Document:

Exhibit 10.15

 

FORM OF INDEMNIFICATION
AGREEMENT

 

This INDEMNIFICATION AGREEMENT (this “Agreement”)
is entered into as of ____________, 20__ (the “Effective Date”), by and among FREEHOLD PROPERTIES, INC., a Maryland
corporation (the “Company” or the “Indemnitor”) and [                   ] (the “Indemnitee”).

 

WHEREAS, the Indemnitee is an officer [or][and]
a member of the Board of Directors of the Company and in such [capacity][capacities] is performing a valuable service for the Company;

 

WHEREAS, Maryland law permits the Company to enter
into contracts with its officers or members of its Board of Directors with respect to indemnification of, and advancement of expenses
to, such persons;

 

WHEREAS, the Articles of Amendment and Restatement
of the Company (the “Charter”) provide that the Company shall indemnify and advance expenses to its directors and officers
to the maximum extent permitted by Maryland law in effect from time to time;

 

WHEREAS, the Amended and Restated Bylaws of the
Company (the “Bylaws”) provide that each director and officer of the Company shall be indemnified by the Company to
the maximum extent permitted by Maryland law in effect from time to time and shall be entitled to advancement of expenses consistent with
Maryland law; and

 

WHEREAS, to induce the Indemnitee to provide services
to the Company as an officer [or][and] a member of the Board of Directors, and to provide the Indemnitee with specific contractual assurance
that indemnification will be available to the Indemnitee regardless of, among other things, any amendment to or revocation of the Charter
or the Bylaws, or any acquisition transaction relating to the Company, the Indemnitor desires to provide the Indemnitee with protection
against personal liability as set forth herein.

 

NOW, THEREFORE, in consideration of the premises
and the covenants contained herein, the Indemnitor and the Indemnitee hereby agree as follows:

 

		1.	DEFINITIONS.

 

For purposes of this Agreement:

 

(a)              
“Change in Control” shall have the meaning ascribed to it by the Freehold Properties, Inc. Equity Incentive
Plan or any equity incentive or stock compensation plan adopted by the Board of Directors and approved by the stockholders of the Company
that may later replace the Freehold Properties, Inc. Equity Incentive Plan.

 

(b)               “Corporate
Status” describes the status of a person who is or was a director or officer of the Company or is or was serving at the
request of the Company as a director, officer, partner (limited or general), member, director, employee or agent of any other
foreign or domestic corporation, partnership, joint venture, limited liability company, trust, other enterprise (whether conducted
for profit or not for profit) or employee benefit plan. The Company shall be deemed to have requested the Indemnitee to serve an
employee benefit plan where the performance of the Indemnitee’s duties to the Company also imposes or imposed duties on, or
otherwise involves or involved services by, the Indemnitee to the plan or participants or beneficiaries of the plan.

 

    

     

    

 

(c)              
“Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. Expenses shall also include Expenses incurred
in connection with any appeal resulting from any Proceeding, including, without limitation, the premium, security for and other costs
relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.

 

(d)              
“Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation (including any internal investigation), administrative hearing, or any other proceeding, including appeals therefrom,
whether civil, criminal, administrative, or investigative, except one (i) initiated by the Indemnitee pursuant to paragraph 8 of this
Agreement to enforce such Indemnitee’s rights under this Agreement or (ii) pending or completed on or before the Effective Date,
unless otherwise specifically agreed in writing by the Company and the Indemnitee. If the Indemnitee reasonably believes that a given
situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.

 

(e)              
“Special Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently is, or in the past two years has been, retained to represent (i) the Indemnitor or the Indemnitee in any matter
material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Special Legal Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine
the Indemnitee’s rights under this Agreement, unless such conflict of interest is waived by both the Company and the Indemnitee.

 

		2.	INDEMNIFICATION.

 

The Indemnitee shall be entitled to the
rights of indemnification provided in this paragraph 2 and under applicable law, the Charter, the Bylaws, any other agreement, a
vote of stockholders or resolution of the Board of Directors or otherwise if, by reason of such Indemnitee’s Corporate Status,
such Indemnitee is, or is threatened to be made, a party to any threatened, pending, or completed Proceeding, including a Proceeding
by or in the right of the Company. Unless prohibited by paragraph 14 hereof and subject to the other provisions of this Agreement,
the Indemnitee shall be indemnified hereunder to the maximum extent permitted by Maryland law in effect on the Effective Date and as
amended from time to time (provided, however, that no change in Maryland law shall have the effect of reducing the benefits
available to the Indemnitee hereunder based on Maryland law as in effect on the Effective Date) against judgments, penalties, fines,
liabilities, and settlements and reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with such
Proceeding or any claim, issue or matter therein; provided, however, that if such Proceeding was initiated by or in the right of the
Company, indemnification may not be made in respect of such Proceeding if the Indemnitee shall have been finally adjudged to be
liable to the Company. For purposes of this paragraph 2, excise taxes assessed on the Indemnitee with respect to an employee benefit
plan pursuant to applicable law shall be deemed fines.

 

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		3.	EXPENSES OF A SUCCESSFUL PARTY.

