Document:

SENIOR
EXECUTIVE EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the Effective Date (as hereinafter defined) by and between
GADSDEN GROWTH PROPERTIES, iNC., a Maryland corporation, and Paul Vadovicky, an
individual (the “Employee”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Gadsden Growth Properties, Inc. and its subsidiaries (Gadsden Growth Properties, Inc., together with its subsidiaries are
hereinafter collectively referred to as the “Company”), is engaged in the business of acquiring, owning, operating
and investing in portfolios of income-producing commercial real estate and related investments (collectively, the “Business”);

 

WHEREAS,
the Company desires to employ the Employee, and the Employee desires to accept such employment, on the terms and conditions herein
set forth.

 

NOW,
THEREFORE, in consideration of the mutual covenants and conditions provided herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby
agree as follows:

 

1.
Employment, Duties and Authority.

 

1.1.
Exclusive Devotion of Business Time. The Company agrees to employ the Employee and, unless otherwise agreed to by the parties
in writing, the Employee agrees to devote his full business time, effort, skills and loyalty to the Business of the Company, subject
to any exclusions that are mutually agreed, to effectively carry out his responsibilities to the Company hereunder and to the
render his services and skills in the furtherance of the business of the Company; provided, that this provision shall not
prevent the Employee from: (i) serving on civil, charitable and corporate boards and committees, subject to the Company’s
policies and standards; and (ii) managing his investments and the investments of his immediate family, subject to the Company’s
policies and standards; provided that the activities referenced in clauses (i) and (ii) above do not, individually or in
the aggregate, interfere with the performance of the Employee’s duties under this Agreement.

 

1.2.
Title; Position. The Company agrees to employ the Employee, and Employee shall serve as the Chief Financial Officer
of the Company. The primary responsibilities of the Employee shall include, but not be limited to: (i) performing the duties,
authorities and responsibilities commensurate with the duties, authorities and responsibilities of a chief financial officer of
a public company, and such other duties, authorities and responsibilities as may reasonably be assigned to the Employee from time
to time that are not inconsistent with the Employee’s position with the Company; and (ii) executing and/or certifying all
annual or periodic financial reports required to be filed with the United States Securities and Exchange Commission, unless such
execution and/or certification would violate applicable securities laws. Without limiting the foregoing, the Employee shall serve
at the request of the CEO as a director or officer of any corporation of any type or kind, domestic or foreign, or any partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise in the furtherance of the Business
and shall otherwise assist in the preparation of, and implementation of, the strategic business plans and developments of the
Company.

 

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1.3.
Reporting. The Employee shall report to the CEO or such other person as may be designated by the Board from time to time.

 

1.4.
Cooperation. During the term of this Agreement, the Employee agrees to give prompt written notice to the Company of any
claim or injury relating to the Company, and to fully cooperate in good faith and to the best of his ability with the Company
in connection with all pending, potential or future claims, investigations or actions which directly or indirectly relate to any
transaction, event or activity about which the Employee may have knowledge because of his employment with the Company. Such cooperation
shall include all assistance that the Company, its counsel, or its representatives may reasonably request, including reviewing
and interpreting documents, meeting with counsel, providing factual information and material, and appearing or testifying as a
witness.

 

1.5.
Primary Office Location; Travel Commitment. The Employee shall perform his duties primarily from such office as the Company
may reasonably determine from time to time; provided, that the Employee shall be available and shall travel from such location
from time to time as is necessary or desirable in furtherance of the Business.

 

1.6.
Performance of Duties. During the term of this Agreement, the Employee shall perform the duties assigned to him, which
duties shall be consistent with the duties described above in this Section 1, and shall observe and carry out such rules, regulations,
policies, directions and restrictions as the Board shall from time to time establish. In performance of his duties hereunder,
the Employee shall always maintain the highest ethical standard, and comply in each and every respect with applicable laws, rules
and regulations applicable to the Company and the Business.

 

1.7.
Certain Defined Terms. For the purposes of this Agreement, the following terms shall have the respective meanings ascribed
thereto in this Section:

 

1.7.1.
“Cause” shall mean any of the following conditions occurred, and after a determination by the Board that such
condition occurred, was not cured:

 

(i)
The Employee commits (A) a breach of this Agreement, (B) a breach of his fiduciary duty to the Company or any of its affiliates
(C) negligence, or (D) willful misconduct, including any violation of a material securities law;

 

(ii)
The Employee violates the internal procedures or policies of the Company in a manner which has a material adverse effect on the
reputation, business of the Company such as conduct constituting employment discrimination or sexual harassment;

 

which,
in any event, is not cured promptly by the Employee, and in any event, within thirty (30) days.

 

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1.7.2.
“Change of Control” means: (i) any person other than (A) a person holding securities representing 10% or more
of the combined voting power of the Company’s outstanding securities, immediately after the Effective Date, (B) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company, or (C) any company owned, directly or indirectly,
by the members of the Company, becomes the beneficial owner, directly or indirectly, of securities of the Company representing
50% or more of the combined voting power of the Company’s then-outstanding securities; (ii) there is a consummation of any
transaction or series of transactions resulting in a merger or consolidation in which the Company is involved, other than a merger
or consolidation which would result in the members of the Company immediately prior thereto continuing to own (either by remaining
outstanding or by being converted into voting securities of the surviving entity), in the same proportion as immediately prior
to the transaction(s), 50% or more of the combined voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation; or (iii) there is a complete liquidation of the Company or the sale
or disposition by the Company of all or substantially all of the Company’s assets.

 

1.7.3.
“Confidential Information” means all confidential and proprietary information of the Company, including, without
limitation, information relating to or concerning Proprietary Products (as defined below) and the exploitation of proprietary
rights relating thereto; the Business; trade secret information; client, investor, customer and supplier lists, identities and
contracts or arrangements; financial information (including financial statements, budgets and projections); market research and
development procedures, processes, techniques, plans and results (including inconclusive results); all information which may be
included in any patent or copyright application or amendment thereof or defense or litigation with respect thereto; marketing,
licensing and distribution or franchising strategies, plans or projections; investment or acquisition opportunities, plans or
strategies; products and asset composition; pricing information or policies; royalty, franchising or licensing arrangements; computer
software, passwords, programs or data; and all other business related information which has not been publicly disclosed by the
Company or its affiliates, whether such information is in written, graphic, recorded, photographic, data or any machine readable
form or is orally conveyed to, or memorized by, or developed by the Employee; provided, that Confidential Information shall
not include information which: (i) at the time of disclosure is generally known in the business and industry in which the Company
is engaged; or (ii) after disclosure is published or otherwise becomes generally known in such business or industry through no
fault of the Employee.

 

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1.7.4.
“Developments” means discoveries, concepts, ideas, designs, methods, formulas, know-how, techniques, systems
or any improvements or enhancements thereon, whether or not patentable or copyrightable, made, conceived, improved or developed,
in whole or in part, by the Employee during the term of this Agreement relating to: (i) any of the Company’s or its affiliates’
products or services, potential products or services, developments or techniques; or (ii) any work in which the Employee is or
may be engaged on behalf of the Company or its affiliates.

