Document:

Exhibit 10.10

 

ISSUANCE AND RELEASE AGREEMENT

 

ISSUANCE AND RELEASE
AGREEMENT (the “Agreement”), dated as of January 6, 2017, by and between Presidential Realty Corporation, a Delaware
corporation (the “Company”), and Jeffrey Rogers (“Releasor”).

 

WHEREAS, the Company
has an obligation to pay Releasor director fees in consideration of his services as an independent member of the Board of Directors of
the Company for the 2015 and 2016 calendar years (the “Board Fees”);

 

WHEREAS, on December
16, 2016, the Company and its newly formed operating partnership, Presidential Realty Operating Partnership LP, for which it acts
as general partner, entered into the Interest Contribution Agreement (as the same may be amended, the “ICA”) with First
Capital Real Estate Trust Incorporated, First Capital Real Estate Operating Partnership, Township Nine Owner, LLC, Capital Station
Holdings, LLC, Capital Station Member, LLC, Capital Station 65 LLC and Avalon Jubilee LLC; and

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1.          Issuance of
Shares. In consideration of the agreements by Releasor set forth herein, including, without limitation, the release of any
right to the Board Fees, the Company shall issue Releasor Ninety Thousand (90,000) shares of the Company’s Class B common
stock on or before the closing of the Avalon Property (as described in Section 2.1 of the ICA) (the “Avalon Closing”).

 

2.          Representations
and Warranties of Releasor. Releasor hereby represents and warrants to the Company as follows:

 

a.          Power and Authority.
Releasor has the requisite power, authority and capacity to execute, deliver and perform this Agreement and to consummate the transactions
contemplated hereby. This Agreement and all other agreements and instruments to be executed by Releasor in connection herewith
have been duly and validly authorized, executed and delivered by Releasor and constitute the valid and binding obligations of Releasor,
enforceable in accordance with their respective terms, except to the extent that such enforceability (i) may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to creditors’ rights generally and (ii) is subject
to general principles of equity.

 

b.          Information.
Releasor has had independent access to all information that Releasor deems necessary to make the decision to enter into this Agreement,
including regarding the business, affairs and financial condition of the Company and its affiliates and the ICA and its terms,
and Releasor has made his own analysis and decision to enter into this Agreement, without reliance upon any advice of the Company
or any of its representatives or affiliates. Accordingly, the Company and its respective representatives and affiliates shall not
have any liability to Releasor with respect to any such knowledge or information held by any of them.

 

     

     

    

 

c.          Investor Representations.
Releasor is acquiring the Company’s Class B common stock for investment for his own account, not as a nominee or agent, and
not with a view to, or for sale in connection with, any distribution, resale or public offering of such shares or any part thereof
in violation of the Securities Act of 1933, as amended (the “Securities Act”). Releasor either alone or together with
his representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of
evaluating the merits and risks of the prospective investment in the Company’s Class B common stock, and has so evaluated
the merits and risks of such investment. Releasor is able to bear the economic risk of an investment in the Company’s Class
B common stock and, at the present time, is able to afford a complete loss of such investment. Releasor acknowledges that he has
been afforded the opportunity to ask such questions as he has deemed necessary of, and to receive answers from, representatives
of the Company concerning the merits and risks of investing in the Company’s Class B common stock. Releasor understands that
(i) the Company’s Class B common stock to be issued to him has not been registered under the Securities Act or the securities
or “blue-sky” laws of any state and (ii) such shares may not be sold, pledged or otherwise transferred unless
such transfer is registered under the Securities Act and the securities or “blue-sky” laws of any applicable state
or there is an exemption from registration thereunder.

 

		3.	Covenants of the Parties.

 

a.        Survival.
All representations and warranties and covenants contained in this Agreement shall survive the Avalon Closing.

 

b.        Further Assurances.
At any time or from time to time after the Avalon Closing, Releasor and the Company shall, at the reasonable request and expense
of the other party (unless such request is occasioned by the breach of a representation, warranty or covenant of such party, in
which case it shall be at the expense of such breaching party), execute and deliver any further instruments or documents and take
all such further action in order to evidence or otherwise facilitate the consummation of the transactions contemplated hereby.

 

c.        No Other Representations
or Warranties. Expressly as set forth in this Agreement, no party is making, or is relying on, any express or implied representations
or warranties relating to any party or to the consummation of the transactions contemplated hereby.

