Document:

Exhibit 10.9

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT, effective as of the Effective Date (as hereinafter defined) between POSTAL REALTY TRUST, INC., a Maryland
corporation (the "Company"), and Jeremy Garber (the "Executive"), recites
and provides as follows:

 

WHEREAS, the
Company desires to employ the Executive as its President, Treasurer and Secretary, subject to the terms and conditions of this
Agreement.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive
hereby agree as follows:

 

1.     
     Employment and Duties.

 

(a)          General.
The Company shall employ the Executive, and the Executive agrees to be so employed, in the capacity of the Company’s President,
Treasurer and Secretary to serve for the Term (as hereinafter defined) hereof, subject to earlier termination as hereinafter provided.
The Executive shall have such duties and responsibilities commensurate with such title and
as the Board or the Chief Executive Officer may designate from time to time.  The Executive shall report to the Chief Executive
Officer. The Executive shall be based at the Company’s corporate headquarters in Cedarhurst, New York, unless and until the
corporate headquarters are moved to another location, which will then be the location where the Executive is based.

 

(b)          Exclusive
Services. The Executive shall devote substantially all of the Executive’s business time, attention and effort to the
Company’s affairs. Notwithstanding the foregoing, the Executive may (i) serve on corporate boards, provided the Executive
receives prior permission from the Board; and (ii) serve on corporate, civic and children sports organizations or charitable
boards or engage in charitable activities without remuneration therefor, provided that such activity does not contravene the first
sentence of this Section.

 

(c)          Dodd-Frank,
Sarbanes-Oxley and Other Applicable Law Requirements. The Executive agrees (i) to abide by any compensation recovery, recoupment,
anti-hedging or other policy applicable to executives of the Company and its affiliates that is hereafter adopted by the Board
or a duly authorized committee thereof to comply with applicable law as required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 (the "Dodd-Frank Act"),
the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"),
or other applicable law; and (ii) that the terms and conditions of this Agreement shall be deemed automatically and unilaterally
amended to the minimum extent necessary to ensure compliance by the Executive and this Agreement with such policies, the Dodd-Frank
Act, Sarbanes-Oxley, and any other applicable law. 

 

    	 	-1-	 

     

    

 

2.     
     Term. The Initial Term of the Executive’s employment hereunder (the "Initial
Term") shall be for a period of three (3) years
commencing on the closing date of the initial public offering of the Company’s Common stock (the "Effective
Date"), and continuing until the third
anniversary of the Effective Date. The term of this Agreement shall be extended automatically for up to two, successive
twelve (12) month periods, beginning on the last day of the Initial Term and each twelve (12) month renewal period thereafter
unless the Company or the Executive has provided the other with written notice of an intention to terminate this Agreement at
least ninety (90) days before the end of the Initial Term (or any subsequent renewal period). For purposes of this
Agreement, the word "Term" means
the Initial Term and any renewal period pursuant to the preceding sentence and any extension pursuant to clause (ii) of
the following sentence. Notwithstanding the preceding sentences (i) this Agreement may be terminated earlier as provided
herein and (ii) if a Change in Control (as defined in the 2019 Equity Incentive Plan) occurs during the Term, then the Term
shall not end before the first anniversary of the Control Change Date or the date this Agreement is terminated earlier as
provided herein.

 

3.      
    Compensation and Benefits.

 

(a)          Base
Salary. During the Term, the Company will pay the Executive a base salary of $290,000 per year ("Base
Salary"), less payroll deductions and all required
withholdings, payable in accordance with the Company's payroll practices and prorated for any partial month of employment. The
annual base salary may be increased, but not decreased, by the Compensation Committee of the Board of Directors of the Company
(the "Compensation Committee")
in its discretion pursuant to the Company's policies as in effect from time to time, and such increased amount thereafter will
be the Executive’s base salary per year for purposes of this Agreement.

 

(b)          Annual
Bonus. The Executive shall also be eligible to receive an annual incentive bonus for each calendar year ending during the Term
with a target bonus of 112.5% of Base Salary, with the actual amount of such bonus to be determined by the Compensation Committee,
using such performance measures as the Compensation Committee deems to be appropriate.  Such bonus, if any, shall be paid
to the Executive in the form of a lump sum no later than sixty (60) days after the end of the year to which the bonus relates. 
Except as otherwise provided in Section 4: (i) the annual bonus will be subject to the terms of any Company bonus plan
under which it is granted and (ii) in order to be eligible to receive an annual bonus, the Executive must be employed by the
Company on the last day of the calendar year to which the performance relates.

 

(c)          Long-Term
Incentives. During the Term of this Agreement, the Executive shall be eligible to participate in the Company’s 2019 Long-Term
Incentive Plan, or any other equity compensation plan adopted by the Company, on terms no less favorable than those that apply
to similarly situated executive officers of the Company.

 

(d)          Health
Insurance and Medical Exam. During the Term of this Agreement, the Company shall provide the Executive and his dependents with
health insurance, life insurance and disability coverage no less favorable than that made available to other key executives.

 

    	 	-2-	 

     

    

 

(e)          Paid
Time Off.  During the Term of this Agreement, the Executive shall be entitled to paid time off ("PTO")
in accordance with the Company’s PTO policy, as it may be amended from time to time, but in no event shall it be less than
four weeks per year.

 

(f)          Business
Expenses.  The Executive shall be entitled to reimbursement of business expenses that are incurred in the ordinary course
of business, in accordance with the applicable expense reimbursement policies and procedures of the Company as in effect from time
to time.

 

(g)          Other
Benefits. In addition to the benefits provided pursuant to the preceding paragraphs of this Section 3, the Executive
shall be eligible to participate in such other executive compensation and retirement plans of the Company as are applicable generally
to other executive officers, and in such welfare plans, programs, practices and policies of the Company as are generally applicable
to other executive officers, unless such participation would duplicate, directly or indirectly, benefits already accorded to the
Executive.

 

(h)          Indemnification.
To the fullest extent permitted by the indemnification provisions of the articles of incorporation (or similar document) and Bylaws
of the Company in effect from time to time and the indemnification provisions of the corporate statute of the jurisdiction of the
Company’s incorporation in effect from time to time (collectively the "Indemnification Provisions"),
and in each case subject to the conditions thereof, the Company shall (i) indemnify the Executive, as a director and officer
of the Company or a trustee or fiduciary of an employee benefit plan of the Company against all liabilities and reasonable expenses
that the Executive may incur in any threatened, pending, or completed action, suit or proceeding, whether civil, criminal or administrative,
or investigative and whether formal or informal, because the Executive is or was a director or officer of the Company or a trustee
or fiduciary of such employee benefit plan, and against which the Executive may be indemnified by the Company, and (ii) pay
for or reimburse the reasonable expenses incurred by the Executive in the defense of any proceeding to which the Executive is a
party because the Executive is or was a director or officer of the Company or a trustee or fiduciary of such employee benefit plan.
The rights of the Executive under the Indemnification Provisions shall survive the termination of the employment of the Executive
by the Company. Additionally, to the extent that the Company maintains a directors’ and officers’ liability insurance
policy (or policies), or an errors and omissions liability insurance policy (or policies), in place covering individuals who are
current or former officers or directors of the Company, the Executive shall be entitled to coverage under such policies on the
same terms and conditions (including, without limitation, with respect to scope, exclusions, amounts and deductibles) as are available
to other senior executives of the Company, while the Executive is employed with the Company and thereafter until the sixth anniversary
of the Executive’s termination date. Nothing in this Agreement shall require the Company to purchase or maintain any such
insurance policy.

