Document:

Exhibit 10.7

 

 

 

 

 

AGREEMENT AND
PLAN OF MERGER

BY AND AMONG

POSTAL REALTY TRUST, INC.,

UPH MERGER SUB LLC,

UNITED PROPERTIES HOLDING, INC.

AND

ANDREW SPODEK

 

 

 

Dated as of May 16, 2019

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1
	 	 	 
	ARTICLE II	THE MERGER	6
	 	 	 
	2.1.	The Merger	6
	 	 	 
	2.2.	Effective Time	6
	 	 	 
	2.3.	Time and Place of Closing	7
	 	 	 
	2.4.	Limited Liability Company Agreement	7
	 	 	 
	2.5.	Board of Managers	7
	 	 	 
	2.6.	Merger Consideration	7
	 	 	 
	2.7.	Effect on Capital Stock and Other Matters 	7
	 	 	 
	2.8.	Prorations	8
	 	 	 
	2.9.	Tax Consequences	9
	 	 	 
	ARTICLE III	REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE COMPANY STOCKHOLDER	9
	 	 	 
	3.1.	Organization and Authority of the Company	9
	 	 	 
	3.2.	Capitalization	9
	 	 	 
	3.3.	Authority Relative to this Agreement; Board and Company Stockholder Approval	10
	 	 	 
	3.4.	Consents and Approvals; No Violations	10
	 	 	 
	3.5.	Absence of Certain Events	11
	 	 	 
	3.6.	Subsidiaries; Minority Investments	13
	 	 	 
	3.7.	Financial Statements	13
	 	 	 
	3.8.	Litigation	13
	 	 	
	3.9.	Employee Matters	13
	 	 	 
	3.10.	Tax Matters	13
	 	 	 
	3.11.	Compliance with Law	15
	 	 	 
	3.12.	Fees and Expenses of Brokers and Others	15
	 	 	 
	3.13.	Absence of Undisclosed Liabilities	15
	 	 	 
	3.14.	Environmental Laws and Regulations	15
	 	 	 
	3.15.	Insurance	16
	 	 	 
	3.16.	Material Contracts	16
	 	 	 
	3.17.	Real Property	17
	 	 	 
	3.18.	Books and Records	18

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	3.19.	Accounts
    Receivable	19
	 	 	 
	3.20.	Indebtedness	19
	 	 	 
	3.21.	Full
    Disclosure	19
	 	 	 
	ARTICLE
    IV	REPRESENTATIONS
    AND WARRANTIES OF THE REIT AND MERGER SUBSIDIARY	19
	 	 	 
	4.1.	Organization
    and Authority of the REIT and Merger Subsidiary	19
	 	 	 
	4.2.	Authority
    Relative to this Agreement	20
	 	 	 
	4.3.	Consents
    and Approvals; No Violations	20
	 	 	 
	4.4.	REIT
    Common Stock	20
	 	 	 
	4.5.	Litigation	20
	 	 	 
	4.6.	Fees
    and Expenses of Brokers and Others	20
	 	 	 
	4.7.	Tax	21
	 	 	 
	ARTICLE
    V	COVENANTS
    RELATING TO CONDUCT OF BUSINESS	21
	 	 	 
	5.1.	Operation
    in the Ordinary Course	21
	 	 	 
	5.2.	Affirmative
    and Negative Covenants	21
	 	 	 
	ARTICLE
    VI	ADDITIONAL
    AGREEMENTS	23
	 	 	 
	6.1.	Access
    to Information	23
	 	 	 
	6.2.	Reasonable
    Efforts	23
	 	 	 
	6.3.	Notification;
    Updates to Schedules	23
	 	 	 
	6.4.	Registration	24
	 	 	 
	ARTICLE
    VII	CONDITIONS
    PRECEDENT TO CONSUMMATION OF THE MERGER	28
	 	 	 
	7.1.	Conditions
    Precedent to Obligations of Each Party	28
	 	 	 
	7.2.	Conditions
    Precedent to Obligations of the REIT and Merger Subsidiary	29
	 	 	 
	7.3.	Conditions
    Precedent to Obligations of the Company	29
	 	 	 
	ARTICLE
    VIII	SURVIVAL;
    INDEMNIFICATION; TAX MATTERS	30
	 	 	 
	8.1.	Survival
    of Representations, Warranties and Covenants	30
	 	 	 
	8.2.	Indemnification	30
	 	 	 
	8.3.	Tax
    Indemnification	31
	 	 	 
	8.4.	Tax
    Contests	32
	 	 	 
	ARTICLE
    IX	TERMINATION;
    AMENDMENT; WAIVER	33
	 	 	 
	9.1.	Termination	33
	 	 	 
	9.2.	Effect
    of Termination	33
	 	 	 
	9.3.	Amendment	33

 

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	9.4.	Extension; Waiver	33
	 	 	 
	ARTICLE X	MISCELLANEOUS	34
	 	 	 
	10.1.	Entire Agreement; Assignment	34
	 	 	 
	10.2.	Notices	34
	 	 	 
	10.3.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	35
	 	 	 
	10.4.	Specific Performance	36
	 	 	 
	10.5.	Interpretation	36
	 	 	 
	10.6.	Parties in Interest	37
	 	 	 
	10.7.	No Recourse	37
	 	 	 
	10.8.	Execution of this Agreement	37
	 	 	 
	10.9.	Severability	37

 

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AGREEMENT AND PLAN OF MERGER

 

This AGREEMENT AND PLAN
OF MERGER (this “Agreement”), dated as of May 16, 2019, by and among Postal Realty Trust, Inc. a Maryland corporation
(the “REIT”), UPH Merger Sub LLC, a Delaware limited liability company and a direct, wholly owned subsidiary
of the REIT (“Merger Subsidiary”), United Properties Holding, Inc., a Tennessee corporation (the “Company”),
and Andrew Spodek, an individual, recites and provides as follows:

 

RECITALS

 

WHEREAS,
the Board of Directors of each of the REIT and the Company have approved this Agreement and the merger of the Company with and
into Merger Subsidiary pursuant hereto, with Merger Subsidiary surviving the merger (the “Merger”), declared
this Agreement and the Merger advisable and in the best interests of the REIT and the Company, respectively, and recommended the
adoption of this Agreement to their respective stockholders;

 

WHEREAS,
pursuant to and in connection with the Merger, at the Effective Time, all of the issued and outstanding shares of Company Common
Stock will be converted into the right to receive the Stock Merger Consideration; and

 

WHEREAS,
the REIT, Merger Subsidiary and the Company desire to make certain representations, warranties, covenants and agreements in connection
with the Merger and also to prescribe various conditions to the Merger.

 

NOW,
THEREFORE, in consideration of the premises, which are incorporated into and made part of this Agreement, and of the mutual representations,
warranties, covenants, agreements and conditions set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

“Action”
shall mean any claim, action, cause of action, demand, suit, arbitration, mediation, audit, proceeding, litigation, citation, summons,
subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity,
in any forum (including judicial, administrative or arbitral).

 

“Adjusted Merger Consideration”
has the meaning set forth in Section 2.2.

 

“Affiliate”
means, with respect to any specified Person, any other Person that, at the time of determination, directly or indirectly controls,
is controlled by, or is under common control with, such specified Person. For purposes hereof, “control” means the
power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise, and “controlled by” and “under common control with” shall have correlative meanings.

 

“Agreement” has the meaning set
forth in the preamble to this Agreement.

 

     

     

    

 

“Articles of Incorporation” means the REIT’s Amended and
Restated Articles of Incorporation, in the form in effect upon completion of the IPO.

 

“Certificate of Merger” has the
meaning set forth in Section 2.2.

 

“Class A Common Stock Merger Consideration”
has the meaning set forth in Section 2.6.

 

“Class B Common Stock Merger Consideration”
has the meaning set forth in Section 2.6.

 

“Closing” has the meaning set
forth in Section 2.3.

 

“Closing Date” means the date
on which the Closing occurs.

 

“Code” means the Internal Revenue
Code of 1986, as amended.

 

“Company Common Stock” means the
common stock, no par value, of the Company.

 

“Company” has the meaning set
forth in the preamble to this Agreement.

 

“Company Financial Statements”
has the meaning set forth in Section 3.7(a).

 

“Company Stockholder”
means PSPI, LLC, a New York limited liability company wholly-owned by Andrew Spodek and the holder of all the outstanding Company
Common Stock.

 

“Contracts”
means all contracts, agreements, leases (including the Leases), licenses and legally binding commitments or obligations (and all
amendments thereto), whether written or verbal.

 

“Conversion
Shares” has the meaning set forth in Section 6.4(a).

 

“DGCL” means the General Corporation Law of the State of Delaware.

 

“Disclosure Schedules”
means the disclosure schedules delivered by the Company and the REIT concurrently with the execution and delivery of this Agreement.

 

“Effective Time” has the meaning
set forth in Section 2.2.

 

“Environmental
Law” means any Law concerning protection of the environment or natural resources or human health and safety in respect
of Hazardous Substances, including Laws relating to (i) any discharges, Releases or emissions of Hazardous Substances to the environment
including indoor or ambient air, water (including surface water, ground water and wetlands), soil, sediment or subsurface strata,
(ii) the quality of any environmental medium, (iii) the generation, treatment, recycling, storage, disposal, transportation or
other management of waste, (iv) the manufacture, distribution, disposal, or recycling of chemical substances and mixtures, (v)
contamination, pollution, investigation or remediation of any environmental medium or (vi) responsibility or liability for environmental
conditions, in each case, as amended from time to time.

 

“Environmental Permits” has the
meaning set forth in Section 3.14(c).

 

    2

     

    

 

“Estimated Net Working Capital Amount” has the meaning set forth
in Section 2.8(a).

 

“GAAP”
means generally accepted accounting principles in the United States of America, consistently applied.

 

“Governmental
Authority” means any federal, state, local, municipal, national, international, foreign, supranational or other governmental
department, commission, board, bureau, agency, administrative body or instrumentality, or any court or tribunal.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, ruling, charge, stipulation, award or other restriction entered
or issued by a Governmental Authority.

 

“Hazardous
Substances” means any substance, material or waste (regardless of physical form or concentration) that is regulated,
restricted, listed or identified under any Environmental Law.

 

“Income
Tax” or “Income Taxes” means any and all Taxes imposed upon or measured by net income (which, for
purposes of clarity, shall include interest, penalties and additions imposed with respect to such Taxes).

 

“Income Tax Return” means any
Tax Return relating to Income Taxes.

 

“Indebtedness”
means, without duplication, (i) any indebtedness for borrowed money (including the issuance of any debt security) to any Person,
contingent or otherwise, (ii) all obligations evidenced by mortgages, notes, bonds, debentures or similar instruments, (iii) all
obligations issued or assumed as the deferred purchase price of property or services (other than trade payables and other current
liabilities incurred in the ordinary course of business), including conditional sales or other title retention agreements relating
to property or assets purchase by such Person, (iv) the Indebtedness of any third party secured by a Lien on any of the properties
or assets of the Company, (v) interest rate, currency or other hedging arrangements, (vi) letters of credit, (vii) performance
and surety bonds, (viii) any guarantee of any such Indebtedness or debt securities of any Person, (ix) obligations of such Person
to purchase, redeem, retire, defease or otherwise acquire for value any capital stock of such Person or any warrants, rights or
options to acquire such capital stock, (x) renewals, extensions, refundings, deferrals, restructurings, amendments and modifications
of any such Indebtedness or guarantee and (xi) all premiums, interest, penalties and other amounts due in connection with any
of the foregoing; provided, however, that Indebtedness shall not include (1) any liabilities or obligations, (2)
accounts payable to trade creditors, accrued expenses and deferred revenues, in each case arising in the ordinary course of business
and (3) the endorsement of negotiable instruments for collection in the ordinary course of business, in each case of clauses (1),
(2) and (3), to the extent that any such amounts are included in Net Working Capital.

 

“Indemnified
Person” and “Indemnified Persons” have the meanings set forth in Section 8.2.

 

“IPO”
means the underwritten initial public offering of REIT Class A Common Stock.

 

“IRS” means the Internal Revenue
Service.

 

    3

     

    

 

“Knowledge of the Company Stockholder” means the knowledge of
Andrew Spodek, the sole equity owner of the Company Stockholder.

 

“Law”
means any foreign, national, international, supranational, federal, state, local, municipal or other law, statute, rule, regulation,
order, act, ordinance, treaty, code, judgment, decree, common law or other requirement of any Governmental Authority.

 

“Leases” has the meaning set forth
in Section 3.17.

 

“Lien”
means any mortgages, liens, pledges, charges, security interests, claims, restrictions on the use of real property, encumbrances,
hypothecation, option, preemptive purchase right, easement, or other adverse claim of any kind in respect of such property or asset.

 

“Losses”
means any and all losses, liabilities, damages, judgments, amounts paid in settlement, costs, expenses, including fines, penalties
and reasonable attorneys’ and accountants’ costs, fees and expenses, and all incidental, special and consequential
damages to the extent reasonably foreseeable; provided, however, that Losses shall not include indirect, punitive or exemplary
damages and, in particular, damages calculated by “multiple of profits” or “multiple of cash flow” or similar
valuation methodology (except to the extent any such damages are award to a third party pursuant to a third party indemnification
claim).

 

“Material
Adverse Effect” means, with respect to any entity or group of entities, any event, fact, circumstance or condition that,
individually or in the aggregate with any other such events, facts, circumstances or conditions, has had or would be reasonably
expected to have, a material adverse effect on (a) the business, properties, assets, financial condition or results of operations
of such entity or group of entities, taken as a whole, or (b) the ability to consummate the Merger or any of the other transactions
contemplated by this Agreement.

 

“Material Contracts” has the meaning
set forth in Section 3.16(a).

 

“Merger” has the meaning set forth
in the recitals to this Agreement.

 

“Merger Consideration” has the
meaning set forth in Section 2.6.

 

“Merger Subsidiary” has the meaning
set forth in the preamble to this Agreement.

 

“Most
Recent Balance Sheet” means the most recent combined consolidated balance sheet of Nationwide Postal and Affiliates Predecessor
included in the registration statement on Form S-11 relating to the IPO filed by the REIT with the SEC, as it may amended prior
to the IPO.

 

“Permits”
means all permits, licenses, certificates of occupancy, variances, exemptions, registrations, approvals and authorizations of all
Governmental Authorities.

 

“Permitted
Liens” means each of the following: (a) Liens for taxes, assessments and governmental charges or levies not yet
due and payable or, if due and payable, not yet delinquent; (b) pledges or deposits to secure obligations under
workers’ compensation or unemployment laws or similar legislation or to secure public or statutory obligations; (c)
easements, zoning restrictions, rights of way and other encumbrances on title to real property that do not render title to
the property encumbered thereby unmarketable or materially adversely affect the use or value of
such property for its present purposes; (d) tenancy leases; and (e) deposits to secure trade contracts (other than for debt),
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the
ordinary course of business.

 

    4

     

    

 

“Person”
means any individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated entity
or other legal entity or any Governmental Authority.

 

“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.

 

“Real Property” has the meaning
set forth in Section 3.17.

 

“Registration
Statement” has the meaning set forth in Section 6.4(a).

 

“REIT”
has the meaning set forth in the preamble to this Agreement.

