Document:

Exhibit 10.6

 

FORM OF INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (“Agreement”) is made and entered into as of the ______ day of _______, 2016, by and between Nordic
Realty Trust, Inc., a Maryland corporation (the “Company”), and ___________ (“Indemnitee”).

 

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

 

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

 

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

 

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

 

Section 1.          Definitions.
For purposes of this Agreement:

 

(a)         “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any
similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
whether or not the Company is then subject to such reporting requirement; provided, however, that, without
limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more
of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of
directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior
to such person’s attaining such percentage interest; (ii) the consummation by the Company, directly or indirectly, of a merger
or consolidation, other than a transaction upon the completion of which 50% or more of the beneficial ownership of the voting power
of the Company, the surviving entity or entity directly or indirectly controlling the Company or the surviving entity, as the case
may be, is held by the same persons, in substantially the same proportion, as held the beneficial ownership of the voting power
of the Company immediately prior to the transaction (except that upon the completion thereof, employees or employee benefit plans
of the Company may be a new holder of such beneficial ownership) (iii) the Company is a party to a merger, consolidation,
sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of
Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction
or event constitute less than a majority of the Board of Directors thereafter; or (iv) at any time, a majority of the members
of the Board of Directors are not individuals (A) who were directors as of the Effective Date or (B) whose election by
the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least
two-thirds of the directors then in office who were directors as of the Effective Date or whose election or nomination for election
was previously so approved.

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

    	- 2 -

    	 

    

 

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

 

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

 

Section 2.          Services
by Indemnitee. Indemnitee will serve in the capacity or capacities set forth in the first WHEREAS clause above. However,
this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the
Company. This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

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

 

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

 

    	- 3
                                                                                                                                                                                               -

    	 

    

 

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

 

(a)         indemnification
hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the
Proceeding not subject to further appeal, to be liable to the Company;

 

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

 

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

 

Section 6.          Court−Ordered
Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application
of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following
circumstances:

 

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

 

(b)         if such court
determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether
or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been
adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification
as the court shall deem proper without regard to any limitation on such court−ordered indemnification contemplated by Section 2-418(d)(2)(ii)
of the MGCL.

 

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

 

    	- 4
                                                                                                                                                                                               -

    	 

    

 

Section 8.          Advance
of Expenses for Indemnitee. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party
to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification
hereunder, advance all Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding. The Company shall make
such advance within ten days after the receipt by the Company of a statement or statements requesting such advance from time to
time, whether prior to or after final disposition of such Proceeding and may be in the form of, in the reasonable discretion of
the Indemnitee (but without duplication) (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance
of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment
of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include
or be preceded or accompanied by a written affirmation by Indemnitee and a written undertaking by or on behalf of Indemnitee, in
substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at
the time of the execution thereof. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue
or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required
by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference
to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor.

 

Section 9.          Indemnification
and Advance of Expenses as a Witness or Other Participant. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any
Proceeding, whether instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be
advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification
from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee
to provide an undertaking and affirmation substantially in the form attached hereto as Exhibit A.

 

Section 10.          Procedure
for Determination of Entitlement to Indemnification. (a) To obtain indemnification under
this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee
deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall,
promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested
indemnification.

 

    	- 5
                                                                                                                                                                                               -

    	 

    

 

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

 

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

 

Section 11.          Presumptions
and Effect of Certain Proceedings. (a) In making any determination with respect to entitlement
to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled
to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a)
of this Agreement, and the Company shall have the burden of overcoming that presumption in connection with the making of any determination
contrary to that presumption.

 

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

 

    	- 6
                                                                                                                                                                                               -

    	 

    

 

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

 

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

 

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

 

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

 

    	- 7
                                                                                                                                                                                               -

    	 

    

 

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

 

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

 

Section 13.          Defense
of the Underlying Proceeding. (a) Indemnitee shall notify the Company promptly in writing
upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding
which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description
of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure to give any such notice shall
not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the
advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under
any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually
so prejudiced.