 

1.7.5.
“Disability” means the Employee’s physical or mental incapacity which, in the reasonable good faith determination
of the Board, renders the Employee incapable of performing the essential functions of his duties under this Agreement for any
consecutive forty-five (45) day period or for any sixty (60) days within any period of one hundred and twenty (120) days.

 

1.7.6.
“Documents” means any and all books, textbooks, letters, pamphlets, drafts, memoranda, notes, records, drawings,
files, documents, manuals, compilations of information, correspondence or other writings of any kind and all copies, abstracts
and summaries of any of the foregoing, whether in printed, written or electronic data or any machine readable form: (i) of the
Company or its affiliates; or (ii) in the possession or control of the Employee and pertaining to, and used in the furtherance
of, the Business.

 

1.7.7.
“Effective Date” means the date that the Registration Statement on Form S-11 filed by the Company is declared
effective.

 

1.7.8.
“Good Reason” means any of the following: (A) the failure to pay in a timely manner any Annual Payment or amount,
if any, to which the Employee may be entitled to under Section 2 that the Company fails to remedy within thirty (30) days after
notice thereof by the Employee; (B) a material breach by the Company of any other provision of this Agreement that the Company
fails to remedy or cease within thirty (30) days after notice thereof by the Employee; (C) a material reduction in the Employee’s
duties provided in this Agreement or as otherwise agreed to that is so substantial that it would reasonably be construed to change
his position with the Company or (D) a reduction in the amount of the Annual Payment.

 

1.7.9.
“Proprietary Products” means collectively Documents, Developments and Related Property.

 

1.7.10.
“Related Property” means all tangible and intangible property owned by, or licensed to, or otherwise used by
the Company or its affiliates including, without limitation, business opportunities of the Company or transactions that are proposed
to the Company, ideas, concepts, projects, programs, computer software or hardware, data bases, specifications, documentation,
algorithms, source codes, object codes, program listings, product platforms and architectures, concepts, screens, formats, technology,
know-how, Developments, research and development and patents, copyrights, trademarks, trade names, service names, service marks,
logos and designs and other proprietary rights and registrations and applications and the rights to apply therefor.

 

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2.
Compensation and Benefits.

 

2.1.
Annual Compensation. From the effective date until the termination of the Employee’s employment hereunder in accordance
with Section 4, the Company shall pay to the Employee a fixed base salary at an annual rate of $130,000 per annum (the “Annual
Payment”). The Annual Payment shall be paid to the Employee in accordance with the normal payroll practices of the Company
as in effect from time to time.

 

2.2.
Performance Bonus. The Employee may receive a performance bonus that is determined by the Compensation Committee which
may be based on specified financial or operational targets.

 

2.3.
Equity Compensation Plan. The Employee may receive equity based compensation on terms and condition that may be determined
by the Compensation Committee.

 

2.4.
Reimbursement of Expenses. The Company shall reimburse the Employee for all reasonable out-of-pocket expenses incurred
by the Employee for the benefit of the Company upon presentation of appropriate documentation and in accordance with the Company’s
policy in effect from time to time. This will include any expenses for and relating to maintaining CPA license, including CPE
as well as any reasonable ongoing training for SEC and REIT matters.

 

2.5.
Signing Bonus. Employee shall receive a one-time signing bonus of $50,000 upon the execution of this agreement.

 

2.6.
Paid Time Off. The Employee shall be entitled to four (4) weeks’ vacation and/or sick leave per year, with the rights
to such vacation and/or sick leave to be prorated for partial years.

 

2.7.
Benefits. During the period that the Employee is employed by the Company and for such longer period as required by applicable
law, the Employee shall be entitled to participate in the employee benefit plans, policies and programs, including health and
disability insurance (collectively, “Benefits”), on the same terms and conditions made available to other employees
of the Company, including coverage under all E&O, D&O policies and benefits under the separate Indemnification Agreement.

 

2.8.
Withholding. All payments of compensation shall be subject to all applicable withholding taxes and other legally required
payroll deductions. The Employee shall provide the Company with all information reasonably requested by the Company with respect
to such deductions and withholdings.

 

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3.
Term. The term of this Agreement shall commence on the Effective Date, and shall continue for a three-year term after which
the Agreement will automatically renew for successive one year, unless terminated in accordance with the provisions of Section
4.1 hereof.

 

4.
Termination.

 

4.1.
Termination. Notwithstanding any provision herein to the contrary, the Employee’s employment hereunder shall be terminated
upon any of the following events: (i) by mutual agreement; (ii) the death or Disability of the Employee; (iii) the termination
of the Employee’s employment by the Company for any reason or no reason; or (iv) the termination by the Employee; provided
that any termination pursuant to this clause (iv) of Section 4.1 shall be communicated by a notice from the Employee to the
Company and such termination shall be effective after either: (A) sixty (60) days’ written notice, or (B) ninety (90) days’
written notice if any periodic or annual report would be required to be filed by the Company within that sixty-day period, and
in such event, the Company has the right to extend Employee’s employment with the Company. Upon notice from the Employee
that the Employee will terminate his employment pursuant to clause (iv) of the foregoing, the Company shall have the option to
terminate Employee’s employment within two (2) weeks. In the event of the Disability or temporary disability of the Employee,
the Company shall have the right to appoint: (i) a temporary replacement to assume some or all of the Employee’s duties,
if the Company, in its sole discretion, determines that the Employee’s condition may render him incapable of effectively
performing some or all of your essential duties for your position with the Company described in this Agreement (any such determination
to be made by the Company in good faith); and (ii) a permanent replacement if the Employee’s employment hereunder is terminated
because of such Disability. During any period the Employee is temporarily disabled, the Company will continue, on the same terms
and conditions, the Employee’s Annual Payment and Benefits. Any period of paid disability leave under this Section shall
be counted against any period of unpaid leave to which the Employee may be entitled under any federal, state or local family and
medical leave laws.

 

4.2.
Payments Upon Termination of Employment. In the event of termination of the Employee’s employment hereunder pursuant
to this Section 4:

 

4.2.1.
The Employee (or his heirs, legatees or personal representatives) shall be entitled to receive all compensation and benefits specified
in this Agreement which shall have accrued prior to the date of such termination and the obligation of the Company for the payment
of compensation, and the right of the Employee to receive all accrued and unpaid compensation and other benefits required by applicable
law including the benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)
or any successor statute thereto.

 

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4.2.2.
All rights of the Company or the Employee which shall have accrued hereunder prior to the date of the Employee’s termination,
and the provisions of this Agreement which are stated herein to survive termination, shall survive such termination and the Company
and the Employee shall continue to be bound by such provisions in accordance with the terms hereof.

 

4.2.3.
The Company may provide severance compensation pursuant to Section 4.2.4, Section 4.2.5 and Section 4.2.6 below to the Employee
upon the Employee providing a full release of all claims against the Company within 45 days from the date of separation.

 

4.2.4.
Separation With Cause or Without Good Reason. Should the Company terminate Employee’s employment with Cause or if
Employee resigned without Good Reason, Employee will be entitled to receive any base salary earned and benefits accrued as of
the date of such separation.