 

“REIT
Class A Common Stock” means the Class A common stock, par value $0.01 per share, of the REIT.

 

“REIT
Class B Common Stock” means the Class B common stock, par value $0.01 per share, of the REIT.

 

“REIT Common
Stock” means the REIT Class A Common Stock and the REIT Class B Common Stock.

 

“Release”
means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing
or migrating into or through the environment of any Hazardous Substance.

 

“Resale Shares”
has the meaning set forth in Section 6.4(a).

 

“Rule 144”
has the meaning set forth in Section 6.4(a)(ii). 

 

“S-3 Eligible
Date” has the meaning set forth in Section 6.4(a).

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities Act”
has the meaning set forth in Section 6.4(a).

 

“Special Representations”
has the meaning set forth in Section 8.1.

 

    5

     

    

 

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

 

“Survival Date”
has the meaning set forth in Section 8.1.

 

“Surviving Company”
has the meaning set forth in Section 2.1.

 

“Tax”
or “Taxes” means any federal, state, county, local or foreign taxes of any kind whatsoever, including any interest,
penalties and additions imposed thereon or with respect thereto, including all Income Taxes, payroll and employee withholding taxes,
unemployment insurance, employment taxes, social security taxes, sales and use taxes, ad valorem taxes, escheat and unclaimed property
charges, excise taxes, severance taxes, franchise taxes, margin taxes, profits taxes, gross receipts taxes, business license taxes,
occupation taxes, real and personal property taxes, stamp taxes, registration taxes, environmental taxes, value added taxes, customs
duties, capital stock taxes, transfer taxes, alternative or add-on minimum taxes, workers’ compensation, disability, estimated
and other governmental charges of the same or of a similar nature to any of the foregoing, whether disputed or not.

 

“Tax Claim” has the meaning set
forth in Section 8.4.

 

“Tax
Return” means any return, report, declaration return, information return, claim for refund, declarations of estimated
tax or other information required to be supplied to or filed with a taxing authority in connection with any Taxes, including any
return of an affiliated or combined or unitary group and including any schedule or attachment thereto and amendment thereof.

 

“Tennessee Code” means the Tennessee
Business Corporation Act.

 

ARTICLE II

THE MERGER

 

2.1. The
Merger. Subject to the terms and conditions of this Agreement, at the Effective Time, the Company shall be merged with and
into Merger Subsidiary in accordance with the provisions of, and with the effects provided in, Section 251 of the DGCL and Section
48-21-107 of the Tennessee Code. Merger Subsidiary shall be the surviving company resulting from the Merger (the “Surviving
Company”), and shall succeed to and assume all of the rights and obligations of the Company, and the separate corporate
existence of the Company shall cease.

 

2.2. Effective Time.
Subject to the provisions of this Agreement, as soon as practicable on the Closing Date after the Closing occurs, the REIT will
file with the Secretary of State of the State of Delaware and the Secretary of State of the State of Tennessee a Certificate of
Merger or Articles of Merger, as applicable (the “Certificate of Merger”), with respect to the Merger, duly
executed and completed in accordance with the relevant provisions of the DGCL and the Tennessee Code, and will make all other
filings or recordings required under the DGCL and the Tennessee Code to effect the Merger. The Merger will become effective at
such time as the Certificate of Merger has been duly filed with the Secretary of State of the State of Delaware and the Secretary
of State of the State of Tennessee, or at such subsequent date or time as Merger Subsidiary and the Company may agree and specify
in the Certificate of Merger (the time that is the effective time of the Merger being hereinafter referred to as the “Effective
Time”).

 

    6

     

    

 

2.3. Time and Place of Closing. The closing of the Merger and other transactions
contemplated by this Agreement (the “Closing”) shall take place at a time and on a date mutually agreed upon
by the parties, but is expected to occur immediately following the closing of the IPO, but subject to the satisfaction or waiver
at the Closing of the conditions set forth herein. The Closing shall take place at the offices of Hunton Andrews Kurth LLP, 200
Park Avenue, New York, New York 10166, or at such other location mutually agreed upon by the parties.

 

2.4. Limited
Liability Company Agreement. The limited liability company agreement of Merger Subsidiary, as in effect immediately prior to
the Effective Time, shall be the limited liability company agreement of the Surviving Company until thereafter amended as provided
therein or by applicable Law.

 

2.5. Board
of Managers. The Board of Managers of the Surviving Company as of immediately after the Effective Time shall be the managers
of the Surviving Company and shall serve until their successors have been duly elected or appointed and qualified or until their
earlier death, resignation or removal in accordance with the limited liability company agreement of the Surviving Company.

 

2.6. Merger Consideration.
At the Effective Time, and without any action on the part of the Company Stockholder, all of the Company Common Stock issued and
outstanding immediately prior to the Effective Time shall automatically be converted into the right to receive an aggregate of
637,058 shares of REIT Class A Common Stock (the “Class A Common Stock Merger Consideration”) and 27,206 shares of
REIT Class B Common Stock (the “Class B Common Stock Merger Consideration”, and together with the Class A Common Stock
Merger Consideration, the “Merger Consideration”)).

 

2.7. Effect
on Capital Stock and Other Matters. As of the Effective Time, by virtue of the Merger and without any action on the part of
any holders of Company Common Stock, REIT Common Stock or membership interests in Merger Subsidiary:

 

(a) All of the issued
and outstanding shares of Company Common Stock shall be converted into the right to receive, upon the surrender of the certificate(s)
formerly representing such shares of Company Common Stock in accordance with Section 2.8, the Merger Consideration.

 

(b) All shares of
Company Common Stock outstanding immediately prior to the Effective Time, when so converted, shall no longer be outstanding and
shall automatically be canceled and retired and shall cease to exist, and each holder of Company Common Stock shall cease to have
any ownership or other rights with respect thereto, except the right to receive the Merger Consideration in accordance with the
terms hereof.

 

(c) Each membership
interest of Merger Subsidiary issued and outstanding immediately prior to the Effective Time shall remain outstanding.

 

(d) As of the
Effective Time, there shall be no further registration of transfers on the stock transfer books of the Company of shares of
Company Common Stock.

 

    7

     

    

 

(e)
The REIT shall be entitled to deduct and withhold from the Merger Consideration
otherwise payable pursuant to this Agreement such amounts as are required to be deducted and withheld with respect to the making
of such payment under the Code, or any provision of federal, state, local or foreign Tax Law. To the extent that amounts are so
withheld, (i) such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Company Stockholder,
and (ii) the REIT shall provide the Company Stockholder written notice of the amounts so deducted or withheld.

 

(f) The Company
Stockholder waives any and all dissenter’s rights it may have, under applicable statutory provisions or otherwise, in
connection with the Merger.

 

2.8. Prorations.

 

(a) The Merger Consideration may be adjusted, upward or
downward, by the amount of any adjustments arising from the Prorations (as defined herein) (as so adjusted, the
“Adjusted Merger Consideration”). Adjustments arising from the prorations will be deducted or paid, as the case
may be, through the reduction or increase, as applicable, in the number of shares of REIT Class A Common Stock comprising the
Class A Common Stock Merger Consideration. For purposes of determining the number of shares of REIT Class A Common Stock
constituting any Prorations adjustment, the value per share of REIT Class A Common Stock shall be the public offering price
set forth on the front cover of the final prospectus for the REIT’s underwritten initial public offering or REIT Class
A Common Stock.

 

For purposes of
this Agreement, “Prorations” means those proration and adjustment amounts that are customarily applied to closings
of commercial real estate transactions in the county in which Real Property is located, which amounts shall be calculated as of
midnight (Eastern time) of the day immediately preceding the Closing Date and shall include:

 

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

 

(ii) 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 Real Property and all other income from the Real Property shall be
prorated at the Closing; and

 

(iii) 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 various counties in which the Real Property is located shall be prorated at the Closing.

 

(b) No less than three
(3) but no more than five (5) business days prior to the Closing Date, the Company shall cause to be prepared and delivered a
certificate signed by an officer of the Company setting forth the Company’s good faith estimate of the Net Working
Capital of the Company as of close of business on the Closing Date (the “Estimated Net Working Capital
Amount”), which shall be prepared in accordance with the definitions thereof, and which shall be subject to the
Company Stockholder’s approval (not to be unreasonably withheld). To the extent that the
Estimated Net Working Capital Amount is less than the Required Net Working Capital Amount, then the Merger Consideration
payable by the REIT at the Closing shall be decreased by such shortfall. To the extent that the Estimated Net Working Capital
Amount is greater than the Required Net Working Capital Amount, then the Merger Consideration payable by the REIT at the
Closing shall be increased by such surplus.

 

    8

     

    

 

(c) All amounts paid
by any Person pursuant to this Section 2.8 shall be considered an adjustment to the Merger Consideration for Tax purposes.

 

2.9. Tax
Consequences. It is intended that, for U.S. federal income tax purposes, the Merger shall qualify as a reorganization
within the meaning of Section 368(a) of the Code and that this Agreement shall constitute a “plan of
reorganization” as that term is used in Sections 354 and 361 of the Code. This Agreement should be interpreted
consistent with this intent.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE
COMPANY AND THE

COMPANY STOCKHOLDER

 

The Company and
the Company Stockholder represent and warrant to the REIT and Merger Subsidiary as follows:

 

3.1. Organization
and Authority of the Company. The Company is duly organized, validly existing and in good standing under the Laws of the State
of Tennessee. The Company has full corporate or entity power to carry on its business as it is now being conducted and to own,
operate and hold under lease its assets and properties as, and in the places where, such properties and assets now are owned, operated
or held. The Company is duly qualified as a foreign entity to do business , and is in good standing, in each jurisdiction in which
its ownership or leasing of property or the conduct of its business as now conducted requires it to qualify, except as would not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect on the Company. Complete and correct
copies of the organizational documents of the Company have been delivered to the REIT as in effect on the date hereof, and, other
than as expressly contemplated by this Agreement, no amendment or other modification thereto has been filed, recorded or is pending
or contemplated thereto.

 

3.2. Capitalization.

 

(a) The
Company’s authorized capital stock consists of 1,000 shares of Company Common Stock and no shares of preferred stock.
As of the date hereof, 1,000 shares of Company Common Stock and no shares of preferred stock are issued and outstanding. Such
shares of Company Common Stock constitute all of the issued and outstanding shares of capital stock of the Company as of the
date hereof. All outstanding shares of Company Common Stock are held by the Company Stockholder. All issued and outstanding
shares of Company Common Stock (i) have been duly authorized and validly issued and are fully paid and nonassessable, (ii)
are not subject to any preemptive rights, (iii) are not subject to any voting agreements, and (iv) have not been issued in
violation of any preemptive rights, rights of first refusal or offer or applicable Law.

 

    9

     

    

 

(b) Neither the
Company nor any of its subsidiaries is a party to any (A) option, warrant, put, contract, commitment, agreement or other
obligation pursuant to which the Company or any of its subsidiaries is bound to sell,
repurchase or issue any shares of its capital stock or other equity interest, including securities convertible into,
exchangeable or exercisable for shares of capital stock, other equity interest or other securities of the Company or any of
its subsidiaries, (B) stockholder, member, voting or other agreement affecting or relating to the voting, purchase,
redemption, repurchase or transfer of any shares of capital stock or other interest of the Company or any of its
subsidiaries. No securities of the Company or any of its subsidiaries are subject to any pledge agreements, buy-sell
agreements or other contract, agreement, arrangement, commitment, option, proxy, pledge, right of first offer or refusal, or
understanding, including any contract restricting or otherwise relating to the ownership, voting rights, dividend rights,
distribution rights, or disposition thereof.

 

(c) All distributions, dividends, repurchases and redemptions
of the capital stock (or other equity interests) of the Company were undertaken in compliance with the charter and bylaws of
the Company then in effect, any agreement to which the Company was then a party and all applicable Law. There are no
dividends or other distributions that have accrued or been declared but that are unpaid and the Company has no current
obligation to declare or pay any dividend or distribution to the holders of any preferred stock or the Company Common
Stock.

 

3.3. Authority
Relative to this Agreement; Board and Company Stockholder Approval. The Company has all requisite corporate power and authority
to execute and deliver and to perform its obligations under this Agreement and this Agreement and the Merger have been approved
by the Board of Directors of the Company and by the Company Stockholder as required by the Tennessee Code and the Company’s
charter and bylaws. No other corporate proceedings on the part of the Company are necessary to authorize the execution, delivery
and performance of this Agreement or to consummate the Merger and the other transactions contemplated hereby. This Agreement has
been duly and validly executed and delivered by the Company and (assuming the due authorization, execution and delivery hereof
and thereof by the other parties thereto) constitutes the valid and binding agreement of the Company, enforceable against the Company
in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization
or other Laws affecting the enforcement of creditors’ rights generally or by equitable principles.

 

3.4. Consents and
Approvals; No Violations. Except as set forth on Schedule 3.4, no consent, authorization or approval of, and no
notification, submission or filing with, any Governmental Authority or other Person (including filings, consents or approvals
required under any material Permits of the Company or any Material Contracts to which the Company is or will be a party) is
necessary or required in connection with the execution and delivery of this Agreement by the Company and the consummation by
the Company of the Merger and other transactions contemplated by this Agreement. Neither the execution or delivery of this
Agreement by the Company nor the performance of this Agreement or the consummation of the transactions contemplated hereby by
the Company will (a) conflict with or result in any breach of any provision of the charter, bylaws or other organizational
documents of the Company, (b) result in a violation of, breach of, or a loss of any benefit to which the Company is entitled,
or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination,
amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any Material Contract binding
upon or providing rights to the Company, (c) violate any material Permit, Governmental Order or
Law applicable to the Company or (d) result in the creation or imposition of any Lien (other than Permitted Liens) on any
asset of the Company.

 

    10

     

    

 

3.5. Absence of
Certain Events.

 

(a) Since December
31, 2018, no event, fact, circumstance or condition has occurred that has had a Material Adverse Effect on the Company.

 

(b) From December
31, 2018, through the date hereof, (y) the business of the Company has been operated in the ordinary course consistent with past
practice and (z) through the date hereof, the Company has not:

 

(i) created,
incurred, assumed or permitted to exist any additional Indebtedness or guaranteed any Indebtedness of another Person;

 

(ii) granted
any Lien other than a Permitted Lien;

 

(iii)
acquired or agreed to acquire by merging or consolidating with, or by purchasing a substantial portion of the assets of, any
business or other Person;

 

(iv)
incurred or committed to incur any capital expenditures or authorization or commitment with respect thereto that in the
aggregate exceeds $100,000;

 

(v) changed
any Tax election, changed an annual Tax accounting period, adopted or changed any Tax accounting method, filed any amended Tax
Return, entered into any closing agreement, settled any Tax claim or assessment relating to the Company, surrendered any right
to claim a refund of Taxes, consented to any extension or waiver of the limitations period applicable to any Tax claim or assessment
relating to the Companies, or taken any other similar action;

 

(vi) paid,
discharged, settled or satisfied any claims, liabilities or obligations in excess of $10,000 in the aggregate, other than the payment,
discharge or satisfaction in the ordinary course of business or as required by their terms as in effect on the date hereof of claims,
liabilities or obligations reflected or reserved against in the Most Recent Balance Sheet or incurred in the ordinary course of
business consistent with past practices;

 

(vii)
initiated any material action, suit, claim or proceeding against any customer or vendor before any arbitrator or Governmental
Authority;

 

(viii) made
any change in the financial or Tax accounting methods or accounting practices followed by the Company, except changes required
by Law or as a result of the Audit;

 

(ix) made
any loans or advances (except in the ordinary course of business consistent with past practice) to, capital contributions to, or
investments in, any other Person;

 

    11

     

    

 

(x)
materially amended or extended, or assigned any material rights or claims under,
(i) any Material Contract or (ii) any agreement or arrangement with any Affiliate of the Company;

 

(xi)(i)
wrote-off as uncollectible any notes or accounts receivable except write-offs in the ordinary course, (ii) wrote-off, wrote-up
or wrote-down any other material asset of the Company or (iii) altered the customary time periods for collection of accounts receivable
or payments of accounts payable;

 

(xii)
entered into any new line of business outside of its existing lines of business;

 

(xiii)
suffered any material damage, destruction or other casualty loss (whether or not covered by insurance) affecting the Company
or its assets; or

 

(xiv) agreed
to do any of the foregoing (except as contemplated by this Agreement).

