Document:

Exhibit 10.7 

 

Loan No. 340127

GUARANTEE
OF RECOURSE OBLIGATIONS

(Single Guarantor)

 

In consideration
of the benefits which the undersigned (herein called "Guarantor") will receive as a result of The Northwestern Mutual
Life Insurance Company ("Lender") making the above-numbered loan to TS Aventine, LLC, a Delaware limited liability company
("Borrower") evidenced by a promissory note (the "Note") of even date herewith in the original principal amount
of $21,000,000.00 and secured by a Mortgage and Security Agreement (the "Lien Instrument") covering property in the
County of Greenville, State of South Carolina (the "Property"), and as an inducement required by Lender to fund said
loan, Guarantor has agreed to guarantee:

 

		(A)	The
                                         Recourse Obligations (as such term is defined in paragraph 9 hereof); and,

 

		(B)	Following
                                         the occurrence of a Triggering Event (as such term is defined in paragraph 9 hereof),
                                         the payment of the Note and all amounts at any time owed to Lender under the other Loan
                                         Documents (as hereinafter defined) and the performance of all terms, covenants and conditions
                                         in the Loan Documents.

 

1.           Therefore,
for value received, Guarantor hereby, unconditionally and irrevocably, guarantees to Lender and its successors and assigns the
full, prompt and faithful payment of all of the Recourse Obligations, (i) notwithstanding any invalidity of, or defect or deficiency
in any Loan Documents, (ii) notwithstanding the fact that Borrower may have no personal liability for all or a portion of the
Indebtedness and Lender's recourse against Borrower and Borrower's assets may be limited, and (iii) notwithstanding any act, omission
or thing which might otherwise operate as a legal or equitable discharge of Guarantor. Guarantor shall, within five business days
from the date notice is given to Guarantor that any of the Recourse Obligations is due and owing, pay such Recourse Obligation.

 

"Loan
Documents" means the Note, the Lien Instrument, that certain Loan Application dated January 21, 2014 from Borrower to Lender
and that certain acceptance letter issued by Lender dated January 24, 2014 (together, the "Commitment"), that certain
Absolute Assignment of Leases and Rents of even date herewith between Borrower and Lender (the "Absolute Assignment"),
that certain Certification of Borrower of even date herewith, that certain Limited Liability Company Supplement dated contemporaneously
herewith, any other supplements and authorizations required by Lender and all other instruments and documents (as the same may
be amended from time to time) executed by Borrower and delivered to Lender in connection with, or as security for, the indebtedness
evidenced by the Note, except any separate environmental indemnity agreement.

 

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2.           In
addition, for value received, Guarantor hereby, unconditionally and irrevocably, guarantees to Lender and its successors and assigns
the full, prompt and faithful payment of the full amount of the principal, interest and any other sums due or to become due under
the Loan Documents (the "Indebtedness") upon and following the occurrence of a Triggering Event, it being the intention
hereof that, following the occurrence of a Triggering Event, Guarantor shall remain liable until the Indebtedness shall be fully
paid, (i) notwithstanding any invalidity of, or defect or deficiency in any Loan Document, (ii) notwithstanding the fact that
Borrower may have no personal liability for all or a portion of the Indebtedness and Lender's recourse against Borrower and Borrower's
assets may be limited, and (iii) notwithstanding any act, omission or thing which might otherwise operate as a legal or equitable
discharge of Guarantor.

 

Following
the occurrence of a Triggering Event, Guarantor shall, within five business days from the date a notice is given to Guarantor
that an Event of Default (as defined in the Lien Instrument) has occurred and is continuing, cure such Event of Default. If any
Event of Default shall not be cured by Guarantor within said five business day period, Lender may, at its option, accelerate the
Indebtedness (if operation of a stay under the federal bankruptcy code or under any other state or federal bankruptcy, insolvency
or similar proceeding, prohibits or delays acceleration of the Indebtedness as to Borrower, Guarantor agrees that Guarantor's
obligations hereunder shall not be postponed or reduced) and, within five business days from the date a written demand from Lender
is given to Guarantor, Guarantor shall cure all Events of Default and pay all of the Indebtedness, whether or not acceleration
of the Indebtedness has occurred as to Borrower.

