Document:

FIRST AMENDMENT TO

SALES CONTRACT 

 

THIS FIRST AMENDMENT
TO SALES CONTRACT (this “Amendment”) is made as of October 9, 2015, by and between ACRE Realty LP,
a Georgia limited partnership (“Seller”), and MAPLE MULTI-FAMILY LAND SE, L.P., a Delaware limited partnership
("Purchaser").

 

W I T N
E S S E T H:

 

WHEREAS, pursuant
to that certain Sales Contract dated August 14, 2015 by and between Seller and Purchaser (the “Agreement”)
Seller has agreed to sell and Purchaser has agreed to buy that certain property (the “Property”) located
in the Sandy Springs, Fulton County, Georgia, containing approximately 9.696 acres fronting on Peachtree Dunwoody Road and being
more particularly described on Exhibit A attached thereto and by this reference made a part hereof;

 

WHEREAS, Purchaser
and Seller desire to amend the Agreement to extend the time for Site Plan Approval as set forth herein;

 

NOW, THEREFORE,
for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration in hand paid by Purchaser
to Seller and by Seller to Purchaser upon the execution of this Amendment, the receipt and sufficiency of which are hereby acknowledged,
Purchaser and Seller hereby agree as follows:

 

1.     Definitions.
Any capitalized terms not otherwise defined herein shall have the meaning ascribed to such term as set forth in the Agreement.

 

2.     Site Plan. Seller
confirms that it has approved Purchaser’s Site Plan, which was submitted to Sandy Springs for approval.

 

3.     Amendment.
Section B of Article IX of the Agreement is hereby deleted in its entirety, and the following is substituted therefor:

 

“B.     Provided that
Purchaser and Seller have agreed to the “Site Plan” as contemplated in Section IX A above, promptly thereafter Purchaser
at its sole cost and expense will make application to the City of Sandy Springs, Georgia to obtain approval of Purchaser’s
Site Plan. Purchaser agrees to timely apply for the approval of its Site Plan and to use commercially reasonable, good faith efforts
to obtain approval of its Site Plan.

 

It shall
be a condition precedent to Purchaser’s obligation to close and consummate the transaction contemplated herein that, no later
than October 27, 2015, Purchaser’s Site Plan shall have been approved by the City of Sandy Springs.

 

    	 	-1-	 

     

    

If Purchaser’s
Site Plan has not been approved by the City of Sandy Springs on or before October 27, 2015, Purchaser shall have the right (i) to
notify Seller and Escrow Agent no later than October 30, 2015 that the condition precedent set forth in this Section IX B
has failed (unless the Site Plan is approved on or before October 30, 2015 in which case the condition precedent set forth in this
Section IX B shall be deemed satisfied), whereupon Escrow Agent shall return the Deposit to Purchaser, and thereafter this Agreement
shall terminate and be null and void and of no further force and effect, and neither Purchaser nor Seller shall have any further
rights, duties, liabilities or obligations to the other by reason hereof except for those matters that specifically survive such
termination; or (ii) to waive the condition precedent set forth in this Section IX B and proceed to close the transaction
otherwise in accordance with the terms and conditions of this Agreement. Purchaser’s failure to timely notify Seller and
Escrow Agent that Purchaser has elected item (i) in the preceding sentence shall be deemed to mean that Purchaser has elected (ii)
of the preceding sentence.”

 

4.     Confirmation.
Except as specifically set forth herein, all other terms and conditions of the Agreement shall remain unmodified and in full force
and effect, the same being confirmed and republished hereby. In the event of any conflict between the terms of the Agreement and
the terms of this Amendment, the terms of this Amendment shall control.

 

5.     Counterparts. This Amendment may be
executed in any number of counterparts all of which taken together shall constitute one and the same instrument and any of the
parties or signatories hereto may execute this Amendment by signing any such counterpart.

 

6.     Transmission. This Amendment may be
transmitted between the parties by e-mail in .pdf. The parties intend that the e-mailed .pdf signatures constitute original signatures.

 

7.     Successors and Assigns. This Amendment
shall inure to the benefit and be binding upon the parties hereto and their respective heirs, legal representatives, successors
and permitted assigns.

 

[Remainder of Page Intentionally Blank]

 

    	 	-2-	 

     

    

IN WITNESS WHEREOF, Purchaser and Seller
have caused this Amendment to be executed by persons duly authorized thereunto as of the day and year first above written. 

	 	 	 	 
	 	PURCHASER:
	 	 	 	 
	 	MAPLE MULTI-FAMILY LAND SE, L.P., a Delaware limited
    partnership
	 	 	 	 
	 	By:  	Maple Multi-Family Development, L.L.C., a Texas limited
    liability company, its general partner
	 	 	 	 
	 	 	By:  	/s/ Leonard Wood, Jr.
	 	 	 	Leonard Wood, Jr., Vice President
	 	 	 	 

	 	 	 	 
	 	SELLER:
	 	 	 	 
	 	ACRE Realty LP, a Georgia limited partnership
	 	 	 	 
	 	By:  	ACRE Realty Investors, Inc., a Georgia corporation, its sole general partner
	 	 	 	 
	 	 	By:  	/s/ Robert Gellert
	 	 	 	Robert Gellert, Executive Vice President
	 	 	 	 

 

  

    	 	-3-Director Form	[Name of Director]

 

ACRE REALTY INVESTORS INC.