 

Without limiting the effect of any other provision
of this Agreement, including the rights provided for in paragraphs 2 and 4 hereof, and without regard to the provisions of paragraph 6
hereof, to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate Status, a party to and is successful, on
the merits or otherwise, in any Proceeding pursuant to a final non-appealable order, such Indemnitee shall be indemnified against all
reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection therewith. If the Indemnitee is not wholly successful
in such Proceeding pursuant to a final non-appealable order but is successful, on the merits or otherwise, as to one or more but less
than all claims, issues, or matters in such Proceeding pursuant to a final non-appealable order, the Indemnitor shall indemnify the Indemnitee
against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with each successfully resolved claim,
issue or matter. For purposes of this paragraph and without limitation, the termination of any claim, issue or matter in such Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

		4.	ADVANCEMENT OF EXPENSES.

 

Notwithstanding anything in this Agreement to
the contrary, but subject to paragraph 14 hereof, if the Indemnitee is or was or becomes a party to or is otherwise involved in any
Proceeding (including as a witness), or is or was threatened to be made a party to or a participant (including as a witness) in any
such Proceeding, by reason of the Indemnitee’s Corporate Status, or by reason of (or arising in part out of) any actual or
alleged event or occurrence related to the Indemnitee’s Corporate Status, or by reason of any actual or alleged act or
omission on the part of the Indemnitee taken or omitted in or relating to the Indemnitee’s Corporate Status, then the
Indemnitor shall advance all reasonable Expenses incurred by the Indemnitee in connection with any such Proceeding within twenty
(20) days after the receipt by the Indemnitor of a statement from the Indemnitee requesting such advance from time to time, whether
prior to or after final disposition of such Proceeding; provided that, such statement shall reasonably evidence the Expenses
incurred or to be incurred by the Indemnitee and shall include or be preceded or accompanied by (i) a written affirmation by the
Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Indemnitor
as authorized by this Agreement has been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amounts
advanced if it should ultimately be determined that the standard of conduct has not been met. The undertaking required by clause
(ii) of the immediately preceding sentence shall be an unlimited general obligation of the Indemnitee but need not be secured and
may be accepted without reference to financial ability to make the repayment.

 

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		5.	WITNESS EXPENSES.

 

Notwithstanding any other provision of this Agreement,
to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate Status, a witness for any reason in any Proceeding
to which such Indemnitee is not a named defendant or respondent, such Indemnitee shall be indemnified by the Indemnitor against all Expenses
actually incurred by or on behalf of such Indemnitee in connection therewith.

 

		6.	DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION.

 

(a)              
To obtain indemnification under this Agreement, the Indemnitee shall submit to the Indemnitor a written request, including therewith
such documentation and information reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification.

 

(b)               Indemnification
under this Agreement may not be made unless authorized for a specific Proceeding after a determination has been made in accordance
with this paragraph 6(b) that indemnification of the Indemnitee is permissible in the circumstances because the Indemnitee has met
the following standard of conduct: the Indemnitor shall indemnify the Indemnitee in accordance with the provisions of paragraph 2
hereof, unless it is established that: (a) the act or omission of the Indemnitee was material to the matter giving rise to the
Proceeding and (x) was committed in bad faith or (y) was the result of active and deliberate dishonesty; (b) the Indemnitee actually
received an improper personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the Indemnitee
had reasonable cause to believe that the act or omission was unlawful. Upon receipt by the Indemnitor of the Indemnitee’s
written request for indemnification pursuant to subparagraph 6(a), a determination as to whether the applicable standard of conduct
has been met shall be made within the period specified in paragraph 6(e): (i) if a Change in Control shall have occurred, by Special
Legal Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee, with Special
Legal Counsel selected by the Indemnitee (the Indemnitee shall give prompt written notice to the Indemnitor advising the Indemnitor
of the identity of the Special Legal Counsel so selected); or (ii) if a Change in Control shall not have occurred, (A) by the Board
of Directors by a majority vote of a quorum consisting of directors not, at the time, parties to the Proceeding, or, if such quorum
cannot be obtained, then by a majority vote of a committee of the Board of Directors consisting solely of two or more directors not,
at the time, parties to such Proceeding and who were duly designated to act in the matter by a majority vote of the full Board of
Directors in which the designated directors who are parties may participate, (B) if the requisite quorum of the full Board of
Directors cannot be obtained therefor and the committee cannot be established (or, even if such quorum is obtainable or such
committee can be established, if such quorum or committee so directs), by Special Legal Counsel in a written opinion to the Board of
Directors, a copy of which shall be delivered to Indemnitee, with Special Legal Counsel selected by the Board of Directors or a
committee of the Board of Directors by vote as set forth in clause (ii)(A) of this paragraph 6(b) (or, if the requisite quorum of
the full Board of Directors cannot be obtained therefor and the committee cannot be established, by a majority of the full Board of
Directors in which directors who are parties to the Proceeding may participate) (if the Indemnitor selects Special Legal Counsel to
make the determination under this clause (ii), the Indemnitor shall give prompt written notice to the Indemnitee advising him or her
of the identity of the Special Legal Counsel so selected) or (C) if so directed by a majority of the members of the Board of
Directors, by the stockholders of the Company. If it is so determined that the Indemnitee is entitled to indemnification, payment to
the Indemnitee shall be made within ten (10) days after such determination. Authorization of indemnification and determination as to
reasonableness of Expenses shall be made in the same manner as the determination that indemnification is permissible. However, if
the determination that indemnification is permissible is made by Special Legal Counsel under clause (ii)(B) above, authorization of
indemnification and determination as to reasonableness of Expenses shall be made in the manner specified under clause (ii)(B) above
for the selection of such Special Legal Counsel.