 

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

 

    	- 8
                                                                                                                                                                                               -

    	 

    

 

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

 

Section 14.          Non−Exclusivity;
Survival of Rights; Subrogation. (a) The rights of indemnification and advance of Expenses
as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled
under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote
generally in the election of directors or of the Board of Directors, or otherwise. Unless consented to in writing by Indemnitee,
no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement or of any provision hereof shall limit
or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s
Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction
is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder,
or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

 

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

 

Section 15.          Insurance.
(a) The Company will use its reasonable best efforts to acquire directors and officers liability
insurance, on terms and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee
or any claim made against Indemnitee by reason of Indemnitee’s Corporate Status and covering the Company for any indemnification
or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Corporate
Status. In the event of a Change in Control, the Company shall maintain in force any and all directors and officers liability insurance
policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance
carrier or carriers and through the insurance broker in place at the time of the Change in Control; provided, however,
(i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable
in scope and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially
comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best
rating of the existing insurance carrier; provided, further, however, in no event shall the Company be required
to expend in the aggregate in excess of 250% of the annual premium or premiums paid by the Company for directors and officers liability
insurance in effect on the date of the Change in Control. In the event that 250% of the annual premium paid by the Company for
such existing directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that
amount to purchase such lesser coverage as may be obtained with such amount.

 

    	- 9
                                                                                                                                                                                               -

    	 

    

 

(b)         Without in any
way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee which
would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess
of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding
over the coverage of any insurance referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance
shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly
provided herein, and the execution and delivery of this Agreement by the Company and the Indemnitee shall not in any way limit
or affect the rights or obligations of the Company under any such insurance policies. If, at the time the Company receives notice
from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance
with the procedures set forth in the respective policies.

 

(c)         The Indemnitee
shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding.

 

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

 

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

 

    	- 10
                                                                                                                                                                                               -

    	 

    

 

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

 

Section 19.          Duration
of Agreement; Binding Effect. (a) This Agreement shall continue until and terminate on the
later of (i) the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Company
or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that
Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding
commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

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

 

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

 

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

 

    	- 11
                                                                                                                                                                                               -

    	 

    

 

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

 

Section 21.          Counterparts.
This Agreement may be executed in one or more counterparts, (delivery of which may be by facsimile, or via e-mail as a portable
document format (.pdf) or other electronic format), each of which will be deemed to be an original and it will not be necessary
in making proof of this agreement or the terms of this Agreement to produce or account for more than one such counterpart. One
such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this
Agreement.

 

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

 

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

 

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

 

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

 

(b)         If to the Company,
to:

 

Nordic Realty Trust, Inc.

150 East 52nd Street, 3rd Floor 

New York, NY 10022

Attn:

 

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

 

    	- 12
                                                                                                                                                                                               -

    	 

    

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

    	- 13
                                                                                                                                                                                               -

    	 

    

 

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

 

	 	COMPANY:
	 	 
	 	NORDIC REALTY TRUST, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	INDEMNITEE
	 	 
	 	 
	 	Name:	 
	 	Address:Exhibit 10.7

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is entered into as of January   , 2016, by and among Nordic Realty Trust, Inc., a Maryland
corporation (the “Company”) and the persons listed on Schedule I hereto (such persons, in their capacity as holder
of Registrable Shares (as defined herein), the “Holders” and each a “Holder”).

 

RECITALS

 

WHEREAS, the Company
has prepared a registration statement on Form S-11 (File No. 333-207312) with respect to the issuance and sale of its common stock,
par value $0.01 per share (the “Common Stock”), with the Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “1933 Act”), pursuant to which the Company intends to conduct
an underwritten initial public offering of shares of the Company’s Common Stock (the “IPO”);

 

WHEREAS, concurrent
with the consummation of the IPO, the Company’s operating partnership subsidiary, Nordic Operating Partnership S.C.A., a corporate
partnership limited by shares (société en commandite par actions) formed under the laws of the Grand Duchy
of Luxembourg (the “Operating Partnership”), desires to issue and sell, and the Holders desire to purchase, ordinary
shares of the Operating Partnership (the “OP Shares”) as set forth opposite each Holder’s name on Schedule I,
in a private placement transaction (the “Private Placement”);

 

WHEREAS, upon the terms
and subject to the conditions contained in the Operating Partnership Agreement (as defined below), the OP Shares will be exchangeable,
under certain circumstances, for shares of Common Stock on a one-for-one basis; and

 

WHEREAS, in connection
with the Private Placement, the Company has agreed to grant the Holders the registration rights set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein contained, and for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.               
Definitions. As used in this Agreement, the following capitalized defined terms shall have the following meanings:

 

“1933 Act”
shall have the meaning set forth in the recitals.

 

“1934 Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

“Affiliate”
shall mean as to any specified Person any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with
respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person whether through the ownership of voting securities or by agreement or otherwise.

