Document:

Exhibit 10.2

EXECUTION VERSION

 

LIMITED PARTNERSHIP AGREEMENT

OF

NNN MFG COLD JV L.P.

A DELAWARE LIMITED PARTNERSHIP

DATED AS OF DECEMBER 29, 2021

    	 	 

    	 	 

    

Table
of Contents

Page

	 	 	 
	Section 1.	Definitions	1
	 	 	 
	Section 2.	Organization of the Partnership	23
	2.1	Name	23
	2.2	Place of Registered Office; Registered Agent	23
	2.3	Principal Office	23
	2.4	Filings	23
	2.5	Term	23
	2.6	Expenses of the Partnership; Reimbursement	24
	2.7	Purchase Agreement	24
	 	 	 
	Section 3.	Purpose; Powers	24
	 	 	 
	Section 4.	Capital Contributions, Percentage Interests and Capital Accounts	24
	4.1	Initial Capital Contributions; Tax Characterization.	24
	4.2	Additional Capital Contributions	25
	4.3	Percentage Interest	28
	4.4	Return of Capital Contribution	28
	4.5	No Interest on Capital	28
	4.6	Capital Accounts	28
	4.7	New Partners	29
	4.8	Capital Contributions by LXP Partners	29
	4.9	Credit Support	29
	 	 	 
	Section 5.	Distributions	30
	5.1	Distribution of Distributable Funds	30
	5.2	Distributions for Indemnities and Shortfall Loans	32
	 	 	 
	Section 6.	Allocations.	33
	6.1	Allocation of Net Income and Net Loss	33
	6.2	Mandatory Allocations	33
	6.3	U.S. Tax Allocations	35
	6.4	Withholding	35
	 	 	 
	Section 7.	Books, Records, Tax Matters and Bank Accounts	36
	7.1	Books and Records	36
	7.2	Reports and Financial Statements	36

    	 	 

    	 	 

    

Table
of Contents

(continued)

Page

 

	7.3	Tax Matters.	37
	7.4	Bank Accounts	38
	7.5	Tax Returns	38
	7.6	Tax Status	38
	7.7	754 Election	38
	 	 	 
	Section 8.	Management and Operations	39
	8.1	Management	39
	8.2	Asset Management and Property Level Services and Fees	42
	8.3	Annual Business Plan; Annual Budget	44
	8.4	Implementation of Annual Business Plan	45
	8.5	Other Activities; Duties	45
	8.6	Limitation on Actions of Partners; Binding Authority	45
	8.7	Foreign Corrupt Practices Act	46
	8.8	Prohibited Persons, Patriot Act and Anti-Money Laundering	46
	8.9	Proposed Property Acquisitions.	47
	 	 	 
	Section 9.	Confidentiality	54
	 	 	 
	Section 10.	Representations and Warranties; REIT Provisions.	56
	10.1	Representations and Warranties	56
	10.2	REIT Provisions	58
	 	 	 
	Section 11.	Sale, Assignment, Transfer or Other Disposition.	59
	11.1	Prohibited Transfers	59
	11.2	Permitted Transfers	59
	11.3	Admission of Transferee	60
	11.4	Withdrawals	60
	11.5	Sale of Property or Partner’s Interest with Right of First Offer	61
	11.6	Buy-Sell	65
	11.7	Option Events.	70
	 	 	 
	Section 12.	Dissolution.	71
	12.1	Limitations	71
	12.2	Exclusive Events Requiring Dissolution	71
	12.3	Liquidation	71

    	 	ii	 

    	 	 

    

Table
of Contents

(continued)

Page

 

	12.4	Certificate of Cancellation	72
	12.5	Continuation of the Partnership	72
	 	 	 
	Section 13.	Indemnification.	73
	13.1	Exculpation	73
	13.2	Indemnification by the Partnership	73
	13.3	Credit Support Indemnification	73
	13.4	Survival	75
	 	 	 
	Section 14.	Miscellaneous	75
	14.1	Notices	75
	14.2	Governing Law	76
	14.3	Successors	77
	14.4	Interpretation	77
	14.5	Severability	77
	14.6	Counterparts	77
	14.7	Entire Agreement	77
	14.8	Amendment	78
	14.9	Further Assurances	78
	14.10	Time	78
	14.11	No Third-Party Rights	78
	14.12	Incorporation by Reference	78
	14.13	Limitation on Liability	78
	14.14	Attorneys’ Fees	78
	14.15	Remedies Cumulative	79
	14.16	No Waiver	79
	14.17	Limitation on Use of Names	79
	14.18	Publicly Traded Partnership Provision	79
	14.19	Press Releases	79
	14.20	No Construction Against Drafter	79
	14.21	Good Faith Negotiations	79
	14.22	Approvals	80
	14.23	Binding Agreement	80

 

    	 	iii	 

    	 	 

    

Table
of Contents

(continued)

Page

	 	 	 
	Section 15.	Insurance	80
	 	 	 
	Section 16.	Title	80
	16.1	Title Policies	80
	16.2	Partnership and Partner Claims Under Owner’s Title Policies	80
	16.3	Recoveries under Owner’s Title Policies	81
	16.4	Indemnification	81
	16.5	Survival and Third Party Beneficiaries	81

 

	Exhibit A	Properties
	Exhibit B	Major Decisions
	Exhibit C	Reports
	Exhibit D	Credit Support as of the Effective Date
	Exhibit E-1	LXP Guarantor Joinder
	Exhibit E-2	DK Guarantor Joinder
	Exhibit F	Draft of Environmental Insurance Policy Endorsement

 

 

    	 	iv	 

    	 	 

    

LIMITED PARTNERSHIP AGREEMENT

OF

NNN MFG COLD JV L.P.

This LIMITED PARTNERSHIP
AGREEMENT OF NNN MFG COLD JV L.P. (as amended from time to time in accordance herewith, this “Agreement”) is made and
entered into and is effective as of December 29, 2021 (the “Effective Date”) by and among LX JV Investor II LLC, a
Delaware limited liability company (“Investor Partner”), and LXP MFG C L.P., a Delaware limited partnership (“LXP
LP”), each as a limited partner of the Partnership, and LXPDK II GP LLC, a Delaware limited liability company (“LXP
GP”), as general partner of the Partnership. Capitalized terms used herein shall have the meanings ascribed to such terms in
this Agreement.

W I T N E S S E T H:

WHEREAS, NNN MFG Cold JV
L.P., a Delaware limited partnership (the “Partnership”), was formed on October 28, 2021, pursuant to and in accordance
with the Act;

WHEREAS, LXP GP is the only
general partner of the Partnership, and Investor Partner and LXP LP are the only limited partners of the Partnership, in each case as
of the Effective Date; and

WHEREAS, Investor Partner,
LXP LP and LXP GP desire to participate in the Partnership for the purposes described herein.

NOW, THEREFORE, in consideration
of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Partners agree as follows:

Section 1.               
Definitions. As used in this Agreement:

“Acquisition Costs”
is defined in Section 8.9(f).

“Acquisition Fee”
is defined in Section 8.9(g).

“Act”
means the Delaware Revised Uniform Limited Partnership Act (6 Del. C. § 17 101, et seq.), as amended and in effect as of
the date of determination.

“Additional Capital
Call” is defined in Section 4.2(a).

“Additional Capital
Contributions” is defined in Section 4.2(a).

“Adjusted Capital
Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Capital Account as
of the end of the applicable Fiscal Year after (i) crediting such Capital Account with any amounts that such Partner is deemed to
be obligated to restore pursuant to sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations, and (ii) debiting such
Capital Account by the amount of the items described in sections 1.704- 1(b)(2)(ii)(d)(4), (5) and (6) of the Regulations.
The foregoing definition of Adjusted Capital Account Deficit is

    	 	1	 

    	 	 

    

intended to comply with the provisions of section 1.704-1(b)(2)(ii)(d)
of the Regulations and shall be interpreted consistently therewith.

“Advance Contribution”
is defined in Section 4.2(b).

“Advance Contributor”
is defined in Section 4.2(b).

“Affiliate”
means, as to any specified Person, any other Person that directly or indirectly Controls, is Controlled by, or is under Common Control
with such first Person. No Partner or its Affiliates, on the one hand, shall be deemed to be an Affiliate of the Partnership or its Subsidiaries,
on the other hand, or vice versa, solely for the purposes of the use of the term Affiliate herein. With respect to any Loan or Lease,
the General Partner shall be considered an Affiliate of the Partnership.

“Agreed Upon Value”
means with respect to any real property or personal property contributed by a Partner to the Partnership in accordance herewith, the fair
market value thereof (net of liabilities secured by such property that the Partnership assumes or takes subject to) in an amount determined
by General Partner using such reasonable method of valuation as it may adopt and as Approved by the Non-GP Partners.

“Agreement”
is defined in the preamble hereof.

“Annual Budget”
means an annual budget for the Partnership in the aggregate and for each Property on an individual basis.

“Annual Business
Plan” means an annual business plan, including the Annual Budget, for the Partnership in the aggregate and for each Property
on an individual basis.

“Anti-Corruption
Laws” means (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended;
and (c) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Partnership or
any Subsidiary of the Partnership is located or doing business.

“Anti-Money Laundering
Laws” means any applicable laws pertaining to anti-money laundering or terrorism financing, any predicate crime to money laundering,
or any financial record keeping and reporting requirements related thereto, including those arising under the Bank Secrecy Act of 1970,
all as amended and in effect as of the date of determination.

“Appraisal”
is defined in Section 8.1(b).

“Approve”
(and any reasonable variation thereof) means the prior written consent of a Partner or other applicable Person to the matter presented,
which, in the case of the Partners and their respective Affiliates, shall be in accordance with Section 14.22.

“Approved Annual
Budget” means, as of the date of determination, the Annual Budget included in the Approved Annual Business Plan.

    	 	2	 

    	 	 

    

“Approved Annual
Business Plan” means, as of the date of determination, the then-current Annual Business Plan, as and to the extent Approved
(or deemed Approved) in accordance herewith.

“Approved Property”
is defined in Section 8.9(f).

“Approved Property
Capital Commitment” means, with respect to each Partner, such Partner’s Percentage Interest multiplied by $250,000,000,
as such amount may be amended or modified from time to time upon the unanimous approval of the Partners. Any payment of the Acquisition
Fee shall neither increase nor decrease a Partner’s Approved Property Capital Commitment. Each Partner’s Approved Property
Capital Commitment shall be reduced by all Additional Capital Contributions made by such Partner to fund (i) the Acquisition Costs of
any Approved Property or (ii) the Expansion of any Portfolio Property.

“Approved Property
Capital Contributions” means, with respect to any Partner with respect to an Approved Property, the aggregate Capital Contributions
(including all Capital Contributions made with respect to Acquisition Costs) contributed by such Partner to the Partnership with respect
to such Approved Property, including any Capital Contributions made by such Partner with respect to Partnership Expenses that are allocated
by the General Partner to such Approved Property.

“Approved Property
Pool #1” means all of the Approved Properties acquired by the Partnership or any Subsidiary after the Effective Date until the
Approved Property Capital Contributions made by the Partners hereunder equals the greater of (i) $125,000,000.00 and (ii) the aggregate
amount of Approved Property Capital Contributions made by the Partners upon the acquisition of the Approved Property that causes Approved
Property Capital Contributions to first exceed $125,000,000.00 (such amount, the “Approved Property Pool #1 Threshold”).

“Approved Property
Pool #2” means all of the Approved Properties acquired by the Partnership or any Subsidiary after the Partners have made Approved
Property Capital Contributions equal to the Approved Property Pool #1 Threshold.

“Approved Property
Pool #1 Distributable Funds” means, with respect to any applicable period, an amount equal to the Cash Flow for such period
relating to all Approved Properties in the Approved Property Pool #1 (including deduction for each such Approved Property’s allocable
share of Partnership Expenses, as reasonably determined by the General Partner), reduced by reserves of the Partnership for anticipated
capital expenditures, future working capital needs and operating expenses, contingent obligations and other purposes relating to such
Approved Properties in the Approved Property Pool #1, the amounts of which shall be reasonably determined from time to time by General
Partner. For the avoidance of doubt, for purposes of the foregoing the reserves of the Partnership shall be determined on a consolidated
basis with any Subsidiaries with an interest in such Approved Properties (to the extent of the Partnership’s direct and indirect
interests therein).

“Approved Property
Pool #1 Distributions” means, with respect to any Approved Property in the Approved Property Pool #1, Distributions of Approved
Property Pool #1 Distributable Funds made to a Partner.

    	 	3	 

    	 	 

    

“Approved Property
Pool #2 Distributable Funds” means, with respect to any applicable period, an amount equal to the Cash Flow for such period
relating to all Approved Properties in the Approved Property Pool #2 (including deduction for each such Approved Property’s allocable
share of Partnership Expenses, as reasonably determined by the General Partner), reduced by reserves of the Partnership for anticipated
capital expenditures, future working capital needs and operating expenses, contingent obligations and other purposes relating to such
Approved Properties in the Approved Property Pool #2, the amounts of which shall be reasonably determined from time to time by General
Partner. For the avoidance of doubt, for purposes of the foregoing the reserves of the Partnership shall be determined on a consolidated
basis with any Subsidiaries with an interest in such Approved Properties (to the extent of the Partnership’s direct and indirect
interests therein).

“Approved Property
Pool #2 Distributions” means, with respect to any Approved Property in the Approved Property Pool #2, Distributions of Approved
Property Pool #2 Distributable Funds made to a Partner.