 

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(c)              
The Indemnitee shall cooperate with the person or entity making such determination with respect to the Indemnitee’s entitlement
to indemnification, including providing upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any reasonable
costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating shall be
borne by the Indemnitor (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and the Indemnitor
hereby indemnifies and agrees to hold the Indemnitee harmless therefrom.

 

(d)               In
the event the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(b)
hereof, the Indemnitee, or the Indemnitor, as the case may be, may, within seven days after such written notice of selection shall
have been given, deliver to the Indemnitor or to the Indemnitee, as the case may be, a written objection to such selection. Such
objection may be asserted only on the grounds that the Special Legal Counsel so selected does not meet the requirements of
 “Special Legal Counsel” as defined in paragraph 1 of this Agreement. If such written objection is made, the Special
Legal Counsel so selected may not serve as Special Legal Counsel until a court has determined that such objection is without merit.
If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant to paragraph 6(a)
hereof, no Special Legal Counsel shall have been selected or, if selected, shall have been objected to, either the Indemnitor or the
Indemnitee may petition a court for resolution of any objection which shall have been made by the Indemnitor or the Indemnitee to
the other’s selection of Special Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected by the
court or by such other person as the court shall designate, and the person with respect to whom an objection is so resolved or the
person so appointed shall act as Special Legal Counsel under paragraph 6(b) hereof. The Indemnitor shall pay all reasonable fees and
expenses of Special Legal Counsel incurred in connection with acting pursuant to paragraph 6(b) hereof, and all reasonable fees and
expenses incident to the selection of such Special Legal Counsel pursuant to this paragraph 6(d). In the event that a determination
of entitlement to indemnification is to be made by Special Legal Counsel and such determination shall not have been made and
delivered in a written opinion within ninety (90) days after the receipt by the Indemnitor of the Indemnitee’s request in
accordance with paragraph 6(a), upon the due commencement of any judicial proceeding in accordance with paragraph 8(a) of this
Agreement, Special Legal Counsel shall be discharged and relieved of any further responsibility in such capacity.

 

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(e)              
If the person or entity making the determination whether the Indemnitee is entitled to indemnification shall not have made a determination
within forty-five (45) days after receipt by the Indemnitor of the request therefor, the requisite determination of entitlement to indemnification
shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification, absent: (i) a misstatement by the Indemnitee
of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. Such 45-day period
may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person or entity making said determination
in good faith requires additional time for the obtaining or evaluating of documentation and/or information relating thereto. The foregoing
provisions of this paragraph 6(e) shall not apply: (i) if the determination of entitlement to indemnification is to be made by the stockholders
and if within fifteen (15) days after receipt by the Indemnitor of the request for such determination the Board of Directors resolves
to submit such determination to the stockholders for consideration at an annual or special meeting thereof to be held within seventy-five
(75) days after such receipt and such determination is made at such meeting, or (ii) if the determination of entitlement to indemnification
is to be made by Special Legal Counsel pursuant to paragraph 6(b) of this Agreement.

 

		7.	PRESUMPTIONS.

 

(a)              
In making a determination with respect to entitlement or authorization of indemnification hereunder, the person or entity making
such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement and the Indemnitor shall have
the burden of proof to overcome such presumption.

 

(b)              
The termination of any Proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of
probation prior to judgment, creates a rebuttable presumption that the Indemnitee did not meet the requisite standard of conduct described
herein for indemnification.

 

		8.	REMEDIES.

 

(a)               In
the event that: (i) a determination is made in accordance with the provisions of paragraph 6 that the Indemnitee is not entitled to
indemnification under this Agreement, or (ii) advancement of reasonable Expenses is not timely made pursuant to this Agreement, or
(iii) payment of indemnification due the Indemnitee under this Agreement is not timely made, the Indemnitee shall be entitled to an
adjudication in an appropriate court of competent jurisdiction of such Indemnitee’s entitlement to such indemnification or
advancement of Expenses.

 

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(b)              
In the event that a determination shall have been made pursuant to paragraph 6 of this Agreement that the Indemnitee is not entitled
to indemnification, any judicial proceeding commenced pursuant to this paragraph 8 shall be conducted in all respects as a de novo trial
on the merits. The fact that a determination had been made earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not
entitled to indemnification shall not be taken into account in any judicial proceeding commenced pursuant to this paragraph 8 and the
Indemnitee shall not be prejudiced in any way by reason of that adverse determination. In any judicial proceeding commenced pursuant to
this paragraph 8, the Indemnitor shall have the burden of proving that the Indemnitee is not entitled to indemnification or advancement
of Expenses, as the case may be.