 

3.           Any
obligations not paid when due hereunder shall bear interest from the date due until paid at the Default Rate (as defined in the
Note).  Guarantor hereby waives absolutely and irrevocably, until the Indebtedness shall have been paid in full, any right
of subrogation whatsoever to Lender's claims against Borrower and any right of indemnity, reimbursement or contribution from Borrower
with respect to any payment made or performance undertaken by Guarantor pursuant hereto.  As a matter of clarification, it
is hereby acknowledged that, in the absence of a default under the Loan Documents, the receipt by a Guarantor of direct or indirect
distributions from Borrower shall not be deemed to be prohibited by the immediately preceding sentence. If Borrower shall become
a debtor under the federal bankruptcy code or the subject of any other state or federal bankruptcy, insolvency or similar proceeding,
neither the operation of a stay nor the discharge of the Indebtedness thereunder shall affect the liability of Guarantor hereunder. 

 

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4.           Without
limiting or lessening the liability of Guarantor under this Guarantee, Lender may, without notice to Guarantor:

 

		(A)	Grant extensions of time
or any other indulgences on the Indebtedness;

 

		(B)	Take, give up, modify,
vary, exchange, renew or abstain from perfecting or taking advantage of any security for the Indebtedness; and

 

		(C)	Accept or make compositions
or other arrangements with Borrower, realize on any security, and otherwise deal with Borrower, other parties and any security
as Lender may deem expedient.

 

5.           This
Guarantee shall be a continuing guarantee, shall not be revoked by death, shall inure to the benefit of, and be enforceable by,
any subsequent holder of the Note and the Lien Instrument and shall be binding upon, and enforceable against, Guarantor and Guarantor's
heirs, legal representatives, successors and assigns.

 

6.           Except
as expressly set forth in the Loan Documents, all additional demands, presentments, notices of protest and dishonor, and notices
of every kind and nature, including those of any action or no action on the part of Borrower, Lender or Guarantor, are expressly
waived by Guarantor. This is a guarantee of payment and not of collection. Guarantor hereby waives the right to require Lender
to proceed against Borrower or any other party, or to proceed against or apply any security it may hold, waives the right to require
Lender to pursue any other remedy for the benefit of Guarantor and agrees that Lender may proceed against Guarantor without taking
any action against any other party and without proceeding against or applying any security it may hold. Lender may, at its election,
foreclose upon any security held by it in one or more judicial or non-judicial sales, whether or not every aspect of such sale
is commercially reasonable, without affecting or impairing the liability of Guarantor, except to the extent the Indebtedness shall
have been paid. Guarantor waives any defense arising out of such an election, notwithstanding that such election may operate to
impair or extinguish any right or any remedy of Guarantor against Borrower or any other security.

 

7.           Guarantor
agrees to pay reasonable attorneys' fees and all other costs and expenses which may be incurred in the enforcement of this Guarantee.

 

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8.           Any
notices, demands, requests and consents permitted or required hereunder or under any other Loan Document shall be in writing,
may be delivered personally or sent by certified mail with postage prepaid or by reputable courier service with charges prepaid.
Any notice or demand sent to Guarantor by certified mail or reputable courier service shall be addressed to Guarantor at the address
set forth opposite Guarantor's name below or such other address in the United States of America as Guarantor shall designate in
a notice to Lender given in the manner described herein. Any notice sent to Lender by certified mail or reputable courier service
shall be addressed to The Northwestern Mutual Life Insurance Company to the attention of the Real Estate Investment Department
at 720 East Wisconsin Avenue, Milwaukee, WI 53202 or at such other addresses as Lender shall designate in a notice given in the
manner described herein. Any notice given to Lender shall refer to the Loan No. set forth above. Any notice or demand hereunder
shall be deemed given when received. Any notice or demand which is rejected, the acceptance of delivery of which is refused or
which is incapable of being delivered during normal business hours at the address specified herein or such other address designated
pursuant hereto shall be deemed received as of the date of attempted delivery.