 

    	 	-3-	 

     

    

 

4.      
    Payments Upon Termination of Employment.

 

(a)          Termination
by the Company without Cause, or Termination by the Executive for Good Reason, or Termination Due to the Executive’s Death
or Disability.  If during the Term of this Agreement the Executive’s employment is terminated (x) by the Company
without Cause or (y) by the Executive for Good Reason or (z) due to the Executive’s death or Disability, then the Executive
shall be entitled to the following from the Company: (1) Base Salary accrued through the date of termination, based on the
number of days in such year that had elapsed as of the termination date; (2) any accrued but unpaid PTO through the date of termination;
(3) any bonuses earned but unpaid with respect to fiscal years or other completed bonus periods preceding the termination date;
(4) any vested benefits due to the Executive under the terms of any deferred compensation, incentive or other benefit plans
maintained by the Company, payable in accordance with the terms of the applicable plan; (5)  any expenses owed to the Executive
under Sections 3(f), or 3(g); (6) all of the Executive’s outstanding stock options, restricted stock
or other equity awards with time-based vesting shall become fully vested and, in the case of stock options, exercisable in full;
(7) the treatment of all of the Executive’s outstanding stock options, restricted stock, restricted stock units or other
equity awards with performance-based vesting shall be determined in accordance with the long-term incentive plan, and any other
plans, pursuant to which such awards were granted and the applicable award agreement; (8) a lump sum payment equal to the sum of:
(A) one times the Executive’s Base Salary and (B) one times the Executive’s target bonus opportunity for the year within
which his employment is terminated (however, if such target opportunity has not been set by the Board or the Compensation Committee
as of the Executive’s termination, then this subsection 4(a)(8)(B) shall be equal to one times the Executive’s
Base Salary); and (9) a lump sum amount equal to twelve months of the monthly premium payment to continue the Executive’s
(and the Executive’s family’s) existing group health, dental coverage and vision, calculated under the applicable provisions
of Section 4980B of the Code, and calculated without regard to whether the Executive actually elects such continuation coverage.
All payments required to be made pursuant to this Section 4(a) shall be made to the Executive within sixty (60) days following
the date of such termination of employment and within any shorter time period required by law.

 

 (i)          For
purposes of this Agreement, "Cause" shall mean: (1) the Executive’s failure to perform a material
duty as directed by the Board (other than a failure to perform by reason of the Executive’s death or Disability); (2) the
Executive’s material breach of an obligation in this Agreement or a breach of a material written policy of the Company; (3)
the Executive’s breach of a material duty to the Company; (4) intentional conduct by the Executive that is demonstrably and
material injurious to the Company; or (5) the Executive’s conviction of, or plea of guilty or nolo contender to, (y)
a felony or (z) a crime involving moral turpitude or fraud involving the assets of the Company. Notwithstanding anything in this
Section 4(a)(i) to the contrary, no event or condition described in the foregoing (1) through (4) shall constitute Cause
unless (x) within ninety (90) days from the Board first acquiring actual knowledge of the existence of the Cause condition,
the Board provides the Executive written notice of its intention to terminate the Executive’s employment for Cause and the
grounds for such termination; (y) such grounds for termination (if susceptible to correction) are not corrected by the Executive
within thirty (30) days of the Executive’s receipt of such notice (or, in the event that such grounds cannot be corrected
within such thirty-day (30 period, the Executive has not taken all reasonable steps within such thirty-day (30) period to correct
such grounds as promptly as practicable thereafter); and (z) the Board terminates the Executive’s employment with the Company
immediately following expiration of such thirty-day (30) period.  For purposes of the foregoing, any attempt by the Executive
to correct a stated Cause shall not be deemed an admission by the Executive that the Board’s assertion of Cause is valid.

 

    	 	-4-	 

     

    

 

(ii)         For
purposes of this Agreement, "Good Reason" shall mean: (1)  the assignment of duties materially inconsistent
with the Executive’s title and position; (2) a material diminution in the Executive’s annual Base Salary or annual
bonus opportunity; (3) a material diminution in the Executive’s authority, duties or responsibilities (e.g., such
material diminution includes the Company ceasing to be a reporting company under the Securities Exchange Act of 1934), or the Company
or the Board prevents the Executive from fulfilling or exercising such authority, duties or responsibilities; (4) a material breach
by the Company of this Agreement, (5) this Agreement is not assumed by the successor to the Company in a Change in Control transaction
or (6) the Company requiring the Executive to be based at any office or location more than fifty miles from Cedarhurst, New York,
however, notwithstanding the foregoing to the contrary, any relocation required of the Executive due to the Company relocating
its headquarters shall not be deemed to violate this subsection 4(a)(ii)(6) or provide the Executive with rights to Good
Reason under this Agreement. No event or condition described in the foregoing shall constitute Good Reason unless, (x) within ninety
(90) days from the Executive first acquiring actual knowledge of the existence of the Good Reason condition described in the foregoing,
the Executive provides the Board written notice of the Executive’s intention to terminate the Executive’s employment
for Good Reason and the grounds for such termination; (y) such grounds for termination (if susceptible to correction) are not corrected
by the Board within thirty (30) days of the Board’s receipt of such notice (or, in the event that such grounds cannot be
corrected within such thirty-day (30) period, the Board has not taken all reasonable steps within such thirty-day (30) period to
correct such grounds as promptly as practicable thereafter); and (z) the Executive terminates the Executive’s employment
with the Company immediately following expiration of such thirty-day (30) period. For purposes of the foregoing, any attempt by
the Board to correct a stated Good Reason shall not be deemed an admission by the Board that the Executive’s assertion of
Good Reason is valid.

 

(iii)        For
purposes of this Agreement, "Disability" shall mean that the Executive has been unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result
in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, and the permanence
and degree of which shall be supported by medical evidence satisfactory to the Board. The determination of a Disability for purposes
of this Agreement shall be made by the Board in its sole and absolute discretion.

 

(b)          Termination
of the Executive’s Employment by the Company for Cause, or by the Executive without Good Reason, or Upon Expiration of the
Term. If the Executive’s employment is terminated by the Company for Cause or by the Executive without Good Reason or
upon expiration of the Term without this Agreement being renewed, then the Executive shall only be entitled to the payments set
forth in subsections 4(a)(1)-(6). All payments required to be made pursuant to this subsection 4(b) shall be made
to the Executive within sixty (60) days following the date of such termination of employment and within any shorter time period
required by law.

 

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(c)          Waiver
and Release. Notwithstanding any other provisions of this Agreement to the contrary, the Company shall not make or provide
for the payments in Section 4(a) unless the Executive timely executes and delivers to the Company a general release
(which shall be provided by the Company not later than five (5) days from the date on which the Executive’s employment
is terminated and be substantially in the form attached hereto as Exhibit A, the "Waiver and Release"),
and such Waiver and Release remains in full force and effect, has not been revoked and is no longer subject to revocation, within
sixty (60) calendar days after the date of termination. If the requirements of this Section 4(c) are not satisfied by the
Executive (or the Executive’s estate or legally appointed personal representative), then no payments pursuant to Section
4(a) shall be due to the Executive (or the Executive’s estate) pursuant to this Agreement. The foregoing payments subject
to this Section 4(c) shall not be paid until the first scheduled payment date following the date the Waiver and Release
is executed and no longer subject to revocation; provided, that if the period during which the Executive has discretion
to execute or revoke the Waiver and Release straddles two calendar years, then the payments subject to this Section 4(c)
shall be paid or commence being paid, as applicable, in the second calendar year, with the first such payment being in an amount
equal to the total amount to which the Executive would otherwise have been entitled during the period following the date of termination
if such deferral had not been required.

 

(d)          Resignation
from Directorships, Officerships and Fiduciary Titles. The termination of the Executive’s employment for any reason shall
constitute the Executive’s immediate resignation from (i) any officer or employee position the Executive has with the Company,
unless mutually agreed upon by the Executive and the Board; (ii) any position on the Board; and (iii) all fiduciary positions (including
as a trustee) the Executive holds with respect to any employee benefit plans or trusts established by the Company. The Executive
agrees that this Agreement shall serve as written notice of resignation in this circumstance.