 

(c)              
If a determination shall have been made or deemed to have been made pursuant to this Agreement that the Indemnitee is entitled
to indemnification, the Indemnitor shall be bound by such determination in any judicial proceeding commenced pursuant to this paragraph
8, absent: (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)              
The Indemnitor shall be precluded from asserting in any judicial proceeding commenced pursuant to this paragraph 8 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Indemnitor is
bound by all the provisions of this Agreement.

 

(e)              
In the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial adjudication of such Indemnitee’s rights
under, or to recover damages for breach of, this Agreement, if successful on the merits or otherwise as to all or less than all claims,
issues or matters in such judicial adjudication, the Indemnitee shall be entitled to recover from the Indemnitor, and shall be indemnified
by the Indemnitor against, any and all reasonable Expenses actually incurred by such Indemnitee in connection with each successfully resolved
claim, issue or matter.

 

		9.	NOTIFICATION AND DEFENSE OF CLAIMS.

 

The Indemnitee agrees promptly to notify the Indemnitor
in writing upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any
Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder, but the failure so to notify
the Indemnitor will not relieve the Indemnitor from any liability that the Indemnitor may have to Indemnitee under this Agreement unless
the Indemnitor is materially prejudiced thereby. With respect to any such Proceeding as to which Indemnitee notifies the Indemnitor of
the commencement thereof:

 

(a)              
The Indemnitor will be entitled to participate therein at its own expense.

 

(b)              
 Except as otherwise provided below, the Indemnitor will be entitled to assume the defense thereof, with counsel reasonably satisfactory
to Indemnitee. After notice from the Indemnitor to Indemnitee of the Indemnitor’s election so to assume the defense thereof, the
Indemnitor will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in
connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have
the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and disbursements of such counsel incurred after notice
from the Indemnitor of the Indemnitor’s assumption of the defense thereof shall be at the expense of Indemnitee unless (a) the employment
of counsel by Indemnitee has been authorized by the Indemnitor, (b) the Indemnitee shall have reasonably concluded that there may be a
conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) such Proceeding seeks
penalties or other relief against the Indemnitee with respect to which the Indemnitor could not provide monetary indemnification to the
Indemnitee (such as injunctive relief or incarceration) or (d) the Indemnitor shall not in fact have employed counsel to assume the defense
of such action, in each of which cases the fees and disbursements of counsel shall be at the expense of the Indemnitor. The Indemnitor
shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Indemnitor, or as to which Indemnitee shall
have reached the conclusion specified in clause (b) above, or which involves penalties or other relief against Indemnitee of the type
referred to in clause (c) above.

 

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(c)              
The Indemnitor shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action
or claim effected without the Indemnitor’s written consent. The Indemnitor shall not settle any action or claim in any manner that
would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Indemnitor nor Indemnitee
will unreasonably withhold or delay consent to any proposed settlement.

 

		10.	MAINTENANCE OF LIABILITY INSURANCE

 

(a)              
The Company will use its reasonable efforts to acquire directors and officers liability insurance (including “insuring clause
A”, commonly known as “Side A Coverage”, or similar coverage pursuant to which the Indemnitee as an individual, and
not the Company, is the insured party, with reasonable limits, retentions and other terms and conditions), on terms and conditions and
in such amounts deemed appropriate by the Board, covering the Indemnitee or any claim made against the Indemnitee for service as a director
or officer of the Company and covering the Company for any indemnification or advance of expenses made by the Company to the Indemnitee
for any claims made against the Indemnitee for service as a director or officer of the Company. Without in any way limiting any other
obligation under this Agreement, the Company shall indemnify the Indemnitee for any payment by the Indemnitee arising out of the amount
of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable
expenses incurred by the Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence.

 

(b)              
 If, at the time of the receipt of a notice of a claim, the Company has directors’ and officers’ liability insurance
in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures
set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay,
on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

(c)              
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors or officers
of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent
of the coverage available, and upon any “Change in Control”, the Company shall obtain continuation and/or “tail”
coverage for the Indemnitee to the maximum amount obtainable at such time.

 

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		11.	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION.

 

(a)              
The rights of indemnification and to receive advancement of reasonable Expenses as provided by this Agreement shall not be deemed
exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any other
agreement, a vote of stockholders, a resolution of the Board of Directors or otherwise, except that any payments otherwise required to
be made by the Indemnitor hereunder shall be offset by any and all amounts received by the Indemnitee from any other indemnitor or under
one or more liability insurance policies maintained by an indemnitor or otherwise and shall not be duplicative of any other payments received
by an Indemnitee from the Indemnitor in respect of the matter giving rise to the indemnity hereunder. No amendment, alteration or repeal
of this Agreement or any provision hereof shall be effective as to the Indemnitee with respect to any action taken or omitted by the Indemnitee
prior to such amendment, alteration or repeal.

 

(b)              
In the event of any payment under this Agreement, the Indemnitor shall be subrogated to the extent of such payment to all of the
rights of recovery of the Indemnitee, who shall execute all papers required and take all actions necessary to secure such rights, including
execution of such documents as are necessary to enable the Indemnitor to bring suit to enforce such rights.

 

(c)              
The Indemnitor shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and
to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise.