 

“Agreement”
shall have the meaning set forth in the Preamble.

 

“Business Days”
shall mean Monday, Tuesday, Wednesday, Thursday, and Friday that is not a day on which banking institutions in New York are authorized
or obligated by applicable law, regulation or executive order to close.

 

“Common Stock”
shall have the meaning set forth in the Recitals.

 

“Company”
shall have the meaning set forth in the Preamble and shall also include the Company’s successors.

 

    	 

    	 

    

“Controlling
Person” shall have the meaning set forth in Section 4(a) of this Agreement.

 

“End of Suspension
Notice” shall have the meaning set forth in Section 5(b) of this Agreement.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority.

 

“Holder”
shall have the meaning set forth in the Preamble.

 

“IPO”
shall have the meaning set forth in the Preamble.

 

“Liabilities”
shall have the meaning set forth in Section 4(a)(i) of this Agreement.

 

“Listing”
shall mean the listing of shares of Common Stock on the NASDAQ Global Select Market or another U.S. national securities exchange.

 

“OP Shares”
shall have the meaning set forth in the Recitals.

 

“Operating
Partnership” shall have the meaning set forth in the Recitals.

 

“Operating
Partnership Agreement” means the Articles of Association of Nordic Operating Partnership S.C.A., dated as of      , 2016, as
amended, restated, amended and restated, revised or otherwise modified from time to time.

 

“Participating
Broker-Dealer” shall mean any broker-dealer that makes a market in the Registrable Shares.

 

“Person”
shall mean an individual, partnership (general or limited), corporation, limited liability company, trust or unincorporated organization,
or a government or agency or political subdivision thereof.

 

“Private Placement”
shall have the meaning set forth in the Recitals.

 

“Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including any such prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Shares covered by a Registration Statement, and by all other amendments and supplements
to a prospectus, including post-effective amendments and free-writing prospectuses and in each case including all material incorporated
by reference therein.

 

“Registrable
Shares” shall mean any Shares; provided, however, that Shares shall cease to be Registrable Shares
(i) when a Registration Statement with respect to such Shares shall have been declared effective under the 1933 Act and such
Shares shall have been disposed of pursuant to such Registration Statement, (ii) when such Shares have ceased to be outstanding,
or (iii) when such Shares can be sold, transferred or otherwise disposed of in a single transaction without registration pursuant
to Rule 144 under the 1933 Act.

 

“Registration
Expenses” shall mean (i) the fees and disbursements of counsel and independent public accountants for the Company incurred
in connection with the Company’s performance of or compliance with this Agreement, including the expenses of any special
audits or “comfort” letters required by or incident to such performance and compliance, and any premiums and other
costs of policies of insurance obtained by the Company against liabilities arising out of the sale of any securities and (ii) all
registration, filing and stock exchange fees, all fees and expenses of complying with securities or “blue sky” laws,
all fees and expenses of custodians, transfer agents and registrars, all printing expenses, messenger and delivery expenses and
any fees and disbursements of one common counsel retained by a majority of the Holders; provided, however, “Registration
Expenses” shall not include any out-of-pocket expenses of the Holders, transfer taxes, underwriting or brokerage commissions
or discounts associated with effecting any sales of Registrable Shares that may be offered, which expenses shall be borne by each
Holder of Registrable Shares on a pro rata basis with respect to the Registrable Securities so sold.

 

    	- 2 -

    	 

    

“Registration
Statement” shall mean any registration statement of the Company which covers any of the Registrable Shares and may include
securities other than Registrable Shares pursuant to the provisions of this Agreement, and all amendments and supplements to any
such Registration Statement, including pre- and post-effective amendments, in each case including the Prospectus contained therein,
all exhibits thereto and all material incorporated by reference therein.

 

“SEC”
shall mean the U.S. Securities and Exchange Commission or any successor agency or government body performing the functions currently
performed by the U.S. Securities and Exchange Commission.

 

“Shares”
shall mean (i) any shares of Common Stock issued or issuable upon exchange of OP Shares received by a Holder in the Private Placement,
and (ii) any additional shares of Common Stock issued as a dividend or distribution on, in exchange for, or otherwise in respect
of, the Shares described in (i) above (including as a result of combinations, recapitalizations, mergers, consolidations, reorganizations
or otherwise).

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2.1 of this Agreement.

 

“Shelf Registration
Statement” shall have the meaning set forth in Section 2.1(a).