 

5. 
         Section 280G. Notwithstanding anything else in this Agreement to
the contrary, in the event that it shall be determined that any payments or distributions by the Company to or for the
benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise (together, the "Payments") would constitute "parachute payments" within the
meaning of Section 280G of the Code, then the Payments shall be payable either in (i) full or (ii) as to such lesser amount
which would result in no portion of such Payments being subject to the excise tax imposed under Section 4999 of the Code,
such that the Executive shall receive the greater, on an after-tax basis, of either (i) or (ii) above, as determined by an
independent accountant or tax advisor ("Independent Tax Advisor") selected by the Company.  In
the event that the Payments are to be reduced pursuant to this Section 5, such Payments shall be reduced as
determined by the Independent Tax Advisor such that the reduction of compensation to be provided to or for the benefit of the
Executive as a result of this Section 5 is minimized and to effectuate that, Payments shall be reduced (i)
by first reducing or eliminating the portion of such Payments which is not payable in cash (other than that portion of such
payments that is subject to clause (iii) below), (ii) then by reducing or eliminating cash Payments (other than that portion
of such Payments subject to clause (iii) below) and (iii) then by reducing or eliminating the portion of such Payments
(whether or not payable in cash) to which Treas. Reg. §1.280G-1 Q/A 24(c) (or any successor provision thereto) applies,
in each case in reverse order beginning with Payments which are to be paid the farthest in time from the date of the
transaction constituting a change in ownership of the Company within the meaning of Section 280G of the Code.  Any
reductions made pursuant to this Section 5 shall be made in a manner consistent with the requirements of
Section 409A and where two economically equivalent amounts are subject to reduction but payable at different times, such
amounts shall be reduced on a pro rata basis but not below zero. If any dispute arises between the Company (or any successor)
and the Executive regarding the Executive’s right to payments under this Section 5, the Executive shall be
entitled to recover his attorneys’ fees and costs incurred in connection with such dispute if the Executive is
determined to be the prevailing party.  The following additional terms and conditions shall apply to the reimbursement
of any attorneys’ fees and costs: (i) the attorneys’ fees and costs must be incurred by the Executive within five
years following the date of the Executive’s termination or resignation; (ii) the attorneys’ fees and costs shall
be paid by the Company by the end of the taxable year following the year in which the attorneys’ fees and costs
were incurred; (iii) the amount of any attorneys’ fees and costs paid by the Company in one taxable year shall not
affect the amount of any attorneys’ fees and costs to be paid by the Company in any other taxable year; and (iv) the
Executive’s right to receive attorneys’ fees and costs may not be liquidated or exchanged for any other
benefit.

 

    	 	-6-	 

     

    

 

6.    
      Withholding and Section 409A Compliance.

 

(a)          Withholding.
The Company shall, to the fullest extent not prohibited by law, have the right to withhold and deduct from any payment hereunder
any federal, state or local taxes of any kind required by law to be withheld with respect to any such payment.

 

(b)          Section
409A of the Code. This Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption thereunder,
and shall be interpreted and construed consistently with such intent.  The payments to the Executive pursuant to this Agreement
are intended to be exempt from Section 409A of the Code to the maximum extent possible, under the separation pay exemption, as
short-term deferrals, or otherwise.  For purposes of Section 409A of the Code, each installment payment provided under this
Agreement shall be treated as a separate payment.  In the event the terms of this Agreement would subject the Executive to
additional income taxes, interest or penalties under Section 409A of the Code ("409A Penalties"), the Company
and the Executive shall cooperate diligently to amend the terms of this Agreement to avoid such 409A Penalties, to the extent possible. 
To the extent any amounts under this Agreement are payable by reference to the Executive’s "termination," "termination
of employment," or similar phrases, such term shall be deemed to refer to the Executive’s "separation from service"
(as defined in Section 409A of the Code).  Notwithstanding any other provision in this Agreement, including but not limited
to Sections 4 and 5, if the Executive is a "specified employee" (as defined in Section 409A(a)(2)(b)(i)),
then to the extent any amount payable under this Agreement (i) constitutes the payment of nonqualified deferred compensation, within
the meaning of Section 409A of the Code, (ii) is payable upon the Executive’s separation from service, and (iii) under the
terms of this Agreement would be payable prior to the six-month anniversary of the Executive’s separation from service, such
payment shall be delayed and paid to the Executive, on the first day of the first calendar month beginning at least six months
following the date of termination, or, if earlier, within ninety (90) days following the Executive’s death to the Executive’s
surviving spouse (or such other beneficiary as the Executive may designate in writing).  Any reimbursement or advancement
payable to the Executive pursuant to this Agreement shall be conditioned on the submission by the Executive of all expense reports
reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Executive within
thirty (30) days following receipt of such expense reports, but in no event later than the last day of the calendar year following
the calendar year in which the Executive incurred the reimbursable expense.  Any amount of expenses eligible for reimbursement,
or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind
benefit to be provided, during any other calendar year.  The right to any reimbursement or in-kind benefit pursuant to this
Agreement shall not be subject to liquidation or exchange for any other benefit.

 

    	 	-7-	 

     

    

 

7.    
      Protection of Confidential Information. The Executive hereby agrees that, during
his employment with the Company and thereafter, he shall not, directly or indirectly, disclose or make available to any
person, firm, Company, association or other entity for any reason or purpose whatsoever, any Confidential Information
(defined below).  The Executive further agrees that, upon the date of the Executive’s termination, all
Confidential Information in his possession that is in written or other tangible form shall be returned to the Company and
shall not be retained by the Executive or furnished to any third party, in any form except as provided herein. 
Notwithstanding the foregoing, this Section 7 shall not apply to Confidential Information that (i) was publicly
known at the time of disclosure to the Executive, (ii) becomes publicly known or available thereafter other than by any means
in violation of this Agreement or any other duty owed to the Company by the Executive, (iii) is lawfully disclosed to
the Executive by a third party, or (iv) is required to be disclosed by law or by any court, arbitrator or administrative or
legislative body with actual or apparent jurisdiction to order the Executive to disclose or make accessible any
information.  As used in this Agreement, Confidential Information means, without limitation, any non-public confidential
or proprietary information disclosed to the Executive or known by the Executive as a consequence of or through the
Executive’s relationship with the Company, in any form, including electronic media.  Confidential Information also
includes, but is not limited to the Company’s business plans and financial information, marketing plans, and business
opportunities.  Nothing herein shall limit in any way any obligation the Executive may have relating to Confidential
Information under any other agreement or promise to the Company.

 

The Executive specifically
acknowledges that all such Confidential Information, whether reduced to writing, maintained on any form of electronic media, or
maintained in the mind or memory of the Executive and whether compiled by the Company, and/or the Executive, derives independent
economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its
disclosure or use, that reasonable efforts have been made by the Company to maintain the secrecy of such information, that such
information is the sole property of the Company and that any retention and use of such information by the Executive during his
employment with the Company (except in the course of performing his duties and obligations to the Company) or after the termination
of his employment shall constitute a misappropriation of the Company’s trade secrets.

 

The Executive agrees
that Confidential Information gained by the Executive during the Executive’s association with the Company, has been developed
by the Company through substantial expenditures of time, effort and money and constitute valuable and unique property of the Company. 
The Executive recognizes that because his work for the Company will bring him into contact with confidential and proprietary information
of the Company, the restrictions of this Section 7 are required for the reasonable protection of the Company and
its investments and for the Company’s reliance on and confidence in the Executive.  The Executive further understands
and agrees that the foregoing makes it necessary for the protection of the Company’s business that the Executive not compete
with the Company during his employment with the Company and not compete with the Company for a reasonable period thereafter, as
further provided in the following Section 8.

 

    	 	-8-	 

     

    

 

8.   
       Covenant Not to Compete. The Executive hereby agrees that he will not,
either during the Term or at all times until the earlier of two years from the time his employment ceases or a Change in
Control of the Company (such earlier of being, the "Restricted Period"), engage in the (i) ownership
or operation of post office facilities; (ii) investment in or lending to post office facilities; (iii) management of post
office facilities; or (iv) provision of any planning, development or executive services for post office facilities.  The
Executive will be deemed to be engaged in such competitive business activities if he participates in such a business
enterprise as an employee, officer, director, consultant, agent, partner, proprietor, or other participant; provided that the
ownership of no more than two percent (2%) of the stock of a publicly traded Company engaged in a competitive business shall
not be deemed to be engaging in competitive business activities.

 

During the Restricted
Period, the Executive will be prohibited, to the fullest extent allowed by applicable law, from directly or indirectly, individually
or on behalf of any person or entity, encouraging, inducing, attempting to induce, recruiting, attempting to recruit, soliciting
or attempting to solicit or participating in the recruitment for employment, contractor or consulting opportunities anyone who
is employed at that time by the Company or any subsidiary or affiliate.