“Approved Property
Preferred Return Amount” means, with respect to a Partner as of the date of determination, with respect to the Approved Properties
in Approved Property Pool #1 or Approved Property Pool #2, as applicable, an aggregate amount, computed like interest at the rate of fifteen
percent (15%) per annum, compounded quarterly, on the outstanding balance from time to time of such Partner’s Undistributed
Approved Property Pool #1 Preferred Contributions and/or Undistributed Approved Property Pool #2 Preferred Contributions, as applicable,
with respect to the Approved Properties in Approved Property Pool #1 or Approved Property Pool #2, as applicable, reduced by Approved
Property Pool #1 Distributions and Approved Property Pool #2 Distributions, as applicable, with respect to such Approved Properties in
Approved Property Pool #1 or Approved Property Pool #2, as applicable, made to such Partner since the Effective Date under Section
5.1(b)(1)(x) or Section 5.1(c)(1)(x).

“Approved Property
Purchase Agreement” is defined in Section 8.9(c).

“Approved Proposed
Property” is defined in Section 8.9(c).

“Asset Management
Fee” is defined in Section 8.2(b).

“Bank of America
Loan” is defined in Section 2.7.

“Bankruptcy Code”
means Title 11 of the United States Code or any other applicable bankruptcy or insolvency statute or similar law, all as amended
and in effect as of the date of determination.

“Bankruptcy/Dissolution
Event” means, with respect to a Partner, (i) the entry of an Order for Relief under the Bankruptcy Code with respect to
such Partner, (ii) the admission in writing by such Partner of its inability to pay its debts generally as they become due, (iii) the
making by such Partner of an assignment for the benefit of creditors generally, (iv) the filing by such Partner of a petition in
bankruptcy or a petition for relief under the Bankruptcy Code or any other applicable federal or state bankruptcy or insolvency statute
or any similar law, (v) the filing of an involuntary petition under the Bankruptcy Code with respect to such Partner, provided that
the same shall not have been vacated, set aside or stayed within ninety (90) days after filing, (vi) an

    	 	4	 

    	 	 

    

application by such Partner for the appointment
of a trustee for the assets of such Partner, (vii) an involuntary petition seeking the liquidation, reorganization, arrangement or
readjustment of such Partner’s debts under any other federal or state insolvency law, provided that the same shall not have been
vacated, set aside or stayed within ninety (90) days after filing, (viii) the imposition of a judicial or statutory lien on
all or a substantial part of such Partner’s assets unless such lien is discharged or vacated or the enforcement thereof is stayed
within sixty (60) days after its effective date, or (ix) a dissolution or liquidation of such Partner.

“Broker”
is defined in Section 8.2(a).

“Business Day”
means a day other than a Saturday, Sunday or holiday recognized by banks in the State of New York.

“Buy-Sell”
means a transaction under Section 11.6.

“Buy-Sell Closing
Date” is defined in Section 11.6(d).

“Buy-Sell Notice”
is defined in Section 11.6.

“Buy-Sell Notice
Check” is defined in Section 11.6(a)(3).

“Capital Account”
is defined in Section 4.6.

“Capital Contribution”
means, with respect to any Partner, the aggregate amount of cash, real property or personal property contributed by such Partner to the
Partnership in accordance herewith; provided that no Shortfall Loan (or interest thereon) or payment to the Partnership by a Partner in
respect of its indemnification, hold harmless and defense obligations hereunder shall constitute, or be deemed to constitute, a Capital
Contribution. With respect to any real property or personal property contributed by a Partner to the capital of the Partnership in accordance
herewith after the Effective Date, the amount of the Capital Contribution applicable to such contribution shall be equal to the Agreed
Upon Value thereof.

“Capital Demand
Notice” is defined in Section 4.2(a).

“Cash Flow”
means, for any period for which Cash Flow is being calculated, gross cash receipts of the Partnership (but excluding Capital Contributions),
less all sums expended by the Partnership, in each case during such period. For the avoidance of doubt, for purposes of the foregoing,
the gross cash receipts and sums expended by the Partnership shall be determined on a consolidated basis with all Subsidiaries (to the
extent of the Partnerships’ direct and indirect interests therein), determined on an aggregate basis with respect to (i) all Portfolio
Properties, (ii) all Approved Properties in Approved Property Pool #1, and (iii) all Approved Properties in Approved Property Pool #2,
as applicable; provided, that Partnership Expenses shall be allocated among the Properties as determined by the General Partner in its
reasonable discretion.

“Cause”
means the occurrence of a For Cause Event.

“Certificate”
means the Certificate of Limited Partnership of the Partnership, as amended as of the date of determination.

    	 	5	 

    	 	 

    

‎“CFIUS”
means the Committee on Foreign Investment in the United States.‎

“Close Relative”
means, with respect to any individual, such individual’s spouse, parents, spouse’s parents, grandparents, children, siblings,
spouse’s siblings, first cousins and other close relations (e.g., where such relations are financially dependent on such individual).

“Closing Costs”
is defined in Section 8.9(f).

“Code”
means the Internal Revenue Code of 1986, including the corresponding provisions of any successor law, all as amended and in effect
as of the date of determination.

“Common Control”
means that two or more Persons are Controlled by the same other Person.

“Confidential Information”
is defined in Section 9.

“Consent Requirement”
means a requirement to obtain the consent of any Person under an agreement with the Partnership or any Subsidiary (for the avoidance of
doubt, including any Fee Owner), including the consent of any tenant or counterparty under a Lease or any Lender under any documents governing
any Loan.

“Contributing Partners”
is defined in Section 4.2(c).

“Contribution Deadline”
is defined in Section 4.2(a).

“Contribution Period”
is defined in Section 4.2(a).

“Control”
(and any reasonable variation thereof) means, when used with respect to any Person, the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by
contract or otherwise. The possession, directly or indirectly, by another Person of a right to approve or consent to (or otherwise restrict)
certain business or affairs of the specified Person through major decision rights or similar protective approval rights shall not, in
and of itself, constitute or indicate Control, nor shall a Person be deemed not to possess Control solely because another Person possesses,
directly or indirectly, such major decision rights or similar protective approval rights with respect to the specified Person.

“Covered Person”
is defined in Section 13.1.

“Credit Support”
is defined in Section 4.9.

“Credit Support
Indemnitee” is defined in Section 13.3.

“Credit Support
Indemnitor” is defined in Section 13.3.

“Depreciation”
means, for each Fiscal Year, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable
with respect to an asset for such Fiscal Year, except that if the Gross Asset Value of an asset differs from its adjusted basis

    	 	6	 

    	 	 

    

for federal income tax purposes at the beginning
of such Fiscal Year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as
the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted
tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deductions
for such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable
method selected by General Partner and Approved by the Non-GP Partners.

“Disapproving Partner”
is defined in Section 8.9(e).

“Dissolution Event”
is defined in Section 12.2.

“Distributions”
(and any reasonable variation thereof) means the distributions made to a Partner in accordance herewith.

“DK Guarantor”
is defined in Section 13.3(c).

“DK Partner Group”
means Investor Partner.

“Dollars”
is defined in Section 14.4.

“Earnest Money”
means any money deposited pursuant to an Approved Property Purchase Agreement with respect to any Proposed Property (or other asset to
be acquired) that is, or upon the passage of time becomes, non-refundable to the Partnership or any Subsidiary.

“Effective Date”
is defined in the preamble hereof.

“Emergency”
means an event that reasonably requires immediate action in order to avert or mitigate (i) loss or impairment of life or personal
injury at any Property, (ii) material damage to any Property, or (iii) the suspension of material utility service required for
the operation of any Property.

“Environmental Assessment”
means, with respect to any Proposed Property, a phase one environmental site assessment performed in accordance with the then current
ASTM Standard Practice for Environmental Site Assessments, E1527, by a qualified environmental consultant selected by the General Partner
and, if required by the General Partner or the Investor Partner, any additional Phase II sampling, investigation, monitoring or other
activities performed by a qualified environmental consultant.

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended and in effect as of the date of determination.

“Escrow Agent”
means First American Title Insurance Company, 1380 17th Street, Denver, Colorado 80202, Attention: Jordan Dunn
(or such other commercially reasonable escrow agent Approved by (i) the Initiating Partner and the Non-Initiating Partner (with respect
to a Forced Sale or ROFO Sale) or (ii) the Offeror and the Offeree (with respect to a Buy-Sell)).

    	 	7	 

    	 	 

    

“Essex Ground Lease”
means that certain Amended and Restated Ground Lease, dated as of January 15, 1985, between Essex Group, Inc., as lessor, and Newkirk
Syrcar LLC (successor-by-conversion to Newkirk Syrcar L.P., successor-by-merger to Syrcar Associates Limited Partnership), as lessee,
as the same has been amended, modified and/or supplemented.

“Exercise Period”
is defined in Section 11.5.

“Expansion”
is defined in Section 8.9(g).

“Facilitating Payment”
means a small value payment made to a Government Official to expedite or secure the performance of routine, or non-discretionary governmental
action that is ordinarily and commonly performed by a Government Official.

“Fee”
means any fee payable to the General Partner or LRA (or any Affiliate or permitted assignee thereof) pursuant to this Agreement, including
the Asset Management Fee, the Acquisition Fee and the property management fees and leasing fees described in Section 8.2(a) hereof.

“Fee Owner”
means any Subsidiary of the Partnership that owns fee title to, or a ground lease interest in, one (1) or more Properties.

“Fiscal Year”
means each calendar year ending December 31.

“For Cause Event”
means, with respect to a Partner, any of the following events, in each case except as may otherwise be Approved by any Partner in the
Partner Group that does not include such Partner in their respective sole and absolute discretion:

(a)               
any act or omission by such Partner with respect to the Partnership or any Subsidiary that constitutes fraud, gross negligence
or willful misconduct;

(b)              
the occurrence of a Bankruptcy/Dissolution Event with respect to such Partner; and

(c)               
criminal misconduct by such Partner, its Affiliates or their respective employees with respect to the Partnership or a Subsidiary;
provided that if such misconduct is committed (a) by an employee who is not a Vice President or more senior officer (or holds a comparable
position) of such Partner or its Affiliates, and (b) without the actual prior knowledge, action or knowing involvement of any Vice
President or more senior officer (or similar position) of such Partner or any of its Affiliates, such misconduct may be cured if, within
thirty (30) days after being notified of such event, such Partner (i) permanently removes such employee from matters related
to the Partnership and replaces such employee, (ii) makes full restitution to the Partnership and the other Partners of all losses
(including reasonable attorneys’ fees) caused by, in connection with or arising out of such misconduct (less any portion of such
losses that has been recovered from insurance held by or for the benefit of the Partnership or any Subsidiary, and excluding from such
carve out all deductibles and self-retention amounts) and (iii) promptly takes all necessary or appropriate actions with respect
to such misconduct to protect the interests of the Partnership.

    	 	8	 

    	 	 

    

A Partner may contest whether a For Cause Event
with respect to such Partner has occurred solely in the manner provided in Section 14.2, in which event the remedies hereunder
applicable to such For Cause Event shall be stayed until resolution thereof in accordance with Section 14.2.

“Forced Sale”
is defined in Section 11.5.

“Foreign Corrupt
Practices Act” means the Foreign Corrupt Practices Act of the United States, 15 U.S.C. Sections 78a, 78m, 78dd-1, 78dd-2,
78dd-3, and 78ff, if applicable, or any similar law of any jurisdiction where one or more of the Properties are located or where
the Partnership or any Subsidiary transacts business or any other jurisdiction, if applicable, all as amended and in effect as of the
date of determination.

“Fundamental Decision”
means (i) any amendment, modification or termination of this Agreement, except for amendments or modifications that would not materially
and disproportionately (as compared to the other Partners) diminish the rights or increase the obligations of a Partner, and only to the
extent such amendments or modifications are necessary to reflect (A) the admission of any Partner in accordance with the terms of
this Agreement, or (B) any other actions contemplated by this Agreement; (ii) dissolving, terminating or winding up the Partnership;
(iii) taking any action that would require any Impacted Partner or one or more Affiliates of any Impacted Partner to provide any
Credit Support (for the avoidance of doubt, without limiting any Credit Support provided prior to the date of the applicable For Cause
Event), (iv) a merger or recapitalization of the Partnership or any of the Subsidiary(ies) (i.e., any action described in item (vi)(a)
of Exhibit B), provided, for the avoidance of doubt, that the term “recapitalization” as used in this clause (iv)
shall not include any action described in item (vii) of Exhibit B), (v) except as otherwise provided in Sections 8.1(c)(i)
and 11.2, the admission of a Partner, (vi) taking any action described in items (i), (v), (x), (xiv) and
(xviii) of Exhibit B, (vii) Approvals contemplated under the definitions of For Cause Event and Gross Asset
Value and under Sections 4.2(d), 4.4, 7.6, 8.1(c)(i), 8.5, 8.6, 11.1, 11.5,
11.6, 13.3(c), 14.17, 14.19, 14.21 and 16.2, and (viii) taking any action materially
inconsistent with Section 3.

“Fundamental Transaction”
means (a)(i) the transfer, exchange or issuance of shares in any Person that holds direct or indirect interests in a Partner and in which
Person shares are publicly traded immediately prior to the consummation of such transfer or issuance of shares, (ii) the consolidation,
merger or similar transaction involving all or substantially all of the interests of any such Person or (iii) any other transfer, sale
or disposal of all or substantially all of the assets of any direct or indirect owner of the General Partner, or of all or substantially
all of the beneficial interests in the General Partner, in each case, that results in a change of Control of such Partner, other than
(A) any such transaction where LXP’s outstanding voting shares are not changed or exchanged at all (except to the extent necessary
to reflect a change in LXP’s jurisdiction of formation), or (B) where (1) LXP’s outstanding voting shares are changed into
or exchanged for cash, securities and other property (other than equity interests of the surviving corporation) and (2) LXP’s shareholders
immediately before such transaction own, directly or indirectly, immediately following such transaction, more than fifty percent (50%)
of the total outstanding voting stock of the surviving corporation, (b) any transaction pursuant to which a majority of the board of trustees
of LXP is removed or replaced, such that, following such removal or replacement, the decision-making authority of such board of trustees
rests with its new trustees, or (c) any liquidation or dissolution, or adoption of a plan of liquidation or dissolution, with respect
to LXP.