 

Restriction Agreement

 

THIS RESTRICTION AGREEMENT (the “Agreement”),
dated as of the        day of                   ,
2015, governs the Award granted by ACRE REALTY INVESTORS INC., a Georgia corporation (the “Company”), to [Name
of Director] (the “Participant”), in accordance with and subject to the provisions of the Company’s 2006
Restricted Stock Plan, as amended (the “Plan”). A copy of the Plan has been made available to the Participant.
All terms used in this Agreement that are defined in the Plan have the same meaning given them in the Plan.

 

1.                 
Grant of Stock Award. In accordance with the Plan, and effective as of October 12, 2015 (the “Date of Grant”),
the Company granted to the Participant, subject to the terms and conditions of the Plan and this Agreement, an Award of 20,000
shares of Stock (the “Award”).

2.                 
Forfeiture Restrictions. The Participant’s interest in the shares of Stock covered by the Award shall become
vested and non-forfeitable (“Vested”) on January 30, 2016, provided that the Participant has not resigned or
been removed as a director of the Company prior to such date.

3.                 
Transferability. Shares of Stock covered by the Award may not be transferred until the earlier of (i) the first anniversary
of the Date of Grant and (ii) the date that the Participant ceases to serve as a director of the Company. After the Shares of Stock
covered by the Award become transferable, they shall be transferable subject to the requirements of applicable securities laws
and the policies of the Company regarding trading by insiders in Company securities.

4.                 
Tax Election. The Participant shall have the right to make an election under Section 83(b) of the Code with
respect to the Award, and the Company hereby consents thereto. In the event the Participant wishes to make such an election, the
Participant agrees to file a completed, executed copy of the election form attached hereto as Exhibit A (or to permit the
Company to file such election on the Participant’s behalf) within 30 days after the Date of Grant with the IRS Service Center
at which the Participant files the Participant’s personal income tax returns, and to file a copy of such election with the
Participant’s U.S. federal income tax return for the taxable year in which the Award is made to the Participant.

5.                 
Shareholder Rights. On and after the Date of Grant, the Participant shall have all of the rights of a shareholder
of the Company with respect to the shares of Stock covered by the Award, including the right to vote the shares and to receive,
free of all restrictions, all dividends declared and paid on the shares.

    	 	 	 

     

    

6.                 
No Right to Continued Service as a Director. This Agreement and the grant of the Award do not give the Participant
any rights with respect to continued service as a director of the Company.

7.                 
Governing Law. This Agreement shall be governed by the laws of the State of New York except to the extent that New
York law would require the application of the laws of another State.

8.                 
Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and
this Agreement, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on
the Date of Grant.

9.                 
Participant Bound by Plan. The Participant hereby acknowledges that a copy of the Plan has been made available to
the Participant and the Participant agrees to be bound by all the terms and provisions of the Plan.

10.             
Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the
Participant and the Participant’s successors in interest and the Company and any successors of the Company.

 

[signature page follows]

 

    	 	 2	 

     

    

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

 

 

ACRE REALTY INVESTORS INC.

 

 

 

By:                                                                                                  

Name:

Title:

 

 

SIGNATURE OF PARTICIPANT:

 

 

Signature:                                                                                       

Print Name:

 

    	 	 3	 

     

    

Exhibit A

 

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR
OF

TRANSFER OF PROPERTY PURSUANT TO SECTION
83(b)

OF THE INTERNAL REVENUE CODE

 

The undersigned hereby makes an election pursuant to Section 83(b)
of the Internal Revenue Code with respect to the property described below and supplies the following information in accordance
with the regulations promulgated thereunder:

 

1.     The name, address and taxpayer identification number of the
undersigned are:

 

Name:                                                                                       (the “Taxpayer”)

 

Address:                                                                                                              

                                                                                                                             

                                                                                                                            

 

Social security number:                                                                                     

 

2.     Description of property with respect to which the election
is being made:

 

The election is being made with respect to                 
 shares of common stock (“Shares”) of ACRE Realty Investors Inc. (the “Company”).

 

3.     The date on which the Shares were transferred is      _________,
2015. The taxable year to which this election relates is calendar year 2015.

 

4.     Nature of restrictions to which the Shares are subject:

 

(a)     The Shares are subject to a substantial
risk of forfeiture and are nontransferable on the date of transfer.

 

(b)     The Taxpayer’s Shares vest and
become transferable based on the Taxpayer’s continued directorship.

 

5.     The fair market value at the time of transfer (determined
without regard to any restrictions other than restrictions which by their terms will never lapse) of the Shares with respect to
which this election is being made was $_______ per Share.

 

6.     The amount paid by the Taxpayer for the Shares was $0 per
Share.

 

7.     A copy of this statement has been furnished to the Company.

 

	Dated:_______________, 2015	 	 
	 	 	Signature of the Taxpayer

 

 

    	 	A-1	 

     

    

	 	 	Taxpayer’s name and address:
	 	 	 
	 	  	Name:	  
	 	 	 
	 	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

The undersigned hereby consents to the making,
by the undersigned’s spouse, of the foregoing election pursuant to Section 83(b) of the Internal Revenue Code.

 

 

	Dated:_______________, 2015	 	 
	 	 	Signature of the Taxpayer’s Spouse

 

 

	 	 	Spouse’s name and address:
	 	 	 
	 	  	Name:	  
	 	 	 
	 	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

    	 	A-2	 

     

    

Schedule to Section 83(b) Election-Vesting
Provisions of Shares

 

The Shares are subject to time-based vesting with 100% vesting on
January 31, 2016, subject to acceleration in the event of certain extraordinary transactions or termination of the Taxpayer’s
directorship in certain circumstances. Unvested Shares are subject to forfeiture in the event of the termination of the Taxpayer’s
directorship with ACRE Realty Investors Inc. in certain circumstances.

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