 

During his employment
with the Company and thereafter, the Executive will not make or authorize anyone else to make on the Executive’s behalf any
disparaging or untruthful remarks or statements, whether oral or written, about the Company, its operations or its products, services,
affiliates, officers, directors, employees, or agents, or issue any communication that reflects adversely on or encourages any
adverse action against the Company.  The Executive will not make any direct or indirect written or oral statements to the
press, television, radio or other media or other external persons or entities concerning any matters pertaining to the business
and affairs of the Company, its affiliates or any of its officers or directors.

 

While employed by the
Company and during the Restricted Period, the Executive will communicate the contents of this Section 8 to any
person, firm, association, partnership, Company or other entity that the Executive intends to be employed by, associated with,
or represent.

 

    	 	-9-	 

     

    

 

9.    
      Injunctive Relief. The Executive acknowledges and agrees that it would be
difficult to fully compensate the Company for damages resulting from the breach or threatened breach of the covenants set
forth in Sections 7 and 8  of this Agreement and accordingly agrees that the Company shall be entitled
to temporary and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent
injunctions, without the need to post any bond, to enforce such provisions in any action or proceeding instituted in any
court in the State of New York having subject matter jurisdiction.  This provision with respect to injunctive relief
shall not, however, diminish the Company’s right to claim and recover damages.

 

10.         Notices.
All notices or communications hereunder shall be in writing and sent by overnight courier, certified mail, or registered mail (return
receipt requested), postage prepaid, addressed as follows (or to such other address as such party may designate in writing from
time to time):

 

If to the Company:

 

Postal Realty Trust, Inc.

75 Columbia Ave.

Cedarhurst, NY 11516

Attention:  Chief Executive Officer and Chairman of the Compensation Committee

 

If to the Executive,
at the address on file with the Company’s Human Resources department.

 

The actual date of
mailing, as shown by a mailing receipt therefor, shall determine the time at which notice was given.

 

11.         Separability.
If any provision of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability
shall not affect the remaining provisions hereof which shall remain in full force and effect. It is expressly understood and agreed
that although the parties consider the restrictions contained in this Agreement to be reasonable, if a court determines that
the time or territory or any other restriction contained in this Agreement is an unenforceable restriction on the activities of
the Executive, no such provision of this Agreement shall be rendered void but shall be deemed amended to apply as to such maximum
time and territory and to such extent as such court may judicially determine or indicate to be reasonable.

 

12.         Assignment.
This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of the Executive and the assigns
and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise
subject to hypothecation by the Executive.

 

13.         Entire
Agreement. This Agreement represents the entire agreement of the parties and shall supersede any and all previous contracts,
arrangements or understandings between the Company and the Executive (including the Prior Employment Agreement).  This Agreement
may be amended at any time by mutual written agreement of the parties hereto.

 

    	 	-10-	 

     

    

 

14.         Governing
Law and Arbitration. This Agreement shall be construed, interpreted, and governed in accordance with the laws of the State
of New York, without regard to principles of conflicts of laws. Any dispute, controversy or claim arising out of or related to
this Agreement or any breach of this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered
exclusively by the American Arbitration Association and shall be conducted in accordance with the National Rules for the Resolution
of Employment Disputes. Any arbitral award determination shall be final and binding upon the parties. Judgment may be entered in
any court having jurisdiction. Notwithstanding the foregoing, the Company shall be entitled to seek a restraining order or injunction
in any court of competent jurisdiction to prevent any continuation of any violation of Sections 7 or 8 hereof.

 

15.         Survival.
Subject to any limits on applicability contained therein, Sections 7 through 10, Section 12, and Section 14
hereof shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Term or this
Agreement.

 

[SIGNATURES ON NEXT PAGE]

 

    	 	-11-	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed, and the Executive has hereunto set his hand, as of the day and year
first above written.

 

	POSTAL REALTY TRUST, INC.	 	EXECUTIVE
	 	 	 	 	 	 	 
	By:	 	         	 	 	 	 
	 	 	 	 	 	 	 
	Its:	 	 	 	Print Name: 	 
	 	 	 	 	 	 	 
	Dated:	 	 	Dated:	 	 

 

 

    	 	-12-Exhibit 10.10

 

TAX PROTECTION AGREEMENT

 

THIS TAX PROTECTION AGREEMENT
(this “Agreement”) is made and entered into as of              ,
2019 by and among Postal Realty LP, a Delaware limited partnership (the “Partnership”), Postal Realty Trust,
Inc., a Maryland corporation (the “REIT”), and the sole general partner of the Partnership, and Andrew Spodek,
Tayaka Holdings, LLC, and IDJ Holdings, LLC, as contributors (the “Contributors”) (together with the Partnership
and the REIT, the “Parties”).

 

WHEREAS, the Contributors,
pursuant to that certain Contribution Agreement, dated the date hereof, by and among the Contributors and the Partnership (the
“Contribution Agreement”), are contributing limited liability company interests (the “Contribution”),
in each Entity (as defined below), to the Partnership in exchange for common units of limited partnership interest in the Partnership
(“OP Units”);

 

WHEREAS, it is intended
for federal income tax purposes that the Contribution for OP Units will be treated as a tax-deferred contribution of the interests
in the Entities, or the Properties (as defined below), in the case of any Entities that are disregarded as separate from a Contributor
for federal income tax purposes, to the Partnership for OP Units under Section 721 of the Code;

 

WHEREAS, Tayaka Holdings,
LLC and IDJ Holdings, LLC are treated as disregarded entities wholly owned by Andrew Spodek;

 

WHEREAS, in consideration
for the agreement of the Contributors to make the Contribution, the Parties desire to enter into this Agreement regarding certain
tax matters as set forth herein; and

 

WHEREAS, the REIT and the
Partnership desire to evidence their agreement regarding amounts that may be payable in the event of certain actions being taken
by the Partnership regarding the disposition of certain of the Properties held within the Entities, and regarding certain minimum
debt obligations of the Partnership and its subsidiaries.

 

NOW, THEREFORE, in consideration
of the promises and the mutual representations, warranties, covenants and agreements contained herein and in the Contribution Agreement,
the Parties hereby agree as follows:

 

ARTICLE
1

DEFINITIONS

 

To the extent not otherwise
defined herein, capitalized terms used in this Agreement have the meanings ascribed to them in the Partnership Agreement (as defined
below).

 

“Accounting Firm”
has the meaning set forth in the Section 4.2.

 

“Agreement”
has the meaning set forth in the Preamble.

 

    	1

     

    

 

“Book Gain”
means any gain that would not be required under Section 704(c) of the Code and the applicable regulations to be specially allocated
to the Protected Partners for federal income tax purposes (for example, any gain attributable to appreciation in the actual value
of the Gain Limitation Property following the Closing Date or any gain resulting from reductions in the “book value”
of the Gain Limitation Property following the Closing Date).

 

“Cash Consideration”
has the meaning set forth in Section 2.1(a).

 

“Closing Date”
means the date on which the Contribution will be effective.

 

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

 

“Contribution”
has the meaning set forth in the Recitals.

 

“Contribution
Agreement” has the meaning set forth in the Recitals.

 

“Deficit Restoration
Obligation” means a written obligation by a Protected Partner to restore part or all of its deficit capital account in
the Partnership upon the occurrence of certain events (which written obligation may provide for an indemnity in favor of the REIT
as general partner of the Partnership).

 

“Entity”
means each limited liability company in which the Contributor is contributing its limited liability company interests as described
in the Preamble and as set forth next to each Gain Limitation Property on Schedule 2.1(b) hereto.

 

“Final Determination”
means (i) a decision, judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree
or other order has become final after all allowable appeals by either party to the action have been exhausted or after the time
for filing such appeals has expired, (ii) a binding settlement agreement entered into in connection with an administrative or judicial
proceeding (iii) the expiration of the time for instituting a claim for refund, or if such a claim was filed, the expiration of
the time for instituting suit with respect thereto or (iv) the expiration of the time for instituting suit with respect to a claimed
deficiency.