 

		9.	The
                                         following terms shall be defined as set forth below:

 

"Recourse Obligations"
means the following:

 

		(A)	Rents and other income
from the Property received by Borrower or those acting on behalf of Borrower after any default under the Loan Documents remaining
uncured prior to the Conveyance Date (as hereinafter defined), which rents and other income have not been applied to the payment
of principal and interest on the Note or to reasonable operating expenses of the Property;

 

		(B)	Amounts
                                         necessary to repair damage to the Property caused by intentional acts or omissions of
                                         Borrower or those acting on behalf of Borrower;

 

		(C)	Insurance loss proceeds
and Condemnation Proceeds (as defined in the Lien Instrument) released to Borrower but not applied in accordance with any agreement
between Borrower and Lender as to their application;

 

		(D)	The amount of insurance
loss proceeds which would have been available with respect to a casualty on the Property, but were not available due to the default
by Borrower in carrying all insurance required by Lender under the Loan Documents;

 

		(E)	Damages suffered by
Lender in connection with the Indebtedness as a result of fraud or misrepresentation by Borrower or any other person or entity
acting on behalf of Borrower;

 

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		(F)	Amounts in excess of
any rents or other revenues collected by Lender from operation of the Property from and after acceleration of the Note until the
Conveyance Date, which amounts are necessary to pay real estate taxes, special assessments and insurance premiums (to the extent
not previously deposited with Lender pursuant to the provisions of the Lien Instrument following the caption entitled "Deposits
by Mortgagor"), and amounts required to fulfill Borrower's obligations as lessor under any leases of the Property,
in each case, either paid by Lender and not reimbursed prior to, or remaining due or delinquent on, the Conveyance Date;

 

		(G)	All security deposits
under leases of the Property or any portion of the Property collected by Borrower, any agent of Borrower or any predecessor of
Borrower, and not refunded to the tenants thereunder in accordance with their respective leases, applied in accordance with such
leases or law or delivered to Lender, and all advance rents collected by Borrower, any agent of Borrower or any predecessor of
Borrower and not applied in accordance with the leases of the Property, applied for reasonable operating expenses, or delivered
to Lender;

 

		(H)	Any losses suffered
by Lender as a result of the Property not being in compliance with all applicable zoning and land use ordinances, covenants, statutes,
and regulations; and

 

		(I)	Reasonable
                                         attorneys' fees and expenses incurred to the extent suit is brought to collect any of
                                         the amounts described in subparagraphs (A) through (H) above.

 

"Conveyance
Date" means (i) the later of (a) the date on which title vests in the purchaser at the foreclosure sale of the Property pursuant
to the Lien Instrument or (b) the date on which Borrower's statutory right of redemption shall expire or be waived or (ii) the
date of the conveyance of the Property to Lender in lieu of foreclosure.

 

"Triggering
Event" means any of the following:

 

		(A)	A
                                         violation of any provision of the Lien Instrument following the caption entitled
                                         "Prohibition on Transfer/One-Time Transfer";

 

		(B)	The filing by Borrower
of a voluntary petition for relief under the federal bankruptcy code;

 

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		(C)	The
                                         filing of an involuntary petition against Borrower under the federal bankruptcy code;
                                         or

 

		(D)	Borrower shall become
the subject of any liquidation, receivership or other similar proceedings;

 

provided, however, that Guarantor
shall not be liable for any outstanding amounts due under the Indebtedness pursuant to clauses (C) and (D) above and the remedies
thereunder will not be available to Lender if:

 

		(X)	Any of the proceedings
referred to in clauses (C) and (D) above (collectively, the "Proceedings") is dismissed within ninety (90) days of being
commenced;