 

(c) Except as set forth
on Schedule 3.5(c), from December 31, 2018, through the date hereof, the Company has not:

 

(i) issued,
sold or granted any shares of capital stock of any class or series, or any other equity interest, including securities or rights
convertible into, exchangeable for, or evidencing the right to subscribe for any shares of capital stock or other equity interests,
or any rights, warrants, options, calls, commitments or any other agreements of any character to purchase or acquire any shares
of capital stock or other equity interests or any securities or rights convertible into, exchangeable for, or evidencing the right
to subscribe for, any shares of capital stock or other equity interests in respect of, in lieu of, or in substitution for, shares
or other equity interests outstanding on the date hereof;

 

(ii)(i)
split, combined, subdivided or reclassified any shares of its capital stock or (ii) declared, set aside for payment or paid any
dividend, or made any other distribution, in respect of any of its capital stock, or redeemed or repurchased any of its capital
stock or any outstanding options, warrants or rights of any kind to acquire any shares of, or any outstanding securities that are
convertible into or exchangeable for any shares of, its capital stock;

 

(iii) adopted
any amendments or modification to its certificate of incorporation or bylaws or effected any recapitalization or similar transaction;

 

(iv) sold,
leased, licensed, abandoned or otherwise encumbered or subjected to any Lien or otherwise disposed of any of its material properties,
assets or rights or any interest therein;

 

(v) waived,
canceled, sold, leased, licensed or otherwise disposed of, for less than the face amount thereof, any claim or right it has against
others; or

 

    12

     

    

 

(vi)
agreed to do any of the foregoing.

 

3.6. Subsidiaries;
Minority Investments. The Company has no subsidiaries and does not, directly or indirectly, own or hold of record and/or
beneficially own or hold capital stock or other equity interests in any other Person.

 

3.7. Financial
Statements.

 

(a)The Company has delivered to the REIT true and complete
copies of the balance sheet and statement of income of the Company for the years ended December 31, 2016, 2017 and 2018 (the
“Company Financial Statements”). The Company Financial Statements (i) fairly present in all material
respects the financial condition, results of operations and cash flows of the Company as of the dates and for the periods
indicated, and (ii) were prepared in accordance with the Company’s accounting principles applied on a consistent basis,
except as otherwise expressly noted therein and subject, in the case of any unaudited interim financial statements, to
normally recurring year-end adjustments (which shall not be material individually or in the aggregate). The Company Financial
Statements were prepared from, and are materially consistent with, the accounting records of the Company and were prepared in
accordance with GAAP.

 

3.8. Litigation.
There are no Actions pending or, to the Knowledge of the Company Stockholder, threatened by or against the Company or any of its
properties or assets, or any of the directors or officers of the Company in such capacity.

 

3.9. Employee
Matters. The Company does not have, and has not within the past five years had, any employees.

 

3.10. Tax Matters. Except as set forth on Schedule
3.10:

 

(a) the Company has
timely filed or caused to be timely filed all Tax Returns required to have been filed by or for it, and all information set forth
in such Tax Returns is accurate and complete in all material respects;

 

(b) the Company has
timely paid all amounts of Taxes that are due and payable by it whether or not shown or required to be shown on a Tax Return;

 

(c) the Company has
not granted (or is not subject to) any waiver that is currently in effect of the period of limitations for the assessment of any
Tax; no unpaid Tax deficiency has been assessed or asserted against or with respect to the Company by any Governmental Authority;
there are no currently pending administrative or judicial proceedings, or any deficiency or refund litigation, with respect to
Taxes of the Company; and any such assertion, assessment, proceeding or litigation disclosed on Schedule 3.10 is being contested
in good faith through appropriate measures, and its status is described on Schedule 3.10;

 

(d) the Company has timely
and properly withheld and paid all material amounts of Taxes required to have been withheld and paid, and has complied in all
material respects with all information reporting and backup withholding requirements, including maintenance of required records
with respect thereto, in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder
or other third party;

 

    13

     

    

 

(e) there are no Liens for Taxes (other than Permitted Liens) upon any of the assets of the Company;

 

(f) the Company is not obligated
to make any payments, or is a party to any agreement that under certain circumstances could obligate it to make any payments,
that will not be deductible under Code § 280G;

 

(g) [Reserved];

 

(h) the Company is
not a party to any Tax allocation or sharing agreement with any Person that is not an Affiliate of the Company other than under
a lease or other commercial agreement entered into in the ordinary course of business and with respect to each such agreement,
a principal purpose of the agreement is not the allocation or sharing of Taxes;

 

(i) the Company (A)
has not been a member of an affiliated group filing a consolidated federal Income Tax Return or (B) does not have any liability
for the Taxes of any Person under Treas. Reg. § 1.1502-6 (or any similar provision of state, local or foreign Law), as a transferee
or successor, by contract or otherwise (except for contracts that were entered into in the ordinary course of business and a principal
purpose of such contracts is not the allocation of Taxes);

 

(j) the Company has
not been, in the past three (3) years, a party to a transaction reported or intended to qualify as a distribution governed by Code
§§ 355, 356 or 361;

 

(k) the Company has
not engaged in any transaction which is a “listed transaction” within the meaning of Treasury Regulation §§
1.6011-4(b)(2) or 301.6111-2(b)(2) (irrespective of the Closing Date);

 

(l) the Company is
not required to include a material item of income, or exclude a material item of deduction, for any period after the Closing Date
as a result of (i) an installment sale transaction occurring on or before the Closing governed by Code § 453 (or any similar
provision of foreign, state, or local Law); (ii) a transaction occurring on or before the Closing reported as an open transaction
for federal Income Tax purposes (or any similar doctrine for foreign, state or local tax purposes); (iii) prepaid amounts received
on or prior to the Closing; (iv) a change in method of accounting or use of an improper method of accounting, in each case, requested
or occurring on or prior to the Closing; (v) an agreement entered into with any taxing authority on or prior to the Closing; or
(vi) an election under Code §108(i);

 

(m) set forth on
Schedule 3.10(l) is a complete and correct list of all jurisdictions in which the Company has filed Tax Returns;

 

(n) the Company does
not have, and has never had, a permanent establishment in any foreign country, as defined in any applicable Tax treaty or convention
between the United States and such foreign country, or otherwise has been subject to Tax in any material respect in a jurisdiction
where it does not currently file Tax Returns or pay Taxes;

 

(o) the Company is classified,
for U.S. federal income Tax purposes, as a C corporation;

 

    14

     

    

 

(p) the Company has not received any letter ruling from the Internal Revenue Service (or any comparable ruling from any other
taxing authority); and

 

(q) the Company has made available to the REIT (i) true and
complete copies of all U.S. federal and state Income Tax Returns and filed by the Company for the past three years and (ii)
true and complete copies of all notices of deficiencies, notices of proposed adjustments, notices of assessments, revenue
agent reports, closing agreements, settlement agreements, information document requests, and other similar documents,
notices, or correspondence that the Company (or any of their representatives) has received from, sent to, or entered with (a)
the IRS for the past three years or (b) a state taxing authority in the past three (3) years if, with respect to clause (ii),
such documents are readily available to the Company.

 

3.11. Compliance with Law.

 

(a) The Company holds all material Permits necessary for the
lawful conduct its business. The Company is in compliance in all material respects with the terms of such material Permits.
The Company is (and has been for the prior five (5) years) in compliance in all material respects with all applicable Laws.
To the Knowledge of the Company Stockholder, no investigation or review by any Governmental Authority with respect to the
Company is pending or threatened.

 

3.12. Fees
and Expenses of Brokers and Others. The Company is not directly or indirectly committed to any liability for any brokers’
or finders’ fees or any similar fees in connection with the transactions contemplated by this Agreement or has retained any
broker or other intermediary to act directly or indirectly on its behalf in connection with the transactions contemplated by this
Agreement.

 

3.13. Absence
of Undisclosed Liabilities. Except as set forth on Schedule 3.13, the Company does not have any liability or obligation
of any kind, whether absolute, accrued, asserted or unasserted, contingent or otherwise, that is not adequately reflected or reserved
against on the Most Recent Balance Sheet, except liabilities or obligations (i) that were incurred after the date of the Most Recent
Balance Sheet in the ordinary course of business and consistent with past practice, or (ii) that were incurred in connection with
this Agreement.

 

3.14. Environmental Laws and Regulations.
Except as set forth on Schedule 3.14:

 

(a) the Company is,
and has been for the prior five (5) years, in compliance in all material respects with all applicable Environmental Laws;

 

(b) there is no action
or proceeding pending or, to the Knowledge of the Company Stockholder, any investigation pending, against the Company, nor, to
Knowledge of the Company Stockholder, is any action, proceeding or investigation threatened against the Company, with respect to
Hazardous Substances or Environmental Laws; and the Company has not received, any actual or proposed order, notice or other communication
(written or oral) from any Governmental Authority or other Person of any actual or potential material violation of, or actual or
potential material liability under, any Environmental Law including any corrective, investigatory or remedial obligations, or personal
injury, property damage or natural resources damages claims arising under any Environmental Law;

 

    15

     

    

 

(c)
the Company possesses and is in compliance in all material respects with all Permits
that are required pursuant to any applicable Environmental Law (“Environmental Permits”) for the operation of
the Company’s business and none of the Environmental Permits requires consent, notification or other action to remain in
full force and effect following consummation of the transactions contemplated herein. All Environmental Permits are in full force
and effect and no modification, suspension or cancellation is pending or, to the Knowledge of the Company Stockholder, threatened;
and

 

(d) the Company has
not assumed, by contract, agreement or operation of law, the liability of any other Person arising under Environmental Law.

 

3.15. Insurance.
To the Knowledge of the Company Stockholder, all policies of insurance covering the assets, business and operations of the Company
(a) are in full force and effect with all premiums due having been paid in full and (b) are valid, outstanding and enforceable
policies. During the past five (5) years, there has been no lapse in coverage or material reduction in scope of the insurance carried
by the Company in the ordinary course of its business, and the Company has not received any notice of any proposed material increase
in the premiums payable for coverage. None of the insurers of the Company has issued a reservation of rights letter received by
the Company in the defense of claims. The Company has complied in all material respects with the terms and conditions of all of
the insurance policies owned or held by the Company.

 

3.16. Material Contracts.

 

(a) Schedule 3.16
attached hereto sets forth a correct and complete list of the following Contracts (whether or not included on such schedule, the
“Material Contracts”):

 

(i) each
Contract that currently requires payment by, or payment to, the Company of more than $50,000 per year;

 

(ii) each
note, mortgage, indenture, loan or credit agreement, security agreement, and other agreement and instrument reflecting outstanding
obligations or available commitments for borrowed money or other Indebtedness;

 

(iii) any
guarantee that may result in an obligation by the Company in excess of $10,000; and

 

(iv) all
Leases.

 

(b) Assuming the due
authorization, execution and delivery by the other parties thereto, each of the Material Contracts is valid, binding, in full
force and effect and enforceable by and against the Company in accordance with its terms, except to the extent that its
enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other Laws affecting the enforcement of
creditors’ rights generally or by equitable principles.

 

    16

     

    

 

(c) The Company is not
in breach or default under any Material Contract. To the Knowledge of the Company Stockholder, no material breach or material
default under any Material Contract by any other party thereto has occurred. There is no event or condition which has
occurred or exists which constitutes or which, with or without notice, the happening of any event
and/or the passage of time, would constitute a material default or material breach under any Material Contract by the Company
or, to the Knowledge of the Company Stockholder, any other party thereto, or would cause the acceleration of any obligation
or loss of any material rights of any party thereto or give rise to any right of termination or cancellation thereof. The
Company has delivered to the REIT true and complete copies of each written Material Contract and written summaries of the
payment terms and other material terms of any oral Material Contracts.

 

(d) The Company has
not received any notice (a) alleging breach of any Material Contract, (b) terminating or threatening to terminate any Material
Contract or (c) of intent not to renew a Material Contract and, to the Knowledge of the Company Stockholder, no counterparty to
a Material Contract has any intent to terminate or not renew such Material Contract.

 

(e) Except as would
not, individually or in the aggregate, have a Material Adverse Effect, and solely with respect to Contracts of the Company other
than the Material Contracts: (i) each such Contract is valid, binding, in full force and effect and enforceable by and against
the Company in accordance with its terms, except to the extent that its enforceability may be limited by applicable bankruptcy,
insolvency, reorganization or other Laws affecting the enforcement of creditors’ rights generally or by equitable principles;
(ii) the Company is not in breach or default under any such Contract, and to the Knowledge of the Company Stockholder, no breach
or default under any such Contract by any party thereto other than the Company has occurred; and (iii) there is no event or condition
which has occurred or exists which constitutes or which, with or without notice, the happening of any event or the passage of time,
would constitute a material default or breach under any such Contract by the Company or, to the Knowledge of the Company Stockholder,
any other party thereto, or would cause the acceleration of any obligation or loss of any material rights of any party thereto
or give rise to any right of termination or cancellation thereof.

 

3.17. Real Property.

 

(a) The real property
described on Schedule 3.17 constitutes all the real property owned by the Company (the “Real Property”).
Other than the Real Property, the Company does not own, lease, sublease, license, occupy or use any real property. The Real Property
constitutes all the real property necessary to conduct the Company’s business as currently conducted and as currently proposed
by the Company to be conducted. The Company has provided the REIT with true and complete copies of all of the leases and subleases
(including any exhibits, addendums, amendments or modifications related thereto) relating to the Real Property (collectively, the
“Leases”).