 

“Gain Limitation
Property” means (i) each property or asset identified on Schedule 2.1(b) hereto as a Gain Limitation Property;
(ii) any direct or indirect interest owned by the Partnership in any entity that owns an interest in a Gain Limitation Property,
if the disposition of that interest would result in the recognition of Protected Gain by a Protected Partner; and (iii) any
other property that the Partnership directly or indirectly receives that is in whole or in part a “substituted basis property”
as defined in Section 7701(a)(42) of the Code with respect to a Gain Limitation Property.

 

“Guaranteed Amount”
means the aggregate amount of each Guaranteed Debt that is guaranteed at any time by Partner Guarantors.

 

“Guaranteed Debt”
means any loans incurred (or assumed) by the Partnership or any of its subsidiaries that are guaranteed by Partner Guarantors at
any time after the Closing Date pursuant to Article 3 hereof.

 

    	2

     

    

 

“Indirect Owner”
means, in the case of a Protected Partner that is an entity that is classified as a partnership, disregarded entity or subchapter
S corporation or real estate investment trust for federal income tax purposes, any person owning an equity interest in such Protected
Partner, and in the case of any Indirect Owner that itself is an entity that is classified as a partnership, disregarded entity,
subchapter S corporation or real estate investment trust for federal income tax purposes, any person owning an equity interest
in such entity.

 

“Maintained Debt”
means (1) that certain Business Loan Agreement, dated December 13, 2017, between Missouri & Minnesota Postal Holdings
LLC, as borrower, and First Oklahoma Bank, as lender (the “Minnesota Loan”) and (2) that certain Business Loan
Agreement, dated as of January 30, 2018, between Ohio Postal Holdings LLC, as borrower, and Vision Bank, NA, as lender (the “Reynoldsburg
Loan”).

 

“Maintained Debt
Guarantees” means (1) that certain Commercial Guaranty, dated as of December 13, 2017, by Andrew Spodek, as guarantor,
in favor of First Oklahoma Bank related to the Minnesota Loan and (2) that certain Commercial Guaranty, dated as of January 30,
2018, by Andrew Spodek, as guarantor, in favor of Vision Bank, NA, related to the Reynoldsburg Loan.

 

“Minimum Liability
Amount” means, for each Protected Partner, the amount set forth next to such Protected Partner’s name on Schedule
3.2(a) hereto.

 

“Nonrecourse Liability”
has the meaning set forth in Treasury Regulations Section 1.752-1(a)(2).

 

“Notice Period”
means the period commencing on [●], 2029, and ending [●], 2031, provided, however, that the Notice Period shall terminate
at such time as such Protected Partner has disposed of 100% of the OP units received upon the Contribution in one or more taxable
transactions.

 

“OP Units”
has the meaning set forth in the Recitals.

 

“Parties”
has the meaning set forth in the Preamble.

 

“Partner Guarantors”
means those Protected Partners who have guaranteed any portion of the Guaranteed Debt.

 

“Partnership”
has the meaning set forth in the Preamble.

 

“Partnership Agreement”
means the Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of                ,
2019, as amended, and as the same may be further amended in accordance with the terms thereof.

 

“Partnership Interest
Consideration” has the meaning set forth in Section 2.1(a).

 

“Property”
or “Properties” means the real property assets or other assets of an Entity.

 

    	3

     

    

 

“Protected Gain”
shall mean the gain that would be allocable to and recognized by a Protected Partner for federal income tax purposes under Section
704(c) of the Code in the event of the sale of a Gain Limitation Property in a fully taxable transaction. The initial amount of
Protected Gain with respect to each Protected Partner shall be determined as if the Partnership sold each Gain Limitation Property
in a fully taxable transaction on the Closing Date for consideration equal to the Section 704(c) Value of such Gain Limitation
Property on the Closing Date, and is set forth on Schedule 2.1(b) hereto. After the Closing Date, Protected Gain shall be
reduced from time to time to reflect reductions in the “book-tax disparity” with respect to each Property in accordance
with Treasury Regulations § 1.704-3 as provided in Article 6 below. Book Gain shall not be considered Protected Gain.

 

“Protected Partner”
means the Contributors and any person who (i) acquires OP Units from a Protected Partner in a transaction in which gain or
loss is not recognized in whole or in part and in which such transferee’s adjusted basis for federal income tax purposes
is determined in whole or in part by reference to the adjusted basis of the Protected Partner in such OP Units, (ii) has notified
the Partnership of its status as a Protected Partner and (iii) provides all documentation reasonably requested by the Partnership
to verify such status (including any applicable debt guarantee), but excludes any person that ceases to be a Protected Partner
pursuant to this Agreement.

 

“Section 704(c)
Value” means the fair market value of any Gain Limitation Property as of the Closing Date, as determined by the Partnership
and as set forth next to each Gain Limitation Property on Schedule 2.1(b) hereto. The Partnership shall initially carry
the Gain Limitation Property on its books at a value equal to the Section 704(c) Value as set forth on Schedule 2.1.

 

“Subsidiary”
means any entity in which the Partnership owns a direct or indirect interest that owns a Gain Limitation Property on the Closing
Date or that thereafter is a successor to the Partnership’s direct or indirect interests in a Gain Limitation Property.

 

“Successor Partnership”
has the meaning set forth in Section 2.1(b).

 

“Tax Protection
Period” means the period commencing on the Closing Date and ending at 12:01 AM on                 , 2029, provided, however, that with
respect to a Protected Partner, the Tax Protection Period shall terminate at such time as (i) such Protected Partner has disposed
of one hundred percent (100%) of the OP Units received on the Contribution in one or more taxable transactions or (ii)  there
is a Final Determination that no portion of the Contribution qualified for tax-deferred treatment under Section 721 of the Code.

 

“Vertical Slice
Guarantee” has the meaning set forth in Section 3.2(a).

 

    	4

     

    

 

ARTICLE
2

RESTRICTIONS ON DISPOSITIONS OF

GAIN LIMITATION PROPERTIES

 

2.1          Restrictions
on Disposition of Gain Limitation Properties.

 

(a)          The
Partnership agrees for the benefit of each Protected Partner, for the term of the Tax Protection Period, not to directly or indirectly
sell, exchange, transfer, or otherwise dispose of a Gain Limitation Property or any interest therein, without regard to whether
such disposition is voluntary or involuntary, in a transaction that would cause any Protected Partner to recognize any Protected
Gain.

 

Without limiting the foregoing,
the term “sale, exchange, transfer or disposition” by the Partnership shall be deemed to include, and the prohibition
shall extend to:

 

		(i)	any direct or indirect disposition by any direct or indirect Subsidiary of any Gain Limitation
Property or any interest therein;

 

		(ii)	any direct or indirect disposition by the Partnership of any Gain Limitation Property (or any direct
or indirect interest therein) that is subject to Section 704(c)(1)(B) of the Code and the Treasury Regulations thereunder; and

 

		(iii)	any distribution by the Partnership to a Protected Partner that is subject to Section 737 of the
Code and the Treasury Regulations thereunder.

 

Without limiting the foregoing,
a disposition shall include any transfer, voluntary or involuntary, by the Partnership or any Subsidiary in a foreclosure proceeding,
pursuant to a deed in lieu of foreclosure, or in a bankruptcy proceeding.

 

Notwithstanding the foregoing,
this Section 2.1 shall not apply to a voluntary, actual disposition by a Protected Partner of OP Units in connection with
a merger or consolidation of the Partnership pursuant to which (1) the Protected Partner is offered as consideration for the
OP Units either cash or property treated as cash pursuant to Section 731 of the Code (“Cash Consideration”)
or partnership interests and the receipt of such partnership interests would not result in the recognition of gain for federal
income tax purposes by the Protected Partner (“Partnership Interest Consideration”); (2) the Protected
Partner has the right to elect to receive solely Partnership Interest Consideration in exchange for his OP Units, and the continuing
partnership has agreed in writing to assume the obligations of the Partnership under this Agreement; (3) no Protected Gain
is recognized by the Partnership as a result of any partner of the Partnership receiving Cash Consideration; and (4) the Protected
Partner elects or is deemed to elect to receive solely Cash Consideration.