 

		(Y)	Despite such Proceedings,
Borrower shall, within ninety (90) days of the commencement of any such Proceedings, cure all defaults under the Loan Documents
and thereafter perform Borrower's obligations under the Loan Documents (a) within five (5) business days after the due date of
any payment required under the Loan Documents and (b) within 30 days after the date on which any other obligation under the Loan
Documents is due; or

 

		(Z)	Despite such Proceedings,
Borrower consents, stipulates or agrees to the lifting of any automatic stay and the removal of all other impediments to foreclosure
of the Lien Instrument and otherwise cooperates with Lender and takes whatever steps are necessary to lift any automatic stay
or to remove any other impediment to foreclosure and the enforcement of remedies available to Lender, thereby enabling Lender
to foreclose the Lien Instrument (or enforce its other remedies under the Loan Documents not including clauses (C) and (D) above)
within (a) ninety (90) days of the commencement of such Proceedings or (b) thirty (30) days after Borrower fails to perform an
obligation under the Loan Documents within the applicable time period for performing such obligation as set forth in clause (Y)
above.

 

10.         This
Guarantee shall be governed by and construed in all respects in accordance with the laws of the State of South Carolina without
regard to any conflict of law principles. With respect to any action, lawsuit or other legal proceeding concerning any dispute
arising under or related to this Guarantee, Guarantor hereby irrevocably consents to the jurisdiction of the courts located in
the State of South Carolina and irrevocably waives any defense of improper venue, forum nonconveniens or lack of personal jurisdiction
in any such action, lawsuit or other legal proceeding brought in any court located in the State of South Carolina. Nothing contained
herein shall affect the rights of Lender to commence an action, lawsuit or other legal proceeding against Guarantor in any other
jurisdiction.

 

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Executed as of the 3rd
day of February, 2014.

 

Mailing Address: 

	c/o Trade Street Residential, Inc.	 	TRADE STREET RESIDENTIAL, INC.,
	19950 W. Country Club Drive	 	a Maryland corporation
	Suite 800	 	 	 
	Aventura, FL 33180	 	By:	/s/ Richard Ross
	Attn: Greg Baumann,	 	Name:	Richard Ross
	Vice President and General Counsel	 	Title:	Chief Financial Officer

 

    	7Exhibit 10.8

 

INDEMNIFICATION
AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (“Agreement”)
is made and entered into as of the 11th day of February, 2014, by and between Trade Street Residential, Inc., a Maryland
corporation (the “Company”), and Evan Gartenlaub (“Indemnitee”).

 

WHEREAS, at the request of the Company,
Indemnitee currently serves as an independent director of the Company and may, therefore, be subjected to claims, suits or proceedings
arising as a result of his or her service; and

 

WHEREAS, as an inducement to Indemnitee
to continue to serve as such independent director, the Company has agreed to indemnify and to advance expenses and costs incurred
by Indemnitee in connection with any such claims, suits or proceedings; and

 

WHEREAS, the parties by this Agreement desire
to set forth their agreement regarding indemnification and advance of expenses;

 

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

 

Section 1.             Definitions.
For purposes of this Agreement:

 

(a)          “Applicable
Legal Rate” means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of the
day that it is determined that Indemnitee must repay any advanced expenses.

 

(b)          “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule
or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or
not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control
shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the
Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval
of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining such
percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other
reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of
which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority
of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals
(A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the
Company’s stockholders was approved by the affirmative vote of at least two-thirds of the directors then in office who were
directors as of the Effective Date or whose election or nomination for election was previously so approved.

 

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(c)          “Corporate
Status” means the status of a person as a present or former director, officer, employee or agent of the Company or as
a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such
person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances
in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of
the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any corporation, partnership, limited liability company, joint venture, trust or other enterprise (1) of which
a majority of the voting power or equity interest is owned directly or indirectly by the Company or (2) the management of which
is controlled directly or indirectly by the Company, or (ii) if, as a result of Indemnitee’s service to the Company
or any of its affiliated entities, Indemnitee is subject to duties by, or required to perform services for, an employee benefit
plan or its participants or beneficiaries, including as a deemed fiduciary thereof.