    	 	9	 

    	 	 

    

“General Partner”
means LXP GP, unless and until LXP GP is replaced as General Partner pursuant to and in accordance with this Agreement (after which such
replacement shall be General Partner).

“Government Official”
means anyone working in an official capacity for a government, government agency or instrumentality (including employees of government
owned or controlled companies), public international organization or political party or any officer thereof or any candidate for office
in any jurisdiction.

“GP Managed Properties”
is defined in Section 8.2(b).

“GP Subsidiary”
means any Subsidiary of the Partnership that acts as the general partner of a Fee Owner that is a limited partnership.

“Gross Asset Value”
means, with respect to any asset of the Partnership, such asset’s adjusted basis for federal income tax purposes, except as follows
or as otherwise specifically provided herein:

(a)               
the initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of
such asset at the time of contribution as determined by General Partner using such reasonable method of valuation as it may adopt and
as Approved by the Partners;

(b)              
in the discretion of General Partner, the Gross Asset Values of any assets of the Partnership shall be adjusted to equal their
respective gross fair market values, as reasonably determined by General Partner, at the times specified in section 1.704-1(b)(2)(iv)(f)
of the Regulations or at such other times as may be permitted by the Regulations;

(c)               
any adjustments to the adjusted basis of the Partnership assets pursuant to section 734 or 743 of the Code shall be taken
into account in determining such asset’s Gross Asset Value in a manner consistent with section 1.704-1(b)(2)(iv)(m) of the
Regulations;

(d)              
the Gross Asset Values of any Partnership assets Distributed to any Partner shall be the gross fair market values of such assets
as reasonably determined by General Partner and Approved by the Non-GP Partners as of the date of Distribution; and

(e)               
if the Gross Asset Values of any Partnership assets have been determined pursuant to clause (a), (b) or (c) of this
definition, such Gross Asset Values shall thereafter be adjusted for Depreciation with respect to such assets for purposes of computing
Net Income and Net Loss.

“Gross Collections”
means the entire amount of all Property receipts, determined on a cash basis (without duplication and determined on a consistent basis
with prior periods), from (i) tenant rentals and other sums collected pursuant to Leases (excluding security deposits relating to
the Property) and other amounts collected for rental of the Property, including parking income, parking fees, facility fees and similar
amounts, (ii) amounts collected from tenants or

    	 	10	 

    	 	 

    

counterparties pursuant to Leases as tax, insurance,
common area maintenance or other reimbursements, (iii) proceeds from rental loss or business interruption insurance, (iv) any
sums and charges collected in connection with termination of the Leases or settlement of rent claims, and (v) other miscellaneous
income.

“Guarantor”
means either DK Guarantor or LXP Guarantor.

“Holdco Subsidiaries”
means, collectively, NNN MFG Cold Holdco L.P., a Delaware limited partnership, and NNN MFG Cold Holdco GP LLC, a Delaware limited liability
company.

“Impacted Partner”
is defined in Section 8.1(c)(ii).

“Income”
means the gross income of the Partnership for any month, Fiscal Year or other period, as applicable, including gains realized on the sale,
exchange or other disposition of the Partnership’s assets.

“Indemnified Party”
is defined in Section 13.3(b).

“Indemnifying Party”
is defined in Section 13.3(b).

“Initial Capital
Contribution” is defined in Section 4.1(a).

“Initiating Partner”
is defined in Section 11.5.

“Initial Value”
means, with respect to any asset of the Partnership (or Subsidiary of the Partnership), the gross fair market value of such asset at the
time of contribution or acquisition as determined by General Partner using such reasonable method of valuation as it may adopt and as
Approved by the Partners; provided, that, (i) with respect to each of the Portfolio Properties, the Initial Value shall be as set forth
in the Purchase Agreement, and (ii) with respect to any acquired Approved Property, the Initial Value shall be the Acquisition Costs for
such Property.

“Intentional Withholding
Claim” is defined in Section 16.2.

“Interest”
means, with respect to a Partner, the entire interest of such Partner in the Partnership as of the date of determination, including the
right of such Partner to any and all of the benefits to which such Partner may be entitled as provided in this Agreement and the Act,
together with the obligations of such Partner to comply with all of the terms and provisions of this Agreement.

“Internal Rate of
Return” means the annual percentage rate that causes the present value of the aggregate (i) Portfolio Distributions to a Partner
to equal the present value of such Partner’s aggregate Portfolio Capital Contributions, or (ii) Approved Property Distributions
with respect to Approved Property Pool #1 or Approved Property Pool #2, as applicable, to a Partner to equal the present value of such
Partner’s aggregate Approved Property Capital Contributions with respect to such Approved Property pool; provided, however, that
for purposes of the Internal Rate of Return, (x) Capital Contributions that constitute Preferred Contributions and (y) Distributions
under Section 5.1(a)(1), Section 5.1(b)(1) or Section 5.1(c)(1) shall, in each case, be excluded.

    	 	11	 

    	 	 

    

The Internal Rate of Return shall be calculated
using the “XIRR” spreadsheet function in Microsoft Excel, where values are an array of values with Portfolio Capital Contributions
or Approved Property Capital Contributions, as applicable, being negative values and Portfolio Distributions or Approved Property Distributions,
as applicable, being positive values and the corresponding dates in the array being the actual dates that Portfolio Capital Contributions,
Approved Property Capital Contributions, Portfolio Distributions and Approved Property Distributions, as applicable, were made.

“Investor Partner”
is defined in the preamble hereof, and includes its successors and permitted assigns hereunder.

“LCIF”
is defined in Section 16.1.

“Lease”
means any lease, license or other written agreement for the use or occupancy of all or any portion of any Property, including any such
agreement relating to any antennae or satellite or condominium interest.

“Lender”
means the lender or lenders under any Loan.

“Limited Partner”
means any Person that is as of the date of determination a limited partner of the Partnership and shown as such on the books and records
of the Partnership in its capacity as a limited partner of the Partnership. For purposes of the Act, the Limited Partners shall constitute
a single class, series or group of limited partners of the Partnership. As of the Effective Date, the Limited Partners are Investor Partner
and LXP LP.

“Liquidity”
means, with respect to each Guarantor, as of a given date, (a) amounts that are available to be drawn upon demand by such Guarantor
pursuant to a line of credit to which such Guarantor is a party, which line of credit is (i) from an institutional lender that is
not subject to a bankruptcy or similar proceeding and (ii) not in default or imminent default, (b) an amount equal to one hundred
percent (100%) of (i) uncalled capital commitments of such Guarantor’s investors to such Guarantor, plus distributions
to such Guarantor’s investors by such Guarantor which distributions may be subject to recall, to the extent such capital commitments
and/or recallable distributions are (A) payable in cash and (B) readily available to be called or recalled by such Guarantor
without restriction or any other condition at any time and from time to time other than notice, less (ii) any amounts then
outstanding under any lines of credit of such Guarantor secured by any such uncalled capital commitments or recallable distributions;
provided further that all uncalled capital commitments or recallable distributions must be from (or recallable from) an investor
that is not subject to a bankruptcy or similar proceeding and (c) all unrestricted (i) cash and (ii) any of the following:
(A) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by an agency thereof
and backed by the full faith and credit of the United States; (B) marketable direct obligations issued by any state or territory
of the United States of America or any political subdivision of any such state or territory or any public instrumentality thereof which,
at the time of acquisition, has a long term unsecured debt rating of not less than “BBB” by Standard & Poor’s Corporation,
“BBB” by Fitch Investors and “Baa2” by Moody’s Investors Service, Inc., and is not listed for possible down-grade
in any publication of any of the foregoing rating services; (C) domestic certificates of deposit or domestic time deposits or repurchase
agreements issued by any commercial bank organized under the laws

    	 	12	 

    	 	 

    

of the United States of America or any state
thereof or the District of Columbia having a long term unsecured debt rating of not less than “BBB” by Standard & Poor’s
Corporation, “BBB” by Fitch Investors and “Baa2” by Moody’s Investors Service, Inc., and not listed for
possible down-grade in any publication of any of the foregoing rating services; (D) money market funds having assets under management
in excess of $500,000,000; (E) any stock, shares, certificates, bonds, debentures, notes or other instrument which constitutes a
“security” under the Securities Act (other than securities of any Partner or any Partner’s Affiliate) which are freely
tradable on any nationally recognized securities exchange or otherwise readily marketable and liquid; (F) amounts available under
lines of credit of such Guarantor; and/or (G) obligations of the following United States government sponsored agencies: Federal Home
Loan Mortgage Corp. (debt obligations), the Farm Credit System (consolidated systemwide bonds and notes), the Federal Home Loan Banks
(consolidated debt obligations), the Federal National Mortgage Association (debt obligations), and the Resolution Funding Corp. (debt
obligations); provided, however, that the investments described in this clause (G) (1) must have a predetermined
fixed dollar of principal due at maturity that cannot vary or change, (2) if rated by Standard & Poor’s Corporation, must
not have any qualifier affixed to their rating, (3) if such investments have a variable rate of interest, such interest rate must
be tied to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, (4) must not
be subject to liquidation prior to their maturity and (5) must have maturities of not more than 365 days.

“Loan”
means any loan to the Partnership or its Subsidiaries that is outstanding as of the date of determination.

“Lock-Out Date”
means the date that is three (3) years following the Effective Date.

“Loss”
means the aggregate of losses, deductions and expenses of the Partnership for any month, Fiscal Year or other period, as applicable, including
losses realized on the sale, exchange or other disposition of the Partnership’s assets.

“LRA”
means Lexington Realty Advisors, Inc., a Delaware corporation and an Affiliate of LXP and LXP GP.

“LXP”
is defined in Section 10.2.

“LXP GP”
is defined in the preamble hereof, and includes its successors and permitted assigns hereunder (but, for the avoidance of doubt, not including
a Replacement General Partner).

“LXP Guarantor”
is defined in Section 13.3(c).

“LXP LP”
is defined in the preamble hereof, and includes its successors and permitted assigns hereunder.

“LXP Partner Group”
means the LXP Partners.

“LXP Partners”
means, individually or collectively as the context requires, LXP LP and LXP GP.

    	 	13	 

    	 	 

    

“Major Decisions”
is defined in Section 8.1(a).

“Management Internalization
Event” means the acquisition by the Partnership and its Subsidiaries of Properties (including the Portfolio Properties) with
an aggregate Initial Value of at least One Billion Two Hundred Fifty Million and No/100 Dollars ($1,250,000,000.00).

“Material Changes”
is defined in Section 8.9(c).

“ML Claim”
is defined in Section 16.2.

“Negotiation Period”
is defined in Section 14.21.

“Negotiation Notice”
is defined in Section 14.21.

“Net Income”
and “Net Loss” mean, respectively, for each Fiscal Year or other period, the Partnership’s taxable income or
loss for such Fiscal Year or other period, determined in accordance with section 703(a) of the Code (for this purpose, all items
of income, gain, loss or deduction required to be stated separately pursuant to section 703(a)(1) of the Code shall be included in
taxable income or loss), adjusted as follows:

(a)               
any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income
or Net Loss shall be added to such taxable income or loss;

(b)              
in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such Fiscal Year or other period;

(c)               
any items that are specially allocated pursuant to Section 6.2 shall not be taken into account in computing Net Income
or Net Loss;

(d)              
any expenditures of the Partnership described in section 705(a)(2)(B) of the Code (or treated as such under section 1.704-1(b)(2)(iv)(i)
of the Regulations) and not otherwise taken into account in computing Net Income or Net Loss shall be deducted from such taxable income
or loss;

(e)               
in the event the Gross Asset Value of any Partnership asset is adjusted in accordance with clause (b) or (c) of the definition
of Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for
purposes of computing Net Income or Net Loss;

(f)               
gain or loss resulting from any disposition of any Partnership asset with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Gross Asset Value of the asset disposed of, notwithstanding the fact that the
adjusted tax basis of such asset differs from its Gross Asset Value; and

(g)              
an allocation of the Partnership’s Net Income or Net Loss to a Partner shall be treated as an allocation to such Partner
of the same share of each item of income, gain,

    	 	14	 

    	 	 

    

loss and deduction that has been taken
into account in computing such Net Income or Net Loss except as otherwise required by law.

“Net Operating Income”
means the amount by which Gross Collections exceed Operating Costs (without regard to amounts incurred for interest or other payments
under monetary obligations, income taxes or reserves).

“Net Worth”
means, with respect to each Guarantor, as of a given date (exclusive of the value of such Guarantor’s indirect interest in the assets
of the Partnership), the sum of (a) all amounts that would be included under net assets (the result of total assets minus total liabilities)
on the consolidated statement of net assets of such Guarantor and its consolidated subsidiaries at such date, determined pursuant to the
fair value basis of accounting in conformity with GAAP, including, without limitation, with respect to such Guarantor and its consolidated
subsidiaries, one hundred percent (100%) of the amount of (i) uncalled capital commitments of such Guarantor’s investors
to such Guarantor, all distributions to such Guarantor’s investors by such Guarantor which may be subject to recall, and all lines
of credit available to such Guarantor, which capital commitments, recallable distributions or lines of credit are (A) payable in
cash and (B) readily available to be called or recalled by such Guarantor without restriction or any other condition at any time
and from time to time other than notice, less (ii) any amounts then outstanding under any lines of credit of Guarantor secured
by any such uncalled capital commitments or recallable distributions; provided further that all uncalled capital commitments and
recallable distributions must be from (or recallable from) an investor that is not subject to a bankruptcy or similar proceeding.