 

(b) With respect
to the Real Property:

 

(i) all
rents and other amounts due under the Leases have been paid in full on or before the date when due and payable, and no security
deposit has been applied in connection with a breach or default that has not been replaced in full;

 

(ii) no
claim has been asserted against the Company adverse to its rights in the Real Property;

 

    17

     

    

 

(iii)
there are no Liens encumbering the Real Property other than Permitted Liens;

 

(iv) all
facilities, buildings, improvements and fixtures on the Real Property are in good condition and repair, subject to normal wear
and tear, and are suitable for the continued operation of the Company’s business as currently conducted;

 

(v) to
the Knowledge of the Company Stockholder, there are no pending or threatened condemnation proceedings, lawsuits or administrative
actions relating to the Real Property or other matters affecting adversely the current use or occupancy thereof;

 

(vi) to
the Knowledge of the Company Stockholder, the Real Property (A) is in compliance in all material respects with all applicable Laws
relating to occupancy and operation thereof and there are no violations of Law related to the Real Property, (B) has received all
material approvals of Governmental Authorities (including Permits) required in connection with the occupancy and operation thereof
and (C) has been operated and maintained in all material respects in accordance with applicable Law;

 

(vii) all
facilities located on the Real Property are supplied with utilities and other services necessary for the operation of such facilities
by the tenant, including gas, electricity, water, telephone, sanitary sewer and storm sewer, all of which services are reasonably
adequate in quality and quantity for the operation of the tenant’s business as currently conducted;

 

(viii)
except as set forth on Schedule 3.17, the Company has not granted a mortgage or security interest in the Real Property
and/or the Leases; and

 

(ix) the
Company does not owe, and will not owe in connection with the transactions contemplated under this Agreement, any broker’s
fees and/or commissions in connection with the Real Property and/or the Leases.

 

3.18. Books and Records.

 

(a) The minute books
of the Company have been delivered to the REIT. The books of account and stock record books of the Company are located at the Company’s
offices, are complete and correct in all material respects, represent actual, bona fide transactions and have been maintained in
accordance with applicable legal and accounting requirements.

 

(b) The Company has
established and maintains a system of internal accounting controls reasonably adequate for the size, operations and business
of the Company to ensure that (i) all transactions related to the Company are executed in accordance with management’s
general or specific authorizations, (ii) transactions are recorded as necessary to permit the preparation of financial
statements and to maintain proper accountability for assets and (iii) payments or actions prohibited by anti-bribery,
corruption and similar Laws are detected. The Company has not identified or been made aware of any fraud that involves the
Company, its Affiliates, or their management, or other current employees or any claim or
allegation regarding any of the foregoing, and the Company has not received any written notice from its independent
accountants regarding any of the foregoing.

 

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3.19. Accounts
Receivable. All of the accounts receivable of the Company are (a) valid and enforceable claims, not subject to any valid defenses,
set offs or counterclaims (net of reserves reflected in the Most Recent Balance Sheet), (b) determined in accordance with the Company’s
historical accounting principles, consistently applied, (c) arose out of bona fide transactions in the ordinary course of business,
(d) represent sales actually made or services actually performed or to be performed in the ordinary course of business in bona
fide, arms-length transactions completed in accordance with the terms and provisions contained in any documents relating thereto
and in compliance with Laws and (e) as of the date hereof have not been outstanding for more than 90 days from the date of invoice.
As of the Closing Date, any reserves for collection losses related to the accounts receivable that are included in the Most Recent
Balance Sheet will be reasonably adequate. The Company has not factored or discounted, or agreed to factor or discount, any accounts
receivable.

 

3.20. Indebtedness.
The Company’s Indebtedness as of the date hereof is set forth on Schedule 3.20.

 

3.21. Full Disclosure. The representations and warranties of the Company
contained in this Agreement do not contain any untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements contained herein or therein, in light of the circumstances under which they were made, not misleading.
The Company has not made any representations or statements that were misleading or inaccurate in any material respect or has withheld
from or failed to disclose to the REIT any data, documents, or other information that could reasonably be expected to affect its
ability to perform its obligations under this Agreement, or to conduct its business in the ordinary course.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE
REIT AND MERGER

SUBSIDIARY

 

The REIT and Merger
Subsidiary hereby represent and warrant to the Company Stockholder as follows:

 

4.1. Organization
and Authority of the REIT and Merger Subsidiary. Each of the REIT and Merger Subsidiary is duly organized, validly existing
and in good standing under the Laws of the State of Maryland and Delaware, respectively. Each of the REIT and Merger Subsidiary
has full corporate or limited liability company- power to execute and deliver and to perform its obligations under this Agreement
and to consummate the transactions contemplated hereby. The REIT owns one hundred percent (100%) of the outstanding equity interests
in Merger Subsidiary. Merger Subsidiary was formed for the purpose of effecting the transactions contemplated herein, holds no
assets and has no liabilities, and has not engaged in any other business activities or conducted any operations (other than entering
into this Agreement).

 

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4.2. Authority Relative to this Agreement. The execution, delivery and performance
of this Agreement by the REIT and Merger Subsidiary, as applicable, are within the corporate or limited liability company power
and authority of such party. The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly and validly authorized by the applicable governing body of each of the REIT and Merger Subsidiary and no
other corporate proceedings on the part of the REIT or Merger Subsidiary are necessary to authorize the execution, delivery and
performance of this Agreement or to consummate the transactions contemplated hereby. This Agreement has been or will be duly and
validly executed and delivered by the REIT and Merger Subsidiary, and assuming the due authorization by the other parties thereto
and the authorization, execution and delivery hereof and thereof by such other parties constitute or will constitute valid and
binding agreements of the REIT and Merger Subsidiary, as applicable, enforceable against such party in accordance with its terms,
except to the extent that their enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other Laws
affecting the enforcement of creditors’ rights generally or by equitable principles.

 

4.3. Consents
and Approvals; No Violations. No consent or approval of, and no notification, submission, or filing with any Governmental Authority
is necessary or required in connection with the execution and delivery of this Agreement by the REIT or Merger Subsidiary or for
the consummation of the transactions contemplated hereby. Except as set forth on Schedule 4.3 attached hereto, neither the
execution or delivery of this Agreement by the REIT or Merger Subsidiary, nor the performance of this Agreement nor the consummation
of the transactions contemplated hereby by the REIT or Merger Subsidiary will (a) conflict with or result in any breach of any
provision of the respective organizational documents of the REIT or Merger Subsidiary (b) result in a material violation or material
breach of, or constitute (with or without due notice or lapse of time or both) a material default (or give rise to any right of
termination, amendment, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage,
indenture, license, Contract or other instrument or obligation to which the REIT or Merger Subsidiary is a party or by which any
of the properties or assets of the REIT or Merger Subsidiary may be bound or (c) violate any order, writ, injunction, decree, statute,
rule or regulation applicable to the REIT or Merger Subsidiary or any of the properties or assets of the REIT or Merger Subsidiary.

 

4.4. REIT Common
Stock. The issuance of the REIT Class A Common Stock and the REIT Class B Common Stock pursuant to the Merger has been duly
authorized by all requisite corporate action of the REIT and upon issuance at Closing in accordance with the terms of this Agreement
such stock will be validly issued, fully paid and non-assessable.

 

4.5. Litigation.
As of the date hereof, there is no action, suit, proceeding or investigation pending or, to the knowledge of the REIT,
threatened against or relating to the REIT or Merger Subsidiary before any Governmental Authority that seeks restraint,
prohibition, damages or other relief in connection with this Agreement or the consummation of the transactions contemplated
hereby.

 

4.6. Fees and
Expenses of Brokers and Others. Neither the REIT nor Merger Subsidiary is committed to any liability for any
brokers’ or finders’ fees or any similar fees in connection with the transactions contemplated by this Agreement
or has retained any broker or other similar intermediary to act directly or indirectly on its
behalf in connection with the transactions contemplated by this Agreement.

 

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4.7. Tax.
The REIT intends to qualify as a real estate investment trust under the Code and Merger Subsidiary intends to be classified as
disregarded as an entity separate from its owner under Treasury Regulations § 301.7701-3.

 

ARTICLE V

COVENANTS RELATING TO CONDUCT OF BUSINESS

 

5.1. Operation
in the Ordinary Course. During the period from the date of this Agreement to the Effective Time, unless the REIT shall otherwise
consent in writing and except as otherwise expressly required by this Agreement or required by Law, the Company shall (a) operate
its business in the ordinary course, consistent with past practice; (b) use its reasonable efforts to preserve intact its assets
(including its goodwill) and current business organizations, to keep and to maintain current relationships with its tenants, suppliers
and others having business relationships with the Company; (c) pay its Indebtedness and trade and other accounts payable punctually
when and as the same will become due and payable and perform and observe, in all material respects, its duties and obligations
under all contracts; (d) pay all Taxes as they become due and payable and use reasonable efforts to maintain in full force and
effect all insurance policies.

 

5.2. Affirmative
and Negative Covenants. During the period from the date of this Agreement to the Effective Time, unless the REIT shall otherwise
consent in writing (and except as otherwise expressly required by this Agreement or required by Law), the Company shall not, directly
or indirectly:

 

(a) issue, sell or
grant any shares of capital stock of any class or series, or any other equity interest, including securities or rights convertible
into, exchangeable for, or evidencing the right to subscribe for any shares of capital stock or other equity interests, or any
rights, warrants, options, calls, commitments or any other agreements of any character to purchase or acquire any shares of capital
stock or other equity interests or any securities or rights convertible into, exchangeable for, or evidencing the right to subscribe
for, any shares of capital stock or other equity interests in respect of, in lieu of, or in substitution for, shares or other equity
interests outstanding on the date hereof;

 

(b)(i) split, combine,
subdivide or reclassify any shares of its capital stock or (ii) declare, set aside for payment or pay any dividend, or make any
other distribution, in respect of any of its capital stock, or (iii) redeem or repurchase any of its capital stock or any outstanding
options, warrants or rights of any kind to acquire any shares of, or any outstanding securities that are convertible into or exchangeable
for any shares of, its capital stock;

 

(c) amend or modify
its certificate of incorporation or bylaws or effect or become a party to any recapitalization or similar transaction;

 

(d) other than
borrowings by the Company in the ordinary course of business consistent with past practice, create, incur, assume or permit
to exist any additional Indebtedness or guarantee any Indebtedness of another Person;

 

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(e)
grant any Lien other than a Permitted Lien;

 

(f) acquire or agree
to acquire by merging or consolidating with, or by purchasing a substantial portion of the assets of, any business or other Person;

 

(g) sell, lease,
license, abandon or otherwise encumber or subject to any Lien or otherwise dispose of any of its properties, assets or rights or
any interest therein;

 

(h) make or agree
to make any capital expenditures that, when added to all other capital expenditures made by or on behalf of the Company since the
date hereof, exceed $100,000;

 

(i) make or change
any Tax election, change an annual Tax accounting period, adopt or change any Tax accounting method, file any amended Tax Return,
enter into any closing agreement, settle any Tax claim or assessment relating to the Company, surrender any right to claim a refund
of Taxes, consent to any extension or waiver of the limitations period applicable to any Tax claim or assessment relating to the
Companies, or take any other similar action, if such election, adoption, change, amendment, agreement, settlement, surrender, consent
or other action would have the effect of materially increasing the Tax liability of the Company for any period ending after the
Closing Date or materially decreasing any Tax attribute of the Company existing on the Closing Date without, in any such case,
having the effect of providing a substantially equivalent reduction in Tax liability for any period ending after the Closing Date
or increase in one or more Tax attributes existing on or after the Closing Date;

 

(j) pay, discharge,
settle or satisfy any claims, liabilities or obligations, other than (i) repayment of any Indebtedness, or (ii) the payment, discharge
or satisfaction of claims (A) in the ordinary course of business consistent with past practice or (B) as required by their terms
as in effect on the date hereof;

 

(k) initiate any
material action, suit, claim or proceeding against any tenant or vendor before any arbitrator or Governmental Authority except
to the extent necessary to preserve any rights or claims;

 

(l) make any change
in the financial or Tax accounting methods or accounting practices followed by the Company, except changes required by Law or by
GAAP;

 

(m) make any loans
or advances (except in the ordinary course of business consistent with past practice) to, capital contributions to, or investments
in, any other Person;

 

(n) enter into or
materially amend, extend or terminate (other than upon expiration of such Contract), or waive, release or assign any rights or
claims under, any Material Contract or any agreement or arrangement with any Company Affiliate;

 

(o) enter into any
Contract that places any limitation on the method of conducting or scope of any business of the Company or any of its Affiliates;

 

(p) enter into
any new line of business;

 

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(q) cause any material damage, destruction, or other casualty loss (whether or not covered by insurance) affecting the Company
or its assets;

 

(r) waive, cancel,
sell, lease, license or otherwise dispose of, for less than the face amount thereof, any claim or right it has against others;

 

(s) create
any subsidiary of the Company;

 

(t) enter into any
joint venture, partnership, strategic alliance or similar arrangement with any Person;

 

(u) take any other
action which could reasonably be expected to cause (i) a breach or inaccuracy of any representation or warranty in Article III
or (ii) a condition set forth in Article VII not to be satisfied;

 

(v) take any action
with the intent to cause a representation or warranty to become untrue or incorrect; or

 

(w) agree to
do any of the foregoing.

 

ARTICLE VI

ADDITIONAL AGREEMENTS

 

6.1. Access
to Information. Upon reasonable notice, the Company shall afford to the officers, employees, accountants, counsel and other
representatives of the REIT, reasonable access during normal business hours during the period from the date hereof to the Effective
Time, to all of the facilities and properties of the Company and the accountants, properties, books and records, Permits and Contracts
of the Company and during such period, the Company shall furnish to the REIT all information concerning its business, financial
condition, properties and personnel as the REIT may reasonably request.

 

6.2. Reasonable
Efforts. Subject to the terms and conditions set forth in this Agreement, each of the Company and the REIT agrees to use reasonable
efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other
parties in doing, all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner practicable,
the Merger and the other transactions contemplated by this Agreement.

 

6.3. Notification;
Updates to Schedules.

 

(a) Prior to the
Closing, each of the Company and the REIT shall notify the other party in writing if such party obtains knowledge of any material
breaches or inaccuracies of any of the representations and warranties contained herein or any material breach of any covenant or
other agreement hereunder by such party; provided that any such notification shall not cure any breach or inaccuracy or affect
the other party’s rights and remedies under this Agreement.

 

(b) The Company shall
deliver to the REIT prior to the Closing Date a true and complete schedule of changes (the “Updated
Schedules”) to any of the information contained in the Disclosure Schedules
(including changes to any other representations or warranties in Article III hereof as to which no Schedule has been
created as of the date hereof but as to which a Schedule would have been required if such changes had existed on the date
hereof), but only if such changes are required as a result of events or circumstances occurring after the date hereof and not
as a result of any breach or failure to perform any covenant or agreement contained herein, and would render any
representation or warranty inaccurate or incomplete at any time. The Updated Schedules shall be dated as of the Closing
Date.

 

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6.4.
Registration.