 

“Suspension
Event” shall have the meaning set forth in Section 5(b) of this Agreement. “Suspension Notice” shall have
the meaning set forth in Section 5(a) of this Agreement. “Underwriter” shall have the meaning set forth in Section 4(a)
of this Agreement.

 

Section 2.               Registration under the 1933 Act.

 

2.1                  
Shelf Registration. (a) The Company agrees to use its commercially reasonable efforts to prepare and file, no
later than 14 months following the closing of the IPO, one or more registration statements with the SEC registering the offer and
resale of the Registrable Shares on a delayed or continuous basis pursuant to Rule 415 under the 1933 Act (the “Shelf Registration
Statement”). The Company shall use its commercially reasonable efforts to cause such Shelf Registration Statement to be
declared effective by the SEC as promptly as practicable after such filing.

 

(b)              
The Company shall use its commercially reasonable efforts to maintain the Shelf Registration Statement’s effectiveness under
the 1933 Act until such time as all of the Registrable Shares covered by the Shelf Registration Statement cease to be Registrable
Shares.

 

(c)               
The Company may permit securities other than Registrable Shares to be included in the Shelf Registration Statement. The
Company further agrees, if necessary, to supplement or amend the Shelf Registration Statement, as required by Section 3(b)
below, and to furnish to the Holders copies of any such supplement or amendment promptly after its being used or filed with the
SEC.

 

2.2                  
Expenses. The Company shall pay all Registration Expenses in connection with the registration of the Registrable
Shares pursuant to Section 2.1 hereof.

 

Section 3.               Registration Procedures. In connection with the obligations of the Company with respect to a Registration Statement
pursuant to Section 2 hereof, the Company shall:

 

(a)               
prepare and file with the SEC the Registration Statement, within the relevant time period specified in Section 2, on
the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall be available for
the registration and sale of the Registrable Shares by the selling Holders thereof, (iii) shall comply as to form in all material
respects with the requirements of the applicable form and include or incorporate by reference all financial statements required
by the SEC to be filed therewith or incorporated by reference therein, and (iv) shall comply in all respects with the requirements
of Regulation S-T under the 1933 Act, and otherwise comply with its obligations under Section 2 hereof;

 

    	- 3 -

    	 

    

(b)              
prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary
under applicable law to keep such Registration Statement effective for the applicable period; and cause each Prospectus to be supplemented
by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provision then
in force) under the 1933 Act and comply with the provisions of the 1933 Act, the 1934 Act and the rules and regulations thereunder
applicable to them with respect to the disposition of all securities covered by each Registration Statement during the applicable
period in accordance with the intended method or methods of distribution by the selling Holders thereof (including sales by any
Participating Broker-Dealer);

 

(c)               
(i) notify each Holder of Registrable Shares, at least five Business Days after filing, that a Registration Statement
with respect to the Registrable Shares has been filed and advising such Holders that the distribution of Registrable Shares will
be made in accordance with any method or combination of methods legally available by the Holders of any and all Registrable Shares;
(ii) furnish to each Holder of Registrable Shares and to each underwriter of an Underwritten Offering of Registrable Shares,
if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement
thereto and such other documents as such Holder or underwriter may reasonably request, including financial statements and schedules
in order to facilitate the public sale or other disposition of the Registrable Shares; and (iii) hereby consent to the use
of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Registrable Shares in connection with
the offering and sale of the Registrable Shares covered by the Prospectus or any amendment or supplement thereto;

 

(d)              
use its commercially reasonable efforts to register or qualify the Registrable Shares under all applicable state securities
or “blue sky” laws of such jurisdictions as any Holder of Registrable Shares covered by a Registration Statement and
each underwriter of an Underwritten Offering of Registrable Shares shall reasonably request by the time the applicable Registration
Statement is declared effective by the SEC, and do any and all other acts and things which may be reasonably necessary or advisable
to enable each such Holder and underwriter to consummate the disposition in each such jurisdiction of such Registrable Shares owned
by such Holder; provided, however, that the Company shall not be required to (i) qualify as a foreign
corporation or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d),
or (ii) take any action which would subject it to general service of process or taxation in any such jurisdiction where it
is not then so subject;

 