 

(b)         Notwithstanding
the restriction set forth in this Section 2.1, the Partnership and any Subsidiary may dispose of any Gain Limitation Property
(or any interest therein) if such disposition qualifies as a “like-kind exchange” under Section 1031 of the Code, or
an involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of
property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger
or consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for
federal income tax purposes (a “Successor Partnership”)) that, as to each of the foregoing, does not result
in the recognition of any taxable income or gain to any Protected Partner with respect to any of the OP Units; provided, however,
that in the case of a “like-kind exchange” under Section 1031 of the Code, if such exchange is with a “related
party” within the meaning of Section 1031(f)(3) of the Code, any direct or indirect disposition by such related party of
the Gain Limitation Property or any other transaction prior to the expiration of the two (2) year period following such exchange
that would cause Section 1031(f)(1) of the Code to apply with respect to such Gain Limitation Property (including by reason of
the application of Section 1031(f)(4) of the Code) shall be considered a violation of this Section 2.1 by the Partnership.

 

    	5

     

    

 

ARTICLE
3

ALLOCATION OF LIABILITIES; GUARANTEE AND DEFICIT RESTORATION OBLIGATION OPPORTUNITY; NOTIFICATION OF REDUCTION OF LIABILITIES;
COOPERATION REGARDING ADDITIONAL ALLOCATION OF LIABILITIES

 

3.1          Maintenance
of Specific Indebtedness. As of the date hereof, Andrew Spodek has entered into the Maintained Debt Guarantees. Until        ,
2023, the Partnership shall maintain the Maintained Debt, provided that the Partnership may make any required debt service payments
on the Maintained Debt pursuant to the terms as of the date hereof, and the Partnership may refinance the Maintained Debt with
property level debt secured by the same properties that currently secure the Maintained Debt so long as the refinancing debt has
a term and payment schedule no earlier than the Maintained Debt. If the Partnership refinances the Maintained Debt, the Partnership
will offer to each Protected Partner the opportunity to enter into a guarantee with terms comparable to the Maintained Debt Guarantee
with respect to such refinancing debt. After              , 2023,
subject to the entrepreneurial risk of the Partnership, the Partnership may, but is not required to, reduce the Maintained Debt,
provided that the obligation to allocate the Minimum Liability Amount to the extent required by this Article 3 shall continue to
apply.

 

3.2          Maintenance
of Indebtedness. During the Tax Protection Period, the Partnership shall maintain an amount of indebtedness sufficient to allow
each Protected Partner, after taking advantage of the provisions of this Article 3, to be allocated Partnership liabilities
for purposes of Section 752 of the Code, and to be “at risk” with respect to Partnership liabilities for purposes of
Section 465 of the Code, in each case in an amount no less than such Protected Partner’s Minimum Liability Amount. For the
avoidance of doubt, the parties acknowledge that in addition to the Maintained Debt Guarantees, the Contributors as of the date
hereof have also provided a guarantee of the full amount of that certain Loan Agreement, dated as of September 8, 2016, between
Florida Postal Holdings, LLC, Pennsylvania Postal Holdings, LLC, Colorado Postal Holdings, LLC, Mass Postal Holdings, LLC, Michigan
Postal Holdings, LLC, Unlimited Postal Holdings, LP, Ohio Postal Holdings, LLC, Kinston Metro Postal, LLC and Wisconsin Postal
Holdings, LLC, as borrowers, and Vision Bank, NA, as lender, pursuant to that certain Unconditional and Continuing Guaranty dated
as of September 8, 2016, by Andrew Spodek, as guarantor, in favor of Vision Bank, NA.

 

    	6

     

    

 

3.3          Minimum
Liability Allocation.

 

(a)          During
the Tax Protection Period, the Partnership will offer to each Protected Partner the opportunity, in the Partnership’s discretion,
either (i) to enter into a “vertical slice guarantee” of certain liabilities of the Partnership (substantially
in the form set forth in Schedule 3.2(b)) pursuant to which the lender for such Guaranteed Debt is required to pursue all
other collateral and security for the Guaranteed Debt (other than any “vertical slice guarantees”) prior to seeking
to collect on such a Partner Guarantor, and the Protected Partner will guarantee a fractional share of each dollar of the Guaranteed
Debt, and the maximum aggregate liability of each partner for all Guaranteed Debt shall be limited to the amount actually guaranteed
by such Partner Guarantor (a “Vertical Slice Guarantee”) or (ii) in the event that the Partnership has
sufficient recourse debt outstanding, to enter into a Deficit Restoration Obligation, in such amount or amounts so as to cause
a special allocation of partnership liabilities to such Protected Partner for purposes of Section 752 of the Code such that the
Protected Partner’s allocable share of Partnership liabilities equals such Protected Partner’s Minimum Liability Amount
and to cause a special allocation of partnership liabilities for purposes of Section 465 of the Code that increases the Protected
Partner’s “at risk” amount such that the Protected Partner’s “at-risk” amount equals such Protected
Partner’s Minimum Liability Amount. In order to minimize the need for Protected Partners to enter into such Vertical Slice
Guarantees or Deficit Restoration Obligations, the Partnership will use the additional method under Treasury Regulations Section
1.752-3(a)(3) to allocate Nonrecourse Liabilities considered secured by a Gain Limitation Property to the Protected Partners to
the extent that the “built-in gain” with respect to those properties exceeds the amount of the Nonrecourse Liabilities
considered secured by such Gain Limitation Property allocated to the Protected Partners under Treasury Regulations Section 1.752-3(a)(2).

 

(b)          Notwithstanding
the foregoing, if, due to a change in law, a Protected Partner reasonably believes that such Protected Partner may no longer continue
to be allocated such Guaranteed Amount of a Guaranteed Debt, such Protected Partner may request a modification of such Vertical
Slice Guarantee and the Partnership will use its commercially reasonable efforts to work with the lender with respect to such Guaranteed
Debt to have the Vertical Slice Guarantee amended in a manner that will permit such Protected Partner to be allocated such Protected
Partner’s Guaranteed Amount with respect to the Guaranteed Debt or, in the event the Partnership has sufficient recourse
debt outstanding, such Protected Partner, at its option, shall be offered the opportunity to enter into a Deficit Restoration Obligation
in an amount equal to such Guaranteed Amount so that, assuming such Deficit Restoration Obligation is effective under applicable
law, the amount of Partnership liabilities allocated to such Protected Partner shall not decrease as a result of the change in
law. Furthermore, if, due to a change in law, a Protected Partner reasonably believes such Protected Partner may no longer continue
to be allocated Partnership liabilities with respect to a Deficit Restoration Obligation, such Protected Partner may request a
modification of the terms of such Deficit Restoration Obligation and the Partnership will use commercially reasonable efforts to
modify such Deficit Restoration Obligation in a manner that will permit such Protected Partner to be allocated Partnership liabilities
in an amount so as to cause such Protected Partner’s allocable share of Partnership liabilities to equal such Protected Partner’s
Minimum Liability Amount.

 

3.4          Notification
Requirement. During the Tax Protection Period, the Partnership shall provide prior written notice to a Protected Partner if
the Partnership intends to repay, retire, refinance or otherwise reduce (other than due to scheduled amortization) the amount of
liabilities with respect to a Gain Limitation Property in a manner that would cause a Protected Partner to recognize gain for federal
income tax purposes as a result of a decrease of the Protected Partner’s share of Partnership liabilities below the Minimum
Liability Amount (determined as of the Closing Date).

 

    	7

     

    

 

3.5          Additional
Allocation of Liabilities. If the Partnership provides notice to a Protected Partner pursuant to Section 3.3, the Partnership
shall cooperate with the Protected Partner to arrange an additional allocation of liabilities of the Partnership to the Protected
Partner in such amount or amounts so as to increase the amount of partnership liabilities allocated to such Protected Partner for
purposes of Section 752 of the Code by an amount necessary to prevent the Protected Partner from recognizing gain for federal income
tax purposes up to the Minimum Liability Amount (determined as of the Closing Date) as a result of the intended repayment, retirement,
refinancing or other reduction (other than scheduled amortization) in the amount of liabilities with respect to a Gain Limitation
Property, including, without limitation, offering to the Protected Partner the opportunity, in the Partnership’s discretion,
either (i) to enter into additional Vertical Slice Guarantees (substantially in the form set forth in Schedule 3.2(b) or
(ii) to enter into additional Deficit Restoration Obligations, in either case to the extent of the amount of the Minimum Liability
Amount (determined as of the Closing Date). In order to minimize the need to make additional special allocations of liabilities
of the Partnership pursuant to the preceding sentence, the Partnership will use the additional method under Treasury Regulations
Section 1.752-3(a)(3) to allocate Nonrecourse Liabilities considered secured by a Gain Limitation Property to the Protected Partner
to the extent that the “built-in gain” with respect to those properties exceeds the amount of the Nonrecourse Liabilities
considered secured by such Gain Limitation Property and allocated to the Protected Partner under Treasury Regulations Section 1.752-3(a)(2).