 

d.        Release.
Notwithstanding anything set forth herein to the contrary, effective as of the Closing Time, in consideration of the mutual covenants
and agreements contained herein, Releasor hereby irrevocably releases and forever discharges the Company and each of its affiliates
and subsidiaries and its individual, joint or mutual, past, present and future directors, officers, managers, members, owners,
employees, representatives, agents, successors, assigns, heirs, executors and administrators (collectively, the “Released
Persons”) of and from all manner of demands, claims, suits, actions, litigation, arbitrations, proceedings, causes and causes
of action, reckonings, controversies, omissions, promises, trespasses, debts, liabilities, obligations, losses, damages, orders,
writs, injunctions, citations, awards and judgments whatsoever, in law or in equity which Releasor ever had, now has or hereafter
can, shall or may have, against the Released Persons, whether known or unknown, suspected or unsuspected, matured or unmatured,
fixed or contingent, for, upon or by reason of any matter, thing or cause whatsoever, from the beginning of the world to the Avalon
Closing based upon, related to or arising from any obligation by the Company to pay the Board Fees; provided, however, that
nothing contained herein shall (x) extend to any proceeding to enforce the terms of, or any breach of, this Agreement, the other
documents and instruments delivered hereunder or any of the provisions set forth herein or therein, or (y) operate to release
any obligation of the Company to defend, indemnify or hold harmless Releasor arising out of or relating to Releasor’s service
as a former director of the Company provided in any contract or agreement with the Company, any insurance policy of the Company
or the formation or organizational documents of the Company.

 

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4.          Notices.
All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement shall be
in writing and shall be deemed to have been duly given if (i) delivered personally, (ii) mailed, certified or registered mail,
with postage prepaid, (iii) sent by next-day or overnight mail or delivery or (iv) sent via e-mail transmission, to the address
set forth on the signature page hereto or, in each case, at such other address as may be specified in writing to the other party
hereto. All such notices, requests, demands, waivers and other communications shall be deemed to have been received (i) if by personal
delivery, on the day after such delivery, (ii) if by certified or registered mail, on the fifth business day after the mailing
thereof, (iii) if by next-day or overnight mail or delivery, on the day delivered and (iv) if by e-mail transmission, on the next
day following the day on which such e-mail was sent, provided that an error message has not been received for such
transmission and a copy is also sent by certified or registered mail.

 

5.          Controlling
Law. This Agreement is made under, and shall be construed and enforced in accordance with, the substantive laws (without giving
effect to principals of conflicts of law) of the State of New York, applicable to agreements made and to be performed solely therein.

 

6.          Jurisdiction
and Process. In any action between or among any of the parties hereto, whether arising out of this Agreement, any of the agreements
contemplated hereby or otherwise, each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of the
federal and state courts located the City of New York, State of New York.

 

7.          WAIVER OF
JURY TRIAL. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER
NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT
THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

8.          Counterparts;
Electronic Delivery. This Agreement may be executed in multiple counterparts, any one of which need not contain the signatures
of more than one party, but all such counterparts taken together shall constitute one and the same instrument. This Agreement and
any amendments hereto, to the extent delivered by means of a facsimile machine, electronic mail or other electronic means readily
available to each of the parties hereto (any such delivery, an “Electronic Delivery”), shall be treated in all manner
and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. No party hereto shall raise the use of Electronic Delivery to deliver
a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic
Delivery as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent
such defense related to lack of authenticity.

 

9.          Third Party
Beneficiaries. In addition to the parties hereto and their respective successors and permitted assigns, the Released Persons
are express third party beneficiaries of the terms and conditions hereof and have third party beneficiary rights hereunder.

 

10.         Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions
of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part
or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

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11.        Amendment;
Modification. This Agreement may not be amended or modified, except in a writing signed by each party to this Agreement against
whose interest such change shall operate.

 

12.        Entire Agreement.
This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and cancels and
supersedes all of the previous or contemporaneous contracts, representations, warranties and understandings (whether oral or written)
by the parties hereto with respect to the subject matter hereof.

 

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

 

14.        Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns; provided, however, that this Agreement and the rights and obligations of Releasor hereunder
shall not be assigned or delegated.

 

15.        Knowledgeable
Person. Releasor acknowledges that he has read and understands the provisions of this Agreement and has had an opportunity
to consult with legal counsel of his choosing.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed.

