall have the respective meanings ascribed to them in the Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment to be signed by a duly authorized officer this ___ day of _____, 2019.

 

	 	___________, a
	 	____________ _____________

 

	 	By: 	 
	 		Name: 
	 		Title:

 

Exhibit C

 

     

     

    

 

Schedule A

 

	 	 	Contributed	 	 	 	Property	 	 
	Contributed Entity	 	Interest (%)	 	Property	 	Entity	 	Indebtedness

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