 

		12.	CONTINUATION OF INDEMNITY.

 

(a)               All
agreements and obligations of the Indemnitor contained herein shall continue during the period the Indemnitee is an officer or a
member of the Board of Directors of the Company and shall continue thereafter so long as the Indemnitee shall be subject to any
threatened, pending or completed Proceeding by reason of such Indemnitee’s Corporate Status and during the period of statute
of limitations for any act or omission occurring during the Indemnitee’s term of Corporate Status. This Agreement shall be
binding upon the Indemnitor and its respective successors and assigns and shall inure to the benefit of the Indemnitee and such
Indemnitee’s heirs, executors and administrators.

 

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(b)              
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
reasonably satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place.

 

		13.	SEVERABILITY.

 

If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the validity, legality, and enforceability of the
remaining provisions of this Agreement (including, without limitation, each portion of any paragraph of this Agreement containing any
such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way
be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provisions held invalid,
illegal or unenforceable.

 

		14.	EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES.

 

Notwithstanding any other provisions of this Agreement,
the Indemnitee shall not be entitled to indemnification or advancement of reasonable Expenses under this Agreement with respect to (i)
any Proceeding initiated by such Indemnitee against the Indemnitor other than a proceeding commenced pursuant to paragraph 8 hereof, or
(ii) to the extent applicable, any Proceeding for an accounting of profits arising from the purchase and sale by Indemnitee of securities
of the Company in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, rules and regulations promulgated thereunder,
or any similar provisions of any federal, state or local statute.

 

		15.	NOTICE TO THE COMPANY STOCKHOLDERS.

 

Any indemnification of, or advancement of reasonable
Expenses, to an Indemnitee in accordance with this Agreement, if arising out of a Proceeding by or in the right of the Company, shall
be reported in writing to the stockholders of the Company with the notice of the next Company stockholders’ meeting or prior to
the meeting.

 

		16.	HEADINGS.

 

The headings of the paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

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		17.	MODIFICATION AND WAIVER.

 

No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute
a continuing waiver.

 

		18.	NOTICES.

 

All notices, requests, demands, and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom
said notice or other communication shall have been directed, (ii) delivered by e-mail or (iii) mailed by certified or registered mail
with postage prepaid, on the third business day after the date on which it is so mailed, if so delivered or mailed, as the case may be,
to the following addresses:

 

If to the Indemnitee, to the address set forth in the records
of the

Company.

If to the Indemnitor, to:

Freehold Properties, Inc.

232 3rd Avenue N.

Franklin, Tennessee 37064

Attention: Chief Operating Officer

 

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

Morrison & Foerster LLP

2100 L St, NW

Suite 900

Washington, DC 20037

Attention: Andrew P. Campbell, Esq.

Email: andycampbell@mofo.com

 

or to such other address as may have been furnished
to the Indemnitee by the Indemnitor or to the Indemnitor by the Indemnitee, as the case may be.

 

		19.	GOVERNING LAW.

 

The parties agree that this Agreement shall be
governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without application of the conflict of
laws principles thereof.

 

		20.	NO ASSIGNMENTS.

 

The Indemnitee may not assign its rights or delegate
obligations under this Agreement without the prior written consent of the Indemnitor. Any assignment or delegation in violation of this
paragraph 20 shall be null and void.

 

		21.	NO THIRD-PARTY RIGHTS.

 

Nothing expressed or referred to in this Agreement
will be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with
respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions are for the sole and exclusive
benefit of the parties to this Agreement and their successors and permitted assigns.

 

		22.	COUNTERPARTS.

 

This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which together constitute an agreement binding on all of the parties hereto.

 

[Signature page follows.]

 

    11

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.

 

	 	FREEHOLD PROPERTIES, INC.
	 	 
	 	By:	             
	 	Name:
	 	Title:
	 	 
	 	INDEMNITEE:
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Indemnification
Agreement]

 

    12

     

    

 

Schedule A

 

	
    Indemnitee
	 	Date
	Donald C. Brain 	 	November 30, 2021
	Jeffery C. Walraven	 	November 30, 2021
	Louis S. Yi	 	November 30, 2021
	Benjamin H. Hendren	 	November 30, 2021
	John A. Travis	 	November 30, 2021
	Randall L. Churchey	 	November 30, 2021
	Terry Wheatley	 	November 30, 2021
	Lori B. Wittman	 	November 30, 2021

  

    13Exhibit 10.16

 

CONSULTING AGREEMENT 

 

This Consulting Agreement (this “Agreement”),
dated as of __________, 20__, by and between Freehold Properties, Inc., a Maryland corporation (the “Company”), and
James G. Mueller (“Consultant”), an individual. The Company desires to retain Consultant as an independent contractor to perform
consulting services for the Company, and Consultant is willing to perform such services, on the terms described below. In consideration
of the mutual promises contained herein, the parties agree as follows:

 

1.       Term. The
term of this Agreement will commence on the date of the closing of the initial public offering of the shares of the Company’s common
stock (the “Effective Date”) and will continue for an initial period of three years thereafter (the “Initial
Term”), which may be extended upon mutual agreement by the Company and Consultant. Notwithstanding the foregoing, this Agreement
may be earlier terminated in accordance with the provisions of Section 3 hereof. The period of time between the Effective
Date and the termination of this Agreement shall be referred to herein as the “Consulting Term.”