 

4.2.5.
Separation Without Cause or With Good Reason. Should the Company terminate Employee’s employment without Cause or
if Employee resigned for Good Reason, then Employee will be paid a severance equal to 200% of the Employee’s Annual Payment
payable within 30 days of such termination.

 

4.2.6.
Separation Upon Change of Control. If, within six (6) months of a Change of Control, (i) the Company terminates Employee
without Cause or (ii) Employee resigns for good reason, in addition to the amount of base salary earned and benefits accrued as
of such separation date, Employee will be entitled to receive a lump sum payment equal to 125% of his Annual Payment payable within
30 days of the termination of his employment.

 

4.2.7.
The intent of the Parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), and the regulations and guidance promulgated thereunder (collectively “Section
409A”) and, accordingly, to the maximum extent permitted, this Agreement will be interpreted to be in compliance therewith.
Notwithstanding any provision to the contrary in this Agreement, to the extent that the Employee is a “specified employee”
within the meaning of that term under Section 409A(a)(2)(B) of the Code, then with regard to any payment or the provision of any
benefit that is required to be delayed in compliance with Section 409A(a)(2)(B) of the Code, such payment or benefit will not
be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of the Employee’s
“separation from service” (as such term is defined under Section 409A, or (ii) the date of the Employee’s death
(the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this
Section 4.2.7 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay)
will be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due under this Agreement will
be paid or provided in accordance with the normal payment dates specified for them herein.

 

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4.3.
Exclusive Benefits. Except as so provided in this Section 4, no further benefits, compensation or rights of the Employee
shall continue to accrue after the date of the termination of the employment of the Employee hereunder.

 

5.
Ownership of Rights to Proprietary Products.

 

5.1.
The Employee acknowledges and agrees that the Proprietary Products, are and shall be the exclusive and valuable property of the
Company and its affiliates, as the case may be, and, except as provided below, the Employee shall neither have, nor claim to have,
any right, title or interest therein or thereto. All opportunities relating to the Proprietary Products whether or not involving
third parties shall belong to and be carried out for the account of the Company.

 

5.2.
Any and all Developments shall be deemed work specifically ordered or commissioned by the Company and each such work shall be
considered a “work made for hire” within the meaning of 17 U.S.C. §101 of the United States Copyright Act and
all rights to such work shall belong entirely to the Company. The Employee shall from time to time upon the request of the Company
promptly execute and deliver to the Company any instruments necessary to effect the irrevocable assignment of all of his right,
title and interest, including copyright and author rights, in such works to the Company and for the Company to obtain proprietary
rights in connection therewith. The Company acknowledges that Employee has in his possession an existing data base of institutional,
family office and other persons with whom Employee has an existing relationship. This data base shall remain the property of the
Employee and may be kept by Employee after any separation of employment; provided, that the Company shall have the right
to maintain the information in this data base to the extent that, at any time during the term of this Agreement, such information
is provided by Employee to the Company or any such person has any relationship with the Company or any of its affiliates or any
of their respective officers or managers (other than Employee).

 

5.3.
The Employee’s covenants under this Section 5 of this Agreement shall survive the expiration or termination of this Agreement.

 

6.
Certain Restrictive Covenants.

 

6.1.
Confidentiality. The Employee acknowledges and agrees that it is imperative to the success of the Company and its affiliates that
all Confidential Information be maintained in strict confidence at all times. The Employee shall therefore retain in strict confidence
and not, directly or indirectly, copy or disclose or transfer to any third party any Confidential Information except in the furtherance
of the Business for the benefit of the Company; nor shall he use Confidential Information for any purpose except for the benefit
of the Company or its affiliates. The Employee’s covenants under this Section 6 of this Agreement shall survive the expiration
or termination of this Agreement. Notwithstanding anything herein to the contrary, the provisions of this Section 6 shall not
apply if Employee is required to provide reports to a regulatory agency pursuant to a “whistle-blower” statute or
applicable securities laws.

 

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6.2.
Non-Competition. The Employee acknowledges that the Employee performs services of a unique nature for the Company that are irreplaceable,
and that the Employee’s performance of such services to a competing business will result in irreparable harm to the Company.
Accordingly, during the Employee’s employment hereunder and for a period of 90 days thereafter, the Employee shall not (and
shall cause the Employee’s Affiliates to not), directly or indirectly, own, manage, operate, control, be employed by (whether
as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any
Person, in whatever form, engaged in any business in which the Company or any of its Affiliates is engaged on the date of termination
or in which they have planned, on or prior to such date, to be engaged in on or after such date, in any locale of any country
in which the Company conducts business. Notwithstanding the foregoing, nothing herein shall prohibit the Employee from being a
passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business
that is in competition with the Company or any of its Affiliates, so long as the Employee has no active participation in the business
of such corporation. In addition, the provisions of this Section 6.2 shall not be violated by the Employee commencing employment
with a subsidiary, division or unit of any entity that engages in a business in competition with the Company or any of its Affiliates
so long as the Employee and such subsidiary, division or unit does not, and does not have plans to, engage in a business in competition
with the Company or any of its Affiliates.

 

6.3.
Non-Solicitation and Non-Interference. During the Employee’s employment with the Company and for a period of 90 days
thereafter, the Employee shall not (and shall cause the Employee’s Affiliates to not), except in the furtherance of the
Employee’s duties hereunder, directly or indirectly, individually or on behalf of any other Person, (i) solicit, aid or
induce any customer of the Company or any of its Affiliates to purchase goods or services then sold by the Company or any of its
Affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying
or soliciting any such customer, (ii) solicit, aid or induce any employee, representative or agent of the Company or any of its
Affiliates to leave such employment or retention or to accept employment with or render services to or with any other person,
firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, representative or agent,
or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting
any such employee, representative or agent, or (iii) interfere, or aid or induce any other person or entity in interfering, with
the relationship between the Company or any of its Affiliates and any of their respective vendors, joint venturers or licensors.
An employee, representative or agent shall be deemed covered by this Section 6.3 while so employed or retained and for a period
of one (1) year thereafter. This Section 6.3 shall not be violated by general advertising or solicitation not specifically targeted
at Company-related persons or entities.

 

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7.
Documents. The Employee agrees that any and all Documents made or kept by him shall be and are the sole and exclusive property
of the Company. The Employee agrees to execute and deliver to the Company or its affiliates, as the case may be, any and all agreements
or instruments of any nature which the Company or its affiliates deem necessary or appropriate to acquire, enhance, protect, perfect,
assign, sell or transfer his rights under this Section 7. The Employee also agrees that upon request he will place all Documents
in the Company’s possession and will not remove or cause to be removed any Documents or reproductions thereof, except as
is necessary and customary to directly further the Business for the benefit of the Company or with the prior consent of the Chairman.
Upon the expiration or termination of the employment of the Employee hereunder, all Documents shall remain in the possession or
control of the Company and any Documents within the possession or control of the Employee or any of his affiliates shall be promptly
returned to the Company at its principal office. The Employee’s covenants under this Section 7 of this Agreement shall survive
the expiration or termination of this Agreement.