(e)               
notify promptly each Holder of Registrable Shares under a Registration Statement and, if requested by such Holder, confirm
such advice in writing promptly at the address determined in accordance with Section 9.3 of this Agreement (i) when a
Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii)
of any request by the SEC or any state securities authority for post-effective amendments and supplements to a Registration Statement
and Prospectus or for additional information after the Registration Statement has become effective, (iii) of the issuance by the
SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation
of any proceedings for that purpose, (iv) in the case of a Shelf Registration, if, between the effective date of a Registration
Statement and the closing of any sale of Registrable Shares covered thereby, the representations and warranties of the Company
contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to the offering
cease to be true and correct in all material respects, (v) of the happening of any event or the discovery of any facts during the
period a Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any
document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not misleading or, in the case of the Prospectus, contains
any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading (which information shall be accompanied
by an instruction to suspend the use of the Registration Statement and the Prospectus (such instruction to be provided in the same
manner as a Suspension Notice) until the requisite changes have been made, at which time notice of the end of suspension shall
be delivered in the same manner as an End of Suspension Notice), (vi) of the receipt by the Company of any notification with respect
to the suspension of the qualification of the Registrable Shares, for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose and (vii) of the filing of a post−effective amendment to such Registration Statement;

 

(f)               
make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement
at the earliest possible moment;

 

(g)              
furnish to each Holder of Registrable Shares, and each underwriter, if any, without charge, at least one conformed copy
of each Registration Statement and any post−effective amendment thereto, including financial statements and schedules (without
documents incorporated therein by reference and all exhibits thereto, unless requested);

 

    	- 4 -

    	 

    

(h)              
cooperate with the selling Holders to facilitate the timely preparation and delivery of certificates representing Registrable
Shares to be sold and not bearing any restrictive legends; and enable such Registrable Shares to be in such denominations and registered
in such names as the selling Holders or the underwriters, if any, may reasonably request at least three Business Days prior to
the closing of any sale of Registrable Shares;

 

(i)                
upon the occurrence of any event or the discovery of any facts, as contemplated by Sections 3(e)(v) and 3(e)(vi) hereof,
as promptly as practicable after the occurrence of such an event, use its best efforts to prepare a supplement or post-effective
amendment to the Registration Statement or the related Prospectus or any document incorporated therein by reference or file any
other required document so that, as thereafter delivered to the purchasers of the Registrable Shares or Participating Broker-Dealers,
such Prospectus will not contain at the time of such delivery any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or will
remain so qualified, as applicable. At such time as such public disclosure is otherwise made or the Company determines that such
disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact,
the Company agrees promptly to notify each Holder of such determination and to furnish each Holder such number of copies of the
Prospectus as amended or supplemented, as such Holder may reasonably request;

 

(j)                
obtain a CUSIP number for the Registrable Shares not later than the effective date of a Registration Statement, and provide
the Company’s transfer agent with printed certificates for the Registrable Shares;

 

(k)              
upon the occurrence of an Underwritten Offering, enter into agreements (including if applicable underwriting agreements)
and take all other customary appropriate actions in order to expedite or facilitate the disposition of such Registrable Shares
whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration:

 

(i)                
make such representations and warranties to the Holders of such Registrable Shares and the underwriters, if any, in form,
substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings as may be reasonably requested
by them;

 

(ii)              
obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to any managing underwriter(s) and their counsel) addressed to the underwriters, if any (and in
the case of an underwritten registration, each selling Holder), covering the matters customarily covered in opinions requested
in underwritten offerings and such other matters as may be reasonably requested by the underwriter(s);

 

(iii)            
obtain “comfort” letters and updates thereof from the Company’s independent registered public accounting firm
(and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired
by the Company for which financial statements are, or are required to be, included in the Registration Statement) addressed to
the underwriter(s), if any, and use reasonable efforts to have such letter addressed to the selling Holders in the case of an underwritten
registration (to the extent consistent with Statement on Auditing Standards No. 72 of the American Institute of Certified Public
Accounts), such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters
to underwriters in connection with similar underwritten offerings;

 

(iv)            
enter into a securities sales agreement with the Holders and an agent of the Holders providing for, among other things,
the appointment of such agent for the selling Holders for the purpose of soliciting purchases of Registrable Shares, which agreement
shall be in form, substance and scope customary for similar offerings;

 

(v)              
if an underwriting agreement is entered into, cause the same to set forth customary indemnification provisions and procedures
as determined by the Company with respect to the underwriters and all other parties to be indemnified in such offering, or, at
the request of any underwriters, in the form customarily provided to such underwriters in similar types of transactions; and

 