 

2.       Services and Compensation.

 

2.1.       Services.
Consultant will consult with and advise the Company’s board of directors (the “Board”), management team and investment
committee on matters and/or perform services relating to the Company’s business strategies, investments and related matters, as
well as other matters reasonably requested of Consultant by the Company during the Consulting Term (the “Services”).

 

2.2.       Compensation.
For Consultant’s performance in accordance with the terms and conditions of this Agreement, the Company agrees to pay
Consultant an annual fee of $100,000 (the “Annual Fee”), with $50,000 payable in cash and $50,000 in restricted
shares of the Company’s common stock (the “Annual Equity Award”) under the Company’s Equity Incentive
Plan (the “Plan”); provided, that the first Annual Equity Award was previously granted to Consultant as a
replacement of the grant that Consultant received on September 27, 2021 in his capacity as a director of the Company. The cash
portion of the Annual Fee shall be payable in four equal quarterly installments within thirty days after the end of each fiscal
quarter, with the exception of the first payment hereunder, which shall be prorated for the period commencing on the Effective Date
ending on the last day of the fiscal quarter in which the Effective Date occurs. Each Annual Equity Award, with the exception of the
first Annual Equity Award, shall be granted to Consultant on the anniversary of the Effective Date (or the next succeeding trading
day on the Nasdaq  Global Market) during each year of the Consulting Term with the first grant being made on the first anniversary
of the Effective Date. Each Annual Equity Award will vest on the first anniversary of the grant date.

 

2.3.       Additional
Equity Compensation.

 

Consultant will be eligible to receive other
grants of equity awards from the Company under the Plan or other equity compensation plans the Company adopts in the future. Any
grants of equity awards to Consultant (other than the Annual Equity Award) will be at the discretion of the Board, the Compensation
Committee of the Board or such other committee or person to whom authority to grant equity awards under the Plan has been
delegated.

 

     

     

    

 

3.       Termination.
Notwithstanding any other provision of this Agreement, either the Company or Consultant may terminate this Agreement for any reason or
no reason, and such termination shall be effective on the earlier of the 90th day after written notice of such termination
is provided to the other party in accordance with Section 7.4, and the date the Consulting Term would have ended had no termination
notice been provided; provided, however, that the Company may immediately terminate (without any prior notice)
this Agreement for “Cause” under the following circumstances: (i) Consultant’s continued failure (for a period of more
than 30 days following written notice specifying the alleged failure) to substantially perform duties, or gross negligence or willful
misconduct in connection with the performance of the Services to the Company or an affiliate of the Company; (ii) conviction or plea of
guilty or nolo contendere of a felony or a misdemeanor with respect to which fraud or dishonesty is a major element; (iii) Consultant’s
conviction of any other criminal offense involving an act of dishonesty intended to result in substantial personal enrichment of Consultant
at the expense of the Company or an affiliate of the Company; or (iv) Consultant’s material breach of any Company policy or term
of this Agreement or any other employment, consulting or other services, confidentiality, intellectual property or non-competition agreements,
if any, between Consultant and the Company or an affiliate of the Company.

 

4.       Section 409A.
The intent of the parties is that any payments and benefits under this Agreement comply with (or qualify for an exemption from) Section
409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively “Code
Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted accordingly. To the extent
that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall,
to the maximum extent reasonably possible, maintain the original intent and economic benefit to Consultant and the Company of the applicable
provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company or any affiliate be liable for
any additional tax, interest or penalty that may be imposed on Consultant by Code Section 409A or damages for failing to comply with Code
Section 409A.

 

    2 

     

    

 

5.       Covenants of Consultant.

 

5.1.       Covenant
Against Conflicting Obligations; Other Covenants. Consultant acknowledges that (i) the principal business of the Company (which,
for purposes of this Section 5 (and any related enforcement provisions hereof), expressly includes its successors and assigns),
is the financing of cannabis-related real estate properties (the “Business”); (ii) the Company is one of a limited
number of entities that have developed such a business; (iii) Consultant’s work for the Company will give him access to the confidential
affairs and proprietary information of the Company; (iv) the covenants and agreements of Consultant contained in this Section 5
are essential to the business and goodwill of the Company; and (v) the Company would not have entered into this Agreement but for
the covenants and agreements set forth in this Section 5. Accordingly, Consultant covenants and agrees that:

 