 

8.
Developments.

 

8.1.
The Employee shall communicate and fully disclose to the Company any and all Developments made or conceived by him during or prior
to his employment with the Company, and any and all Developments which he may conceive or make, during his employment or has conceived
or made, prior to his employment, with the Company, shall be at all times and for all purposes regarded as acquired and held by
him in a fiduciary capacity and solely for the benefit of the Company and shall be the sole and exclusive property of the Company;
unless the parties have otherwise agreed to in writing.

 

8.2.
The Employee shall assist the Company in every proper way upon request to obtain for its benefit patents, copyrights, trade names,
trademarks, service names, service marks for any and all Proprietary Products and Developments in the United States and all foreign
countries. All such patents, copyrights, trade names, trademarks, service names, service marks and any registrations and applications
therefor are to be, and remain, the exclusive property of the Company and the Employee agrees that he will, whenever so requested
by the Company or its duly authorized agent, make, execute and deliver to the Company its affiliates, successors, assigns, or
nominees, without charge, any and all applications, assignments and all other instruments which the Company or its affiliates
shall deem necessary or appropriate in order to apply for and obtain such patents, copyrights, trade names, trademarks, service
names, and service marks or in order to assign and convey to the Company or its affiliates, their successors, assigns or nominees,
the sole and exclusive right, title and interest therein and thereto. The Employee’s obligations to execute any such instruments
shall continue notwithstanding the termination or expiration of this Agreement.

 

9.
Post-Termination Covenants. The Employee acknowledges and agrees that the Proprietary Products are the exclusive and valuable
property of the Company and may not be used by the Employee for any purpose of any kind, directly or indirectly, except during
the term of this Agreement for the sole and exclusive benefit of the Company in his capacity as an employee of the Company and
that the success of the Company depends on the Employee’s observance of his covenants in this Section 9.

 

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9.1.
Non-Disparagement. Neither the Employee, on the one hand, nor the Company or any of its affiliates, on the other, shall
in any way, directly or indirectly, disparage the other, which in the case of the Company and its affiliates will include their
respective executive officers or any person that exercises any similar authority, or the Proprietary Products, it being acknowledged
that statements made in good faith in any legal proceeding, arbitration or mediation of any dispute shall not be deemed any disparagement.
This section shall survive the expiration or termination of this Agreement.

 

9.2.
Cooperation. After the term of this Agreement, Employee agrees that he will fully cooperate in good faith and to the best
of his ability with the Company in connection with all pending, potential or future claims, investigations or actions which directly
or indirectly relate to any transaction, event or activity about which the Employee may have knowledge because of his employment
with the Company. Such cooperation shall include all assistance that the Company, its counsel, or its representatives may reasonably
request, including reviewing and interpreting documents, meeting with counsel, providing factual information and material, and
appearing or testifying as a witness.

 

9.3.
For purposes of this Section 9, the term “Company” shall include the Company and its affiliates in the Business, including
any entity that directly or indirectly controls the business and affairs of the Company.

 

10.
Specific Enforcement. 

 

10.1.
The Employee is obligated under this Agreement to render services and comply with covenants of a special, unique, unusual and
extraordinary character, thereby giving this Agreement peculiar value so that the loss of such service or violation by the Employee
of this Agreement could not reasonably or adequately be compensated in damages in an action at law. Therefore, in addition to
any other remedies or sanctions provided by law, whether criminal or civil, and without limiting the right of the Company and
successors or assigns to pursue all other legal and equitable rights available to them, the Company shall have the right during
the Employee’s employment hereunder (or thereafter with respect to obligations continuing after the termination of this
Agreement) to compel specific performance hereof by the Employee or to obtain temporary and permanent injunctive relief against
violations hereof by the Employee, and, in furtherance thereof, to apply to any court with jurisdiction over the parties hereto
in accordance with Section 19 to enforce the provisions hereof.

 

10.2.
The Employee waives any requirement for security or the posting of any bond or other surety and proof of damages in connection
with any temporary or permanent award of injunctive, mandatory or other equitable relief and further agrees to waive the defense
in any action for specific performance that a remedy at law would be adequate.

 

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11.
Legal Costs and Expenses. If any party hereto prevails in any proceedings, legal or equitable, to enforce any obligations
under this Agreement, such party shall also be entitled to recover all costs and expenses incurred by such party in connection
therewith, including reasonable attorneys’ and accountants’ fees and disbursements.

 

12.
Assignment. The rights and duties of the Employee hereunder are not assignable. The Company may assign this Agreement and
all rights and obligations hereunder to any third party who becomes a successor to the Company’s Business. Upon any such
assignment by the Company, the term “Company” as used herein shall be deemed to include any such assignee of the Company,
and the assignee shall have the right to enforce all of the Company’s rights and remedies hereunder in its own name as if
a party hereto in the place and stead of the Company. The Employee agrees to confirm his obligations to any assignee, transferee,
licensee or sublicensee of the Company or their successors and assigns (a “Successor Employer”) by executing a new
contract with such Successor Employer containing substantially the same terms and conditions as herein provided; provided that
such Successor Employer also confirms to the Employee all of the Company’s obligations as herein provided.

 

13. Binding
Effect. This Agreement shall be binding upon the parties hereto and their respective successors-in-interest, heirs and
personal representatives and, to the extent permitted herein, the assigns of the Company.

 

14.
Severability. If any provision of this Agreement or any part hereof or the application hereof to any person or circumstance
shall be finally determined by a court of competent jurisdiction or by any arbitration panel to be invalid or unenforceable to
any extent or in violation of any applicable securities laws, the remainder of this Agreement, or the remainder of such provision
or the application of such provision to persons or circumstances other than those as to which it has been held invalid or unenforceable,
shall not be affected thereby and each provision of this Agreement shall remain in full force and effect to the fullest extent
permitted by law. The parties also agree that if any portion of this Agreement, or any part hereof or application hereof, to any
person or circumstance shall be finally determined by a court of competent jurisdiction or arbitration panel to be invalid or
unenforceable to any extent or in violation of any applicable securities laws, then such objectionable provision shall be deemed
modified to the extent necessary so as to make it valid, reasonable and enforceable including, without limitation, modification
of the restrictive covenants of Section 9 with respect to geography, time or scope of business.

 

15.
Notices. Wherever provision is made in this Agreement for the giving of any notice, such notice shall be in writing and
shall be deemed to have been duly given if mailed by first class United States mail, postage prepaid, addressed to the party entitled
to receive the same or if delivered personally or sent by overnight courier to such party at the address specified below:

 

If
to the Company

 

Gadsden
Growth Properties, Inc.

15150
N. Hayden Road

Suite
225

Scottsdale,
Arizona 85260

Attn:
Chairman of the Board

 

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

Herrick,
Feinstein LLP

2
Park Avenue

New
York, New York 10016

Attn:
Richard M. Morris, Esq.

Facsimile:
(212) 545-3371

 

    	 	12	 

    	 

    

 

If
to the Employee:

 

to
the address that is then on record with the Company for payroll purposes.

 

or
to such other address or by such other method of transmittal, in any such case, as any party hereto shall have last designated
by notice to each other party.

