Document:

Exhibit 10.5

 

FIRST AMENDMENT TO PURCHASE AND SALE
AGREEMENT

 

THIS FIRST AMENDMENT
TO PURCHASE AND SALE AGREEMENT (“Amendment”) is made as of the 26th day of April, 2013 (the “Effective
Date”), by and between TALISON ROW ASSOCIATES, LP, a Delaware limited partnership (“Seller”) and TRADE
STREET OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“Buyer”).

 

BACKGROUND

 

(1) Seller
and Buyer previously entered into a certain Purchase and Sale Agreement dated April 8, 2013 (the “Agreement”)
pursuant to the terms of which Seller agreed to sell to Buyer and Buyer agreed to purchase from Seller a tract of land containing
approximately 10.3 acres located in Parcel L, Daniel Island, City of Charleston, Berkeley County, South Carolina and all improvements
and other property situated thereon or relating thereto, subject to the terms and provisions thereof (defined in the Agreement
as the “Property”). Unless otherwise defined herein, capitalized terms when used in this Amendment shall have the meanings
given such terms in the Agreement.

 

(2) Buyer
has requested Seller to extend the Inspection Period and Seller has agreed subject to the terms and provisions of this Amendment.

 

NOW, THEREFORE, in
consideration of the premises and the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged and confessed, Seller and Buyer hereby amendment the Agreement as follows:

 

1.          The
Inspection Period is hereby extended until 5:00 p.m. Eastern Time Zone (U.S.A.) on May 10, 2013.

 

2.          The
Purchase Price is hereby increased from $47,900,000.00 to $48,050,000.00.

 

3.          Buyer
confirms that it has completed its physical inspection of the Improvements and waives its right to terminate the Agreement based
on the condition of the Improvements; subject, however, to Seller’s obligations to complete construction of the Improvements
pursuant to Section 6.1 of the Agreement.

 

4.          The
Agreement, as amended by this Amendment, is hereby declared to be in full force and effect and neither party to the Agreement,
is in default of any of its obligations thereunder.

 

	END OF TEXT; SIGNATURE PAGE FOLLOWS

 

    	 

    	 

    

 

	EXECUTED as of the date and year first above written.	 
	SELLER:	 
	 	 	 	 
	TALISON ROW ASSOCIATES, LP	 
	a Delaware limited partnership	 
	 	 	 	 
	By:	Talison Row Development, LLC,	 
	 	a Delaware limited liability company,	 
	 	its general partner	 
	 	 	 	 
	 	By:	/s/ Darryl Dewberry	 
	 	Name:  	Darryl Dewberry	 
	 	Title:  	Managing Member	 
	 	 	 	 
	BUYER:	 
	 	 
	TRADE STREET OPERATING PARTNERSHIP, LP,	 
	a Delaware limited partnership	 
	 	 	 	 
	By: 	Trade Street OP GP, LLC,	 
	 	a Delaware limited liability company,	 
	 	its general partner	 
	 	 	 	 
	By:	Trade Street Residential, Inc.,	 
	 	a Maryland corporation,	 
	 	its sole member	 
	 	 	 	 
	 	By:	/s/ Bert Lopez	 
	 	Name:  	Bert Lopez	 
	 	Title:  	COO/CFOExhibit 10.6

 

SECOND AMENDMENT TO PURCHASE AND SALE
AGREEMENT

 

THIS SECOND AMENDMENT TO PURCHASE AND SALE
AGREEMENT (“Amendment”) is made as of the 10th day of May, 2013 (the “Effective Date”),
by and between TALISON ROW ASSOCIATES, LP, a Delaware limited partnership (“Seller”) and TRADE STREET OPERATING
PARTNERSHIP, LP, a Delaware limited partnership (“Buyer”).

 

BACKGROUND

 

(1)          Seller and Buyer
previously entered into a certain Purchase and Sale Agreement dated April 8, 2013 (the “Original Agreement”),
as amended by that certain First Amendment thereto dated April 26, 2013 (the “First Amendment”, and collectively
with the Original Agreement, the “Agreement”), pursuant to the terms of which Seller agreed to sell to Buyer
and Buyer agreed to purchase from Seller a tract of land containing approximately 10.3 acres located in Parcel L, Daniel Island,
City of Charleston, Berkeley County, South Carolina and all improvements and other property situated thereon or relating thereto,
subject to the terms and provisions thereof (defined in the Agreement as the “Property”). Unless otherwise defined
herein, capitalized terms when used in this Amendment shall have the meanings given such terms in the Agreement.

 

(2)          Buyer has requested
Seller to extend the Inspection Period and Seller has agreed subject to the terms and provisions of this Amendment.

 

NOW, THEREFORE, in
consideration of the premises and the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged and confessed, Seller and Buyer hereby amendment the Agreement as follows:

 

1.          The Inspection Period is hereby
extended until 5:00 p.m. Eastern Time Zone (U.S.A.) on May 14, 2013.

 

2.          The Agreement, as amended by
this Amendment, is hereby declared to be in full force and effect and neither party to the Agreement, is in default of any of its
obligations thereunder.

 

END OF TEXT; SIGNATURE
PAGE FOLLOWS

 

    	 

    	 

    

 

	EXECUTED as of the date and year first above written.	 
	 	 