“NLSAF”
is defined in Section 16.1.

“Non-Contributing
Partner” is defined in Section 4.2(c).

“Non-GP Partner”
means all of the Partners other than General Partner.

“Non-Initiating
Partner” is defined in Section 11.5.

“Non-Initiating
Partner Group” is defined in Section 11.5.

“Non-Recourse Guaranty”
means any customary non-recourse carve-out guaranty required by a Lender in connection with a Loan.

“Nonrecourse Deduction”
has the meaning given such term in section 1.704-2(b)(1) of the Regulations.

“Nonrecourse Liability”
has the meaning given such term in section 1.704-2(b)(3) of the Regulations.

“Notice”
is defined in Section 14.1.

“OFAC”
means the United States Treasury’s Office of Foreign Assets Control.

“Offer Notice”
is defined in Section 11.5.

    	 	15	 

    	 	 

    

“Offeree”
is defined in Section 11.6.

“Offeree Notice”
is defined in Section 11.6(c).

“Offeree Notice
Check” is defined in Section 11.6(c).

“Offeror”
is defined in Section 11.6.

“Operating Costs”
means, with respect to each Fiscal Year, the sum of (without duplication and determined on a consistent basis with prior periods): (i) all
cash expenditures of the Partnership for costs and expenses, including: payments of interest or other monetary obligations; accounting,
legal and auditing fees; taxes payable by the Partnership (to the extent not attributable to a particular Partner); public or private
utility charges; sales, use, payroll taxes and withholding taxes related thereto (to the extent not attributable to a particular Partner);
and all other advertising, management, leasing, government approval and other operating costs and expenses actually paid by the Partnership
during such Fiscal Year; plus (ii) such reserves established from time to time in respect of such Fiscal Year in accordance with
the Approved Annual Budget or as otherwise reasonably determined by General Partner for Partnership expenditures.

“Option Event”
means a Forced Sale, a ROFO Sale or a Buy-Sell.

“Option Notice”
means an Offer Notice or a Buy-Sell Notice.

“Owner’s Affidavit”
is defined in Section 16.1.

“Owner’s Title Policies”
is defined in Section 16.1.

“Partner”
and “Partners” means, individually or collectively as the context requires, Investor Partner, LXP LP, LXP GP and any
other Person admitted to the Partnership pursuant to this Agreement.

“Partner Group”
means, individually or collectively as the context requires, DK Partner Group or LXP Partner Group.

“Partner in Question”
is defined in Section 14.13.

“Partner Minimum
Gain” has the meaning given the term “partner nonrecourse debt minimum gain” as defined in section 1.704-2(i)(2)
of the Regulations.

“Partner Nonrecourse
Debt” has the meaning given the term “partner nonrecourse debt” in section 1.704-2(b)(4) of the Regulations.

“Partner Nonrecourse
Deductions” has the meaning given the term “partner nonrecourse deductions” in section 1.704-2(i) of the Regulations.

“Partnership”
is defined in the Recitals.

“Partnership Audit
Procedures” means Subchapter C of Chapter 63 of Subtitle F of the Code, as modified by section 1101 of the
Bipartisan Budget Act of 2015, Public Law

    	 	16	 

    	 	 

    

Number 114-74 and any successor statute
thereto or Regulations promulgated or official guidance issued thereunder (or any comparable provision of foreign, state or local income
tax laws, and any corresponding or similar provision of any succeeding income tax law).

“Partnership Expenses”
means, with respect to each Fiscal Year or other applicable period, (i) all cash expenditures of the Partnership for Partnership costs
and expenses, including the Asset Management Fee and other Operating Costs, and (ii) such reserves established from time to time in respect
of such Fiscal Year or other period in accordance with the Approved Annual Budget or as otherwise reasonably determined by General Partner
for Partnership expenditures, in each case, to the extent that such expenditures or reserves relate to obligations, costs or expenses
of the Partnership not properly allocable to any particular Property or Properties. Partnership Expenses shall be allocated among Portfolio
Properties and Approved Properties as determined by the General Partner in its reasonable discretion, taking into account the actual cost
of the Properties, the period of time during which the Properties have been held during the subject allocation period, and the amount
of time the General Partner (and its Affiliates) devote to the various Properties during the subject allocation period.

“Partnership Minimum
Gain” has the meaning given the term “partnership minimum gain” in sections 1.704-2(b)(2) and 1.704-2(d)
of the Regulations.

“Partnership Representative”
is defined in Section 7.3(a).

“Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
P.L. 107-56 and the regulations issued thereunder, all as amended and in effect as of the date of determination.

“Percentage Interest”
means, with respect to a Partner, the number, expressed as a percentage, determined by dividing the aggregate amount of such Partner’s
Capital Contributions by the aggregate amount of all Partners’ Capital Contributions. For purposes of calculating the foregoing,
Capital Contributions that constitute Preferred Contributions or amounts contributed to satisfy any obligation to pay Acquisition Fees
shall be excluded from the determination of Percentage Interest. A Partner’s “Percentage Interest” of an amount or liability
means such amount, or the amount of such liability, as the case may be, multiplied by such Partner’s Percentage Interest.

“Performance Standard”
means the standard of care required of prudent and experienced third-party asset managers in accordance with customary industry standards
performing similar functions with respect to similar investments as those made by the Partnership in accordance herewith, subject in all
cases to the availability of Partnership funds.

“Permitted Expenses”
means: (i) with respect to each line item in the Approved Annual Budget (for the avoidance of doubt, for any line item for the Partnership
in the aggregate and for any line item for a Property on an individual basis), any expenditure that, together with all Permitted Expenses
that the Partnership has made in respect of such line item in the same Fiscal Year (excluding any such Permitted Expenses that a third
party or insurer has reimbursed), would not exceed the greater of (A) an amount equal to one hundred five percent (105%) of
the amount of such line item or (B) Twenty Thousand Dollars ($20,000); (ii) expenditures that General Partner

    	 	17	 

    	 	 

    

determines in accordance with the Performance
Standard are necessary in order to avoid or mitigate an Emergency; (iii) expenditures for any other obligation of the Partnership
or its Subsidiaries Approved by all of the Partners in their respective sole and absolute discretion, including pursuit or acquisition
costs for any Approved Property (for the avoidance of doubt, subject to Section 8.1(c)(ii)); (iv) amounts due and payable
by the Partnership in respect of the Partnership’s indemnification obligations under Section 13.2; (v) amounts
necessary to pay judgments or liens against the Partnership, any of the Properties or any of the Subsidiaries that, in each case, (A) together
with all Permitted Expenses that the Partnership has made in respect of this clause (v) in the same Fiscal Year (excluding
any such Permitted Expenses that a third party or insurer has reimbursed), would not exceed Five Hundred Thousand Dollars ($500,000),
and (B) have been fully adjudicated; (vi) all reasonable and customary costs and expenses of any third party retained in connection
with the operation of the Properties and the Partnership or Subsidiary(ies) (so long as such third party was not retained in violation
of this Agreement); (vii) all costs and expenses due and payable under, or required by, any Lease, Loan or other document or instrument
affecting a Property (so long as the relevant instruments or agreements (including any amendments thereto) were not entered into in violation
of this Agreement); (viii) any reasonable costs or expenses incurred in implementing a Major Decision (not including any Partner’s
overhead or employee costs), provided that all of the Partners have Approved such Major Decision (for the avoidance of doubt, subject
to Section 8.1(c)(ii)), to the extent such costs and expenses are not otherwise already included in the Approved Annual Business
Plan; (ix) reasonable costs and expenses incurred in connection with the formation, organization and/or initial capitalization of
the Partnership or Subsidiary(ies), not including any Partner’s overhead or employee costs; (x) amounts for real estate or
personal property taxes for any Property; and (xi) other costs and expenses of the Partnership expressly set forth in this Agreement.

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated
organization, government or any agency or political subdivision thereof or any other legal entity.

‎“Physical
Inspection Report” means a report prepared by a qualified ‎independent third party engineer, architect or other real estate
inspector selected by the General ‎Partner concerning the physical condition of any Proposed Property.‎

“Portfolio Capital
Contributions” means, with respect to any Partner, the aggregate Capital Contributions contributed by such Partner to the Partnership
with respect to the Portfolio Properties (i.e., all Capital Contributions other than Approved Property Capital Contributions), including
any Capital Contributions made by such Partner with respect to Partnership Expenses that are allocated by the General Partner to the Portfolio
Properties.

“Portfolio Distributable
Funds” means, with respect to any applicable period, an amount equal to the Cash Flow for such period relating to the Portfolio
Properties (including deduction for the Portfolio Properties’ allocable portion of Partnership Expenses), reduced by reserves of
the Partnership for anticipated capital expenditures, future working capital needs and operating expenses, contingent obligations and
other purposes relating to the Portfolio Properties, the amounts of which shall be reasonably determined from time to time by General
Partner. For the avoidance of doubt, for purposes of the foregoing, the reserves of the Partnership shall be

    	 	18	 

    	 	 

    

determined on a consolidated basis with all
Subsidiaries with an interest in any Portfolio Property (to the extent of the Partnership’s direct and indirect interests therein).

“Portfolio Distributions”
means Distributions of Portfolio Distributable Funds made to a Partner.

“Portfolio Preferred
Return Amount” means, with respect to a Partner as of the date of determination, an aggregate amount, computed like interest
at the rate of fifteen percent (15%) per annum, compounded quarterly, on the outstanding balance from time to time of such Partner’s
Undistributed Portfolio Preferred Contributions, reduced by Portfolio Distributions made to such Partner since the Effective Date under
Section 5.1(a)(1)(x).

“Portfolio Property”
means, whether individually or collectively, all right, title and interest in and to each real property owned by the Partnership or any
Subsidiary as of the Effective Date, which such real property is identified on Exhibit A, to the extent that any such Property
is still owned as of the applicable date of determination.

“Preferred Contribution”
is defined in Section 4.2(d).

“Prior Notice”
is defined in Section 11.7(a).

“Priority Event”
is defined in Section 11.7(a).

“Pro Rata Share”
is defined in Section 4.2(a).

“Prohibited Person”
means any Person that is: (i) the subject or target of any Sanctions; (ii) named in any Sanctions-related list maintained by
OFAC, the U.S. Department of State, the U.S. Department of Commerce or the U.S. Department of the Treasury, including the
OFAC list of “Specially Designated Nationals and Blocked Persons”; or (iii) owned or Controlled by any such Person or
Persons described in the foregoing clause (i) or clause (ii).

“Property”
means, whether individually or collectively, all right, title and interest in and to each real property owned by the Partnership or any
Subsidiary as of the date of determination, including the Portfolio Properties and any Approved Properties owned by the Partnership or
any Subsidiary.

“Property Manager”
is defined in Section 8.2(a).

“Proposed Property”
is defined in Section 8.9(a).

“Proposed Property
Overview” is defined in Section 8.9(b).

“Purchase Agreement”
means that certain Purchase and Sale Agreement, dated as of the date hereof, by and among LXP, LCIF, Net Lease Strategic Assets Fund L.P.,
a Delaware limited partnership, and Investor Partner, as amended as of the date of determination.

“Purchase/Redemption
Price” means One Hundred Dollars ($100).

    	 	19	 

    	 	 

    

“Purchase Price”
is defined in Section 11.6(b).

“Purchaser”
is defined in Section 11.6(d).

“Pursuer”
is defined in Section 9.

“Pursuit Costs”
is defined in Section 8.9(f).

“REIT”
is defined in Section 10.2.

“Receiving Person”
is defined in Section 9.

“Reconciliation
Statement” shall have the meaning provided on Exhibit C “Records” is defined in Section 7.1.

“Regulations”
means the Treasury Regulations promulgated pursuant to the Code, including the corresponding provisions of any successor regulations,
all as amended and in effect as of the date of determination.

“Regulatory Allocations”
is defined in Section 6.2(h).

“Removal Date”
is defined in Section 8.1(c)(i).

“Removal Notice”
is defined in Section 8.1(c)(i).

“Removing Partner”
is defined in Section 8.1(c)(i).

“Replacement General
Partner” is defined in Section 8.1(c)(i).

“Required Capital”
is defined in Section 4.2(a).

“Risk Based Audit”
is defined in Section 7.1.

“ROFO Default”
is defined in Section 11.5(b).

“ROFO Deposit”
is defined in Section 11.5.

“ROFO Election”
is defined in Section 11.5.

“ROFO Purchaser”
is defined in Section 11.5.

“ROFO Sale”
is defined in Section 11.5.

“ROFO Seller”
is defined in Section 11.5.

“Sale Price”
is defined in Section 11.5.

    	 	20	 

    	 	 

    

“Sale Right”
means any option, right of first offer, right of first refusal or similar right to purchase a Property in favor of any Person, including
any such right of a tenant or a counterparty under a Lease.

‎“Sanctioned
Entity” means any individual, entity, group, sector, territory or ‎country that is the target of any Sanctions, including
without limitation, any legal entity that is ‎deemed to be a target of Sanctions based on the direct or indirect ownership or control
of such ‎entity by any other Sanctioned Entity.‎

“Sanctioned Jurisdiction”
means, as of the date of determination, a country, territory or geographical region that is the subject or target of any Sanctions (as
of the Effective Date, including, without limitation, Afghanistan, the Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba,
Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe).

“Sanctions”
means, as of the date of determination, economic or financial sanctions, requirements or trade embargoes imposed, administered or enforced
by U.S. governmental authorities (including OFAC, the U.S. Department of State and the U.S. Department of Commerce, or
through any existing or future executive order), the United Nations Security Council, the European Union, the United Kingdom or Her Majesty’s
Treasury or any other relevant governmental authorities.