 

All
such notices, requests and other communications will: (i) if delivered personally to the address as provided in this Section,
be deemed given upon delivery; (ii) if delivered by facsimile transmission to the facsimile number as provided in this Section,
be deemed given upon the completion of the facsimile transmission, if the receipt is confirmed by the telefax machine; (iii) if
delivered by overnight courier, be deemed given upon the first business day after such notice, request or other communication
is given to such courier with all charges and fees prepaid and any required signature of the deliveree is waived; and (iv) if
delivered by mail in the manner described above to the address as provided in this Section, be deemed given upon receipt (in each
case regardless of whether such notice, request or other communication is received by any other person to whom a copy of such
notice, request or other communication is to be delivered pursuant to this Section).

 

16.
Entire Agreement; Amendment. Except as agreed to in an Indemnification Agreement, to be entered into by and between Company
and the Employee, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior written or oral negotiations, representations, agreements, commitments, contracts or understandings
with respect thereto and no modification, alteration or amendment to this Agreement may be made unless the same shall be in writing
and signed by both of the parties hereto.

 

17.
Waivers. No failure by either party to exercise any of such party’s rights hereunder or to insist upon strict compliance
with respect to any obligation hereunder, and no custom or practice of the parties at variance with the terms hereof, shall constitute
a waiver by either party to demand exact compliance with the terms hereof. Waiver by either party of any particular default by
the other party shall not affect or impair such party’s rights in respect to any subsequent default of the same or a different
nature, nor shall any delay or omission of either party to exercise any rights arising from any default by the other party affect
or impair such party’s rights as to such default or any subsequent default.

 

    	 	13	 

    	 

    

 

18.
Arbitration. Any dispute or claim arising out of or in connection with your employment with the Company will be
finally settled by binding arbitration conducted in accordance with the then-current Arizona Revised Uniform Arbitration Act (the
“Arizona Rules”), to the extent not inconsistent with the American Arbitration Association (AAA) Rules (as defined
below), and pursuant to Arizona law without reference to rules of conflicts of law or rules of statutory arbitration. The parties
agree that any arbitration will be administered by the AAA and that one neutral arbitrator will be selected in a manner consistent
with the AAA National Rules for the Resolution of Employment Disputes (the “AAA Rules”). The location of the arbitration
shall be in the same city as the Company’s headquarters at the time of the arbitration. Except as provided by the Arizona
Rules, arbitration shall be the sole, exclusive, and final remedy for any dispute between the Employee and the Company. Judgment
on the award rendered by the arbitrator may be entered in any court having jurisdiction hereof. Notwithstanding the foregoing,
the parties may apply to any court of competent jurisdiction for preliminary or interim relief, or to compel arbitration in accordance
with this paragraph, without breach of this arbitration provision. This section shall survive the term of this Agreement, through
and including the latter Restrictive Period.

 

19.
Governing Law. For purposes of construction, interpretation and enforcement, this Agreement shall be deemed to have been
entered into under the laws of the State of Arizona and its validity, effect, performance, interpretation, construction and enforcement
shall be governed by and subject to the laws of the State of Arizona without reference to its choice of law rules.

 

20.
Exclusive Jurisdiction. Subject to the provisions of Section 18, all actions and proceedings arising out of, or relating
to, this Agreement shall be heard and determined in any state or federal court sitting in the Scottsdale, Arizona. Each of the
Company and the Employee, by execution and delivery of this Agreement: (i) expressly and irrevocably consent and submit to the
personal jurisdiction of any of such courts in any such action or proceeding; (ii) consent to the service of any complaint, summons,
notice or other process relating to any such action or proceeding by delivery thereof to such party by hand or by U.S. certified
mail without return receipt requested, delivered or addressed as set forth in Section 15 of this Agreement; and (iii) waive any
claim or defense in any such action or proceeding based on any alleged lack of personal jurisdiction, improper venue or forum
non conveniens or any similar basis.

 

21.
Interpretation. Section titles and headings to sections herein are inserted for convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this Agreement.

 

22.
Expenses. Each of the Company, on the one hand, and the Employee, on the other, will pay all of their own costs and expenses
incident to the negotiation and preparation of this Agreement.

 

    	 	14	 

    	 

    

 

23.
Miscellaneous. 

 

23.1.
This Agreement may be executed in one or more counterparts, each of which shall be considered an original instrument, but all
of which shall be considered one and the same agreement.

 

23.2.
The Section headings herein are for convenience of reference only and shall not be used to construe the meaning of any provision
of this Agreement.

 

23.3.
Any word or term used in this Agreement in any form shall be masculine, feminine, neuter, singular or plural, as proper reading
requires. The words “herein”, “hereof”, “hereby” or “hereto” shall refer to this
Agreement unless otherwise expressly provided. Any reference herein to a Section or any exhibit or schedule shall be a reference
to a Section of, and an exhibit or schedule to, this Agreement unless the context otherwise requires.

 

[THE
NEXT PAGE IS THE SIGNATURE PAGE]

 

    	 	15	 

    	 

    

 

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

 

	 	COMPANY:
	 	Gadsden
    Growth Properties, Inc.
	 	 	 
	 	By:	/s/
    John E. Hartman
	 	Name:	John
    E. Hartman
	 	Title:	Chief
    Executive Officer

 

	 	EMPLOYEE:
	 	 	 
	 	 	/s/
    Paul J. Vadovicky
	 	 	Paul
    J. Vadovicky
	 	 	 

 

[Signature
Page to Employment Agreement]

 

    	 	16Exhibit
10.10

 

OMNIBUS
CONTRIBUTION AGREEMENT

 

(Carson
City Land Parcels)

 

DATED
AS OF FEBRUARY 28, 2017,

 

by
and among

 

HG226,
LLC, a California Limited Liability Company

 

and

 

GADSDEN
GROWTH PROPERTIES, INC., a Maryland corporation

 

and

 

GADSDEN
GROWTH PROPERTIES, LP, a Delaware limited partnership

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	I.	THE
    CONTRIBUTION	2
	 	 	 	 
	 	Section 1.01 Contribution or Transfer	2
	 	 	 	 
	 	Section
1.02 Issuance of OPCO Units	2
	 	 	 	 
	 	Section 1.03 Charter Documents	3
	 	 	 	 
	 	Section 1.04 Directors and Officers	3
	 	 	 	 
	II.	CONDITIONS PRECEDENT	3
	 	 	 	 
	 	Section 2.01 Conditions Precedent	3
	 	 	 	 
	III.	CLOSING	4
	 	 	 	 
	 	Section 3.01 Closing	4
	 	 	 	 
	 	Section 3.02 Delivery of Documents	4
	 	 	 	 
	IV.	COVENANTS	4
	 	 	 	 
	 	Section 4.01 Covenants of Seller	4
	 	 	 	 
	 	Section 4.02 Covenants of the REIT	7
	 	 	 	 
	V.	CONDITIONS;
    ABANDONMENT AND TERMINATION	7
	 	 	 	 
	 	Section 5.01 Right of the REIT	7
	 	 	 	 
	 	Section 5.02 Right of Seller	9
	 	 	 	 
	 	Section 5.03 Effect of Abandonment	9
	 	 	 	 
	VI.	MISCELLANEOUS	9
	 	 	 	 
	 	Section 6.01 Further Actions	9
	 	 	 	 
	 	Section 6.02 Notices	9
	 	 	 	 
	 	Section 6.03 Availability of Equitable Remedies	10
	 	 	 	 
	 	Section 6.04 Survival	10
	 	 	 	 
	 	Section 6.05 Modification	10
	 	 	 	 
	 	Section 6.06 Waiver	10
	 	 	 	 
	 	Section 6.07 Binding Effect	10
	 	 	 	 
	 	Section 6.08 No Third-Party Beneficiaries	10
	 	 	 	 
	 	Section 6.09 Severability	11
	 	 	 	 
	 	Section 6.10 Headings	11
	 	 	 	 
	 	Section 6.11 Governing Law	11
	 	 	 	 
	 	Section 6.12 WAIVER OF JURY TRIAL	12
	 	 	 	 
	 	Section 6.13 Execution	12
	 	 	 	 
	 	Section 6.14 Severability	12

 