 

(a)
Shelf Registration of the REIT Class A Common Stock. Following the date on which the REIT becomes eligible to use a registration
statement on Form S-3 for the registration of securities (the “S-3 Eligible Date”), under the Securities Act
of 1933, as amended (the “Securities Act”), the REIT shall use commercially reasonable efforts to file with
the SEC a shelf registration statement under Rule 415 of the Securities Act (the “Registration Statement”),
or any similar rule that may be adopted by the SEC, covering (i) the issuance of REIT Class A Common Stock issuable upon conversion
of the Class B Common Stock Merger Consideration (the “Conversion Shares”) and/or (ii) the resale by the holder
of the Conversion Shares and the Class A Common Stock Merger Consideration (together with the Conversion Shares, the “Resale
Shares”). In connection therewith, the REIT will:

 

(i)
use commercially reasonable efforts to have such Registration Statement declared effective;

 

(ii)
to use our commercially reasonable efforts to keep the registration statement continuously effective (including the preparation
an filing of any amendments and supplements necessary for that purpose) until the earlier of (i) the date that is two (2) years
after the date of the effectiveness of the registration statement, (ii) the date on which all the Resale Shares registered on
the registration statement are eligible for sale without registration pursuant to Rule 144 under the Securities Act, or any successor
rule thereto (“Rule 144”) under the Securities Act without volume limitations or other restrictions on transfer
thereunder, or (iii) the date on which all the Resale Shares registered by the registration statement are sold;

 

(iii)
use commercially reasonable efforts to register or qualify the Resale Shares covered by the Registration Statement under the securities
or blue sky laws of such jurisdictions within the United States as required by law, and do such other reasonable acts and things
as may be required of it to enable such holders to consummate the sale or other disposition in such jurisdictions of the Resale
Shares; provided, however, that the REIT shall not be required to (i) qualify as a foreign corporation or consent to a general
or unlimited service or process in any jurisdictions in which it would not otherwise be required to be qualified or so consent
or (ii) qualify as a dealer in securities; and

 

(iv)
otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC in connection with
the Registration Statement.

 

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The
REIT further agrees to use commercially reasonable efforts to supplement or make amendments to the Registration Statement, if
required by the rules, regulations or instructions applicable to the registration form utilized by the REIT or by the Securities
Act or rules and regulations thereunder for the Registration Statement. The Company Stockholder agrees to furnish to the REIT,
upon request, such information as may be required to complete and file the Registration Statement and to have the Registration
Statement declared effective by the SEC.

 

In
connection with and as a condition to the REIT’s obligations with respect to the filing of the Registration Statement pursuant
to this Section 6.4(a), the Company Stockholder agrees with the REIT that:

 

(i)
he will provide in a timely manner to the REIT such information as reasonably required to complete the Registration Statement
or as otherwise required to comply with applicable securities laws and regulations;

 

(ii)
he will not offer or sell his Resale Shares until (A) such Resale Shares have been included in the Registration Statement and
(B) it has received notice that the Registration Statement covering such Resale Shares, or any post- effective amendment thereto,
has been declared effective by the SEC, such notice to have been satisfied by the posting by the SEC on www.sec.gov of a notice
of effectiveness;

 

(iii)
if the REIT determines in its good faith judgment, after consultation with counsel, that the use of the Registration Statement,
including any pre- or post- effective amendment thereto, or the use of any prospectus contained in such Registration Statement
would require the disclosure of important information that the REIT has a bona fide business purpose for preserving as confidential
or the disclosure of which, in the judgment of the REIT, would impede the REIT’s ability to consummate a significant transaction,
upon written notice of such determination by the REIT (which notice shall be deemed sufficient if given through the issuance of
a press release or filing with the SEC and, if such notice is not publicly distributed, Andrew Spodek agrees to keep the subject
information confidential and acknowledges that such information may constitute material non-public information subject to the
applicable restrictions under securities laws), the Company Stockholder’s right to offer, sell or distribute his Resale
Shares pursuant to such Registration Statement or prospectus or to require the REIT to take action with respect to the registration
or sale of any Resale Shares pursuant to a Registration Statement (including any action contemplated by this Section 6.4(a))
will be suspended until the date upon which the REIT notifies the Company Stockholder in writing (which notice shall be deemed
sufficient if given through the issuance of a press release or filing with the SEC and, if such notice is not publicly distributed,
the Company Stockholder agrees to keep the subject information confidential and acknowledges that such information may constitute
material non-public information subject to the applicable restrictions under securities laws) that suspension of such rights for
the grounds set forth in this paragraph is no longer necessary; provided, however, that the REIT may not suspend such rights for
an aggregate period of more than 180 days in any 12-month period; and

 

    25

     

    

 

(iv)
in the case of the registration of any underwritten equity offering proposed by the REIT (other than any registration by the REIT
on Form S-8, or a successor or substantially similar form, of an employee stock option, stock purchase or compensation plan or
of securities issued or issuable pursuant to any such plan), the Company Stockholder will agree, if requested in writing by the
managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution of any REIT Common
Stock or Resale Shares (or any option or right to acquire REIT Common Stock or Resale Shares) during the period commencing on
the tenth day prior to the expected effective date (which date shall be stated in such notice) of the registration statement covering
such underwritten primary equity offering or, if such offering shall be a “take-down” from an effective shelf registration
statement, the tenth day prior to the expected commencement date (which date shall be stated in such notice) of such offering,
and ending on the date specified by such managing underwriter in such written request to the Company Stockholder; provided, however,
that the Company Stockholder shall not be required to agree not to effect any offer, sale or distribution of his Resale Shares
for a period of time that is longer than the greater of 90 days or the period of time for which any senior executive of the REIT
is required so to agree in connection with such offering.

 

(b)
Listing on Securities Exchange. If the REIT lists or maintains the listing of REIT Common Stock on any securities exchange
or national market system, it shall, at its expense and as necessary to permit the registration and sale of the Resale Shares
hereunder, list thereon, maintain and, when necessary, increase such listing to include such Resale Shares.

 

(c)
Registration Not Required. Notwithstanding the foregoing, the REIT shall not be required to file or maintain the effectiveness
of a registration statement relating to Resale Shares after the first date upon which, in the opinion of counsel to the REIT,
all of the Resale Shares covered thereby could be sold by the holders thereof either (i) pursuant to Rule 144 without limitation
as to amount or manner of sale or (ii) pursuant to Rule 144 in one transaction in accordance with the volume limitations contained
in Rule 144(e) under the Securities Act.

 

(d) Allocation
of Expenses. The REIT shall pay all expenses in connection with the Registration Statement, including without limitation
(i) all expenses incident to filing with the Financial Industry Regulatory Authority, Inc., (ii) registration fees, (iii)
printing expenses, (iv) accounting and legal fees and expenses, except to the extent holders of Resale Shares elect to
engage accountants or attorneys in addition to the accountants and attorneys engaged by the REIT, which fees and expenses for
such accountants or attorneys shall be for the account of the holders of the Resale Shares, (v) accounting expenses incident
to or required by any such registration or qualification and (vi) expenses of complying with the securities or blue sky laws
of any jurisdictions in connection with such registration or qualification; provided, however, the REIT shall not be liable
for, or pay (A) any discounts or commissions to any underwriter or broker attributable to the sale of Resale Shares, or (B)
any fees or expenses incurred by holders of Resale Shares in connection with such registration that, according to the written
instructions of any regulatory authority, the REIT is not permitted to pay.

 

    26

     

    

 

(e)
Indemnification.

 

(i)
In connection with the Registration Statement, the REIT agrees to indemnify each holder of Resale Shares and each Person who controls
any such holder of Resale Shares within the meaning of Section 15 of the Securities Act, against all losses, claims, damages,
liabilities and expenses (including reasonable costs of investigation) caused by any untrue, or alleged untrue, statement of a
material fact contained in the Registration Statement, preliminary prospectus or prospectus (as amended or supplemented if the
REIT shall have furnished any amendments or supplements thereto) or caused by any omission or alleged omission, to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such
losses, claims, damages, liabilities or expenses are caused by any untrue statement, alleged untrue statement, omission, or alleged
omission based upon information furnished to the REIT by the Company Stockholder or the holder for use therein. The REIT and each
officer, director and controlling person of the REIT shall be indemnified by the Company Stockholder or holder of Resale Shares
covered by the Registration Statement for all such losses, claims, damages, liabilities and expenses (including reasonable costs
of investigation) caused by any untrue, or alleged untrue, statement or any omission, or alleged omission, based upon information
furnished to the REIT by the Company Stockholder or the holder for use therein.

 

(ii)
Promptly upon receipt by a party indemnified under this Section 6.4(e) of notice of the commencement of any action against
such indemnified party in respect of which indemnity or reimbursement may be sought against any indemnifying party under this
Section 6.4(e), such indemnified party shall notify the indemnifying party in writing of the commencement of such action,
but the failure to so notify the indemnifying party shall not relieve it of any liability that it may have to any indemnified
party otherwise than under this Section 6.4(e) unless such failure shall materially adversely affect the defense of such
action. In case notice of commencement of any such action shall be given to the indemnifying party as above provided, the indemnifying
party shall be entitled to participate in and, to the extent it may wish, jointly with any other indemnifying party similarly
notified, to assume the defense of such action at its own expense, with counsel chosen by it and reasonably satisfactory to such
indemnified party. The indemnified party shall have the right to employ separate counsel in any such action and participate in
the defense thereof, but the fees and expenses of such counsel shall be paid by the indemnified party unless (i) the indemnifying
party agrees to pay the same, (ii) the indemnifying party fails to assume the defense of such action with counsel reasonably satisfactory
to the indemnified party or (iii) the named parties to any such action (including any impleaded parties) have been advised by
such counsel that representation of such indemnified party and the indemnifying party by the same counsel would be inappropriate
under applicable standards of professional conduct (in which case the indemnified party shall have the right to separate counsel
and the indemnifying party shall pay the reasonable fees and expenses of such separate counsel, provided that, the indemnifying
party shall not be liable for more than one separate counsel). No indemnifying party shall be liable for any settlement of any
proceeding entered into without its consent.

 

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(f)
Contribution.

 

(i)
If for any reason the indemnification provisions contemplated by Section 6.4(e) hereof are either unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then the party
that would otherwise be required to provide indemnification or the indemnifying party (in either case, for purposes of this Section
6.4(f), the “Indemnifying Party”) in respect of such losses, claims, damages or liabilities, shall contribute
to the amount paid or payable by the party that would otherwise be entitled to indemnification or the indemnified party (in either
case, for purposes of this Section 6.4(f), the “Indemnified Party”) as a result of such losses, claims,
damages, liabilities or expense, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party
and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party
and Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact related to information supplied by the Indemnifying
Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party.

 

(ii)
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6.4(f) were determined
by pro rata allocation (even if the holders were treated as one entity for such purpose) or by any other method of allocation
that does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person or entity
determined to have committed a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

(iii)
The contribution provided for in this Section 6.4(f) shall survive the termination of this Agreement and shall remain in
full force and effect regardless of any investigation made by or on behalf of any Indemnified Party.

 

ARTICLE
VII

CONDITIONS
PRECEDENT TO CONSUMMATION OF THE MERGER

 

7.1. Conditions
Precedent to Obligations of Each Party. The obligations of each party to consummate the Merger and the other transactions
contemplated by this Agreement are subject to the satisfaction or waiver by such party at or prior to the Effective Time of
the following conditions precedent:

 

(a)
The pricing of the IPO shall have occurred.

 

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(b)
There shall be no pending administrative or judicial proceeding initiated by any Governmental Authority that seeks to prevent
consummation of the Merger or other transactions contemplated by this Agreement and no temporary restraining order, preliminary
or permanent injunction or other Governmental Order preventing the consummation of the Merger or other transactions contemplated
by this Agreement shall have been issued by any court of competent jurisdiction or any other Governmental Authority and shall
remain in effect, and there shall not be any Law enacted or deemed applicable to the Merger or other transactions contemplated
by this Agreement that makes consummation of the Merger or such other transactions illegal or otherwise prohibits or interferes
with the consummation of the Merger or such other transactions.

 

7.2.
Conditions Precedent to Obligations of the REIT and Merger Subsidiary. The obligations of the REIT and Merger Subsidiary
to consummate the Merger and the other transactions contemplated by this Agreement are subject to the satisfaction or waiver by
the REIT at or prior to the Effective Time of the following conditions precedent:

 

(a)
Each of the representations and warranties of the Company contained in this Agreement shall have been true and correct as of the
date of this Agreement, and shall be true and correct as of the Closing Date as if made on such date (other than any representations
and warranties made as of another date, which representations and warranties shall be true and correct as of such other date)
in all material respects (if not qualified by materiality or by Material Adverse Effect) or in all respects (if qualified by materiality
or by Material Adverse Effect).

 

(b)
Each of the covenants and agreements of the Company to be performed at or before the Closing pursuant to the terms of this Agreement
shall have been duly performed in all material respects.

 

(c)
The REIT shall have received a certificate dated as of the Closing Date and executed by the Company Stockholder certifying as
to the matters set forth in Sections 7.2(a) and 7.2(b).

 

(d)
The REIT shall have received an affidavit from the Company Stockholder certifying pursuant to Section 1445 and Section 1446(f)
of the Code that the Company Stockholder is not a foreign corporation, foreign partnership, foreign trust, foreign estate, or
foreign person (as those terms are defined in the Code and Treasury Regulations promulgated thereunder.

 

(e)
No change, event, fact, occurrence, circumstance or condition shall have occurred or arisen since the date of this Agreement that,
individually or when considered together with all other matters, has had or would reasonably be expected to have a Material Adverse
Effect on the Company.

 

7.3. Conditions
Precedent to Obligations of the Company. The obligations of the Company to consummate the Merger and other
transactions contemplated by this Agreement are subject to the satisfaction or waiver by the Company at or prior to the
Effective Time of the following conditions precedent:

 

(a)
Each of the representations and warranties of the REIT and Merger Subsidiary contained in Article IV shall have been true
and correct as of the date of this Agreement, and shall be true and correct as of the Closing Date as if made on such date (other
than any representations and warranties made as of another date, which representations and warranties shall be true and correct
as of such other date) in all material respects (if not qualified by materiality or by Material Adverse Effect) or in all respects
(if qualified by materiality or by Material Adverse Effect).

 

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(b)
Each of the covenants and agreements of the REIT and Merger Subsidiary to be performed at or before the Closing pursuant to the
terms of this Agreement shall have been duly performed in all material respects.

 

ARTICLE
VIII

SURVIVAL;
INDEMNIFICATION; TAX MATTERS

 

8.1.
Survival of Representations, Warranties and Covenants. The representations and warranties of the Company and the REIT contained
in this Agreement, or in any certificate or other instrument delivered pursuant to this Agreement, and all un-waived covenants
or agreements required to be performed at or prior to the Closing, shall terminate on the date that is twelve (12) months after
the Closing Date (or, if such date is not a business day, the immediately following business day), except that (i) any covenants
or agreements that, by their express terms, survive beyond the Survival Date set forth in the preceding sentence shall survive
until the end of such other period expressly set forth herein, (ii) the representations and warranties set forth in Section
3.10 (Tax Matters) (collectively, the “Special Representations”) and the covenants concerning Taxes set
forth in Section 8.3 shall survive until ninety (90) days after the expiration of the statute of limitations applicable
to the underlying claim (the “Survival Date”), As of the applicable Survival Date, the applicable representations,
warranties, covenants and agreements (or in any instrument delivered pursuant hereto) shall automatically terminate and be of
no further force or effect, and except as provided in Section 8.3, no claims of any type whatsoever arising out of, based
upon or relating in any way to any such representations, warranties, covenants and agreements may be brought by any party after
such Survival Date.

 

8.2. Indemnification.

 

(a)
Tax Treatment of Payments. All indemnification payments made under this Agreement shall be deemed to be an adjustment to
the Merger Consideration to the extent permitted by applicable Law.