 

3.6          Deficit
Restoration Obligation. In the event that the Partnership otherwise has sufficient recourse debt outstanding and a Protected
Partner has elected to enter into a Deficit Restoration Obligation, the Partnership will maintain an amount of indebtedness of
the Partnership that is considered “recourse” indebtedness (taking into account all of the facts and circumstances
related to the indebtedness, the Partnership and the general partner) equal to or greater than the sum of the amounts subject to
a Deficit Restoration Obligation of all Protected Partners and other partners in the Partnership. The Deficit Restoration Obligation
shall be conclusively presumed to cause the Protected Partner to be allocated an amount of liabilities equal to the Deficit Restoration
Obligation amount of such Protected Partner for purposes of Sections 465 and 752 of the Code, provided that (1) the Partnership
maintains an amount of debt that is considered “recourse” indebtedness (determined for purposes of Section 752 of the
Code and taking into account all of the facts and circumstances related to the indebtedness, the Partnership and the general partner)
equal to the aggregate Deficit Restoration Obligation amounts of all partners of the Partnership and (2) all other terms and conditions
of the Partnership Agreement with respect to such Deficit Restoration Obligation are met.

 

    	8

     

    

 

ARTICLE
4

REMEDIES FOR BREACH

 

4.1          Monetary
Damages. In the event that the Partnership breaches its obligations set forth in Article 2 or Article 3 with
respect to a Protected Partner, the Protected Partner’s sole remedy shall be to receive from the Partnership, and the Partnership
shall pay to such Protected Partner as damages, an amount equal to:

 

		(a)	in the case of a violation of Article 2, the aggregate federal, state, and local income
taxes incurred by the Protected Partner or an Indirect Owner with respect to the Protected Gain that is allocable to such Protected
Partner under the Partnership Agreement as a result of the disposition of the Gain Limitation Property; and

 

		(b)	in the case of a violation of Article 3, the aggregate federal, state and local income taxes
incurred by the Protected Partner or an Indirect Owner as a result of the income or gain allocated to, or otherwise recognized
by, such Protected Partner with respect to its OP Units by reason of such breach.

 

In addition, the Partnership
shall pay to the Protected Partner or Indirect Owner an amount equal to the aggregate federal, state, and local income taxes payable
by the Protected Partner or Indirect Owner as a result of the receipt of any payment required under this Section 4.1.

 

For the avoidance of doubt,
so long as the Partnership provides the opportunities referenced in Sections 3.2 and 3.4 and complies with the notification
requirement of Section 3.3, the Partnership shall have no liability pursuant to this Section 4.1 in the event it
is determined that a Protected Partner has not been specially allocated for purposes of Section 752 of the Code an amount of partnership
liabilities equal to such Protected Partner’s Minimum Liability Amount or is not treated as receiving a special allocation
of partnership liabilities for purposes of Section 465 of the Code that increases such Protected Partner’s “at risk”
amount by an amount equal to such Protected Partner’s Minimum Liability Amount. Furthermore, the Partnership shall have no
liability pursuant to this Section 4.1 if the Partnership merges into another entity treated as a partnership for federal
income tax purposes or the Protected Partner accepts an offer to exchange its OP Units for equity interests in another entity treated
as a partnership for federal income tax purposes so long as, in either case, such successor entity assumes or agrees to assume
the Partnership’s obligations pursuant to this Agreement.

 

For purposes of computing
the amount of federal, state, and local income taxes required to be paid by a Protected Partner (or Indirect Owner), (i) any deduction
for state income taxes payable as a result thereof actually allowed in computing federal income taxes shall be taken into account,
and (ii) a Protected Partner’s (or Indirect Owner’s) tax liability shall be computed using the highest federal, state
and local marginal income tax rates (plus the tax rate on net investment income, if applicable) that would be applicable to such
Protected Partner’s (or Indirect Owner’s) taxable income (taking into account the character and type of such income
or gain) for the year with respect to which the taxes must be paid, without regard to any deductions, losses or credits that may
be available to such Protected Partner (or Indirect Owner) that would reduce or offset its actual taxable income or actual tax
liability if such deductions, losses or credits could be utilized by the Protected Partner (or Indirect Owner) to offset other
income, gain or taxes of the Protected Partner (or Indirect Owner), either in the current year, in earlier years, or in later years.

 

    	9

     

    

 

4.2          Process
for Determining Damages. If the Partnership has breached or violated any of the covenants set forth in Article 2 or
Article 3 (or a Protected Partner asserts that the Partnership has breached or violated any of the covenants set forth in
Article 2 or Article 3), the Partnership and the Protected Partner (or Indirect Owner) agree to negotiate in good
faith to resolve any disagreements regarding any such breach or violation and the amount of damages, if any, payable to such Protected
Partner (or Indirect Owner) under Section 4.1. If any such disagreement cannot be resolved by the Partnership and such Protected
Partner (or Indirect Owner) within sixty (60) days after the receipt of notice from the Partnership of such breach and the amount
of income to be recognized by reason thereof (or, if applicable, receipt by the Partnership of an assertion by a Protected Partner
that the Partnership has breached or violated any of the covenants set forth in Article 2 or Article 3), the Partnership
and the Protected Partner shall jointly retain a nationally recognized independent public accounting firm (an “Accounting
Firm”) to act as an arbitrator to resolve as expeditiously as possible all points of any such disagreement (including,
without limitation, whether a breach of any of the covenants set forth in Article 2 or Article 3, has occurred and,
if so, the amount of damages to which the Protected Partner is entitled as a result thereof, determined as set forth in Section
4.1). The Partnership and the Protected Partner shall cooperate with the Accounting Firm and shall furnish the Accounting Firm
with all information reasonably requested by the Accounting Firm. All determinations made by the Accounting Firm with respect to
the resolution of any breach or violation of any of the covenants set forth in Article 2 or Article 3 and the amount
of damages payable to the Protected Partner under Section 4.1 shall be final, conclusive and binding on the Partnership
and the Protected Partner. The fees and expenses of any Accounting Firm incurred in connection with any such determination shall
be shared equally by the Partnership and the Protected Partner, provided that if the amount determined by the Accounting Firm to
be owed by the Partnership to the Protected Partner is more than five percent (5%) higher than the amount proposed by the Partnership
to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm, then all of the fees and expenses
of any Accounting Firm incurred in connection with any such determination shall be paid by the Partnership and if the amount determined
by the Accounting Firm to be owed by the Partnership to the Protected Partner is more than five percent (5%) less than the amount
proposed by the Partnership to be owed to such Protected Partner prior to the submission of the matter to the Accounting Firm,
then all of the fees and expenses of any Accounting Firm incurred in connection with any such determination shall be paid by the
Protected Partner.

 

4.3          Required
Notices; Time for Payment. In the event that there has been a breach of Article 2 or Article 3, the Partnership
shall provide to each affected Protected Partner notice of the transaction or event giving rise to such breach not later than at
such time as the Partnership provides to the Protected Partners the IRS Schedule K-1’s to the Partnership’s federal
income tax return for the year of such transaction. All payments required to be made under this Article 4 to any Protected
Partner shall be made to such Protected Partner on or before April 15 of the year following the year in which the gain recognition
event giving rise to such payment took place; provided that, if the Protected Partner is required to make estimated tax payments
that would include such gain (taking into account all available safe harbors), the Partnership shall make a payment to the Protected
Partner on or before the due date for such estimated tax payment and such payment from the Partnership shall be in an amount that
corresponds to the amount of the estimated tax being paid by such Protected Partner at such time as a result of the gain recognition
event, which payment shall be credited against the total amount payable under this Article 4. In the event of a payment made after
the date required pursuant to this Section 4.3, interest shall accrue on the aggregate amount required to be paid from such
date to the date of actual payment at a rate equal to the “prime rate” of interest, as published in the Wall Street
Journal (or if no longer published there, an equivalent publication) effective as of the date the payment is required to be made.