	Annex
    A	 	Defined
    Terms
	 	 	 
	Exhibit
    I	 	Description
    of the Land Parcels

 

    	 	i	 

    	 		 

    

 

OMNIBUS
CONTRIBUTION AGREEMENT, dated as of February 28, 2017 (this “Agreement”), by and among HG226, LLC, a California
limited liability Company (“Seller”), and GADSDEN GROWTH PROPERTIES, INC., a Maryland corporation (the
“REIT”), and GADSDEN GROWTH PROPERTIES, LP, a Delaware limited partnership (“OPCO”).

 

WHEREAS,
the REIT is in formation and desires to acquire the interests in certain real property and related assets and interests and raise
capital by effecting an initial public offering (the “Public Offering”) that will be registered under the Securities
Act of 1933, as amended (the “Securities Act”) and described in a registration statement that will be filed
with the Securities and Exchange Commission (the “SEC”) on Form S-11 or other applicable form (the “Registration
Statement”).

 

Properties
to be contributed

 

WHEREAS
the real property and related assets and interests (collectively, the “Contributed Properties”) include the
land parcels that are described on Exhibit I:

 

In
addition, the Contributed Properties (or some of them) are subject to certain other loans, advances or payment obligations as
summarized in the Registration Statement.

 

Ownership
of the Contributed Properties

 

WHEREAS,
the Contributed Properties are currently owned by Seller.

 

Ownership
of certain Gadsden Entities

 

WHEREAS,
Gadsden Realty Investments I, LLC, a Delaware limited liability company (“Gadsden Realty Investments”), is
wholly-owned, by Gadsden Investments Holdings LLC, a Delaware limited liability company (“Gadsden Holdings”);

 

WHEREAS,
Gadsden Holdings is wholly-owned by OPCO;

 

    	 

    	 

    

 

Capitalized
Terms 

 

WHEREAS,
certain capitalized terms that are used in this Agreement shall have the respective meanings ascribed thereto as set forth in
Annex A.

 

		I.	THE
                                         CONTRIBUTION

 

Section
1.01 Contribution or Transfer.

 

(a)
On the Effective Date, Seller shall convey, transfer and assign all rights in, to and under the Land Parcels to Gadsden
Realty Investments; and

 

(b)
The conveyance, transfer and assignment of each Contributed Property shall be subject to the obligations and liabilities of
such Contributed Property as reasonably determined by the REIT, including customary pro rations, and shall be in accordance
with one or more transactions and in accordance with one or more definitive agreements, documents and instruments
(collectively, the “Definitive Documents”) , in each case, as determined by the REIT that is acceptable to
Seller, such acceptance to not be unreasonably withheld, delayed or conditioned.

 

Section
1.02 Issuance of OPCO Units.

 

(a)
In consideration for the contributions or other conveyance, transfer and assignments, OPCO shall issue and deliver an amount
of units (“Units”) of Class B limited partnership interests in OPCO as computed in accordance with Section
1.02(b), which Units may be further transferred and assigned to the partners in Seller as directed by Seller in exercise of
its authority as the general partner of such person:

 

    	 	2	 

    	 

    

 

(b)
Computation of the Number of Units. For the purposes of this Agreement, the number of Units that are issued with respect to
each of the Contributed Properties shall be the amount of such Units that are substantially equal to:

 

(i)
the applicable net fair value of the asset or Contributed Property as determined by the REIT, which shall be, unless
otherwise agreed by the parties, a net fair value of $5,500,000, subject to customary pro-rations and adjustments, and any
such mortgage debt that is paid off by cash paid by the REIT (as opposed to being re-financed) or otherwise assumed,
including the payment of $2,000,000 of mortgage or other secured debt; divided by

 

(ii)
the gross price per share of common stock offered to the public in the Public Offering, as conclusively evidenced by the
final prospectus included in the Registration Statement.

 

Section
1.03 Charter Documents. As of the Closing Date:

 

(a)
The limited partnership agreement of OPCO shall be substantially in the form as included as an exhibit in the Registration
Statement.

 

(b)
Each of Gadsden Holdings and Gadsden Realty Investments shall be wholly owned subsidiaries (direct or indirect) of
OPCO.

 

Section
1.04 Directors and Officers. The directors and officers of the REIT and its subsidiaries as of the Effective Date
shall be such individuals as designated by the REIT.

 

		II.	CONDITIONS
                                         PRECEDENT

 

Section
2.01 Conditions Precedent. The respective obligations of each party to effect the transactions described in
ARTICLE I and the other transactions contemplated by this Agreement shall be subject to the satisfaction at or prior to the
Effective Date of the following conditions, any or all of which may be waived, in whole or in part by the mutual consent of
Seller and the REIT:

 

(a)
The Registration Statement shall have been declared effective by the SEC (such date that the Registration Statement is
declared effective being the “Effective Date”);

 

    	 	3	 

    	 

    

 

(b)
OPCO shall have issued the Units as described in Section 1.02.

 

(c)
Each of Seller, REIT, OPCO and its subsidiaries shall have received all consents necessary to effectuate the transactions
contemplated by this Agreement.

 

(d)
All consents necessary so that each of the issuance of the Units and the transfer and assignment of the Units to the Persons
noted in Section 1.02(a) may be effected in a transaction that does not require the registration of such Units under the
Securities Act in reliance under Section 4(a)(2) of the Securities Act.

 

		III.	CLOSING

 

Section
3.01 Closing. The closing of the transactions described in Section 1.01 and the issuance of the Units effective
on the Effective Date described in Section 1.02 (the “Closing”) shall take place as promptly as practicable
(but in no event later than the close of business on the Effective Date) after the satisfaction or waiver of the conditions
(excluding conditions that, by their nature, cannot be satisfied until after the Closing, but subject to the satisfaction or waiver
of those conditions as of the Closing) set forth in Article III, unless this Agreement has been theretofore terminated
pursuant to its terms or unless another time or date is agreed to in writing by the parties hereto (the date and time of the Closing
being referred to in this Agreement as the “Closing Date”); provided, that the Closing Date shall not
be prior to the date specified by the REIT. The Closing shall be held at the offices of Herrick, Feinstein LLP, 2 Park Avenue,
New York, NY 10016, unless another place is agreed to in writing by the parties hereto.