 

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(b) Preparation
and Filing of Tax Returns. The Company Stockholder shall be responsible for preparing and filing all Tax Returns required
to be filed by the Company for any period. All Tax Returns filed after the Closing Date for any Pre-Closing Tax Period shall
be prepared in a manner that is consistent with the prior practice of the Company, except as otherwise required by
applicable Law or agreed by the REIT. Except as expressly provided in this Agreement, the Company Stockholder shall not amend
or cause or permit the Company to amend any Tax Return of or relating to the Company for any Pre-Closing Tax Period, unless
such amendment is required under applicable law.The Company Stockholder shall submit to the REIT for its review and approval
a draft of any Income Tax Return for any Pre-Closing Tax Period (including any Income Tax Return for a Straddle Period) at
least forty-five (45) days prior to the due date (taking into account any extensions thereof) or, if the due date is within
forty-five (45)) days after the Closing Date, as soon as practical prior to such due date. The REIT shall each have thirty
(30) days after receipt of such draft Income Tax Return to notify the Company Stockholder of any disagreement with such draft
Tax Return. If the REIT notifies the Company Stockholder of any disagreement with such draft Tax Return, the Company
Stockholder shall revise such draft Tax Return for such change and notify the REIT of such change. If the REIT fails to
notify the Company Stockholder of any disagreement after having timely received a draft Income Tax Return, then such draft
Income Tax Return shall become final and binding on the parties. If the REIT and the Company Stockholder do not resolve such
disagreement by the due date (including extensions) for the filing of such Income Tax Return, the Company Stockholder shall
file the Income Tax Return in the form prepared by the Company Stockholder with such changes thereto as the REIT and the
Company Stockholder may agree, such agreement not to be unreasonably withheld, and the REIT and the Company Stockholder shall
select a nationally-recognized accounting firm mutually acceptable to them to resolve any remaining objections. The
accounting firm shall be engaged to provide its determination within forty (40) days of the evidence necessary to resolve
such dispute first being submitted to it. If an Income Tax Return prepared in accordance with the accounting firm’s
determination reflects a change in the amount of Income Tax due or overpayment or refund due to the Company from that
reflected in the Income Tax Return as filed, the Company Stockholder shall file an amended Income Tax Return consistent
with such determination. The REIT and the Company Stockholder shall pay the fees and expenses of the accounting firm based on
the degree to which the accounting firm accepts the respective positions of the parties.

 

(d)
If any Tax Return for any Pre-Closing Tax Period requires the payment of any Taxes in excess of the amount of accrued Taxes (but
only the actual amount of Taxes accrued and not any deferred Tax items) included in the Most Recent Balance Sheet and in the Final
Net Working Capital Amount, the REIT shall be entitled to recover such amount from the Company Stockholder as an indemnification
in accordance with Section 8.3(a).

 

(e)
The Company Stockholder and the REIT agree to cooperate with each other to the extent necessary in connection with the filing
of any Income Tax Returns of the Company and any investigations or disputes with respect to prior Income Tax Returns.

 

8.3.
Tax Indemnification.

 

(a)
Subject to the terms of Sections 8.1, 8.2 and this Section 8.3, from and after the Closing, the Company Stockholder
shall indemnify the Indemnified Persons against (i) all liability for Taxes of the Company for any Pre-Closing Tax Period in excess
of the amount of accrued Taxes (but only the actual amount of Taxes accrued and not any deferred Tax items) included in the Most
Recent Balance Sheet and in the Final Net Working Capital Amount; (ii) all liability of the Company for Taxes of all Persons (other
than Company or the REIT Indemnified Persons) arising (A) under Treasury Regulations §1.1502-6 (or any similar provision
of state or local Law) for federal, state and local Income Taxes of any other corporation which is or has been affiliated with
the Company for any Pre-Closing Tax Period or (B) by reason of contract, successor liability or otherwise by operation of law;
(iii); all Taxes of the Company Stockholder; and (iv) all Losses resulting from a breach or inaccuracy of the representations
and warranties set forth in Section 3.10 of this Agreement. For the avoidance of doubt, the indemnification obligations
of the Company Stockholder under this Section 8.3(a) shall not be subject to the amount limitations set forth in Section
8.3(a)(i). In the case of any Straddle Period, the amount of any Taxes for the Pre-Closing Tax Period shall: (i) in the case
of Taxes based on sales, receipts, gross income or net income, be determined based on an interim closing of the books as of the
close of business on the Closing Date (and for such purpose, the taxable period of any partnership or other pass-through entity
in which Company or any of its subsidiaries holds a beneficial interest shall be deemed to terminate at such time) and (ii) in
the case of all other Taxes, be deemed to be the amount of such Tax for the entire taxable period multiplied by a fraction the
numerator of which is the number of days in the period ending on the Closing Date and the denominator of which is the number of
days in such Straddle Period.

 

    31

     

    

 

(b)
Except as expressly provided herein, the Company Stockholder shall be entitled to receive any Income Tax refunds of Income Taxes
previously paid by the Company or any of its subsidiaries with respect to a Pre-Closing Tax Period that are received after the
Closing Date. Notwithstanding the prior sentence, the Company Stockholder shall not be entitled to receive any Tax refund of the
Company resulting from the carryback of a net operating, capital loss or other tax attribute incurred with respect to a Post-Closing
Tax Period and any such Tax refund shall be the property of and shall be retained by the Surviving Company or the REIT.

 

(c)
All claims for indemnification under this Section 8.3 shall be subject to, and handled in accordance with the provisions
of Article VIII.

 

(d)
Notwithstanding any other provisions of this Agreement, an Indemnified Person shall have the right to be indemnified, held harmless
from, defended or reimbursed under this Section 8.3 only if such right is asserted on or before one hundred eighty (180)
days after the expiration of the statute of limitations (including extensions thereof) applicable to the Tax in issue.

 

8.4.
Tax Contests. The REIT agrees to give written notice to the Company Stockholder of the receipt of any written notice by
the REIT or the Surviving Company which involves the assertion of any claim, or the commencement of any proceeding, in respect
of which an indemnity may be sought by any Indemnified Person under Section 8.3(a) (a “Tax Claim”); provided,
that failure or delay to comply with this provision shall not reduce such Indemnified Person’s right to indemnification
hereunder except to the extent that the Company Stockholder is actually prejudiced by such failure or delay on the part of the
REIT. If such Tax Claim results in the assessment or assertion of a Tax for which the Company Stockholder may be solely liable
under Section 8.3(a) and could not reasonably result in an increase in the Tax liability of the Company with respect to
a Post-Closing Tax Period, then the Company Stockholder may choose to control the contest or resolution of such Tax Claim (at
the Company Stockholder’s expense) and if so shall provide written notice to the REIT of such intent; all other Tax Claims
will be controlled by the REIT. The REIT or the Company Stockholder, as the case may be, will be entitled to participate fully
in the defense of any Tax Claim in which a taxing authority could assert or assess any liability for Taxes that is otherwise controlled
by the other party and to employ counsel of its choice for such purpose, the fees and expenses of which separate counsel of each
of the REIT or the Company Stockholder will be borne by the REIT and the Company Stockholder, respectively. In addition, with
respect to a contest or resolution controlled by the Company Stockholder, the Company Stockholder must employ counsel that is
acceptable to the REIT. Neither the REIT nor the Company Stockholder, as the case may be, may settle any claim or cease to defend
such Tax Claim without the prior written consent of the non-controlling party, which consent shall not be unreasonably withheld,
conditioned or delayed, provided, however, that if a Tax Claim is controlled by the Company Stockholder, then the REIT may withhold
consent with respect to such Tax Claim if such settlement could reasonably be expected to increase the Tax liability for any Post-Closing
Tax Period. For the avoidance of doubt, where the provisions of this Section 8.4 are in conflict with any other provision
in this document, this Section 8.4 shall govern.

 

    32

     

    

 

ARTICLE
IX

TERMINATION;
AMENDMENT; WAIVER

 

9.1.
Termination. This Agreement may be terminated and the Merger contemplated hereby may be abandoned at any time prior to
the Effective Time, notwithstanding approval of this Agreement, the Merger and the other transactions contemplated hereby by the
Company Stockholder:

 

(a)
by mutual written consent of the REIT, Merger Subsidiary and the Company; 

 

(b)
by either the REIT or the Company (upon delivery of written notice to the other):

 

(i)
if any court of competent jurisdiction or any Governmental Authority shall have issued an order, decree or ruling or taken any
other action that shall have become final and non-appealable permanently enjoining, restraining or otherwise prohibiting the Merger;
or

 

(ii)
if the Merger shall not have been consummated on or before December 31, 2019;

 

9.2.
Effect of Termination. If this Agreement is so terminated and the Merger is not consummated, this Agreement shall forthwith
become void and shall have no further force or effect other than the confidentiality provisions of Section 6.1 and the
provisions of Sections 6.2 and 9.2 and Article X; provided that nothing contained in this Section 9.2
shall relieve any party from liability for fraud, intentional misrepresentation or any willful breach of any representation,
warranty, covenant or agreement contained in this Agreement.

 

9.3.
Amendment. This Agreement may be amended by action taken by the REIT, Merger Subsidiary and the Company; provided, however,
that no amendment shall be made that under applicable Law requires the approval of the Company’s stockholders without the
approval of the Company Stockholder. This Agreement may not be amended except by an instrument in writing signed on behalf of
each of the parties hereto.

 

9.4. Extension;
Waiver. At any time prior to the Effective Time, the Company (on the one hand) and the REIT and the Merger Subsidiary (on
the other hand) may, to the extent legally allowed, (i) extend the time for the performance of any of the obligations or
other acts of such other party hereto, (ii) waive any inaccuracies in the representations and warranties contained herein or
in any document, certificate or writing delivered pursuant hereto by such other party hereto or (iii) waive compliance with
any of the agreements or conditions contained herein by such other party hereto. Any agreement on the part of any such party
to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.
The failure of any party hereto to assert any of its rights hereunder shall not constitute a waiver of such
rights.

 

    33

     

    

 

ARTICLE
X

MISCELLANEOUS

 

10.1.
Entire Agreement; Assignment. This Agreement and the schedules attached hereto (a) constitute the entire agreement among
the parties with respect to the subject matter hereof and supersede all other prior agreements and understandings, both written
and oral, between the parties or any of them with respect to the subject matter hereof and thereof, and (b) shall not be assigned
by operation of Law or otherwise; provided, however, that the REIT may assign all or any portion of its rights hereunder to any
Affiliate without the prior written consent of the Company. Any purported assignment in violation of this Section 10.1
shall be null and void.

 

10.2.
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested); or (c) on the third business day after
the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent
to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given
in accordance with this Section 10.2):

 

if
to the Company:

 

Attention:
Andrew Spodek

75 Columbia Avenue

Cedarhurst,
NY 11516

 

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

 

if to the REIT or Merger Subsidiary:

 

Postal
Realty Trust, Inc.

75 Columbia Avenue

Cedarhurst,
NY 11516

 

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

 

Hunton Andrews Kurth LLP

Riverfront
Plaza, East Tower

951 East Byrd Street

Richmond,
Virginia 23219-4074

Attention: James V. Davidson

 

    34

     

    

 

or
to such other address as the person to whom notice is given may have previously furnished to the others in writing in the manner
set forth above.

 

10.3.
Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)
This Agreement and the transactions contemplated herein, and all disputes between the parties under or related to this Agreement
or the facts and circumstances leading to its execution or performance, whether in contract, tort or otherwise, shall be governed
by and construed in accordance with the laws of the State of Delaware, without reference to the conflict of laws principles thereof.

 

(b)
Each of the parties (i) irrevocably submits itself to the personal jurisdiction of all state and federal courts sitting in the
State of New York including to the jurisdiction of all courts to which an appeal may be taken from such courts, in any action,
suit or proceeding arising out of or relating to this Agreement, any of the transactions contemplated by this Agreement or any
facts and circumstances leading to its execution or performance, (ii) agrees that all claims in respect of any such action, suit
or proceeding must be brought, heard and determined exclusively in the Court of Chancery of the State of Delaware (provided that,
in the event that subject matter jurisdiction is declined by or unavailable in the Court of Chancery, then such action, suit or
proceeding shall be heard and determined exclusively in any other state or federal court sitting in the State of Delaware), (iii)
agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such courts,
(iv) agrees not to bring any action, suit or proceeding against the other party or its Affiliates arising out of or relating to
this Agreement, any of the transactions contemplated by this Agreement or any facts and circumstances leading to its execution
or performance in any other courts and (v) waives any defense of inconvenient forum to the maintenance of any action, suit or
proceeding so brought. Each of the parties agrees to waive any bond, surety or other security that might be required of any other
party with respect to any such action, suit or proceeding, including any appeal thereof.

 

(c)
Each of the parties agrees that service of any process, summons, notice or document in accordance with Section 10.2 shall
be effective service of process for any action, suit or proceeding brought against it by the other party in connection with Section
10.3(b), provided that nothing contained herein shall affect the right of any party to serve legal process in any other
manner permitted by applicable Law.

 

(d)
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH
PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY
HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.3(d).

 

    35

     

    

 

10.4.
Specific Performance. The parties agree that irreparable damage for which monetary damages, even if available, would not
be an adequate remedy, would occur in the event that any of the parties hereto do not perform the provisions of this Agreement
(including failing to take such actions as are required of it hereunder to consummate this Agreement) in accordance with its specified
terms or otherwise breach such provisions. The parties acknowledge and agree that the parties shall be entitled to seek an injunction,
specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and
provisions hereof, this being in addition to any other remedy to which they are entitled at law or in equity. Any party seeking
an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement shall not be required to provide any bond or other security in connection with any such order or injunction. The remedies
available to the parties pursuant to this Section 10.4 shall be in addition to any other remedy to which they are entitled
at law or in equity, and the election to pursue an injunction or specific performance shall not restrict, impair or otherwise
limit the parties from, in the alternative, seeking to terminate this Agreement and seeking monetary damages.

 

10.5.
Interpretation.

 

(a)
The table of contents, headings and captions used in this Agreement are for convenience only and are not to be given effect in
the construction or interpretation of this Agreement.

 

(b)
Whenever the term “include,” “includes” or “including” is used in this Agreement in connection
with a listing of items, that listing is illustrative only and is not a limitation on the general scope of the classification,
or as an exclusive listing of the items within the general scope.

 

(c)
The terms “hereof,” “herein” and “hereunder” and terms of similar import will refer to this
Agreement as a whole and not to any particular provision of this Agreement.

 

(d)
Article, section, clause, subsection, exhibit and schedule references contained in this Agreement are references to articles,
sections, clauses, subsections, exhibits and schedules of or to this Agreement, unless otherwise specified.

 

(e)
Each defined term used in this Agreement has a comparable meaning when used in its plural or singular form. Each gender-specific
term used in this Agreement has a comparable meaning whether used in a masculine, feminine or gender-neutral form.

 

(f)
Any amount stated in this Agreement in “Dollars” or by reference to the “$” symbol means United States
dollars.

 

    36

     

    

 

(g)
Any reference to any party to this Agreement shall include such party’s successors and permitted assigns.

 

(h)
Except as expressly stated otherwise herein, the specificity of any representation or warranty contained herein shall not be deemed
to limit the generality of any other representation or warranty contained herein.