“Securities Act”
means the Securities Act of 1933, as amended and in effect as of the date of determination.

“Seller”
is defined in Section 11.6(e).

“Sharefile”
means shared access to a data room, network drive or similar electronic means of sharing due diligence materials, notices or other data
among Partners.

“Shortfall Amount”
is defined in Section 4.2(c).

“Shortfall Deadline”
is defined in Section 4.2(c).

“Shortfall Loan”
is defined in Section 4.2(d).

“Shortfall Loan
Rate” is defined in Section 4.2(e).

“Shortfall Loan
Return” means, as of the date of determination, all accrued and unpaid interest on a Shortfall Loan in accordance with this
Agreement.

“Specified Valuation
Amount” is defined in Section 11.6(a)(2).

“Subject Property”
is defined in Section 11.5.

“Subsidiary”
means any Person of which fifty percent (50%) or more is owned, directly or indirectly, by the Partnership.

    	 	21	 

    	 	 

    

“Target Property”
means any single-tenant, net-leased, industrial real estate property that is at least eighty-five percent (85%) used (based on the aggregate
rentable square footage of such property) for manufacturing, assembly, cold storage, research and development, laboratory or other specialized
use providing for a higher yield than single-tenant warehouse and distribution assets, in all cases, excluding: (i) properties in which
LXP owns an interest, directly or indirectly, on the Effective Date; (ii) land acquired for the purpose of building, or properties
built or used primarily for warehouse and distribution purposes; (iii) properties located within, or within one (1) mile of, a park, association,
plat or development tract where LXP then (a) owns an interest in a property (including, without limitation, land) or (b) is, directly
or indirectly, under contract to acquire a property (including, without limitation, land); and (iv) properties within a portfolio containing
at least one (1) property that is not a Target Property.

“Tax Contest”
means any inquiries, claims, assessments, audits, controversies or similar events conducted by any Taxing Authority.

“Taxing Authority”
is defined in Section 6.4.

“Title Company”
is defined in Section 16.

“Transfer”
(and any reasonable variation thereof) means (i) as a noun, any transfer, sale, assignment, exchange, charge, pledge, gift, hypothecation,
conveyance, encumbrance or other disposition, voluntary or involuntary, by operation of law or otherwise, and (ii) as a verb, to
transfer, sell, assign, exchange, charge, pledge, give, hypothecate, convey, encumber or otherwise dispose of, voluntarily or involuntarily,
by operation of law or otherwise.

“Undistributed Approved
Property Pool #1 Preferred Contributions” means, with respect to a Partner as of the date of determination with respect to an
Approved Property in the Approved Property Pool #1: (a) the sum of the Preferred Contributions made by such Partner since the Effective
Date with respect to Approved Properties in Approved Property Pool #1; reduced (but not below zero) by (b) the Approved Property
Pool #1 Distributions with respect to such Approved Properties to such Partner since the Effective Date pursuant to Section 5.1(b)(1)(y).

“Undistributed Approved
Property Pool #2 Preferred Contributions” means, with respect to a Partner as of the date of determination with respect to an
Approved Property in the Approved Property Pool #2: (a) the sum of the Preferred Contributions made by such Partner since the Effective
Date with respect to Approved Properties in Approved Property Pool #2; reduced (but not below zero) by (b) the Approved Property
Pool #2 Distributions with respect to such Approved Properties to such Partner since the Effective Date pursuant to Section 5.1(c)(1)(y).

“Undistributed Portfolio
Preferred Contributions” means, with respect to a Partner as of the date of determination with respect to the Portfolio Properties:
(a) the sum of the Preferred Contributions made by such Partner since the Effective Date with respect to all Portfolio Properties;
reduced (but not below zero) by (b) the Portfolio Distributions to such Partner since the Effective Date pursuant to Section 5.1(a)(1)(y).

“Warren Property”
means that Property with an address of 26700 Bunert Road, Warren, Michigan.

    	 	22	 

    	 	 

    

Section 2.               
Organization of the Partnership.

2.1             
Name. The name of the Partnership shall be “NNN MFG Cold JV L.P.”. The business and affairs of the Partnership
shall be conducted under such name or such other name as, in the reasonable determination of General Partner, may be or become necessary
or appropriate to comply with the requirements of law in any jurisdiction in which the Partnership may elect to do business or otherwise
necessary or desirable, so long as concurrently with or promptly following any such change, notice thereof shall be given to each Partner,
which notice shall include an explanation of the reason(s) for such change.

2.2             
Place of Registered Office; Registered Agent. The address of the registered office of the Partnership in the State of Delaware
is 251 Little Falls Drive, Wilmington, DE 19808-1674 in New Castle County. The name and address of the registered agent for
service of process on the Partnership in the State of Delaware is Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808-1674
in New Castle County. General Partner may at any time on five (5) days’ prior notice to all other Partners change the location
of the Partnership’s registered office or change the registered agent.

2.3             
Principal Office. The principal address of the Partnership shall be One Penn Plaza, Suite 4015, New York, NY 10119-4015
or at such other place as may be reasonably determined by General Partner from time to time so long as concurrently with or promptly following
any such change, notice thereof shall be given to each Partner, which notice shall include an explanation of the reason(s) for such change.

2.4             
Filings. On or before the Effective Date, an authorized person within the meaning of the Act shall have duly filed or caused
to be filed the Certificate with the office of the Secretary of State of Delaware in accordance with the Act. General Partner shall amend
the Certificate whenever, and within the time periods, required by the Act, or otherwise when reasonably determined to be necessary by
General Partner from time to time, so long as concurrently with or promptly following any such change, notice thereof shall be given to
each Partner, which notice shall include an explanation of the reason(s) for such amendment. Further, on or before the Effective Date,
General Partner shall have arranged for the qualification of the Partnership to transact business in each jurisdiction in which such qualification
is necessary to carry out the purposes of the Partnership. The Partners hereby ratify any such filing and qualification. General Partner
shall use its commercially reasonable efforts to take such other actions as may be reasonably necessary in accordance with the Performance
Standard to perfect and maintain the status of the Partnership as a limited partnership in good standing under the laws of Delaware and
its qualification to transact business as a foreign limited partnership and its good standing in each jurisdiction in which such qualification
is necessary to carry out the purposes of the Partnership. Notwithstanding anything to the contrary, the Partnership shall not do business
in any jurisdiction that would jeopardize the limitation on liability afforded to the Partners under the Act or this Agreement.

2.5             
Term. The Partnership shall continue in existence from the Effective Date until the Partnership is dissolved as provided
in Section 12.

    	 	23	 

    	 	 

    

2.6             
 Expenses of the Partnership; Reimbursement. Except as provided elsewhere in this Agreement or in agreements entered into
between the Partnership or a Subsidiary and a Partner or its Affiliate, none of the Partners (or their respective Affiliates) shall be
paid any compensation by the Partnership or its Subsidiaries for rendering services to the Partnership or its Subsidiaries. Except as
otherwise provided in this Agreement and except for any costs to be borne by any third party under any agreement with the Partnership
or its Subsidiaries, the Partners intend that the Partnership and its Subsidiaries shall be responsible for paying, and shall themselves
pay, all direct costs and expenses related to the business and affairs of the Partnership and its Subsidiaries.

2.7             
Purchase Agreement. The Partners hereby Approve and ratify (i) the assumption by the Partnership of the Purchase Agreement,
on such date as Approved by the General Partner and Investor Partner, (ii) the acquisition, directly or indirectly, on the Effective
Date, of the limited liability company and limited partnership interests of the Fee Owners of the Portfolio Properties, the GP Subsidiaries
and the Holdco Subsidiaries, in each case, pursuant to and in accordance with the Purchase Agreement, (iii) the Loan from Bank of
America, N.A. in the aggregate amount of Three Hundred Eighty-One Million and No/100 Dollars ($381,000,000.00) (the “Bank of
America Loan”), if Approved by the Partners and obtained by the Partnership and/or its Subsidiaries on or after the Effective
Date with respect to the Properties other than the Warren Property and (iv) the assumption of a Loan in the original principal amount
of Twenty-Five Million Eight-Hundred Fifty Thousand and No/100 Dollars ($25,850,000.00) by the Partnership and/or the applicable Subsidiary
on or after the Effective Date with respect to the Warren Property.

Section 3.               
Purpose; Powers. The nature of the business to be conducted or promoted by the Partnership shall be solely to, directly
or indirectly through one or more Subsidiaries or Property Managers, Brokers or other professionals engaged by the Partnership or the
Subsidiaries in accordance with the terms hereof, (i) own, hold, administer and otherwise deal with the Partnership’s interest
in the Subsidiaries, (ii) acquire the limited liability company and limited partnership interests in the Fee Owners of the Portfolio
Properties and the GP Subsidiaries under the Purchase Agreement, and to acquire or form one or more Fee Owners that will acquire Approved
Properties and one or more GP Subsidiaries to act as the general partner of any such Fee Owner, if applicable, and cause each Fee Owner
to acquire, own, hold, develop, redevelop, construct, operate, manage, lease, license, improve, renovate, repair, alter, finance, refinance,
encumber, sell, exchange or otherwise deal with and dispose of the applicable Property and any portion thereof, (iii) oversee and
conduct the operation, management, leasing, improvement, renovation, repair, alteration and other activities of the Property and (iv) engage
in any and all activities necessary, appropriate, advisable or incidental to and in connection with any of the foregoing. Subject to the
terms and conditions hereof, the Partnership and General Partner on behalf of the Partnership (a) shall have and exercise all powers
necessary, convenient or incidental to accomplish its purposes as set forth in herein and (b) shall have and exercise all of the
powers and rights conferred upon limited partnerships formed pursuant to the Act.

Section 4.               
Capital Contributions, Percentage Interests and Capital Accounts.

4.1             
Initial Capital Contributions; Tax Characterization.

    	 	24	 

    	 	 

    

(a)               
 On the Effective Date, each Partner made a Capital Contribution in the amount set forth in an Approval executed by the Partners
contemporaneously herewith (each, its “Initial Capital Contribution”).

(b)              
The Partners agree and acknowledge that for federal income tax purposes (and applicable state and local tax purposes) the
Fee Owners of the Portfolio Properties and the GP Subsidiaries acquired under the Purchase Agreement will be treated as purchased by the
Partnership from an Affiliate of General Partner in a taxable transaction intended to be governed by section 1001 of the Code.

4.2             
Additional Capital Contributions.

(a)               
General Partner shall in accordance with the Performance Standard from time to time call for “Additional Capital Contributions”
from each Partner in the aggregate amount required to fund the timely payment of Permitted Expenses for which the Partnership is not reasonably
expected to have sufficient cash available (the “Required Capital”). Investor Partner may (but shall not be required
to) in accordance with the Performance Standard call for Additional Capital Contributions if (i) General Partner fails to timely
call for Additional Capital Contributions as required under this Agreement, (ii) Investor Partner has delivered notice of such failure
(which notice shall include an explanation of why such Additional Capital Contributions are required) to General Partner and (iii) General
Partner has not called for such Additional Capital Contributions within five (5) days following General Partner’s receipt of
such notice. Each call for Additional Capital Contributions pursuant to this Section 4.2 shall be an “Additional
Capital Call” and shall be made by delivery of notice therefor to all other Partners (each, a “Capital Demand Notice”).
Each Capital Demand Notice shall provide such details regarding the relevant Additional Capital Call as may be appropriate, including
(in any event) the Permitted Expense(s) for which the Additional Capital Call is made, whether the Additional Capital Call relates to
Permitted Expenses relating to the Portfolio Properties or to an Approved Property or to Partnership Expenses (in which case, the Additional
Capital Contributions made with respect to such Partnership Expenses shall be allocated among Portfolio Capital Contributions and Approved
Property Capital Contributions as reasonably determined by the General Partner), the amount of the Required Capital and each Partner’s
pro rata share (based upon its Percentage Interest) of the Required Capital (with respect to each Partner, its “Pro Rata Share”).
Each Partner shall contribute its Pro Rata Share in cash by wire transfer of funds to the Partnership account(s) designated in the Capital
Demand Notice on or prior to the date that is fifteen (15) Business Days after receipt of the Capital Demand Notice or prior to such
later date as is set forth in the Capital Demand Notice or such earlier date as may be set forth in the Capital Demand Notice in accordance
with Section 8.9(f) (the “Contribution Deadline”). Each period beginning when the Partners receive a Capital
Demand Notice and ending on the date of the Contribution Deadline shall be a “Contribution Period”.

(b)              
During any Contribution Period, the Partner that delivered the Capital Demand Notice initiating such Contribution Period may (but
shall not be required to) unilaterally (and/or together with its Affiliated Partners) make any or all of the applicable Additional Capital
Contributions as it determines, in accordance with the

    	 	25	 

    	 	 

    

Performance Standard, that the Partnership
must receive prior to the applicable Contribution Deadline in order to avoid a default by, additional costs to or other material adverse
effects on the Partnership, any Subsidiary or any Property. Each Additional Capital Contribution pursuant to the foregoing sentence shall
be an “Advance Contribution” and each Partner that made such Advance Contribution shall be an “Advance Contributor”.
With respect to any Advance Contribution, the following provisions shall apply:

		(1)	if, as of the applicable Contribution Deadline, all Partners have made their Additional Capital Contributions,
the Partnership shall repay to each Advance Contributor, without interest, from the first available source of funds therefor (including
the Additional Capital Contributions), an amount equal to (x) the amount of such Partner’s Advance Contribution less
(y) such Partner’s Pro Rata Share; or

		(2)	if, as of the applicable Shortfall Deadline, any Partner that is not an Advance Contributor has failed
to make its Additional Capital Contribution, then each Advance Contributor may elect by notice to the other Partners given within five
(5) Business Days following the Shortfall Deadline to (A) treat the portion of the Advance Contribution equal to such Advance
Contributor’s Pro Rata Share as such Advance Contributor’s Capital Contribution and treat the remainder of such Advance Contribution
(less any amount reimbursed (or available to be reimbursed) as a Shortfall Loan made as of the Shortfall Deadline by the Advance Contributor
to each Partner that failed to make its Additional Capital Contribution, in accordance with Section 4.2(d), or (B) be
refunded the Advance Contribution (x) in full (or, to the extent then utilized, repaid from the first available source of funds therefor)
or (y) to the extent in excess of such Advance Contributor’s Pro Rata Share, and to treat such Advance Contributor’s
Pro Rata Share as a Preferred Contribution with respect to the Portfolio Property or Approved Property, as applicable, relating to the
Advance Contribution.