 

(d)          “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
and/or advance of Expenses is sought by Indemnitee.

 

(e)          “Effective
Date” means the date set forth in the first paragraph of this Agreement.

 

(f)           “Expenses”
means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees
of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in
a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including,
without limitation, the premium for, security for and other costs relating to any cost bond supersede as bond or other appeal bond
or its equivalent.

 

(g)          “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is,
nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar
indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim
for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

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(h)          “Proceeding”
means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other proceeding, whether brought by or in the right of the Company or otherwise and whether of a
civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature,
including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically
agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate
in the institution of a Proceeding, such situation shall also be considered a Proceeding.

 

Section 2.             Services
by Indemnitee. Indemnitee will serve as an independent director of the Company. However, this Agreement shall not impose any
independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall
not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

Section 3.             General.
Subject to the limitations in Section 5, the Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this
Agreement and (b) as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided,
however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based
on Maryland law as in effect on the Effective Date. Subject to the limitations in Section 5, the rights of Indemnitee provided
in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any
additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (the “MGCL”).

 

Section 4.             Standard
for Indemnification. Subject to the limitations in Section 5, if, by reason of Indemnitee’s Corporate Status, Indemnitee
is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties,
fines and amounts paid in settlement and all Expenses actually and reasonably incurred by him or her or on his or her behalf in
connection with any such Proceeding unless it is established by clear and convincing evidence that (a) the act or omission of Indemnitee
was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of
active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services
or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

Section 5.             Certain
Limits on Indemnification. Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not
be entitled to:

 

(a)          indemnification
for any loss or liability unless all of the following conditions are met: (i) Indemnitee has determined, in good faith, that
the course of conduct that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting
on behalf of or performing services for the Company; (iii) such loss or liability was not the result of gross negligence or
willful misconduct; and (iv) such indemnification is recoverable only out of the Company’s net assets and not from the
Company’s stockholders;

 

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(b)          indemnification
for any loss or liability arising from an alleged violation of federal or state securities laws unless one or more of the following
conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities
law violations as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee
and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for
indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any
state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations
of securities laws;

 

(c)          indemnification
hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged to be liable to the Company;

 

(d)          indemnification
hereunder if Indemnitee is adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging
improper personal benefit to Indemnitee, whether or not involving action in Indemnitee’s Corporate Status; or

 

(e)          indemnification
or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce
indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement,
or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election
of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly
provide otherwise.

 

Section 6.             Court-Ordered
Indemnification. Subject to the limitations in Section 5(a) and (b), a court of appropriate jurisdiction, upon application
of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following
circumstances:

 

(a)          if
such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order
indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 

(b)          if
such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has
been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification
as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in
which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

 

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Section 7.             Indemnification
for Expenses of an Indemnitee Who is Wholly or Partly Successful. Subject to the limitations in Section 5, to the extent that
Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding
and is successful, on the merits or otherwise, in the defense of such Proceeding, Indemnitee shall be indemnified for all Expenses
actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters
in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred
by him or her or on his or her behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate
basis. For purposes of this Section 7, and without limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 8.             Advance
of Expenses for an Indemnitee. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be,
made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate
entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection
with (a) such Proceeding which is initiated by a third party who is not a stockholder of the Company, or (b) such Proceeding which
is initiated by a stockholder of the Company acting in his or her capacity as such and for which a court of competent jurisdiction
specifically approves such advancement, and which relates to acts or omissions with respect to the performance of duties or services
on behalf of the Company. Such advance or advances shall be made within ten days after the receipt by the Company of a statement
or statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding
and may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses directly
to third parties on behalf of Indemnitee, (b) advancement to Indemnitee of funds in an amount sufficient to pay such Expenses or
(c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee
of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized
by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached
hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof,
to reimburse the portion of any Expenses advanced to Indemnitee, together with the Applicable Legal Rate of interest thereon, relating
to claims, issues or matters in the Proceeding as to which it shall ultimately be established, by clear and convincing evidence,
that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section
7 of this Agreement. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the
Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section
8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s
financial ability to repay such advanced Expenses and without any requirement to post security therefor.