 

(i)
Each party has been represented and advised by independent counsel of its choice in connection with the execution of this Agreement
and has cooperated in the drafting and preparation of this Agreement and the documents delivered in connection herewith. Accordingly,
any Law that would require interpretation of this Agreement or any document delivered in connection herewith, including any ambiguous,
vague or conflicting term herein or therein, against the drafter should not apply and is expressly waived.

 

10.6.
Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their
respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer
upon any other person (other than the Indemnified Persons) any rights, benefits or remedies of any nature whatsoever under or
by reason of this Agreement.

 

10.7.
No Recourse. This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise
out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, may only be made against the
entities that are expressly identified as parties hereto and no past, present or future, direct or indirect, equity holder, controlling
person, Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative
of any party hereto shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim
based on, in respect of, or by reason of, the transactions contemplated hereby.

 

10.8.
Execution of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed
to be an original, but all of which shall constitute one and the same agreement. The exchange of copies of this Agreement and
of signature pages by facsimile or other electronic transmission shall constitute effective execution and delivery of this Agreement
as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by
facsimile or other electronic transmission shall be deemed to be their original signatures for all purposes.

 

10.9.
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced as a
result of any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected by the
absence of such provision in any manner adverse to any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible in a mutually acceptable manner to the end that the transactions contemplated
hereby are fulfilled if practicable.

 

[Signature
page follows.]

 

    37

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed on its behalf, all as of the day and year first
above written.

 

	 	POSTAL REALTY TRUST, INC.
	 	 
	 	By:	/s/ Andrew Spodek
	 		Name:  Andrew Spodek
	 		Title: Chief Executive Officer
	 	 	 
	 	UPH MERGER SUB LLC
	 	 	 
	 	By:	/s/ Andrew Spodek
			Name: Andrew Spodek
			
	 	 	Title: Chief Executive Officer
	 	 	 
			
		UNITED PROPERTIES HOLDING INC.
	 	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name: Andrew Spodek
	 	 	Title: Chief Executive Officer
	 	 	 
	 	/s/ Andrew Spodek
	 	Andrew Spodek

 

Signature
Page to Agreement and Plan of MergerExhibit 10.8 

 

AGREEMENT
OF PURCHASE AND SALE

 

This AGREEMENT OF
PURCHASE AND SALE (this “Agreement”) is made as of May 14, 2019 by and among Rosalind Spodek, IL RS Postal
LLC, an Illinois limited liability company, NY RS Postal LLC, a New York limited liability company, OK RS Postal LLC, an Oklahoma
limited liability company, GA RS Postal LLC, a Georgia limited liability company, WA RS Postal LLC, a Washington limited liability
company, MI RS Postal LLC, a Michigan limited liability company, CO RS Postal LLC, a Colorado limited liability company, CA RS
Postal LLC, a California limited liability company, , AR RS Postal LLC, an Arkansas limited liability company, PA RS Postal LLC,
a Pennsylvania limited liability company, (collectively, the “Seller”) and Postal Realty Trust, Inc., a Maryland
corporation (the “REIT”).

 

RECITALS

 

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

 

WHEREAS, the
transactions contemplated by this Agreement are related to the proposed initial underwritten public offering of shares of Class
A common stock of the REIT (the “IPO”); and

 

WHEREAS, the
Seller desires to sell, assign and convey the Interests to the REIT, and the REIT desires to acquire the Interests from the Seller,
on the terms and 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 PURCHASE

 

1.1 Sale of Interests.
The Seller hereby irrevocably agrees to sell, transfer and assign to the REIT at Closing (as defined herein) all of his right,
title and interests in the Interests, together with any other interests the Seller may have in any of the Properties and the REIT
agrees to purchase the Interests from Seller on the terms and conditions set forth in this Agreement. The Seller shall transfer
the Interests to the REIT 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, other than Permitted Liens.

 

     

     

    

 

1.2 Consideration.
The total consideration for which the Seller agrees to sell, transfer and assign the Interests to the REIT, and which the
REIT agrees to pay to the Seller, subject to the terms of this Agreement, at Closing (as defined herein) shall be calculated as
follows:

 

1.3 The consideration
for the Property Entities on Exhibit A-1(B) shall be $450,659, the consideration for the Property Entities on Exhibit A-1(A) shall be $7,102,579.69 and the consideration for the Direct Property Interests on Exhibit A-2 shall be $3,784,742.31
(collectively, the “Consideration”). The Consideration shall be adjusted to give effect to Prorations, if any, for
the Properties.

 

1.4 No Further
Interest. The Seller acknowledges and agrees that effective upon the Closing, and without any further action by the Seller,
the Interests shall be transferred, assigned and conveyed to the REIT and the Seller shall no longer be an equity holder of any
Property Entity, shall no longer be entitled to receive any distributions from any Property Entity, and shall have no further
right, title or interest in any of the Properties or the Property Entities.

 

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

 

“Adverse Consequences”
means all liabilities, demands, claims, actions, causes of action, costs, expenses, damages (including incidental, special, but
excluding consequential and punitive damages and lost profits), Taxes, losses, penalties, fines, judgments or amounts paid in
settlement, including reasonable attorneys’ and accountants’ fees, including, without limitation, all Adverse Consequences
incurred by the REIT. The term Adverse Consequences expressly includes any consequences arising from the REIT’s sending,
or failure to send, any filings relating to transfer taxes due, or otherwise, in connection with the transactions contemplated
by this Agreement, including any interest, penalties or reassessment of the value of any Interest for purposes of ad valorem taxes,
and the REIT’s failure to pay any transfer taxes due in connection with the transactions contemplated by this Agreement.

 

“IPO Price”
means the public offering price per share of the REIT’s Class A common stock set forth on the front cover of the final prospectus
for the IPO (the “Prospectus”), to be filed by the REIT with the SEC.

 

“Permitted Liens”
means such of the following: (a) liens for taxes, assessments and governmental charges or levies not yet due and payable or, if
due and payable, not yet delinquent; (b) pledges or deposits to secure obligations under workers’ compensation or unemployment
laws or similar legislation or to secure public or statutory obligations; (c) easements, zoning restrictions, rights of way and
other encumbrances on title to real property that do not render title to the property encumbered thereby unmarketable or materially
adversely affect the use or value of such property for its present purposes; (d) tenancy leases; and (e) deposits to secure trade
contracts (other than for debt), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a
like nature incurred in the ordinary course of business.

 

    2

     

    

 

“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.

 

“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 and shall include:

 

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

 

(b) 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 Properties and all other income from the Properties shall be prorated
at Closing; and

 

(c) 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 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.

 

“Seller’s
Percentage Interest” means, with respect to each Property Entity, the percentage set forth on Exhibit A-1 hereto
under the heading “Seller’s Percentage Interest”, which reflects the Seller’s percentage ownership interest
in each Property Entity pursuant to and in accordance with the applicable Governing Agreement (as defined herein) of the Property
Entity.

 

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

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES

 

2.1 Representations
by the REIT. The REIT hereby represents and warrants to the Seller 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 (as defined herein):

 

(a) Organization
and Power. The REIT is duly organized, validly existing, and in good standing under the laws of the State of Maryland, and
has full right, power, and authority to enter into this Agreement and to assume and perform all of its obligations under this
Agreement.

 

    3

     

    

 

(b)
The execution and delivery of this Agreement and the performance by the REIT of its obligations hereunder have been duly authorized
by all requisite action of the REIT and require no further action or approval of the REIT’s shareholders or of any other
individuals or entities in order for this Agreement to constitute a binding and enforceable obligation of the REIT.

 

2.2 Representations
by the Seller. The Seller hereby represents and warrants to the REIT 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. The Seller 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 the Seller
of his obligations hereunder and require no further action or approval of any other individuals or entities in order for this
Agreement to constitute a binding and enforceable obligation of the Seller. This Agreement and each agreement, document and instrument
executed and delivered by or on behalf of the Seller pursuant to this Agreement constitutes, or when executed and delivered, constitute,
will constitute, the legal, valid and binding obligation of the Seller, each enforceable against the Seller 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 the Seller 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 the Seller or to any Property,
Interests or Property Entity.

 

(c) Litigation.
There is no action, suit, or proceeding, pending or known to be threatened, against or affecting the Seller 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 the Seller or any Property Entity,
Interests or Property, (3) could adversely affect the ability of the Seller to perform his obligations hereunder, or under any
document to be delivered pursuant hereto, (4) could create a lien on the any of the Interests or any Property, any part thereof,
or any interest therein, or (5) could adversely affect the any of the Interests or any Property, any part thereof, or any interest
therein.

 

(d) Good Title.
Exhibit A-1 accurately sets forth the Seller’s Percentage Interest in each Property Entity and Exhibit A-2
accurately sets forth the Seller’s ownership interest in each Direct Property. The Seller is the sole record and beneficial
owner of the Interests as set forth on Exhibit A-1 and Exhibit A-2 and has full power and authority to convey the
Interests pursuant to the terms of this Agreement. No person has any community property rights, by virtue of marriage or otherwise,
with respect to the Interests. The Seller has good and marketable title to the Interests. The Interests are free and clear of
all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances, conditions, restrictions,
leaseholds by any party other than the current lessee, claims or any other matters affecting title thereto and at the Closing
will be sold to the REIT 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, in each case other than Permitted Liens.
No other person or entity has an option to purchase or a right of first refusal to purchase any of the Interests nor are there
any agreements or understandings with respect to the voting, ownership or disposition of the Interests that could adversely affect
the Seller’s ability to perform his obligations hereunder or the REIT’s ownership of the Interests following the Closing.
There are no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive rights relating to the Interests
or any equity interest in any Property Entity that will be in effect as of the Closing.

 

    4

     

    

 

(e) Indebtedness.
There is no indebtedness of any Property Entity or with respect to any Property, other than as set forth on Exhibit A-1
and Exhibit A-2 hereto.

 
 

(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 the Seller has been obtained or will be obtained on or before the Closing Date. Each consent or approval required under
any Governing Agreement (as defined herein), contract or agreement of any Property Entity, or among the partners, members or stockholders
of any Property Entity, relating to indebtedness or otherwise, necessary for the execution, delivery and performance of this Agreement
and the contribution, acquisition and transfer of the 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, the Seller shall not take any action or fail to take any action the
result of which would (1) have a material adverse effect on the Interests or the REIT’s ownership thereof, or any material
adverse effect on the assets, business, condition (financial or otherwise), results or operation of any Property or any 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 Documents.
The Seller has performed all of its obligations under the limited liability company agreement or operating agreement, as such
may have been amended from time to time, as applicable, of each Property Entity in which it owns an interest, (each a “Governing
Agreement ”and collectively, the “Governing Agreements”).

  
 

(i) Tax Treatment.
The Seller represents and warrants that it has obtained from its own counsel advice regarding the tax consequences of the transfer
of the Interests to the REIT pursuant to the terms of this Agreement. The REIT has not made any representation to the Seller regarding
the tax treatment of the transactions contemplated by this Agreement, and further represents and warrants that it has not relied
on the REIT or the REIT’s representatives or counsel for any tax advice.

 

(j) Bankruptcy with
respect to the Seller. No Act of Bankruptcy has occurred with respect to the Seller or any Property Entity. As used herein,
“Act of Bankruptcy” means if the Seller (A) applies for or consents to the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator, of himself or of all or a substantial part of his property, (B) admits
in writing his inability to pay his debts as they become due, (C) makes a general assignment for
the benefit of his creditors, (D) files a voluntary petition or commences a voluntary case or proceeding under the Federal Bankruptcy
Code (as now or hereafter in effect), (E) is adjudicated bankrupt or insolvent, (F) files 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) fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against him
in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), or (H) take any action
for the purpose of effecting any of the foregoing.

 

    5

     

    

 

(k) Brokerage Commission.
The Seller 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 contemplated by this Agreement.

  
 

(l) Foreign Persons.
The Seller is not a “foreign person” within the meaning of Section 1445(f) or Section 1446(f) of the Code.

 

ARTICLE III

 

INDEMNIFICATION

 

3.1 Survival of Representations and Warranties;
Remedy for Breach.

 

(a) All representations
and warranties of the Seller contained in this Agreement or in any Schedule, Exhibit, certificate or affidavit delivered pursuant
to this Agreement shall survive the Closing.

 

(b) Following the Closing,
the Seller shall be liable under this Agreement for monetary damages (or otherwise) for breach of any of his representations,
warranties, covenants and obligations contained in this Agreement or in any Schedule, Exhibit, certificate or affidavit delivered
by the Seller pursuant thereto.

 

3.2 General Indemnification.

 

(a) From and after the
Closing Date, the Seller shall indemnify, hold harmless and defend the REIT and the REIT’s respective officers, directors,
employees, stockholders, partners, agents and affiliates (each of which is an “Indemnified Party” and collectively,
the “Indemnified Parties”), 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 the Seller contained in this Agreement, or in any Schedule, Exhibit, certificate or affidavit delivered
by the Seller pursuant thereto. In each case, the Seller shall only bear the fees, costs or expenses in connection with the employment
of one counsel (regardless of the number of Indemnified Parties), and any necessary local counsel.

 

(b) The Seller 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 from an unrelated third-party claim
relating to the Interests arising from matters that occurred prior to Closing.

 

    6

     

    

 

(c) With respect to
any claim of an Indemnified Party pursuant to this Section 3.2, to the extent available, the REIT 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 the Seller until all
proceeds and benefits, if any, to which the Indemnified Party is entitled pursuant to such insurance policy have been exhausted;
provided, however, that the REIT 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 either the Seller for
the benefit of any Indemnified Party, then the Indemnified Party shall reimburse the Seller 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 the Seller
to the Indemnified Party in connection with such indemnification (it being understood that all costs and expenses incurred by
the Seller with respect to insurance coverage disputes shall constitute Losses paid by the Seller for purposes of Section 3.2(a)
hereof).

 

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 the Seller, 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 the Seller will not relieve the Seller 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 the Seller by
reason of the inability or failure of the Seller (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 the Seller, 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 the Seller, at such
Seller’s option and expense, to assume the defense of any such claim by counsel selected by the Seller 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 the Seller 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 the Seller.
If the Seller 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 the Seller and at such Seller’s
sole cost and expense.

 

    7

     

    

 

3.4 Limitations
on Indemnification under Section 3.2(a).

 

(a) The Seller shall
not be liable under Section 3.2(a) hereof unless and until the total amount recoverable by the Indemnified Party under Section
3.2(a) exceeds one percent (1%) of the value of the aggregate Consideration and then only to the extent of such excess. The Seller’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 the Seller and subject to the limitations
set forth in the following sentence, the Indemnified Party 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. 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, the Seller shall not be liable to the Indemnified Party 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 Party.

 

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

 

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 the Seller and the Indemnified Party or by arbitration
or court proceeding.

 

3.6 Delivery of Indemnity Amounts. Indemnity
payments may be made by the Seller in cash.

 

ARTICLE IV

 

COVENANTS

 

4.1 Covenants of the Seller.

 

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

 

    8

     

    

 

(b)
Consent to Transfers. The Seller 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 the Seller under
the Governing Agreements or otherwise with respect to any equity ownership interest in any Property Entity or Property or any
other company or property being sold or transferred to the REIT by the Seller.