(c)               
In the event that a Partner fails to contribute its Pro Rata Share on or before the Contribution Deadline, then: (i) General
Partner shall promptly provide notice to all other Partners of such failure (provided, however, that General Partner shall
not be required to provide such notice to any Partners that are Affiliates of General Partner and General Partner and such Affiliates
shall be deemed to have received such notice as of the Contribution Deadline); and (ii) if such Partner’s failure (A) continues
for a period of five (5) Business Days after such Partner receives (or is deemed to have received) notice thereof (the “Shortfall
Deadline”), then such Partner shall be a “Non-Contributing Partner”, the Partners that made such Additional
Capital Contributions shall be the “Contributing Partners” and the amount of the failed contribution shall be the “Shortfall
Amount”, or (B) is cured prior to the Shortfall Deadline, such Partner shall be deemed to have made the relevant Additional
Capital Contribution as of the applicable Contribution Deadline.

    	 	26	 

    	 	 

    

(d)              
 A Contributing Partner may (but shall not be required to) as its sole remedy elect by notice to the other Partners given within
five (5) Business Days following the Shortfall Deadline to: (1) advance to the Partnership on behalf of, and as a loan to, the
Non-Contributing Partner, an amount equal to the Shortfall Amount (each such loan, a “Shortfall Loan”); (2) receive
a refund of its Additional Capital Contribution; or (3) contribute to the Partnership the Shortfall Amount and treat such Shortfall
Amount and its Additional Capital Contribution as a priority preferred Capital Contribution with respect to the Portfolio Property or
applicable Approved Property (or, with respect Partnership Expenses, allocated among the Portfolio Properties and Approved Properties,
as determined by the General Partner in its reasonable discretion) (a “Preferred Contribution”). If any Partner in
a Partner Group elects to make a Shortfall Loan, then all Partners in such Partner Group shall be deemed to have elected to make a Shortfall
Loan. The aggregate amount of all Shortfall Loans made by all Contributing Partners must be equal to the aggregate amount of all Shortfall
Amounts, in each case with respect to the applicable Additional Capital Call. If there is more than one Contributing Partner that elects
to make a Shortfall Loan, then each such Contributing Partner’s Shortfall Loan shall be made in proportion to such Contributing
Partners’ Percentage Interests (or in such other proportion as they may Approve in their respective sole discretion). If the Contributing
Partner(s) elect in accordance with the foregoing to make a Shortfall Loan, such Shortfall Loan shall be advanced to the Partnership within
fifteen (15) Business Days following the Contribution Deadline. The failure to timely make such election or to timely make such Shortfall
Loan shall be deemed to be an election under clause (2). Upon a Contributing Partner’s election (or deemed election)
under clause (2), General Partner shall promptly refund each Contributing Partner’s Additional Capital Contribution.
Notwithstanding anything to the contrary, if a Contributing Partner and Non-Contributing Partner with respect to an Additional Capital
Call belong to the same Partner Group and any Contributing Partner in the other Partner Group makes a Shortfall Loan, then such Contributing
Partner that is an Affiliate of the Non-Contributing Partner shall not be permitted to exercise (or be deemed to exercise) any of the
remedies set forth above, including the right to receive a refund of its Additional Capital Contribution under clause (2).

(e)               
In the event of a Shortfall Loan, the Capital Account of the Non-Contributing Partner shall be credited with the amount of the
Shortfall Loan made by the Contributing Partner(s) and the aggregate amount of the Shortfall Loan made by the Contributing Partner(s)
shall be treated as a loan to the Non-Contributing Partner and shall constitute a debt owed by the Non-Contributing Partner to the Contributing
Partner(s). Any Shortfall Loan shall bear interest at the rate of fifteen percent (15%) per annum, compounded quarterly, but in no
event in excess of the highest rate permitted by applicable laws (the “Shortfall Loan Rate”), and shall be payable
by the Non-Contributing Partner as provided in Section 5.2. Interest on a Shortfall Loan, to the extent unpaid, shall accrue
and compound on a quarterly basis. A Shortfall Loan shall be prepayable, in whole or in part, at any time or from time to time, together
with all interest accrued thereon, without penalty. Any such Shortfall Loans shall be with full recourse to the Non-Contributing Partner
and shall be secured by the Non-Contributing Partner’s Interest, including such Non-Contributing Partner’s right to Distributions.
For the avoidance of doubt, “full recourse” to a Partner shall mean recourse solely to such Partner and not to any of its
Affiliates. In

    	 	27	 

    	 	 

    

furtherance thereof, upon the making
of such Shortfall Loan, the Non-Contributing Partner hereby pledges, assigns and grants a security interest in its Interest to the Contributing
Partner(s) and agrees to execute such documents and statements reasonably requested by the Contributing Partner(s) to further evidence
and secure such security interest; provided however, that such security interest may be foreclosed upon only in the event that
during the period in which a Shortfall Loan is outstanding, Distributions are paid to the Non-Contributing Partner prior to payment in
full of all amounts (including interest) owed under the Shortfall Loan. Payments on a Shortfall Loan shall be applied first to payment
of any Shortfall Loan Return with respect to such Shortfall Loan and then to principal due under such Shortfall Loan until all amounts
due thereunder are paid in full. At the request of the Contributing Partner, the borrower under a Shortfall Loan shall execute and deliver
a negotiable promissory note in the amount of such Shortfall Loan payable to the Contributing Partner in a form reasonably required by
the Contributing Partner no later than fifteen (15) days after such request is made.

4.3             
Percentage Interest. Percentage Interests shall not be adjusted by Distributions made (or deemed made) to a Partner, nor
by reason of any Shortfall Loan or Preferred Contribution.

4.4             
Return of Capital Contribution. Except as Approved by the Partners in their respective sole and absolute discretion, no
Partner shall have any right to withdraw or make a demand for withdrawal of the balance reflected in such Partner’s Capital Account
(as determined in accordance with Section 4.6) until the full and complete winding up and liquidation of the business of the
Partnership; provided however, that nothing contained in this Section 4.4 shall preclude a Partner from (i) receiving
Distributions in accordance with Section 5.1 or (ii) exercising its rights pursuant to Section 11.5 or Section 11.6.

4.5             
No Interest on Capital. Interest earned on Partnership funds shall inure solely to the benefit of the Partnership, and no
interest shall be paid upon any Capital Contributions or upon any undistributed or reinvested income or profits of the Partnership.

4.6             
Capital Accounts. “Capital Account” means a book account that shall be maintained by the Partnership
in accordance with the following provisions for each Partner:

(a)               
To each Partner’s Capital Account there shall be credited (i) the amount of cash contributed by such Partner, (ii) the
initial Gross Asset Value of any other asset contributed by such Partner to the capital of the Partnership (net of liabilities secured
by such asset that the Partnership assumes or takes subject to), (iii) such Partner’s distributive share of Net Income, (iv) the
amount of any of the liabilities of the Partnership assumed by such Partner and (v) any other items in the nature of income or gain
that are allocated to such Partner; and

(b)              
To each Partner’s Capital Account there shall be debited (i) the amount of cash Distributed to such Partner, (ii) the
Gross Asset Value of any property Distributed to such Partner pursuant to any provision of this Agreement (net of liabilities secured
by such property that such Partner assumes or takes subject to), (iii) such Partner’s

    	 	28	 

    	 	 

    

distributive share of Net Losses and
(iv) any other items in the nature of expenses or losses that are allocated to such Partner.

(c)               
No Partner shall be required to restore any negative balance in its Capital Account. In the event that a Partner’s Interest
or portion thereof is Transferred within the meaning of section 1.704-1(b)(2)(iv)(l) of the Regulations, the transferee shall succeed
to the Capital Account of such Partner to the extent that it relates to the Interest or portion thereof so Transferred.

(d)              
The Capital Account of each Partner shall be adjusted to reflect any adjustment to the Gross Asset Values of the Partnership’s
assets under clause (c) of the definition of Gross Asset Value.

(e)               
The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended
to comply with sections 1.704-1(b) and 1.704-2 of the Regulations, and shall be interpreted and applied in a manner consistent
with the Regulations.

(f)               
The Capital Account of each Partner as of the Effective Date shall be an amount equal to such Partner’s Initial Capital Contribution.

4.7             
New Partners. Except as otherwise provided in Sections 8.1(c)(i) and 11.3 (with respect to a Transfer
permitted under Section 11.2), no Person shall be admitted as a Partner without the Approval of the Partners in their respective
sole and absolute discretion.

4.8             
Capital Contributions by LXP Partners. Nothing in this Agreement shall limit the ability of any LXP Partner to make an Additional
Capital Contribution that otherwise is required to be made by any other LXP Partner. If any LXP Partner makes an Additional Capital Contribution
that otherwise is required to be made by any other LXP Partner by the Contribution Deadline, any LXP Partner shall instruct the Partnership
as to how (and if) they would like to adjust the Percentage Interests of the LXP Partners as between such LXP Partners as a result thereof;
provided that such Percentage Interests in the aggregate shall not exceed the Percentage Interests that such LXP Partners would have had
in the aggregate if such LXP Partners each funded their share of such Additional Capital Contribution and, provided, further, that absent
such instruction or in the event of conflicting instructions, such LXP Partners shall be treated as having funded their respective Percentage
Interests of such Additional Capital Contribution and shall be deemed to have entered into a transaction between themselves and not involving
the Partnership or any of the other Partners in order to provide the other with the funds to make such Additional Capital Contribution.

4.9             
Credit Support. To the extent that a Lender, governmental authority or other third party requires any surety bonds, letters
of credit, guarantees, indemnifications or other credit support from a Person other than the Partnership or a Subsidiary with respect
to the obligations of the Partnership or a Subsidiary (“Credit Support”), then (following Approval thereof as a Major
Decision, if, and only if, such Approval is required under this Agreement), each of the Partners shall provide (or cause a creditworthy
Affiliate Approved by the other Partners to provide) such Credit Support (on a joint and several or on a several basis, depending on the
terms required by

    	 	29	 

    	 	 

    

the Lender, governmental authority or third
person); provided, however, that General Partner shall provide (or cause a creditworthy Affiliate to provide) any Non-Recourse
Guaranty. Approval by a Partner of any financing that requires any Credit Support from such Partner (or its Affiliate) shall constitute
a commitment of such Partner to provide (or cause its Affiliate to provide) such Credit Support. Any Credit Support that is provided by
a Partner (or its creditworthy Affiliate) on a several basis shall be provided in an amount equal to such Partner’s Percentage Interest
multiplied by the required amount of such Credit Support (provided that the LXP Partners shall have the right to allocate amongst themselves
their collective share of such Credit Support). The Credit Support in effect as of the Effective Date is as set forth on Exhibit D.

Section 5.               
Distributions.

5.1             
Distribution of Portfolio Distributable Funds and Approved Property Distributable Funds.

(a)               
General Partner shall cause the Partnership to, as soon as reasonably practical as determined by General Partner in accordance
with the Performance Standard (and in any event, no less frequently than quarterly), make Distributions of Portfolio Distributable Funds
to the Partners in the following order of priority:

		(1)	First, (x) to the Partners that have an accrued and unpaid Portfolio Preferred Return Amount, pari
passu and pro rata in proportion to their aggregate accrued and unpaid Portfolio Preferred Return Amounts, until the accrued and unpaid
Portfolio Preferred Return Amount of each Partner is reduced to zero; and thereafter (y) to the Partners that have Undistributed
Portfolio Preferred Contributions, pari passu and pro rata in proportion to their aggregate Undistributed Portfolio Preferred Contributions,
until the Undistributed Portfolio Preferred Contributions of each Partner is reduced to zero;

		(2)	Second, to the Partners pari passu and pro rata in proportion to their respective Percentage Interests
until Investor Partner has received a cumulative ten percent (10%) Internal Rate of Return on its Portfolio Capital Contributions;

		(3)	Third, thirty percent (30%) to the LXP LP, and seventy percent (70%) to Investor Partner, pari
passu until Investor Partner has received a cumulative fifteen percent (15%) Internal Rate of Return on its Portfolio Capital Contributions
(taking into account cumulative distributions made pursuant to this Section 5.1(a)(3) and Section 5.1(a)(2) hereof); and

		(4)	Thereafter, forty-five percent (45%) to the LXP LP, and fifty-five percent (55%) to Investor
Partner, pari passu.