 

	 	Presidential Realty Corporation
	 	 
	 	By:	/s/ Alexander Ludwig
	 	Name:	Alexander Ludwig
	 	Title:	President

 

	 	Address:	1430 Broadway, Suite 503
	 	 	New York, New York 10018

 

	 	/s/ Jeffrey Rogers
	 	Jeffrey Rogers, individually

 

	 	Address:	12 E. 86th Street, Unit 921
	 	 	New York, NY 10028Exhibit 10.11

 

ACKNOWLEDGMENT AND CERTIFICATION

 

by and among

 

THE BBJ FAMILY IRREVOCABLE TRUST,

 

And

 

NICKOLAS JEKOGIAN, JR.

 

For the benefit of

 

FIRST CAPITAL REAL ESTATE OPERATING
PARTNERSHIP, LP

 

FIRST CAPITAL REAL ESTATE TRUST INCORPORATED,

 

PRESIDENTIAL REALTY OPERATING PARTNERSHIP
LP,

 

And

 

PRESIDENTIAL REALTY CORPORATION

 

January 6, 2017

 

     

     

    

 

ACKNOWLEDGEMENT AND CERTIFICATION

 

This ACKNOWLEDGMENT
AND CERTIFICATION (“Certificate”) is made as of January 6, 2017 by THE BBJ FAMILY IRREVOCABLE TRUST
(“Trust”) for the benefit of FIRST CAPITAL REAL ESTATE OPERATING PARTNERSHIP, LP, a Delaware limited partnership
(“FCRE OP”), FIRST CAPITAL REAL ESTATE TRUST INCORPORATED, a Maryland corporation (“First Capital”
and together with FCRE OP, each an “FC Party” and collectively the “FC Parties”), PRESIDENTIAL
REALTY OPERATING PARTNERSHIP LP, a Delaware limited partnership (“PRES OP”) and PRESIDENTIAL REALTY CORPORATION,
a Delaware corporation (the “Company” or “Presidential” and together with PRES OP, each a “Presidential
Party” and together the “Presidential Parties”).  Each of the FC Entities and the Presidential
Entities are referred to herein collectively as the “Parties” and individually as a “Party.”
The defined terms used in this Certificate shall have the same meaning as set forth in that certain Interest Contribution Agreement
by and among the FC Parties, the Presidential Parties, and additional named parties, dated December 16, 2016 (“Original Interest
Contribution Agreement”).

 

RECITALS

 

WHEREAS, the FC Parties
and the Presidential Parties, and additional named parties, entered into the Original Interest Contribution Agreement which provides,
among other matters, for the contribution of certain real property and personal property interests by FCRE OP to PRES OP in exchange
for operating partnership units of PRES OP which may be converted to Class B stock of Presidential.

 

WHEREAS, the Original
Interest Contribution Agreement has been amended pursuant to that certain First Amendment to Interest Contribution Agreement by
and among the FC Parties, the Presidential Parties and other named parties dated January 6, 2017 the purpose of which was to clarify
and modify the terms of the Original Interest Contribution Agreement (“First Amendment”). The Original Interest Contribution
Agreement and the First Amendment are referred to herein collectively as the “Contribution Agreement.”

 

WHEREAS, as a condition
to the Closing for the Avalon Property under the Original Interest Contribution Agreement, the Presidential Parties are required
to deliver to the FC Parties a “Shareholder Agreement” entered into by a majority of the Class A shareholders of the
Company.

 

WHEREAS, the Parties
desire that this Certificate be in replacement and fulfillment of the “Shareholder Agreement” closing condition and
requirement set forth in the Original Interest Contribution Agreement without loss or diminishment of any rights, benefits and
protections intended to be afforded to and/or conferred upon the FC Parties pursuant to the contemplated “Shareholder’s
Agreement.”

 

NOW, THEREFORE, in
consideration of the foregoing recitals, which the Trust hereby acknowledges are true and correct, and for good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the Trust hereby certifies, covenants, represents and warrants, respectively,
as more particularly set forth in the operative provisions below.

 

     

     

    

 

OPERATIVE PROVISIONS

 

1.1           Class
A Stock: There are presently 700,000 shares of authorized Class A stock of the Company; 442,533 shares of Class A stock have
been issued; and the Trust owns and/or fully and unilaterally controls not less than 225,692 shares of such Class A stock (“BBJ
Class A Stock”).

 

1.2           Exchange
of Class A Stock for Class B Stock of Presidential: Subject to approval of the Board of Directors of the Company following
the Closing for the T9 Property (and the remaining shareholders of Class A stock of the Company if determined necessary or appropriate
by the Board of Directors of the Company) the Trust shall exchange the BBJ Class A Stock for $5,000,000 of newly issued Class B
shares of Presidential (the BBJ Class A Stock may be transferred to an entity [e.g. an affiliate of the Company] as determined
and directed by the Company) upon the earlier to occur of (a) Presidential having achieved total stabilized net asset value of
not less than $200,000,000 or (b) 18 months from the Closing for the Avalon Property.