 

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Section 9.             Indemnification
and Advance of Expenses as a Witness or Other Participant. Subject to the limitations in Section 5, to the extent that Indemnitee
is or may be, by reason of his or her Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether
instituted by the Company or any other party, and to which Indemnitee is not a party, he or she shall be advanced all reasonable
Expenses and indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection
therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification
from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee.

 

Section 10.           Procedure
for Determination of Entitlement to Indemnification.

 

(a)          To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and
at such time(s) as Indemnitee deems appropriate in his or her sole discretion. The officer of the Company receiving any such request
from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that
Indemnitee has requested indemnification.

 

(b)          Upon
written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control
shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered
to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with
Section 2-418(e)(2)(ii) of the MGCL, which approval will not be unreasonably withheld; or (ii) if a Change in Control shall
not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such
a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely
of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with
Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld, by Independent
Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed
by a majority of the members of the Board of Directors, by the stockholders of the Company. If it is so determined that Indemnitee
is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall
cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B)
of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Company shall indemnify and hold Indemnitee harmless therefrom.

 

    	6

    	 

    

 

 

(c)          The
Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

 

Section 11.           Presumptions
and Effect of Certain Proceedings.

 

(a)          In
making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request
for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to overcome
that presumption in connection with the making of any determination contrary to that presumption.

 

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

 

(c)          The
knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any other director,
trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to
Indemnitee for purposes of determining any other right to indemnification under this Agreement.

 

Section 12.           Remedies
of Indemnitee.

 

(a)          If
(i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or 9 of this Agreement, (iii) no
determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days
after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section
7 or 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification
pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination
has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate
court located in the State of Maryland, or in any other court of competent jurisdiction, of his or her entitlement to such indemnification
or advance of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a
single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence
a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has
the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply
to a proceeding brought by Indemnitee to enforce his or her rights under Section 7 of this Agreement. Except as set forth herein,
the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company
shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    	7

    	 

    

 

 

(b)          In
any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification
or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee
is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or
arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to
Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification
(as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law,
be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all of the provisions of this Agreement.

 

(c)          If
a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification.

 

(d)          In
the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration
to enforce his or her rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover
from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him or
her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee
is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee
in connection with such judicial adjudication or arbitration shall be appropriately prorated.

 

(e)          Interest
shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial
Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period
(i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance
with Section 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the
determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the
date such payment is made to Indemnitee by the Company.

 

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Section 13.           Defense
of the Underlying Proceeding.

 

(a)          Indemnitee
shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request
or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder
and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.
The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right
of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend
in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only
to the extent the Company is thereby actually so prejudiced.

 

(b)          Subject
to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right to defend
Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify
Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section
13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or
delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes
an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee,
or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply
to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

 

(c)          Notwithstanding
the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate
Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall
not be unreasonably withheld, that he or she may have separate defenses or counterclaims to assert with respect to any issue which
may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion
of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest
or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense
of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the
Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the
Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny
or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to
retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably
withheld, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with
any such matter.

 

    	9

    	 

    

 

 

Section 14.           Non-Exclusivity;
Survival of Rights; Subrogation.

 

(a)          The
rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a
resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise.
Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof shall
limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in
his or her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action
or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended
to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other
right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy
hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

 

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

 

Section 15.           Insurance.