(vi)            
deliver such documents and certificates as may be reasonably requested and as are customarily delivered in similar offerings
to the Holders holding a majority of the Registrable Shares being sold and the managing underwriters, if any;

 

    	- 5 -

    	 

    

(l)                
make available for inspection by any underwriter participating in any disposition pursuant to a Registration Statement,
any Participating Broker−Dealer, and any accountant, all financial and other records, pertinent corporate documents and properties
or assets of the Company reasonably requested by any such persons, and cause the respective officers, directors, employees, and
any other agents of the Company to supply all information reasonably requested by any such representative, underwriter, counsel
or accountant in connection with a Registration Statement;

 

(m)            
a reasonable time prior to filing any Registration Statement, any Prospectus forming a part thereof, any amendment to such
Registration Statement, or amendment or supplement to such Prospectus, provide copies of such document to the underwriter(s) of
an Underwritten Offering of Registrable Shares; make such changes in any of the foregoing documents prior to the filing thereof,
as the underwriter or underwriters reasonably requests; not file any such document in a form to which any underwriter shall not
have previously been advised and furnished a copy of;

 

(n)              
otherwise comply with all applicable rules and regulations of the SEC and make available to its security holders, as soon
as reasonably practicable, an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a)
of the 1933 Act and Rule 158 thereunder;

 

(o)              
cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation
by any underwriter and its counsel (including any “qualified independent underwriter” that is required to be retained
in accordance with the rules and regulations of the FINRA); and

 

(p)              
the Company may (as a condition to a Holder’s participation in the Shelf Registration) require each Holder of Registrable
Shares to furnish to the Company such information regarding the Holder and the proposed distribution by such Holder of such Registrable
Shares as the Company may from time to time reasonably request in writing.

 

Each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event or the discovery of any facts of the type described
in Section 3(e)(v) hereof, such Holder will forthwith discontinue disposition of Registrable Shares pursuant to a Registration
Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 2.1
hereof, and, if so directed by the Company, such Holder will deliver to the Company (at the Company’s expense) all copies in such
Holder’s possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable
Shares current at the time of receipt of such notice.

 

If any of the Registrable
Shares covered by a Registration Statement, are to be sold in an Underwritten Offering by a Holder pursuant to this Agreement or
by the Company, the Company will select the underwriter(s) and managing underwriter(s) that will manage such offering. No Holder
of Registrable Shares may participate in any Underwritten Offering hereunder unless such Holder (a) agrees to sell such Holder’s
Registrable Shares on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents required under the terms of such underwriting arrangements.

 

Section 4.               Indemnification; Contribution. (a) The Company agrees to indemnify and hold harmless each Holder, each Participating
Broker-Dealer, each Person who participates as an underwriter (any such Person being an “Underwriter”) and each
Person (a “Controlling Person”), if any, who controls (within the meaning of Section 15 of the 1933
Act or Section 20 of the 1934 Act) any of the foregoing Persons, as follows:

 

(i)                
against any and all loss, liability, claim, damage, judgment, actions, other liabilities and expense whatsoever (the “Liabilities”),
as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement
(or any amendment or supplement thereto) pursuant to which Registrable Shares were registered under the 1933 Act, including all
documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement
of a material fact contained in any Prospectus (or any amendment or supplement thereto) or the omission or alleged omission therefrom
at such date of a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading;

 

    	- 6 -

    	 

    

(ii)              
against any and all Liabilities, as incurred, to the extent of the aggregate amount paid in settlement of any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based
upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject
to Section 4(d) below) any such settlement is effected with the written consent of the Company; and

 

(iii)            
against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by any indemnified
party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission,
or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or
(ii) above;

 

provided, however, that
this indemnity agreement shall not apply to any Liabilities to the extent arising out of any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by the Holder
or Underwriter expressly for use in a Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto).

 

(b)              
Each Holder severally, but not jointly, agrees to indemnify and hold harmless the Company, each Underwriter and the other
selling Holders, and each of their respective officers, directors, partners, employees, representatives and agents, and each of
their respective Controlling Persons, against any and all Liabilities described in the indemnity contained in Section 4(a)
hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in
the Registration Statement (or any amendment thereto) or any Prospectus included therein (or any amendment or supplement thereto)
in reliance upon and in conformity with written information with respect to such Holder furnished to the Company by such Holder
expressly for use in the Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto);
provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of
net proceeds received by such Holder from the sale of Registrable Shares pursuant to such Registration Statement.