 

(c) No Disposition
or Encumbrance of Interests. From the date hereof through the Closing, except as specifically contemplated by this Agreement,
the Seller shall not without the prior written consent of the REIT: (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 Interests
or any interest in any Property; or (ii) mortgage, assign, pledge or otherwise encumber in any manner any of the Interests or
any Property.

 

(d) Ordinary Course
of Business. From the date hereof through the Closing, and except as specifically contemplated by this Agreement, the Seller
shall, to the extent within his control, cause each Property Entity to conduct its business in the ordinary course consistent
with past practice, and shall, to the extent within the Seller’s control, not permit any Property Entity or Property without
the prior written consent of the REIT and the REIT, to: (i) enter into any material transaction not in the ordinary course of
business; (ii) mortgage, pledge or encumber the Interests, any assets of the 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 Property 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.

 

(1) Pre-Closing
Tax Periods. The Seller shall cause each Property Entity to prepare and timely file all Tax Returns (other than amended Tax
Returns) of each such Property Entity for any Pre-Closing Tax Periods, and the Seller 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 REIT or its assignee will have authority to sign any Tax Returns relating to the Property Entities that are filed after
the Closing Date.

 

    9

     

    

 

(2) Straddle Periods
and Post-Closing Periods. The REIT or its assignee shall prepare and timely file all Tax Returns of the Property Entities
for all taxable periods other than the Pre-Closing Tax Periods, and the REIT or is assignee 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 REIT or its assignee files such Tax Return), the REIT or its assignee shall furnish to the Seller
a draft of such Tax Return and the Seller 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 the Seller is responsible.

 

(b) Tax Matters.
The Seller shall pay and indemnify, without duplication, the REIT or its assignee 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):

 

(1) all Taxes of Seller (including
all income Taxes of Seller);

 

(2) all such
Taxes resulting from a breach of any representation under Section 2.2(l) or a breach of any provision of this Section
4.2;

  
 

(3) with respect
to such Taxes attributable to any Pre-Closing Tax Period: (i) all such Taxes of the Property Entities; (ii) all such Taxes of
any other Person that the Property 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 Property 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

    

(4) with respect
to such Taxes attributable to any Straddle Period: (i) the Taxes of a Property 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
Property 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 Sellers under this Section 4.2 shall not be subject to the amount limitations set forth in Article
III.

 

    10

     

    

 

(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:

 

(1) 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;

 
 

(2)
Except for Taxes for which the REIT 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:

 

i. 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

 

ii. 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 the Seller 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 the Seller’s obligation to pay a Tax arises under a contract or other
agreement or arrangement, the Seller’s obligations under this Section 4.2 shall not expire until sixty (60) days
after the expiration of such the Seller’s obligation to pay such Tax under the contract or other agreement or arrangement.
All other obligations of the Seller under this Section 4.2 shall survive until fully performed.

 

    11

     

    

 

(e) The Seller and
the REIT shall provide each other with such cooperation and information relating to any of the Interests, 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 REIT shall promptly notify the Seller upon receipt by the
REIT 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 Property Entities or with respect to any Property and (ii) any pending or threatened federal,
state, local or foreign tax audits or assessments of the REIT or any of its affiliates, in each case, which may affect the liabilities
for taxes of the Seller with respect to any tax period ending before or as a result of the Closing. The Seller shall promptly
notify the REIT in writing upon receipt by the Seller, or any of the Seller’s 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 Property
Entities or with respect to any Property. The REIT and the Seller 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 the
Seller shall have the right to control the conduct of any such audit or proceeding or portion thereof for which such Seller has
acknowledged liability for the payment of any additional tax liability, and the REIT shall have the right to control any other
audits and proceedings. Notwithstanding the foregoing, neither the REIT nor the Seller 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 without the consent of the
other party, such consent not to be unreasonably withheld. The Seller and the REIT shall retain all Tax Returns, schedules and
work papers with respect to the Sold Entities 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.

 

4.3 Relationship
to Property Entities. The parties to this Agreement acknowledge and agree that, from and after the Closing (as defined herein),
the Seller shall no longer be a member, partner, stockholder or equity owner, or, if applicable, managing member or general partner,
of any Property Entity and shall have no rights or benefits under any Governing Agreement.

 

ARTICLE V

 

CONDITIONS PRECEDENT TO THE CLOSING

 

5.1 Conditions
to the REIT’s Obligations. In addition to any other conditions set forth in this Agreement, the REIT’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 REIT’s obligations under this Agreement.

 

    12

     

    

 

(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 the Seller 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 REIT, the Seller shall have delivered a certificate to the REIT
to such effect in regard to the Seller’s representations and warranties set forth in this Agreement.

 
 

(d) Performance.
The Seller 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 6.2 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, if any, 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 Property Entity,
if any, to effect the transactions contemplated by this Agreement, shall have been obtained.

  
 

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

 

(h) 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 Property Entities, the Interests or any Property or any material adverse change in any of the assets, business,
condition (financial or otherwise), results of operation or prospects of any Property Entity or any Property.

 

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

 

5.2 Conditions
to the Seller’s Obligation. In addition to any other conditions set forth in this Agreement, the Seller’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 the Seller’s obligations
under this Agreement.

 

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(a)
Representations and Warranties. The representations and warranties made by the REIT 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 REIT 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 (the “Closing”) of the transactions contemplated pursuant to this Agreement shall
take place at the offices of Hunton Andrews Kurth LLP in New York, New York, or such other place as the REIT may designate, promptly
following satisfaction of the conditions to Closing set forth herein (the “Closing Date”), or as otherwise
set by agreement of the parties.

 

6.2 Seller’s Deliveries. At the Closing,
the Seller shall deliver the following to the REIT in addition to all other items required to be delivered to the REIT by Sellers:

 

(a) Assignment of
Interests in each Property Entity. An Assignment, in substantially the form of Exhibit B attached hereto with respect
to the Property Entity Interests.

 

(b) Certificate.
A certificate from the Seller certifying to the REIT the accuracy of the representations and warranties made by the Seller hereunder.

 

(c) FIRPTA Certificate.
An affidavit from the Seller certifying pursuant to Section 1445 and Section 1446(f) of the Internal Revenue Code that the Seller
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) Deed. A special
or limited warranty deed (or its local equivalent), executed by the Seller conveying all of the Seller’s right, title and
interest to each Direct Property to the REIT.

 

(e) Property Documents.
Copies of all existing title policies/commitments, surveys, plans and specifications, permits and approvals and other similar
documents which pertain to each Property which may be in the Seller's possession or under its control.

  
 

(f) Other Documents.
Any other document or instrument reasonably requested by the REIT or required hereby.

 

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6.3 Default Remedies.
If the Seller defaults in performing any of the Seller’s obligations under this Agreement, the REIT shall have all rights
and remedies available to it at law or in equity resulting from the Seller’s default, including without limitation, the
right to seek specific performance of this Agreement and the Seller’s obligation to convey the Interests to the REIT 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:

 

REIT:

 

Postal Realty Trust, Inc.

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

 

Seller:

 

Rosalind Spodek

75 Columbia Avenue

Cedarhurst, NY 11516

 

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.

 

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7.2 Entire Agreement;
Third-Party Beneficiaries. This Agreement, including, without limitation, the exhibits hereto, constitute the entire agreement
and supersede 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.

 
 

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.

 

    16

     

    

 

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.

 

7.10 Trial by Jury.
The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

[Signature Page Follows.]

 

    17

     

    

 

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

 

	 	SELLER:
	 	 	 	 
	 	By:	/s/ Rosalind Spodek
	 	 	Name: Rosalind Spodek
	 	 	 	 
	 	IL RS Postal LLC

	 	 
	 	By:	/s/ Rosalind Spodek
	 	 	Name:	Rosalind Spodek
	 	 	Title:	Member
	 	 	 	 
	 	NY RS Postal LLC
	 	 	 	 
	 	By:	/s/ Rosalind Spodek
	 	 	Name:	Rosalind Spodek
	 	 	Title:	Member
	 	 	 	 
	 	OK RS Postal LLC
	 	 	 	 
	 	By:	/s/ Rosalind Spodek
	 	 	Name:	Rosalind Spodek
	 	 	Title:	Member
	 	 	 	 
	 	GA RS Postal LLC
	 	 	 	 
	 	By:	/s/ Rosalind Spodek
	 	 	Name:	Rosalind Spodek
	 	 	Title:	Member

 

[Signature Page
to the Rosalind Spodek Purchase and Sale Agreement]

 

     

     

    

 

 

	 	WA RS Postal LLC 
	 	 	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name:	Andrew Spodek
	 	 	Title:	Member
	 	 	 	 
	 	MI RS Postal LLC

	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name:	Andrew Spodek
	 	 	Title:	Member
	 	 	 	 
	 	CO RS Postal LLC
	 	 	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name:	Andrew Spodek
	 	 	Title:	Member
	 	 	 	 
	 	CA RS Postal LLC
	 	 	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name:	Andrew Spodek
	 	 	Title:	Member
	 	 	 	 
	 	PA RS Postal LLC
	 	 	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name:	Andrew Spodek
	 	 	Title:	Member

 

[Signature Page
to the Rosalind Spodek Purchase and Sale Agreement]

 

     

     

    

 

	 	REIT:
	 	 	 	 
	 	Postal Realty Trust, Inc.,
    a Maryland corporation
	 	 	 	 
	 	By:	/s/Andrew
    Spodek
	 	 	Name:	Andrew Spodek
	 	 	Title:	Chief Executive Officer

 

[Signature
Page to the Rosalind Spodek Purchase and Sale Agreement]

 

     

     

    

 

Exhibit
A-1

 

Property
Entities

Seller’s
Percentage Interest and Indirect Property

 

	 

        Seller
	Seller’s
    Percentage 

    Interest/Sold Entity	Indirect
    Property	Mortgage
    

    Indebtedness
	Rosalind

        Spadek
	50%
    interest in Gary Glen 

    Park Realty LLC	●

        ●
	 Peru, IN

         Gary, IN
	 
	50%
    interest in Asset 	●	 Glasgow,
    VA	 
	20024,
    LLC	●	 Chicago,
    IL	 
	 	●	 Chester,
    WV	 
	 	●	 Flora,
    IN	 
	 	●	 Edina,
    MO	 
	 	●	 Dobson,
    NC	 
	 	●	 Chicago,
    IL	 
	 	●	 Buffalo,
    NY	 
	 	50%
    interest in PPP Assets, LLC	●	 Spring
    Grove, PA	 
	 	 	●	 Brockway,
    PA	 
	 	 	●	 Knox,
    PA	 
	 	 	●	 Frackville,
    PA	 
	 	 	●	 Girardville,
    PA	 
	 	 	●	 New Philadelphia,
    PA	 
	 	 	●	 Orwigsburg,
    PA	 
	 	 	●	 Ringtown,
    PA	 

 

    Exhibit A-1

     

    

 

	 	 	●	 Shoemakersville,
    PA	 	 
	 	 	●	 Tower
    City, PA	 	 
	 	 	●	 Williamstown,
    PA	 	 
	 	 	●	 Leola,
    PA	 	 
	 	 	●	 Castleton
    on Hudson, NY	 	 
	 	50%
    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	 	 
	 	●	 Abington,
    MA	 	 
	 	●	 East Liverpool,
    OH	 	 
	 	●	 Poseyville,
    IN	 	 
	 	●	 Wadesville,
    IN	 	 

 

    Exhibit A-1

     

    

 

Exhibit
A-1(B)

 

Property
Entities,

Seller’s
Percentage Interest and Property [Acquired after 1/1/2018]

  

	  Seller	Seller’s
    Percentage Interest/Sold Entity	Indirect
    Property	  Mortgage
    Indebtedness
	Rosalind
    Spodek	50%
    interest in Gary Glen	●	 Deville,
    LA	 
	 	Park
    Realty, LLC	●	 Scotland,
    SD	 
	Rosalind
    Spodek	50%
    interest in	●	 Edgewood,
    IA	 
	 	Asset
    20024, LLC	●	 Pelahatchie,
    MS	 
	 	 	●	 Kimball,
    NE	 
	 	 	●	 Winamac,
    IN 
	 	 	●	 Ralls,
    TX

 

    Exhibit A-1

     

    

 

Exhibit
A-2

 

Direct
Properties

Seller’s Percentage
Interest and Property

 

	Seller	Seller’s

    Percentage

    Interest	 	Property	Mortgage
    Indebtedness
	Rosalind
    Spodek	50%	●	 Barstow,
    IL	 
	[IL
    RS Postal LLC]	 	●	 Carbon
    Cliff, IL	 
	 	 	●	 Hillsdale,
    IL	 
	 	 	●	 Little
    York, IL	 
	 	 	●	 Lynn Center,
    IL	 
	 	 	●	 New Windsor,
    IL	 
	 	 	●	 Rapids
    City, IL	 
	 	 	●	 Alpha,
    IL	 
	 	 	●	 Orion,
    IL	 
	 	 	●	 Seatonville,
    IL	 
	Rosalind
    Spodek	50%	 	Hancock,
    NY	 
	[NY
    RS Postal LLC]	 	 	Elba,
    NY	 
	Rosalind
    Spodek	50%	 	Tulsa,
    OK	 
	[OK
    RS Postal LLC]	 	 	 	 
	Rosalind
    Spodek	50%	 	Vanndale,
    AR	 
	 [AR
    RS Postal LLC]	 	 	 	 
	Rosalind
    Spodek	50%	●	 Cadwell,
    GA	 
	[GA
    RS Postal LLC] 	 	●	 Colquitt,
    GA	 
	 	 	●	 Meansville,
    GA	 
	Rosalind
    Spodek	50%	●	 Tacoma,
    WA	 
	[WA
    RS Postal LLC]	 		 	 
	Rosalind
    Spodek	50%	●	 Leslie,
    MI	 
	[MI
    RS Postal LLC]	 	●	 Springport,
    MI	 
	 	 	●	 Chesaning,
    MI	 
	Rosalind
    Spodek	66
    2/3%	●	 Aurora,
    CO	 
	 [CO
    RS Postal LLC]	 	 	 	 
	Rosalind
    Spodek	50%	●	 West Sacramento,
    CA	 
	 [CA
    RS Postal LLC]	 	 	 	 
	Rosalind
    Spodek	50%	●	 Oakdale,
    PA	 
	 [PA
    RS Postal LLC]	 	 	 	 

 

    Exhibit A-2

     

    

 

Exhibit
B

 

Assignment

 

The
undersigned (“Assignor”), for good and valuable consideration paid to the Assignor by Postal Realty Trust,
Inc., a Maryland corporation (“Assignee”), pursuant to the Agreement of Purchase and Sale dated as of                        ,
2019, by and between Assignor and Assignee (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 limited liability company interests described
on Schedule A-1 hereto, including, without limitation, all right, title and interest, if any, of the undersigned in and
to the assets of each such limited liability company and the right to receive distributions of money, profits and other assets
from each such partnership, 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.

 

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-1
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                         ,
201     .

 

	 	                           ,
    a
	 	                            
                                        
	 	 	 	 
	 	By:	                                     
	 	 	Name:	                                      
	 	 	Title:	 

 

 

 Exhibit
B

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