 

    	10

     

    

 

ARTICLE 5

NOTICE OF INTENTION TO
SELL GAIN LIMITATION PROPERTY DURING NOTICE PERIOD

 

During the Notice Period,
if the Partnership intends to dispose of a Gain Limitation Property in a taxable transaction, the Partnership shall use commercially
reasonable efforts to provide at least 90 days’ prior written notice (prior to the closing of such disposition) to the Protected
Partners.

 

ARTICLE
6

SECTION 704(C) METHOD AND ALLOCATIONS

 

Notwithstanding any provision
of the Partnership Agreement, the Partnership shall use the “traditional method” under Treasury Regulations Section
1.704-3(b) for purposes of making all allocations under Section 704(c) of the Code with respect to any Gain Limitation Property.

 

ARTICLE
7

AMENDMENT OF THIS AGREEMENT; WAIVER OF CERTAIN PROVISIONS

 

7.1          Amendment.
This Agreement may not be amended, directly or indirectly (including by reason of a merger between either the Partnership or the
REIT and another entity) except by a written instrument signed by the REIT, the Partnership, and each of the Protected Partners
to be subject to such amendment, except that the Partnership may amend Schedules 2.1(a) and 3.2(a) upon a person
becoming a Protected Partner as a result of a transfer of OP Units.

 

7.2          Waiver.
Notwithstanding the foregoing, upon written request by the Partnership, each Protected Partner, in its sole discretion, may waive
the payment of any damages or indemnification amount that is otherwise payable to such Protected Partner pursuant to Article
4 hereof. Such a waiver shall be effective only if obtained in writing from the affected Protected Partner.

 

ARTICLE
8

MISCELLANEOUS

 

8.1          Additional
Actions and Documents. Each of the Parties hereby agrees to take or cause to be taken such further actions, to execute, deliver,
and file or cause to be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary
or as may be reasonably requested in order to fully effectuate the purposes, terms and conditions of this Agreement.

 

    	11

     

    

 

8.2          Assignment.
No Party shall assign its or his rights or obligations under this Agreement, in whole or in part, except by operation of law, without
the prior written consent of the other Parties, and any such assignment contrary to the terms hereof shall be null and void and
of no force and effect.

 

8.3          Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Protected Partners and their respective
successors and permitted assigns, whether so expressed or not. This Agreement shall be binding upon the REIT, the Partnership,
and any entity that is a direct or indirect successor, whether by merger, transfer, spin-off or otherwise, to all or substantially
all of the assets of either the REIT or the Partnership (or any prior successor thereto as set forth in the preceding portion of
this sentence), provided that none of the foregoing shall result in the release of liability of the REIT and the Partnership hereunder.
The REIT and the Partnership covenant with and for the benefit of the Protected Partners not to undertake any transfer of all or
substantially all of the assets of either entity (whether by merger, transfer, spin-off or otherwise) unless the transferee has
acknowledged in writing and agreed in writing to be bound by this Agreement, provided that the foregoing shall not be deemed to
permit any transaction otherwise prohibited by this Agreement.

 

8.4          Modification;
Waiver. No failure or delay on the part of any Party in exercising any power or right hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the Parties are cumulative and not exclusive of any rights or remedies which they would otherwise have. No modification or waiver
of any provision of this Agreement, nor consent to any departure by any Party therefrom, shall in any event be effective unless
the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. No notice to or demand on any Party in any case shall entitle such Party to any other or further notice or demand
in similar or other circumstances.

 

8.5          Representations
and Warranties Regarding Authority; Noncontravention. Each of the REIT and the Partnership has the requisite corporate or other
(as the case may be) power and authority to enter into this Agreement and to perform its respective obligations hereunder. The
execution and delivery of this Agreement by each of the REIT and the Partnership and the performance of each of its respective
obligations hereunder have been duly authorized by all necessary trust, partnership, or other (as the case may be) action on the
part of each of the REIT and the Partnership. This Agreement has been duly executed and delivered by each of the REIT and the Partnership
and constitutes a valid and binding obligation of each of the REIT and the Partnership, enforceable against each of the REIT and
the Partnership in accordance with its terms, except as such enforcement may be limited by (i) applicable bankruptcy or insolvency
laws (or other laws affecting creditors’ rights generally) or (ii) general principles of equity. The execution and delivery
of this Agreement by each of the REIT and the Partnership do not, and the performance by each of its respective obligations hereunder
will not, conflict with, or result in any violation of (i) the Partnership Agreement or (ii) any other agreement applicable
to the REIT and/or the Partnership, other than, in the case of clause (ii), any such conflicts or violations that would not materially
adversely affect the performance by the Partnership and the REIT of their obligations hereunder.

 

    	12

     

    

 

8.6          Captions.
The Article and Section headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed
to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of
any of the provisions hereof.

 

8.7          Notices.
All notices and other communications given or made pursuant hereto shall be in writing, shall be deemed to have been duly given
or made as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by
registered or certified mail (postage prepaid, return receipt requested) to the Parties at the following addresses (or at such
other address for a Party as shall be specified by like changes of address) or sent by electronic transmission to the telecopier
number specified below:

 

		(a)	if to the REIT, to:

 

Postal Realty Trust, Inc.

75 Columbia Avenue

Cedarhurst, NY 11516

Attention: President

 

		(b)	if to the Partnership, to:

 

Postal Realty LP

75 Columbia Avenue

Cedarhurst, NY 11516

Attention: General Partner

 

		(c)	if to a Protected Partner, to the address on file with the Partnership.

 

Each Party may designate by notice in writing
a new address to which any notice, demand, request or communication may thereafter be so given, served or sent. Each notice, demand,
request, or communication which shall be hand delivered, sent, mailed, telecopied or telexed in the manner described above, or
which shall be delivered to a telegraph company, shall be deemed sufficiently given, served, sent, received or delivered for all
purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, or (with respect to a
telecopy or telex) the answerback being deemed conclusive, but not exclusive, evidence of such delivery) or at such time as delivery
is refused by the addressee upon presentation.

 

8.8         Counterparts.
This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same agreement and each
of which shall be deemed an original.

 

8.9         Governing
Law. The interpretation and construction of this Agreement, and all matters relating thereto, shall be governed by the laws
of the State of New York, without regard to the choice of law provisions thereof.

 

    	13

     

    

 

8.10       Consent
to Jurisdiction; Enforceability.

 

(a) This Agreement and the
duties and obligations of the Parties shall be enforceable against any of the other Parties in the courts of the State of New York.
For such purpose, each Party and the Protected Partners hereby irrevocably submits to the nonexclusive jurisdiction of such courts
and agrees that all claims in respect of this Agreement may be heard and determined in any of such courts.

 

(b) Each Party hereby irrevocably
agrees that a final judgment of any of the courts specified above in any action or proceeding relating to this Agreement shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

8.11       Severability.
If any part of any provision of this Agreement shall be invalid or unenforceable in any respect, such part shall be ineffective
to the extent of such invalidity or unenforceability only, without in any way affecting the remaining parts of such provision or
the remaining provisions of this Agreement.

 

8.12       Costs
of Disputes. Except as otherwise expressly set forth in this Agreement, the nonprevailing Party in any dispute arising hereunder
shall bear and pay the costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred
by the prevailing Party or Parties in connection with resolving such dispute.

 

    	14

     

    

 

Agreement to be signed
by their respective officers, general partners, or delegates thereunto duly authorized all as of the date first written above.

 

	POSTAL REALTY TRUST, INC.,	 
	a Maryland corporation	 
	 	 	                          	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	POSTAL REALTY LP,	 
	a Delaware limited partnership	 
	 	 	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 
	 	 
	[CONTRIBUTORS]	 
	 	 	 	 
	By:	 	 
	Name:	 	 

 

    	15

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