 

(c)               
Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action
or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a
result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. An indemnifying party may participate at its own expense in the defense of such action; provided, however,
that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the
indemnified party. In no event shall the indemnifying party or parties be liable for the fees and expenses of more than one counsel
(in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action
or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances.
No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the
entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whosoever in respect of which indemnification or contribution could be sought under this Section 4
(whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent
(i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation,
proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act
by or on behalf of any indemnified party.

 

(d)              
If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees
and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
Section 4(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received notice of the
terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall
not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

 

(e)               
If the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any Liabilities referred to therein, then each indemnifying party shall contribute to the aggregate
amount of such Liabilities incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the
relative fault of the Company on the one hand and the Holders on the other hand in connection with the statements or omissions
which resulted in such Liabilities, as well as any other relevant equitable considerations.

 

    	- 7 -

    	 

    

The relative fault
of the Company on the one hand and the Holders on the other hand shall be determined by reference to, among other things, whether
any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company or the Holders and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

 

The Company and the
Holders agree that it would not be just and equitable if contribution pursuant to this Section 4 were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in
this Section 4. The aggregate amount of Liabilities incurred by an indemnified party and referred to above in this Section 4
shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing
or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

 

For purposes of this
Section 4, each Person, if any, who controls a Holder within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall have the same rights to contribution as the Holder, and each director of the Company, and each Person, if
any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have
the same rights to contribution as the Company.

 

To the extent that
the provisions of this Section 4 are in conflict with the indemnification and contribution provisions set forth in any underwriting
agreement used in an Underwritten Offering, the provisions of such underwriting agreement shall be deemed to supersede this Section 4.

 

Section 5.               Black-Out Period. (a) Notwithstanding anything herein to the contrary, the Company shall have the right to postpone
the filing of a registration statement and the right, exercisable from time to time by delivery of a notice authorized by the Board
at such times as the Company in its good faith judgment may reasonably determine is necessary and advisable, to require the Holders
not to sell pursuant to a registration statement or similar document under the Securities Act filed pursuant to Section 2 or to
suspend the use or effectiveness thereof if at the time of the delivery of such notice (i) it has determined that the use of any
registration statement or similar document under the Securities Act filed pursuant to Section 2 would require the disclosure of
material information that the Company has a bona fide business purpose for preserving as confidential or the disclosure of which
would impede the Company’s ability to consummate a significant transaction, and that the Company is not otherwise required
by applicable securities laws or regulations to disclose, (ii) all reports required to be filed by the Company pursuant to the
Exchange Act have not been filed by the required date without regard to any extension, or (iii) the consummation of any business
combination by the Company has occurred or is probable for purposes of Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X under
the Securities Act or (iv) the Company is not eligible to use Form S-3 for purposes of registering the resale of the Registrable
Shares.

 

(b)              
In the case of an event that causes the Company to suspend the use of a Registration Statement as set forth in paragraph
(a) above (a “Suspension Event”), the Company, as soon as practicable, shall (i) give a Suspension Notice to the
Holders that the Company has suspended sales of the Registrable Shares and that such suspension shall continue only for so long
as the Suspension Event or its effect is continuing, and (ii) promptly file any amendment or reports necessary for any registration
statement or prospectus of the Holders in connection with the completion of such event. A Holder shall not affect any sales of
the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension
Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). The Holders may recommence effecting
sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following further written notice to such
effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the
Company to the Holders, promptly following the conclusion of any Suspension Event and its effect.

 

Section 6.               Market Stand-Off Agreement. In connection with any underwritten offering of Common Stock by a Holder pursuant to
this Agreement or by the Company, the Company and each Holder agree to enter into customary lock-up agreements, as negotiated by
the Company, restricting, among other things, future sales of Common Stock by such Persons; provided that the length
of the restrictions contained in the lock-up agreement required to be signed by the Holders shall not extend beyond the duration
of the similar restrictions agreed to by the Company, with respect to the Company’s or its directors’ and executive officers’ activity
(whichever period is shorter), in connection with such offering.

 

    	- 8 -

    	 

    

In order to enforce
the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the securities
subject to this Section 6 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities
of each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period.

 

Section 7.               Termination of the Company’s Obligations. The Company shall have no further obligations pursuant to this Agreement
at such time as the Registrable Shares cease to be Registrable Shares; provided, however, that the Company’s
obligations under Sections 4 and 9 of this Agreement shall remain in full force and effect following such time.