(a)       By
and in consideration of the fees and benefits to be provided by the Company hereunder and further in consideration of
Consultant’s exposure to the proprietary information of the Company, Consultant covenants and agrees that, during the
Consulting Term, he shall not in the United States, or, if and to the extent that the Business is Actively Conducted (as defined
below) outside of the United States, in the applicable non-U.S. locations, directly or indirectly, (i) offer to any public company
or private company with a reasonable intention to become a public company (the “Competitors”) the opportunity to
finance cannabis-related real estate properties without first presenting such opportunity to the Company; (ii) render any consulting
or similar services to any Competitors engaged in any element of the Business (a “Competing Business”); or
(iii) become interested in any Competing Business as a partner, member, manager, shareholder, principal, agent, employee or
trustee; provided, however, that, notwithstanding anything in this Section 5.1(a) to the
contrary, Consultant may own or acquire or otherwise invest in, directly or indirectly, securities of any entity, solely for
investment purposes and without participating in the business thereof, if (A) such securities are traded on any national
securities exchange or in the over-the-counter market, (B) Consultant is not a controlling person of, or a member of a group
which controls, such entity and (C) Consultant does not, directly or indirectly, own 5% or more of any class of securities of
such entity; and provided, further, that GL Partners d/b/a Greenlight, with which Consultant has a
pre-existing relationship, shall not be considered a Competitor or a Competing Business for purposes of this Agreement. For purposes
of this Agreement, the term “Actively Conducted” shall mean that the Company actually owns or finances
cannabis-related real estate properties in the specified location, or has entered into a binding agreement, or a letter of intent, a
term sheet, an agreement in principle, or any similar non-binding agreement (which non-binding agreement has not been terminated or
expired of its own terms), to finance or acquire cannabis-related real estate properties in the specified location.
 “Controlled Affiliates” shall mean any and all entities that the Company directly or indirectly controls; provided
that, if after the date hereof there is a reorganization of the Company and a new holding company is established over, and has
control of, the Company, then “Controlled Affiliates” shall also include such holding company and any affiliates that
are controlled by such new parent.

 

(b)       During
and after the Consulting Term, Consultant shall keep secret and retain in strictest confidence, and shall not use for his benefit or the
benefit of others, except in connection with the business and affairs of the Company and its Controlled Affiliates, all confidential matters
relating to the Business and the business of any of its Controlled Affiliates and to the Company and any of its Controlled Affiliates,
learned by Consultant heretofore or hereafter directly or indirectly from the Company or any of its Controlled Affiliates, including,
without limitation, information with respect to (i) potential transactions with owners, operators and developers of cannabis-related
real estate properties and operations, (ii) non-public information related to joint ventures, institutional funds and the partners
or other investors therein, and (iii) any other material, non-public information (collectively, the “Confidential Company
Information”); and shall not disclose such Confidential Company Information to anyone outside of the Company except (w) with
the Company’s express written consent, (x) Confidential Company Information which is at the time of receipt or thereafter becomes
publicly known through no wrongful act of Consultant or is received from a third party not under an obligation to keep such information
confidential and without breach of this Agreement, (y) as required by law or legal process (provided that Consultant shall give the
Company reasonable prior written notice of disclosure under this clause (y)), and (z) for disclosures to counsel in the context of
seeking legal advice where counsel agrees, for the benefit of the Company, to be bound by the restrictions of this sentence.

 

    3 

     

    

 

(c)       During
the Consulting Term, Consultant shall not, without the Company’s prior written consent, directly or indirectly (i) solicit or encourage
to leave the employment or other service of the Company, or any of its Controlled Affiliates, any employee or independent contractor of
the Company, or (ii) publish any statement or make any statement under circumstances reasonably likely to become public that is critical
of the Company or any of its Controlled Affiliates, or in any way adversely affecting or otherwise maligning the Business or the reputation
of the Company or any of its Controlled Affiliates (provided that nothing in this sentence is intended to prevent Consultant from
including in his pleadings or his testimony any truthful matter to the extent necessary to defend against any claim by the Company or
a third party against Consultant, or to prosecute any claim against the Company for a breach of this Agreement).

 

(d)       All
memoranda, notes, lists, records, property and any other tangible product and documents (and all copies thereof), whether visually perceptible,
machine-readable or otherwise, made, produced or compiled by Consultant or made available to Consultant concerning the business of the
Company or its Controlled Affiliates, (i) shall at all times be the property of the Company (and, as applicable, any Controlled Affiliates)
and shall be delivered to the Company at any time upon its request, and (ii) upon the termination of this Agreement, shall be promptly
returned to the Company.

 

5.2.       Rights
and Remedies upon Breach. Consultant acknowledges and agrees that any breach by him of any of the provisions of Section 5.1
(the “Restrictive Covenants”) would result in irreparable injury and damage for which money damages would not provide
an adequate remedy. Therefore, if Consultant breaches, or threatens to commit a breach of, any of the provisions of Section 5.1,
the Company and its Controlled Affiliates shall have, in addition to, and not in lieu of, any other rights and remedies available to the
Company and its Controlled Affiliates under law or in equity (including, without limitation, the recovery of damages), the right and remedy
to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages), including, without
limitation, the right to restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened
or actual, and whether or not then continuing, of such covenants.

 

6.       Independent Contractor;
Benefits.

 

6.1.       Independent
Contractor. It is the express intention of the Company and Consultant that Consultant perform the Services as an independent contractor
to the Company. Nothing in this Agreement shall in any way be construed to constitute Consultant as, nor shall Consultant as a result
of this Agreement be deemed to be, an agent, employee or representative of the Company. Without limiting the generality of the foregoing,
Consultant is not authorized to bind the Company to any liability or obligation or to represent that Consultant has any such authority.
Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to
this Agreement. Consultant agrees to and acknowledges the obligation to pay all self-employment and other taxes on such income.