	SELLER:	 
	 	 	 
	TALISON ROW ASSOCIATES, LP	 
	a Delaware limited partnership	 
	 	 
	By:	 Talison Row Development, LLC,	 
	 	a Delaware limited liability company,	 
	 	its general partner	 
	 		 
	 	By:	/s/ Darryl Dewberry	 
	 	Name:  	Darryl Dewberry	 
	 	Title:  	Authorized Representative	 

 

	BUYER:
	 
	TRADE STREET OPERATING PARTNERSHIP, LP,
	a Delaware limited partnership

 

	By:	Trade Street OP GP, LLC,	 
	 	a Delaware limited liability company,	 
	 	its general partner	 
	 	 	 
	By:	Trade Street Residential, Inc.,	 
	 	a Maryland corporation,	 
	 	its sole member	 

 

	 	By:	/s/ Bert Lopez	 
	 	Name:  	Bert Lopez	 
	 	Title:  	COO/CFOExhibit 10.7

 

STOCK AWARD AGREEMENT

 

THIS STOCK AWARD AGREEMENT
(the “Agreement”), dated as of the day of , governs the stock award granted by TRADE STREET RESIDENTIAL, INC.,
a Maryland corporation (the “Company”), to (the “Participant”), in accordance with and subject
to the provisions of the Trade Street Residential, Inc. 2013 Equity Incentive Plan (the “Plan”). A copy of the
Plan has been made available to the Participant. All terms used in this Agreement that are defined in the Plan have the same meaning
given them in the Plan.

 

1.          Grant
of Stock Award. In accordance with the Plan, and effective as of                      (the “Date of Grant”), the Company
granted to the Participant, subject to the terms and conditions of the Plan and this Agreement, a Stock Award of                       (the “Stock
Award”).

 

2.          Vesting.
The Participant’s interest in the shares of Common Stock covered by the Stock Award shall become vested and nonforfeitable
to the extent provided in paragraphs (a), (b) and (c) below.

 

(a)    Continued
Employment. The Participant’s interest in the shares of Common Stock covered by the Stock Award shall become vested and
nonforfeitable in accordance with the following table provided that the Participant remains in the continuous employ of the Company
or an Affiliate from the Date of Grant until the applicable Vesting Date shown in the table:

 

	Vesting Date	 	Number of Shares Vesting On the Vesting Date
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

For purposes of clarity and illustration, if the Participant
remains in the continuous employ of the Company or an Affiliate from the Date of Grant until , then as of that Vesting Date, of
the shares of Common Stock subject to the Stock Award will have become vested and nonforfeitable.

 

(b)    Change
in Control. The Participant’s interest in all of the shares of Common Stock covered by the Stock Award (if not sooner
vested), shall become vested and nonforfeitable on a Control Change Date if the Participant remains in the continuous employ of
the Company or an Affiliate from the Date of Grant until the Control Change Date.

 

(c)    Death
or Disability. The Participant’s interest in all of the shares of Common Stock covered by the Stock Award (if not sooner
vested), shall become vested and nonforfeitable on the date that the Participant’s employment by the Company and its Affiliates
ends if (i) such employment ends on account of the Participant’s death or because the Participant is “disabled”
(as defined in Code section 409A(a)(2)(c)) and (ii) the Participant remains in the continuous employ of the Company or an Affiliate
from the Date of Grant until the date such employment ends on account of the Participant’s death or because the Participant
is disabled.

 

Except as provided
in this Section 2, any shares of Common Stock covered by the Stock Award that are not vested and nonforfeitable on or before
the date that the Participant’s employment by the Company and its Affiliates ends shall be forfeited on the date that such
employment terminates.

 

3.          Transferability.
Shares of Common Stock covered by the Stock Award that have not become vested and nonforfeitable as provided in Section 2
cannot be transferred. Shares of Common Stock covered by the Stock Award may be transferred, subject to the requirements of applicable
securities laws, after they become vested and nonforfeitable as provided in Section 2.

 

4.          Shareholder
Rights. On and after the Date of Grant and prior to their forfeiture, the Participant shall have all of the rights of a
shareholder of the Company with respect to the shares of Common Stock covered by the Stock Award, including the right to vote the
shares and to receive, free of all restrictions, all dividends declared and paid on the shares. Notwithstanding the preceding sentence,
the Company shall retain custody of the certificates evidencing the shares of Common Stock covered by the Stock Award until the
date that the shares of Common Stock become vested and nonforfeitable and the Participant hereby appoints the Company’s Chief
Executive Officer and its Secretary as the Participant’s attorneys in fact, with full power of substitution, with the power
to transfer to the Company and cancel any shares of Common Stock covered by the Stock Award that are forfeited under Section
2.

 

    	 

    	 

    

 

5.          No
Right to Continued Employment. This Agreement and the grant of the Stock Award does not give the Participant any rights
with respect to continued employment by the Company or an Affiliate. This Agreement and the grant of the Stock Award shall not
interfere with the right of the Company or an Affiliate to terminate the Participant’s employment.

 

6.          Governing
Law. This Agreement shall be governed by the laws of the State of Florida except to the extent that Florida law would require
the application of the laws of another State.

 

7.          Conflicts.
In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions
of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

 

8.          Participant
Bound by Plan. The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and
the Participant agrees to be bound by all the terms and provisions of the Plan.

 

9.          Binding
Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and
the Participant’s successors in interest and the Company and any successors of the Company.

 

10.         Entire
Agreement. This Agreement sets forth all of the promises, covenants, agreements, conditions and undertakings between the
parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings,
inducements or conditions, express or implied, oral or written, except as contained herein.

 

[signature page follows]

 

    	 

    	 

    

 

[Signature Page to Stock Award Agreement]

 

IN WITNESS WHEREOF, the Company and the
Participant have executed this Agreement as of the date first set forth above.

 

	 	TRADE STREET RESIDENTIAL, INC.,
	 	a Maryland corporation
	 	 	 
	 	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

The foregoing agreement is hereby accepted,
and the terms and conditions thereof hereby agreed to, by the Participant.

 

	Date:	 	 	 
	 	 	 	Participant Signature 
	 	 	 	Name:	 
	 	 	 	Address:

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