 

Section
3.02 Delivery of Documents. As soon as practicable on the Closing Date, the parties hereto shall cause the
transactions described in Article I to be consummated by the execution of each of the Definitive Documents.

 

		IV.	COVENANTS

 

Section
4.01 Covenants of Seller. Seller agrees that, unless the REIT agrees in writing or otherwise stated in this
Agreement:

 

    	 	4	 

    	 

    

 

(a)
Until the earlier of the Effective Date or the abandonment or termination of this Agreement pursuant to Article V or otherwise
(the “Release Time”), no amendment will be made in the charter documents of Seller . 

 

(b)
Until the Release Time, equity interest or any other security or contractual commitment to issue any security of Seller,
shall be issued or sold by Seller and there shall not be any transfer or assignment or pledge of any such equity interest in
Seller.

 

(c)
Until the Release Time, no dividend or liquidating or other distribution shall be authorized, declared, paid, or effected by
Seller other than as provided in this Agreement or as done in the ordinary course of business. Until the Release Time, no
direct or indirect redemption, purchase, or other acquisition shall be made by Seller of any interest in Seller.

 

(d)
Until the Release Time, Seller shall not borrow money, guarantee the borrowing of money, engage in any transaction, or enter into
any material agreement other than: (i) in connection with the transactions contemplated hereby or in connection herewith or, (ii)
to the extent approved by the REIT; or (iii) in a transaction that does not encumber any equity interest in Seller; provided,
that any such transaction that may cause Seller to be insolvent or increase the amount of the aggregate liabilities of Seller
to be more than $2,300,000 shall not be permitted.

 

(e)
Until the Release Time, Seller will afford the officers, directors, employees, counsel, agents, investment bankers,
accountants, and other representatives of the REIT or any of its subsidiaries or lenders, free and full access to the books
and records of Seller, will permit them to make extracts from and copies of such books and records, and will from time to
time furnish the REIT with such additional financial and operating data and other information as to the financial condition,
results of operations, businesses, properties, assets, liabilities, or future prospects of Seller and the Contributed
Properties as the REIT may from time to time may request.

 

(f)
Until the Release Time, Seller will conduct its affairs so that at the Effective Date no covenant or agreement of Seller
under this Agreement will be breached, and no condition in this Agreement will remain unfulfilled by reason of the actions or
omissions of Seller. Until the Release Time, Seller will conduct its affairs in all respects only in the ordinary course,
other than in connection with the matters referenced herein.

 

    	 	5	 

    	 

    

 

(g)
Until the Release Time, Seller will promptly advise the REIT of any material fact or occurrence or any pending or threatened
material occurrence of which it obtains knowledge and which (if existing and known at the date of the execution of this
Agreement) would have been required to be set forth or disclosed in or pursuant to this Agreement, which (if existing and
known at any time prior to or at the Effective Date) would make the performance by any party of a covenant contained in this
Agreement impossible or make such performance materially more difficult than in the absence of such fact or occurrence, or
which (if existing and known at the time of the Effective Date) would cause a condition to any party’s obligations
under this Agreement not to be fully satisfied or make any of the statements in the Registration Statement (or draft thereof
provided to Seller) not true and correct in all material respects or omit any material fact to make the statements made
therein not true and correct in all material respects.

 

(h)
Seller shall use its commercially reasonable efforts to insure that all confidential information which Seller or any of its
respective officers, directors, employees, counsel, agents, investment bankers, or accountants may now possess or may
hereafter create or obtain relating to the financial condition, results of operations, businesses, properties, assets,
liabilities, or future prospects of Seller or any of the Contributed Properties shall not be published, disclosed, or made
accessible by any of them to any other person or entity at any time or used by any of them except in the ordinary course of
business and for the benefit of Seller; provided, however, that the restrictions of this sentence shall not apply (A) after
the Closing Date or the date that this Agreement is terminated in accordance with Article V or otherwise, (B) as may
otherwise be required by law, (C) as may be necessary or appropriate in connection with the enforcement of this Agreement, or
(D) to the extent the information shall have otherwise become publicly available.

 

(i)
Before Seller releases any information concerning this Agreement, or any of the transactions contemplated by this Agreement
which is intended for, or may result in, public dissemination thereof, Seller shall cooperate with the REIT, shall furnish
drafts of all documents or proposed oral statements to the REIT for comment, and shall not release any such information
without the consent of the REIT, which consent shall not be unreasonably withheld. Nothing contained herein shall prevent
Seller from releasing any information if required to do so by law.

 

    	 	6	 

    	 

    

 

(j)
Seller shall not make any agreement or reach any understanding not approved by the REIT as a condition for obtaining any
consent, authorization, approval, order, license, certificate, or permit required for the consummation of the transactions
contemplated by this Agreement.

 

(k)
Seller shall timely prepare and file any declaration or filing necessary to comply with any transfer tax statutes that
require any such filing before the Effective Date.

 

Section
4.02 Covenants of the REIT. The REIT agrees that, unless Seller agrees in writing or otherwise stated in this Agreement,
the REIT will use its commercially reasonable efforts to file the Registration Statement and have the Registration Statement declared
effective in accordance with the Securities Act in a manner that does not cause liability under Section 11 of the Securities Act.

 

		V.	CONDITIONS;
                                         ABANDONMENT AND TERMINATION

 

Section
5.01 Right of the REIT. The REIT shall have the right to abandon the transactions contemplated by this Agreement
or terminate this Agreement at any time or any reason or no reason at the discretion of the REIT, in its sole and absolute discretion,
or if any of the following conditions shall not be true or shall not have occurred, as the case may be, as of the specified date
or dates:

 

(a) All
actions, proceedings, instruments, and documents required by the REIT to carry out this Agreement or incidental thereto and all
other related legal matters shall be subject to the reasonable approval of counsel to the REIT, shall have furnished such counsel
such documents as such counsel may have reasonably requested for the purpose of enabling them to pass upon such matters.

 

(b) At
the Effective Date, there shall not be pending any legal proceeding relating to, or seeking to prohibit or otherwise challenge
the consummation of, the transactions contemplated by this Agreement, or to obtain substantial damages with respect thereto.

 

    	 	7	 

    	 

    

 

(c) There
shall not have been any action taken, or any law, rule, regulation, order, judgment, or decree proposed, promulgated, enacted,
entered, enforced, or deemed applicable to the transactions contemplated by this Agreement by any federal, state, local, or other
governmental authority or by any court or other tribunal, including the entry of a preliminary or permanent injunction, which,
in the reasonable judgment of the REIT, (i) makes this Agreement, or any of the transactions contemplated by this Agreement illegal,
(ii) results in a delay in the ability of Seller to consummate the transactions contemplated by this Agreement, (iii) imposes
material limitations on the ability of the REIT effectively to exercise full rights of ownership of the equity interests in Seller
and the Contributed Properties, or (v) otherwise prohibits, restricts, or delays consummation of the transactions contemplated
by this Agreement or impairs the contemplated benefits to the REIT of this Agreement, or any of the transactions contemplated
by this Agreement.