 

1.3           Transfers,
Liens and Encumbrances: The Trust shall not transfer, lien or encumber the BBJ Class A Stock.

 

1.4           Actions
by Trust: The Trust shall: (i) not take or permit any action to be taken that would interfere with the transactions contemplated
by the Contribution Agreement or that may be inconsistent with the terms of the Contribution Agreement; (ii) vote in favor of changing
the name of Presidential to another name selected by the FC Parties; (iii) vote in favor of changing the domicile of Presidential
as may be determined by the FC Parties; (iv) vote in favor of either cancelling the Class A Shares or converting the Class A Shares
into common Class B shares; and (v) vote in favor of the election or appointment of two (2) new board members selected by the FC
Parties.

 

1.5           Covenants,
Representations Warranties: The Trust hereby certifies, covenants, represents and warrants that (i) they, respectively, are
authorized to make, execute and deliver this Certificate; (ii) no third party consent or approval is required in order for this
Certificate to be valid, binding and fully-enforceable; (iii) no fact or circumstance exists that would or render untrue or inaccurate,
in any material respect, any of the provisions, certifications, covenants, representations and warranties set forth in this Certificate;
(iv) they shall take such further action, including, without limitation, executing additional documents and instruments as may
be necessary or appropriate to effectuate and facilitate the matters contemplated by this Certificate; (v) they shall be estopped
from opposing or taking any action in opposition to the matters set forth in this Certificate; (vi) the certifications, covenants,
representations and warranties set forth in this Certificate shall survive the Closing for the Avalon Property for a period of
twenty months (20); and (vii) they, respectively, shall indemnify, defend and hold the FC Parties and the Presidential Parties
harmless from any costs, claims, damages, expenses, losses and liability, including, without limitation, attorney’s fees
and costs of suit and expert witnesses, arising from or related to any breach, default or failure of the certifications, covenants,
representations and/or warranties set forth in this Certificate.

 

1.6           Issuance
of Additional Class A Stock. Neither the FC Parties and/or the Presidential Parties nor any of their affiliates shall issue
or cause to be issued Class A stock in addition to the existing 442,533 shares.

 

     

     

    

 

1.7           Parties
in Interest; Enforcement. This Certificate is expressly made for the benefit of the FC Parties, the Presidential Parties, and
the Trust in furtherance and fulfillment of certain conditions, obligations and requirements relative to the “Shareholder
Agreement” set forth in the Contribution Agreement. Furthermore, the FC Parties and/or the Presidential Parties shall be
entitled to fully enforce this Certificate and entitled to exercise all rights and remedies under law, including, but not limited
to, specific performance and injunctive relief in order to do so.

 

IN WITNESS OF THE FOREGOING, the undersigned
executes and/or acknowledges this Certificate as of the date first written above.

 

ON BEHALF OF THE BBJ FAMILY IRREVOCABLE
TRUST:

 

	By:	/s/ Nickolas Jekogian, Jr.	
	Name	Nickolas Jekogian, Jr.
	Its:	Trustee 

 

ACKNOWLEDGED AS TO SECTION 1.6 ONLY BY:

 

FIRST CAPITAL AND FCRE OP

 

First Capital Real Estate Trust Incorporated, a Maryland
corporation

 

	By:	/s/ Suneet Singal	 
	Name:	Suneet Singal 
	Its:	Chief Executive Officer

 

First Capital Real Estate Operating
Partnership, LP a, Delaware limited liability company

 

	 	By:  	First Capital Real Estate Trust Incorporated, a Maryland corporation,
	 	 	Its general partner

 

	 	By:	/s/ Suneet Singal	 
	 	Name:	Suneet Singal 
	 	Its:	Chief Executive Officer

 

ACKNOWLEDGED AS TO SECTION 1.6 ONLY BY:

 

Presidential Realty Corporation,
a Delaware Corporation

 

	By:	/s/ Nickolas W. Jekogian, III	 
	 	Name:   Nickolas Jekogian 
	 	Its:        Chief Executive Officer

 

ACKNOWLEDGED AS TO SECTION 1.5 (II)
AND (III) ONLY BY:

 

	By:	/s/ Nickolas W. Jekogian, III	 
	 	Name: Nickolas Jekogian

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