(b)              
General Partner shall cause the Partnership to, as soon as reasonably practical as determined by General Partner in accordance
with the Performance Standard

    	 	30	 

    	 	 

    

(and in any event, no less frequently
than quarterly), make Distributions of Approved Property Pool #1 Distributable Funds to the Partners in the following order of priority:

		(1)	First, (x) to the Partners that have an accrued and unpaid Approved Property Preferred Return Amount
with respect to any Approved Properties in Approved Property Pool #1, pari passu and pro rata in proportion to their aggregate accrued
and unpaid Approved Property Preferred Return Amounts with respect to the applicable Approved Properties in Approved Property Pool #1,
until the accrued and unpaid Approved Property Preferred Return Amount with respect to the applicable Approved Properties in Approved
Property Pool #1 of each Partner is reduced to zero; and thereafter (y) to the Partners that have Undistributed Approved Property
Pool #1 Preferred Contributions with respect to the applicable Approved Properties in Approved Property Pool #1, pari passu and pro rata
in proportion to their aggregate Undistributed Approved Property Pool #1 Preferred Contributions with respect to the applicable Approved
Properties in Approved Property Pool #1, until the Undistributed Approved Property Pool #1 Preferred Contributions with respect to the
applicable Approved Properties in Approved Property Pool #1 of each Partner is reduced to zero;

		(2)	Second, to the Partners pari passu and pro rata in proportion to their respective Percentage Interests
until Investor Partner has received a cumulative ten percent (10%) Internal Rate of Return on its Approved Property Capital Contributions
with respect to the Approved Properties in Approved Property Pool #1;

		(3)	Third, thirty percent (30%) to the LXP LP, and seventy percent (70%) to Investor Partner, pari
passu until Investor Partner has received a cumulative fifteen percent (15%) Internal Rate of Return on its Approved Property Capital
Contributions with respect to the Approved Properties in Approved Property Pool #1 (taking into account cumulative distributions made
pursuant to this Section 5.1(b)(3) and Section 5.1(b)(2) hereof); and

		(4)	Thereafter, forty-five percent (45%) to the LXP LP, and fifty-five percent (55%) to Investor
Partner, pari passu.

(c)               
General Partner shall cause the Partnership to, as soon as reasonably practical as determined by General Partner in accordance
with the Performance Standard (and in any event, no less frequently than quarterly), make Distributions of Approved Property Pool #2 Distributable
Funds to the Partners in the following order of priority:

		(1)	First, (x) to the Partners that have an accrued and unpaid Approved Property Preferred Return Amount
with respect to any Approved Properties in Approved Property Pool #2, pari passu and pro rata in

    	 	31	 

    	 	 

    

proportion to their aggregate accrued and
unpaid Approved Property Preferred Return Amounts with respect to the applicable Approved Properties in Approved Property Pool #2, until
the accrued and unpaid Approved Property Preferred Return Amount with respect to the applicable Approved Properties in Approved Property
Pool #2 of each Partner is reduced to zero; and thereafter (y) to the Partners that have Undistributed Approved Property Pool #2
Preferred Contributions with respect to the applicable Approved Properties in Approved Property Pool #2, pari passu and pro rata in proportion
to their aggregate Undistributed Approved Property Pool #2 Preferred Contributions with respect to the applicable Approved Properties
in Approved Property Pool #2, until the Undistributed Approved Property Pool #2 Preferred Contributions with respect to the applicable
Approved Properties in Approved Property Pool #2 of each Partner is reduced to zero;

		(2)	Second, to the Partners pari passu and pro rata in proportion to their respective Percentage Interests
until Investor Partner has received a cumulative ten percent (10%) Internal Rate of Return on its Approved Property Capital Contributions
with respect to the Approved Properties in Approved Property Pool #2;

		(3)	Third, thirty percent (30%) to the LXP LP, and seventy percent (70%) to Investor Partner, pari
passu until Investor Partner has received a cumulative fifteen percent (15%) Internal Rate of Return on its Approved Property Capital
Contributions with respect to the Approved Properties in Approved Property Pool #2 (taking into account cumulative distributions made
pursuant to this Section 5.1(c)(3) and Section 5.1(c)(2) hereof); and

		(4)	Thereafter, forty-five percent (45%) to the LXP LP, and fifty-five percent (55%) to Investor
Partner, pari passu.

(d)              
Notwithstanding anything to the contrary, if General Partner is replaced for Cause in accordance with Section 8.1(c)(i),
then commencing as of the Removal Date, Portfolio Distributable Funds, Approved Property Pool #1 Distributable Funds and Approved Property
Pool #2 Distributable Funds shall thereafter no longer be distributed in accordance with Sections 5.1(a)(2) – (4), 5.1(b)(2)
– (4) or 5.1(c)(2) – (4) but shall instead thereafter be Distributed to the Partners first in accordance
with Section 5.1(a)(1), 5.1(b)(1) or 5.1(c)(1), as applicable, and thereafter in proportion to their respective
Percentage Interests.

5.2             
Distributions for Indemnities and Shortfall Loans. Notwithstanding anything to the contrary, any amounts otherwise distributable
to a Partner under this Agreement shall be paid (i) first, to satisfy amounts due and payable on account of the unsatisfied indemnity
obligations of such Partner or its Affiliates under this Agreement, and (ii) second, if such Partner or its Affiliate is borrower
under any Shortfall Loan, to the lender in respect of such Shortfall Loan,

    	 	32	 

    	 	 

    

pari passu in proportion to the amount
due thereunder, until such Shortfall Loan, together with all Shortfall Loan Return thereon, has been paid in full, provided that
if such Person is a borrower under more than one (1) Shortfall Loan, the Shortfall Loans shall be repaid in the order made (i.e.,
the earliest Shortfall Loan and all Shortfall Loan Return thereon shall be paid first). Each payment made pursuant to this Section 5.2
shall be deemed Distributed to the Partner to which such amount was otherwise distributable.

Section 6.               
Allocations.

6.1             
Allocation of Net Income and Net Loss. Subject to Section 6.2 and except as otherwise provided in this Agreement,
Net Income and Net Losses (and, to the extent necessary, individual items of income, gain, loss or deduction) of the Partnership for each
Fiscal Year shall be allocated among the Partners in a manner such that, as of the end of such Fiscal Year and taking into account all
prior allocations of Net Income and Net Losses of the Partnership and all Distributions made by the Partnership through the end of such
Fiscal Year, the Capital Account of each Partner is, as nearly as possible, equal to (i) the Distributions that would be made to
such Partner pursuant to Section 12.3(d)(2) if the Partnership were dissolved, its affairs wound up and assets sold for cash
equal to their Gross Asset Value, all Partnership liabilities were satisfied (limited with respect to each Nonrecourse Liability to the
Gross Asset Value of the assets securing such liability), and the net assets of the Partnership were distributed in accordance with Section 12.3(d)(2)
immediately after such allocation, minus (ii) such Partner’s share of Partner Minimum Gain and Partnership Minimum Gain immediately
prior to such hypothetical gain.

6.2             
Mandatory Allocations.

(a)               
No Excess Deficit. No allocation of loss or deduction shall be made to any Partner if, as a result of such allocation, such
Partner would have an Adjusted Capital Account Deficit. To the extent an allocation of loss or deduction is disallowed under the preceding
sentence, such items of loss or deduction shall be allocated to the other Partners in accordance with Section 6.1, but in
a manner that will not produce an Adjusted Capital Account Deficit as to such Partners.

(b)              
Partnership Minimum Gain Chargeback. Notwithstanding any other provision of this Section 6, if there is a net
decrease in Partner Minimum Gain during any Fiscal Year, then, subject to the exceptions set forth in sections 1.704-2(f)(2), (3),
(4) and (5) of the Regulations, each Partner shall be specially allocated items of the Partnership income and gain for such
Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Partner’s share of the net decrease in Partner
Minimum Gain, as determined under section 1.704-2(g) of the Regulations. Allocations pursuant to the previous sentence shall be made
in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall
be determined in accordance with section 1.704-2(f) of the Regulations. This Section 6.2(b) is intended to comply with
the minimum gain chargeback requirements in section 1.704-2(f) of the Regulations and shall be interpreted consistently therewith.

(c)               
Partner Minimum Gain Chargeback. Notwithstanding any other provision of this Section 6, except Section 6.2(b),
if there is a net decrease in Partner

    	 	33	 

    	 	 

    

Minimum Gain attributable to a Partner
Nonrecourse Debt during any Fiscal Year, then, subject to the exceptions set forth in section 1.704-2(i)(4) of the Regulations, each
Partner who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with section 1.704-2(i)(5)
of the Regulations, shall be specially allocated items of the Partnership income and gain for such Fiscal Year (and, if necessary, subsequent
Fiscal Years) in an amount equal to such Partner’s share of the net decrease in Partner Minimum Gain attributable to such Partner
Nonrecourse Debt, determined in accordance with section 1.704-2(i)(4) of the Regulations. Allocations pursuant to the previous sentence
shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated
shall be determined in accordance with section 1.704-2(i)(4) of the Regulations. This Section 6.2(c) is intended to comply
with the minimum gain chargeback requirement in section 1.704-2(i)(4) of the Regulations and shall be interpreted consistently therewith.

(d)              
Qualified Income Offset. Notwithstanding any other provision of this Section 6, except Sections 6.2(b)
and 6.2(c), in the event any Partner receives any adjustments, allocations or distributions described in section 1.704-1(b)(2)(ii)(d)(4),
(5), or (6) of the Regulations, that cause or increase an Adjusted Capital Account Deficit of such Partner, items of the Partnership
income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by
the Regulations, the Adjusted Capital Account Deficit of such Partner as quickly as possible, provided that an allocation pursuant to
this Section 6.2(d) shall be made only if and to the extent that such Partner would have an Adjusted Capital Account Deficit
after all other allocations provided for in this Section 6 have been tentatively made as if this Section 6.2(d)
were not in this Agreement. This Section 6.2(d) is intended to constitute a “qualified income offset” within the
meaning of section 1.704-l(b)(2)(ii)(d)(3) of the Regulations and shall be interpreted consistently therewith.

(e)               
Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be allocated to the Partners in the same manner
as set forth in Section 6.1.

(f)               
Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the
Partner that bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions
are attributable in accordance with section 1.704-2(i)(2) of the Regulations.

(g)              
Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Property pursuant to section 734(b)
or 743(b) of the Code is required, pursuant to section 1.704-1(b)(2)(iv)(m) of the Regulations, to be taken into account in
determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated
to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to section 1.704-1(b)(2)(iv)(m)
of the Regulations. Each Partner hereby agrees to provide the Partnership with all information

    	 	34	 

    	 	 

    

necessary to give effect to an election
made under section 754 of the Code if the Partnership has made or if General Partner determines to make such an election pursuant
to Section 7.7.

(h)              
Curative Allocations. The allocations set forth in Sections 6.2(a) through 6.2(g) (the “Regulatory
Allocations”) are intended to comply with certain requirements of sections 1.704-1(b) and 1.704-2 of the Regulations.
The Regulatory Allocations shall be taken into account for the purpose of equitably adjusting subsequent allocations of Net Income and
Net Losses, and items of income, gain, loss and deduction among the Partners so that, to the extent possible, the net amount of such allocations
of Net Income and Net Losses and other items to each Partner shall be equal to the net amount that would have been allocated to each such
Partner if the Regulatory Allocations had not occurred.

6.3             
U.S. Tax Allocations. Subject to section 704(c) of the Code, for U.S. federal and state income tax purposes,
all items of Partnership income, gain, loss, deduction and credit shall be allocated among the Partners in the same manner as the corresponding
item of income, gain, loss, deduction or credit was allocated pursuant to the preceding paragraphs of this Section 6.

(a)               
Section 704(c). In accordance with section 704(c) of the Code and the Regulations promulgated thereunder, income
and loss with respect to any property contributed to the capital of the Partnership (including, if the property so contributed constitutes
a partnership interest, the applicable distributive share of each item of income, gain, loss, expense and other items attributable to
such partnership interest whether expressly so allocated or reflected in partnership allocations) shall, solely for U.S. federal
income tax purposes, be allocated among the Partners so as to take account of any variation between the adjusted basis of such property
to the Partnership for U.S. federal income tax purposes and its Gross Asset Value at the time of contribution. Such allocation shall
be made in accordance with the traditional method set forth in section 1.704-3(b) of the Regulations, provided that, to the extent
that a traditional method allocation results in a material and adverse tax consequence to any Partner relative to the consequences of
using remedial allocations, the Partnership shall use remedial allocations to eliminate such difference. Allocations pursuant to this
Section 6.3 are solely for purposes of U.S. federal, state and local income taxes and shall not affect, or in any way
be taken into account in computing, any Partner’s share of Net Income, Net Loss, other items or distributions pursuant to any provisions
of this Agreement.

(b)              
Transfer of an Interest. If a Partner acquires an Interest, redeems all or a portion of its Interest or transfers an Interest
during a Fiscal Year, the Net Income and Net Losses (and other items referred to in Section 6.1 or Section 6.2)
attributable to such Interest for such Fiscal Year shall be allocated between the transferor and the transferee by closing the books of
the Partnership as of the date of the transfer, or by any other method permitted under section 706 of the Code and the Regulations
thereunder that is selected by General Partner.

6.4             
Withholding. The Partnership shall at all times be entitled to make payments with respect to any Partner in amounts required
to discharge any obligation of the

    	 	35	 

    	 	 

    

Partnership to withhold or make payments to
any U.S. federal, state, local or foreign taxing authority (“Taxing Authority”) with respect to any Distribution
or allocation of income or gain to such Partner and to withhold (or deduct) the same from Distributions to such Partner. Any funds withheld
from a Distribution or allocation by reason of this Section 6.4 shall nonetheless be deemed Distributed to applicable Partner
for all purposes under this Agreement. If the Partnership in good faith makes any payment to a Taxing Authority in respect of a Partner
hereunder that is not withheld from actual Distributions to the Partner, then the Partner shall reimburse the Partnership for the amount
of such payment, on demand. The amount of a Partner’s reimbursement obligation under this Section 6.4, to the extent
not paid, shall be deducted from the Distributions to such Partner, and any amounts so deducted shall constitute a repayment of such Partner’s
reimbursement obligation hereunder and no such payment or deduction shall be deemed a Capital Contribution. Each Partner shall furnish
the Partnership with any representations and forms as shall reasonably be requested by the Partnership to assist the Partnership in determining
the extent of, and in fulfilling, any withholding obligations the Partnership may have. Each Partner shall indemnify and hold harmless
the Partnership and the other Partners from and against any liability with respect to taxes, interest or penalties that may be asserted
by reason of the failure to deduct and withhold tax on amounts distributable or allocable to such Partner. Each Partner’s reimbursement
and indemnification obligations under this Section 6.4 shall survive and continue after the liquidation of the Partnership,
the transfer of such Partner’s Interest and withdrawal by such Partner from the Partnership.