 

6.2.       Benefits. The
Company and Consultant agree that Consultant will receive no Company-sponsored benefits from the Company, other than those benefits
noted in Section 2.3. If Consultant is reclassified by a state or federal agency or court as Company’s employee,
Consultant will become an employee and will receive no benefits from the Company, other than those benefits noted in Section
2.3 and except those mandated by state or federal law, even if by the terms of benefit plans or programs of the Company in
effect at the time of such reclassification, Consultant would otherwise be eligible for such benefits.

 

    4 

     

    

 

7.       Other Provisions.

 

7.1.       Severability.
Consultant acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel in connection with this Agreement and
(ii) the Restrictive Covenants are reasonable in geographical and temporal scope and in all other respects. If it is determined that any
of the provisions of this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is invalid
or unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without
regard to the portions determined to be invalid or unenforceable.

 

7.2.       Scope
of Covenants. If any court or other decision-maker of competent jurisdiction determines that any of Consultant’s covenants
contained in this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is unenforceable because
of the geographical scope of such provision, then, after such determination has become final and nonappealable, the scope of such provision,
as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be
enforceable and shall be enforced.

 

7.3.       Controversies
and Claims. Any controversy or claim arising out of or relating to this Agreement or the breach of this Agreement that is not
resolved by Consultant and the Company (or its Controlled Affiliates, where applicable) shall be brought and resolved in the state or
federal courts located in Maryland, and the parties hereby consent to the jurisdiction and venue of such courts for such purpose. Notwithstanding
the foregoing, any judgment of any such court may be enforced in any court of competent jurisdiction.

 

7.4.       Notices.
All notices, requests, demands, claims and other communications permitted or required to be given hereunder must be in writing and shall
be deemed duly given and received (a) if personally delivered, when so delivered, (b) if mailed, three business days following the date
deposited in the U.S. mail, certified or registered mail, return receipt requested, (c) if sent by e-mail or other form of electronic
communication, once transmitted and the confirmation is received, or (d) if sent through an overnight delivery service in circumstances
to which such service guarantees next day delivery, the day following being so sent:

 

	If to the Company, to:	 	
    Freehold Properties, Inc.

    232 3rd Avenue N.

    Franklin, TN 37064

    Attention: Jeffery C. Walraven

    Email: jeff@freeholdprop.com

 

	with a copy to:	 	
    Morrison & Foerster LLP

    2100 L Street, NW, Suite 900

    Washington, DC 20037

    Attention: Andrew P. Campbell

    Email: andycampbell@mofo.com

     

 

    5 

     

    

 

	If to Consultant, to:	 	James G. Mueller

                                                c/o Mid America Capital

                                                10777 Barkley Street, Suite 200

                                                Overland Park, KS 66211

                                                Email: jim@midamericacapital.com

	 

Any such person may by notice given in accordance with this Section 7.4
to the other parties hereto designate another address or person for receipt by such person of notices hereunder.

 

7.5.       Entire
Agreement. This Agreement contains the entire agreement of the parties regarding the subject matter hereof and supersedes all
prior agreements, understandings and negotiations regarding the same.

 

7.6.       Waivers
and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived,
only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part
of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part
of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude
any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

7.7.       GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND WITHOUT REGARD TO
ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND.

 

7.8.       Assignment.
This Agreement, and Consultant’s rights and obligations hereunder, may not be assigned by Consultant; any purported assignment by
Consultant in violation hereof shall be null and void. This Agreement, and the Company’s rights and obligations hereunder, may not
be assigned by the Company; any purported assignment by the Company in violation hereof shall be null and void. Notwithstanding the foregoing,
(i) in the event of any sale, transfer or other disposition of all or substantially all of the Company’s assets or business,
whether by merger, consolidation or otherwise, the Company may assign this Agreement and its rights hereunder, and (ii) the Company
may assign this Agreement to its Controlled Affiliates.

 

7.9.       Withholding.
The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding it determines to be required
by law.

 

7.10.       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted
assigns, heirs, executors and legal representatives.

 

7.11.       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 together shall constitute one and the same instrument. Each counterpart may consist of two copies hereof
each signed by one of the parties hereto.

 

    6 

     

    

 

7.12.       Survival.
Anything contained in this Agreement to the contrary notwithstanding, the provisions of Sections 3, 4, 5.1(b), 5.2
and 7 (to the extent necessary to effectuate the survival of Sections 3, 4, 5.1(b) and 5.2) of this
Agreement shall survive termination of this Agreement and any termination of the Services hereunder.

 

7.13.       Existing
Agreements. Consultant represents to the Company that he is not subject or a party to any employment or consulting agreement,
non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing this Agreement or limit
his ability to fulfill his responsibilities hereunder.

 

7.14.       Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

[Signature Page Follows]

 

    7 

     

    

 

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

  

	 	COMPANY:
	 	 
	 	FREEHOLD PROPERTIES, INC.
	 	 
	 	By:  	 
	 	 	Name:  Jeffery C. Walraven
	 	 	Title:  Chief Operating Officer
	 	 
	 	CONSULTANT: 
	 	 
	 	James G. Mueller

 

[Signature Page to Consulting Agreement]

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