 

(a)          The
Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed
appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by
reason of his or her Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company
to Indemnitee for any claims made against Indemnitee by reason of his or her Corporate Status. In the event of a Change in Control,
the Company shall maintain in force any and all directors and officers liability insurance policies that were maintained by the
Company immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through
the insurance broker in place at the time of the Change in Control; provided, however, (i) if the carriers will not offer
the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained
and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope and amount,
such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of existing insurance carrier;
provided, further, however, in no event shall the Company be required to expend in the aggregate in excess of 300% of the annual
premium or premiums paid by the Company for directors and officers liability insurance in effect on the date of the Change in Control.
In the event that 300% of the annual premium paid by the Company for such existing directors and officers liability insurance is
insufficient for such coverage, the Company shall spend up to that amount to purchase such lesser coverage as may be obtained with
such amount.

 

    	10

    	 

    

 

 

(b)          Without
in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee
arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties,
fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred
to in the previous sentence. The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect
the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution
and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of
the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which
Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance in
effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in
the respective policies.

 

Section 16.           Coordination
of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or
payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment
under any insurance policy, contract, agreement or otherwise.

 

Section 17.           Contribution.
If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any
reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5,
then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding),
to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall
pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts
paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment,
and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

 

Section 18.           Reports
to Stockholders. To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of
any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or
in the right of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment
of any such indemnification or advance of Expenses or prior to such meeting.

 

Section 19.           Duration
of Agreement; Binding Effect.

 

(a)          This
Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a
director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary,
employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request
of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any
rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

    	11

    	 

    

 

 

(b)          The
indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee
who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of
the Company, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

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

 

(d)          The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof,
without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance,
Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled. Indemnitee shall
further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions
and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges
that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives
any such requirement of such a bond or undertaking.

 

Section 20.           Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each
portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

    	12

    	 

    

 

 

Section 21.           Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party
against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

 

Section 22.           Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

Section 23.           Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

Section 24.           Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day
after the date on which it is so mailed:

 

		(a)	If to Indemnitee, to the address set forth on the
signature page hereto.

 

		(b)	If to the Company, to:

Trade Street Residential, Inc.

19950 W. Country Club Drive

Suite 800

Aventura, Florida 33180

Attn: Greg Baumann

         General Counsel and Assistant Secretary

 

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

 

Section 25.          Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland,
without regard to its conflicts of laws rules.

 

[Signature Page Follows]

 

    	13

    	 

    

 

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

 

	 	TRADE STREET RESIDENTIAL, INC.
	 	 	 
	 	By:	/s/ Richard Ross
	 	Name: Richard Ross
	 	 
	 	Title: Chief Financial Officer
	 	 	 
	 	INDEMNITEE
	 		/s/ Evan Gartenlaub
	 	Name: Evan Gartenlaub
	 	Address: 171 East 84th Street 27C
	 	 New York, NY 10028

 

[Signature Page to Indemnification Agreement]

 

    	 

    	 

    

 

EXHIBIT A

 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES
ADVANCED

 

		To:	The Board of Directors of Trade Street Residential, Inc.

 

		Re:	Affirmation and Undertaking to Repay Expenses Advanced

 

Ladies and Gentlemen:

 

This Affirmation and Undertaking is being
provided pursuant to that certain Indemnification Agreement, dated the 11th day of February, 2014, by and between Trade Street
Residential, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding]
(the “Proceeding”).

 

Terms used herein and not otherwise defined
shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding by reason
of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief
that at all times, insofar as I was involved as a director or officer of the Company, in any of the facts or events giving rise
to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal
benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that
any act or omission by me was unlawful.

 

In consideration of the advance of Expenses
by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with the Proceeding (the
“Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1)
an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was
the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services
or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I
shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest thereon, relating
to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

 

IN WITNESS WHEREOF, I have executed this
Affirmation and Undertaking on this ____ day of ____________, 20__.

 

	 	 
	 	Name: Evan Gartenlaub

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