 

(d) The
parties to this Agreement shall have made all required filings with governmental authorities and shall have obtained at or prior
to the Effective Date all required written approvals to this Agreement and to the execution, delivery, and performance of this
Agreement by each of them of relevant governmental authorities having jurisdiction over Seller, any of the Contributed Properties
or the subject matter of this Agreement.

 

(e) The
parties to this Agreement shall have obtained at or prior to the Effective Date all consents required for the consummation of
the transactions contemplated by this Agreement from any unrelated third party to any contract, agreement, instrument, lease,
license, arrangement, or understanding to which any of them is a party, or to which any of them or any of their respective businesses,
properties, or assets are subject.

 

(f) Each
of the transactions described in Article I shall have been consummated on or prior to the Closing Date to the satisfaction of
the REIT.

 

(g) The
REIT shall conduct a due diligence review of the Contributed Properties, and Seller, and shall be reasonably satisfied with the
result of such review.

 

(h) The
REIT shall be satisfied that the information provided in prospectus included in the Registration Statement satisfies the requirements
of Section 10 of the Securities Act.

 

    	 	8	 

    	 

    

 

Section
5.02 Right of Seller. Seller shall have the right to abandon the transactions contemplated by this Agreement or
terminate this Agreement at any time or any reason or no reason at the discretion of Seller, in its sole and absolute discretion,
if: (i) the Closing has not occurred on or prior to April 30, 2017 or such other date as agreed by Seller and the REIT; or (ii)
if the REIT has not approved any distribution that is required to be approved under Section 4.01(c) and such approval was unreasonably
withheld, delayed or conditioned.

 

Section
5.03 Effect of Abandonment. If the transactions contemplated by this Agreement are abandoned or this Agreement is
terminated as provided for in Article V, this Agreement shall forthwith become wholly void and of no further force or effect without
liability on the part of either party to this Agreement or on the part of any officer, director, controlling person (if any),
employee, counsel, agent, or stockholder or partner thereof.

 

		VI.	MISCELLANEOUS

 

Section
6.01 Further Actions. At any time and from time to time, each party agrees to take such actions and to execute and
deliver such documents as may be reasonably necessary to effectuate the purposes of this Agreement.

 

Section
6.02 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto at or prior
to 5:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day
that is not a business day or later than 5:30 p.m. (New York City time) on any business day, (c) the second (2nd) business
day following the date of mailing, if sent by United States internationally recognized overnight courier service or (d) upon actual
receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as
set forth on the signature pages attached hereto. For the purposes herein, “business day” means a day on which
the Federal Reserve Bank of New York is open for regular business.

 

    	 	9	 

    	 

    

 

Section
6.03 Availability of Equitable Remedies. Since a breach of the provisions of this Agreement could not adequately
be compensated by money damages, any party shall be entitled, either before or after the Effective Date, in addition to any other
right or remedy available to it, to an injunction restraining such breach or threatened breach and to specific performance of
any such provision of this Agreement, and, in either case, no bond or other security shall be required in connection therewith,
and the parties hereby consent to the issuance of such an injunction and to the ordering of specific performance.

 

Section
6.04 Survival. The covenants, agreements, representations, and warranties contained in or made pursuant to this
Agreement shall survive the Effective Date for a period of one (1) full fiscal year thereafter.

 

Section
6.05 Modification. This Agreement sets forth the entire understanding of the parties with respect to the subject
matter hereof and supersedes all existing agreements among them concerning such subject matter. This Agreement shall only be modified
by the written agreement of all parties.

 

Section
6.06 Waiver. Any waiver by any party of a breach of any term of this Agreement shall not operate as or be construed
to be a waiver of any other breach of that term or of any breach of any other term of this Agreement. The failure of a party to
insist upon strict adherence to any term of this Agreement on one or more occasions will not be considered a waiver or deprive
that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver
must be in writing and be authorized by a resolution of the Board of Directors or by an officer of the waiving party.

 

Section
6.07 Binding Effect. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
and their respective successors and assigns.

 

Section
6.08 No Third-Party Beneficiaries. Except as otherwise expressly provided in this Agreement, this Agreement does
not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement.

 

    	 	10	 

    	 

    

 

Section
6.09 Severability. If any provision of this Agreement is invalid, illegal, or unenforceable, the balance of this
Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain
applicable to all other persons and circumstances, provided, however, that the economic and legal substance of the transactions
contemplated by this Agreement are not affected in any way materially adverse to any party hereto.

 

Section
6.10 Headings. The headings in this Agreement are solely for convenience of reference and shall be given no effect
in the construction or interpretation of this Agreement.

 

Section
6.11 Governing Law.

 

(a) All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of Delaware. Each party agrees that all legal proceedings concerning
the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be, except
to the extent otherwise required by applicable law, commenced exclusively in the state and federal courts sitting in the City
of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the
City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of any provision of this Agreement), and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.

 

(b) Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law.

 

    	 	11	 

    	 

    

 

(c) If
one or more parties shall commence an action, suit or proceeding to enforce any provision of this Agreement, the prevailing party
or parties in such action, suit or proceeding shall be reimbursed by the other party or parties to such action, suit or proceeding
for the reasonable attorneys’ fees and other costs and expenses incurred by the prevailing party or parties with the investigation,
preparation and prosecution of such action, suit or proceeding.

 

Section
6.12 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST
ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY,
UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

Section
6.13 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile or “.pdf” signature page were an original thereof.

 

Section
6.14 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially
the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to
be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE PAGE FOLLOWS]

 

    	 	12	 

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been executed by duly authorized officers of each of the parties hereto as of the date
first above written.

 

HG226,
LLC

a
California Limited Liability Company

 

	By:	/s/
    Rick Edwards	 
	Name:	Manager,
    Redmore LLC, a California limited liability company	 
	Title:	Manager	 

 

GADSDEN
GROWTH PROPERTIES, INC.,

a
Maryland corporation

 

	By:	/s/
    John Hartman	 
	Name:	John
    Hartman	 
	Title:	CEO	 

 

GADSDEN
GROWTH PROPERTIES, LP,

a Delaware limited partnership

 

	By:	Gadsden
    Growth Properties, Inc.,	 
	 	its
    general partner	 

 

	By:	/s/
    John Hartman	 
	Name:
    	John
    Hartman	 
	Title:
    	CEO	 

 

    	 

    	 

    

 

Annex
A

 

	Defined
    Term	 	Section
	Agreement	 	Preamble
	business
    day	 	6.02
	Seller	 	Preamble
	Closing	 	3.01
	Closing
    Date	 	3.01
	Contributed
    Properties	 	Recitals
	Definitive
    Documents	 	1.01(c)
	Effective
    Date	 	2.01(a)
	Gadsden
    Holdings	 	Recitals
	Gadsden
    Realty Investments	 	Recitals
	OPCO	 	Preamble
	Public
    Offering	 	Recitals
	Registration
    Statement	 	Recitals
	REIT	 	Preamble
	Release
    Time	 	4.01(a)
	SEC	 	Recitals
	Securities
    Act	 	Recitals
	Units	 	1.02(a)

 

    	 

    	 

    

 

Exhibit
I

Description
of each of the Land Parcels

[attached
hereto]

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