 

Section 8.               Subsequent Registration Rights. The Company shall be permitted without the consent of the Holders (except as provided
below) to enter into any agreement with any holder or prospective holder of any securities of the Company that would provide such
holder or prospective holder with registration rights; provided that any such agreement that provides for registration rights that
are superior to the registration rights of the Holders set forth herein shall require the prior consent of Holders of a majority
of the outstanding Registrable Shares.

 

Section 9.               Miscellaneous.

 

9.1                  
Rule 144 and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13
or 15 of the 1934 Act, the Company covenants that it will file the reports required to be filed by it under the 1933 Act and Section 13(a)
or 15(d) of the 1934 Act and the rules and regulations adopted by the SEC thereunder. If the Company ceases to be so required to
file such reports, the Company covenants that it will upon the request of any Holder of Registrable Shares (a) make publicly
available such information as is necessary to permit sales pursuant to Rule 144 under the 1933 Act, (b) deliver such information
to a prospective purchaser as is necessary to permit sales pursuant to Rule 144A under the 1933 Act and it will take such
further action as any Holder of Registrable Shares may reasonably request, and (c) take such further action that is reasonable
in the circumstances, in each case to the extent required from time to time to enable such Holder to sell its Registrable Shares
without registration under the 1933 Act within the limitation of the exemptions provided by (i) Rule 144 under the 1933
Act, as such Rule may be amended from time to time, (ii) Rule 144A under the 1933 Act, as such rule may be amended from time
to time, or (iii) any similar rules or regulations hereafter adopted by the SEC. Upon the request of any Holder of Registrable
Shares, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements (at any
time after 90 days after the effective date of the first Registration Statement filed by the Company for an offering of its Common
Stock to the general public) and of the 1933 Act and the 1934 Act (at any time after it has become subject to the reporting requirements
of the 1934 Act), a copy of the most recent annual and quarterly report(s) of the Company, and such other reports, documents or
stockholder communications of the Company, and take such further actions consistent with this Section 9.1, as a Holder may
reasonably request in availing itself of any rule or regulation of the SEC allowing a Holder to sell any such Registrable Shares
without registration.

 

9.2                  
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company
has obtained the written consent of the Holders of at least a majority of the outstanding Registrable Shares affected by such amendment,
modification, supplement, waiver or departure.

 

9.3                  
Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand
delivery, registered first-class mail, facsimile or any courier guaranteeing overnight delivery (a) if to a Holder, at the
most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this Section 9.3
and (b) if to the Company, Nordic Realty Trust, Inc., 150 East 52nd Street, 3rd Floor, New York, NY 10022, Attention: Chief
Executive Officer.

 

All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; two Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party) and on the
next Business Day if timely delivered to an air courier guaranteeing overnight delivery.

 

    	- 9 -

    	 

    

9.4                  
Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and
transferees of each of the parties hereto, including, without limitation and without the need for an express assignment, subsequent
Holders. If any transferee of any Holder shall acquire Registrable Shares, in any manner, whether
by operation of law or otherwise, such Registrable Shares shall be held subject to all of the terms of this Agreement, and by taking
and holding such Registrable Shares such person shall be conclusively deemed to have agreed to be bound by and to perform all of
the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement, and such person shall
be entitled to receive the benefits hereof. 

 

9.5                  
Transfer of Registration Rights. Each Holder may only transfer its rights under this
Agreement with respect to its Registrable Securities with the prior written consent of the Company; provided, however, that
each Holder may transfer such rights without the prior written consent of the Company if such transfer is to an Affiliate of the
Holder or to a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family Members. Except as set forth in this Section 9.5, the rights under this Agreement are not transferable.

 

9.6                  
Specific Enforcement. Without limiting the remedies available to the Holders, the Company acknowledges that any failure
by the Company to comply with its obligations under Sections 2.1 through 2.4 hereof may result in material irreparable injury to
the Holders for which there is no adequate remedy at law, that it would not be possible to measure damages for such injuries precisely
and that, in the event of any such failure, any Holder may obtain such relief as may be required to specifically enforce the Company’s
obligations under Sections 2.1 through 2.4 hereof.

 

9.7                  
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement.

 

9.8                  
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

9.9                  
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

 

9.10              
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

 

    	- 10 -

    	 

    

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

 

	 	NORDIC REALTY TRUST, INC.
	 	 	 	 
	 	By:	 
	 	 	Name:	Bjarne Eggesbø
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	HOLDERS, as shown on Schedule I
attached hereto
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

[Signature Page to Registration
Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]