Section 7.               
Books, Records, Tax Matters and Bank Accounts.

7.1             
Books and Records. General Partner shall use efforts consistent with the Performance Standard to maintain the books and
records of account of the Partnership (collectively, the “Records”) in accordance with, where applicable, generally
accepted accounting principles in the United States, consistently applied. The Records shall be available to any Partner at a location
in New York, NY, or electronically for reasonable review, investigation, copying and, if requested by Investor Partner not more than once
in any calendar year, for Investor Partner to prepare a risk-based performance audit of the Partnership (a “Risk-Based Audit”),
all at such Partner’s sole cost and expense, during normal business hours and on at least twenty-four (24) hours’ prior
notice. In connection with such reasonable review, investigation, copying, or Risk-Based Audit, General Partner shall use efforts consistent
with the Performance Standard to, upon request of the applicable Partner, (i) make its employees available to meet and consult with
such Partner (and its representatives and agents) and (ii) provide opportunities to such Partner to attend meetings and meet and
consult with third-parties having dealings or any other relationship with the Partnership or any Subsidiaries or with General Partner,
in any case in respect of the Partnership or any Subsidiaries. If General Partner spends more than eight (8) hours in a calendar
year in connection with a Risk-Based Audit, Investor Partner shall promptly pay to General Partner an amount equal to Three Hundred Fifty
Dollars ($350) per hour for each hour in excess of eight (8) hours.

7.2             
Reports and Financial Statements.

(a)               
General Partner shall cause each Partner to be furnished with the information and statements described in Exhibit C,
at such times as are required therein.

    	 	36	 

    	 	 

    

(b)              
 The expenses incurred in connection with the preparation of such information and statements shall be reimbursed by the Partnership
to General Partner. Any reports or financial statements required to be audited under this Section 7.2 (including, for the
avoidance of doubt, as required under Exhibit C) shall be audited by LXP’s then-current public accounting firm
auditor or such other firm of certified public accountants as Approved by the Partners, and any such audit shall be coordinated by General
Partner (and General Partner shall be responsible for liaising with the relevant auditors). General Partner shall use efforts consistent
with the Performance Standard to produce any reports, financial statements or other information not required under this Agreement, to
the extent and within the timeframe reasonably required by any Lender.

7.3             
Tax Matters.

(a)               
General Partner is hereby designated as the “partnership representative” of the Partnership and the Subsidiaries, as
defined in section 6223(a) of the Code (the “Partnership Representative”) and shall have the authority to appoint
a “designated individual” of the Partnership within the meaning of section 301.6233-1 of the Regulations. The Partnership
Representative shall consult with the other Partners with respect to any written notice of any material Tax Contest and shall not settle,
compromise or otherwise resolve any such Tax Contest without the Approval of the other Partners to the extent such action would cause
a tax liability in excess of $250,000 (individually or in aggregate, including Investor Partner’s share of any tax imposed on the
Partnership).

(b)              
The Partnership Representative shall have the right to implement the Partnership Audit Procedures and make on behalf of the Partnership
any election and take such other action available to the Partnership Representative under the Code that the Partnership Representative
deems necessary or desirable, including the election pursuant to section 6226 of the Code (as enacted by the Partnership Audit Procedures)
or similar provisions (subject to Section 7.3(a)). In the event the Partnership incurs any liability for taxes, interest or
penalties pursuant to the Partnership Audit Procedures:

(i)                
the Partnership Representative shall, on a good faith basis, allocate such liability among the Partners (including any former Partners)
that were Partners in the relevant year or years to which such liability relates, and each such Partner shall pay such amount to the Partnership,
and such amount shall not be treated as a Capital Contribution;

(ii)              
any such amount not paid by a Partner (or former Partner) at the time requested by the Partnership Representative shall accrue
interest at the rate of the lower of (x) the federal funds rate as published in the Wall Street Journal on the date such amount was
due plus ten percent (10%) per annum and (y) the maximum rate permitted by applicable law, in either case compounded quarterly,
until paid; and

(iii)            
without reduction in a Partner’s (or former Partner’s) obligation under Sections 7.3(b)(i)-(ii), any amount
paid by the Partnership that is attributable to a Partner (or former Partner) and that is not paid by such Partner

    	 	37	 

    	 	 

    

pursuant to Sections 7.3(b)(i)-(ii)
shall be offset against future Distributions and shall be treated for purposes of this Agreement as a Distribution to such Partner (or
former Partner).

The provisions of this Section 7.3
shall survive the expiration or earlier termination of this Agreement.

7.4             
Bank Accounts. All funds of the Partnership and each applicable Subsidiary (i) are to be deposited in the Partnership’s
name (or, in the applicable Subsidiary’s name, as reasonably determined by General Partner), in such bank account or accounts of
the Partnership and/or its Subsidiaries as may be reasonably designated by General Partner, and shall be invested only in U.S. government
insured accounts or U.S. Treasuries or such other investment vehicles as shall be Approved by the Partners, provided that
the initial Partnership and Subsidiary bank account(s) shall be at Bank of America, N.A., KeyBank, National Association, Wells Fargo Bank,
N.A. and/or Citizens Bank and (ii) may be withdrawn and/or disbursed on the signature of such Person or Persons as General Partner
may authorize. General Partner shall cause each Partner to be provided “view only” access to the Partnership and Subsidiary
bank accounts.

7.5             
Tax Returns. General Partner shall prepare or cause to be prepared and timely file (including extensions) all income and
other tax returns of the Partnership and the Subsidiaries required by applicable law and shall deliver to the Partners (x) an estimate
of each Partner’s allocable share of Partnership taxable income no later than March 1 of each calendar year, (y) draft versions
of all income tax returns of the Partnership no later than April 15 of each calendar year, and (z) final versions of all income
tax returns of the Partnership one calendar week following the delivery of draft versions of such returns pursuant to clause (y).
Except as otherwise provided in this Agreement, all elections required or permitted to be made by the Partnership and its Subsidiaries
under the Code or state tax law shall be timely determined and made by General Partner, provided that General Partner shall not make any
tax election without the Approval of a Partner to the extent such election (i) would cause a tax liability to such Partner in excess
of $250,000 and (ii) could reasonably be expected to have a disproportionately adverse impact on such Partner relative to the other
Partners, taking into account all relevant facts and circumstances.

7.6             
Tax Status. The Partners intend that the Partnership be treated as a partnership for U.S. federal, state and local
tax purposes, and the Partners shall not elect or authorize any Person to elect to change the status of the Partnership from that of a
partnership for U.S. federal, state and local income tax purposes without the Approval of all of the Partners in their respective
sole and absolute discretion.

7.7             
754 Election. Upon the request of any Partner (and subject to Section 7.5), the Partnership and each Subsidiary
shall make an election pursuant to section 754 of the Code to adjust the basis of the Partnership’s property in the manner
provided in sections 734(b) and 743(b) of the Code.

    	 	38	 

    	 	 

    

Section 8.               
Management and Operations.

8.1             
Management.

(a)               
General Partner shall manage the day-to-day business operations and affairs of the Partnership and, through the Partnership, of
the Subsidiaries, and shall otherwise have the sole right and authority to make decisions regarding the Partnership and the Subsidiaries,
in any case except as otherwise specifically set forth in this Agreement (including, without limitation, as set forth in Section 8.1(g)).
Other than as set forth in this Agreement or the Act (subject to this Agreement), the Limited Partners shall have no part in the management,
control or operation of the Partnership and shall have no authority or right to act on behalf of the Partnership in connection with any
matter. The Limited Partners shall not have voting rights with respect to any Partnership matters (hereunder or under the Act), other
than the right to vote on matters as specifically set forth in this Agreement. Subject to Section 8.1(c)(ii), General Partner
shall not (nor shall any other Partner) take any action or implement any decision on the matters set forth in Exhibit B (collectively,
the “Major Decisions”) without the Approval of all of the Partners in their respective sole and absolute discretion.
Upon Approval of any Major Decision, General Partner shall utilize efforts consistent with the Performance Standard to implement such
decision on behalf of the Partnership and/or the Subsidiaries. General Partner, in accordance with and subject to the terms, conditions,
limitations and restrictions of this Agreement, shall have the authority to exercise all of the powers and privileges granted by the Act,
any other law or this Agreement, together with any powers incidental thereto, and to take any other action not prohibited under this Agreement,
the Act or other applicable law, so far as such powers or actions are necessary or convenient or related to the conduct, promotion or
attainment of the business, purposes or activities of the Partnership and the Subsidiaries. Except as provided in this Agreement, whenever
in this Agreement a Partner is permitted or required to make a decision affecting or involving the Partnership, any Partner or any other
Person, such Partner shall be entitled to consider such interests and factors as such Partner desires, including such Partner’s
interests, and shall, to the fullest extent permitted by applicable law, have no duty or obligation to give any consideration to any interest
of or factors affecting the Partnership or any other Partner or Person. General Partner shall devote to the Partnership’s business
such time as is necessary and appropriate to direct and supervise the Partnership’s day-to-day business operations and affairs as
required hereunder in a prudent and reasonable manner in accordance with the Performance Standard. Any and all obligations of General
Partner hereunder shall be subject to the availability of Partnership funds and wherever in this Agreement General Partner is obligated
to take an action or make a judgment in the performance of its obligations hereunder, it shall be obligated only to do so consistent with
the Performance Standard.

(b)              
Notwithstanding anything to the contrary, each Partner shall have the right to obtain, at any time, appraisals or broker price
opinions or similar property valuation reports (an “Appraisal”) with respect to one or more Properties prepared by
any broker or appraisal firm selected by such Partner in its sole and absolute discretion, and any such Appraisal shall be obtained at
the Partnership’s cost and expense (to the extent such cost and expense is reasonable and customary), and regardless of whether
such costs and expenses are then contemplated in the Approved Annual Business Plan; provided,

    	 	39	 

    	 	 

    

however, that no more than one
(1) such Appraisal of each Property may be obtained at the Partnership’s cost and expense in any one (1) year period.

(c)               
For Cause Events.

(i)                
If a For Cause Event occurs with respect to General Partner, any other Partner that is not an Affiliate of General Partner (the
“Removing Partner”) shall have the right to remove General Partner by notice thereof to General Partner and the other
Partners (a “Removal Notice”), provided that (x) such removal shall be effective upon the date (the “Removal
Date”) that is fifteen (15) days following delivery of such Removal Notice to General Partner and (y) the Removing
Partner shall, on or before the Removal Date, appoint an experienced real estate manager as a replacement General Partner for the Partnership
(and issue an Interest to such Person) (“Replacement General Partner”). Such appointment (including of such Person’s
Interest and the fees paid to such Person, including any performance-based fees) shall be on then-current market-rate terms. To the extent
that the Replacement General Partner is issued an Interest, the Percentage Interest with respect thereto shall be zero percent (0%) (except
to the extent the Percentage Interest is Transferred to such Replacement General Partner by a Partner in accordance with Section 11.2).
Any removal of General Partner and the replacement thereof shall be subject to compliance with Section 11.3 (as if the Replacement
General Partner is a transferee and the Removing Partner is the Transferring Partner) and to obtaining Approval thereof to the extent
required under any agreement to which the Partnership or any Subsidiary is a party or by which the Partnership or any Subsidiary is bound
(for the avoidance of doubt, including under any documents governing any Loan). In connection with any such removal and replacement of
General Partner, the Removing Partner shall use commercially reasonable efforts to cause all applicable Lenders or other obligees under
any Credit Support given by General Partner or its Affiliates to deliver to General Partner and any Affiliate of General Partner that
executed any Credit Support in favor of such Lender or other obligee a release and discharge of General Partner and such Affiliates therefrom
(it being agreed, however, that such release and discharge shall not be required to cover (x) any gross negligence, willful misconduct
or fraud by General Partner and/or its Affiliates on or after the Removal Date or (y) any events, occurrences, acts or omissions
arising or occurring prior to the Removal Date); provided, for the avoidance of doubt, that the removal of General Partner on the
Removal Date pursuant to this Section 8.1(c)(i) shall not be conditioned upon or made subject to the release or discharge
of any Partner or Affiliate of any Partner from any Credit Support. Promptly following such removal, the Partnership shall pay the removed
General Partner and/or LRA, as applicable, any unpaid Fee due hereunder through the Removal Date (pro rata through the Removal Date).
Notwithstanding anything to the contrary, (i) in no event shall removal and replacement of General Partner by the Removing Partner
pursuant to this Section 8.1(c)(i) be deemed a Major Decision or Fundamental Decision and (ii) the Removing Partner shall,
subject to the terms of this Agreement, have the full right, power and authority to, on its own behalf and on behalf of the Partnership,
take all actions reasonably necessary to effectuate the removal and replacement of General

    	 	40	 

    	 	 

    

Partner and the termination of any services
then being provided to the Partnership by LRA or any other Affiliate or designee of the General Partner, if applicable, pursuant to this
Section 8.1(c)(i), including (x) designating new bank accounts for deposit of the funds of the Partnership and the applicable
Subsidiaries and (y) designating signatories for such bank accounts. If (and only if) the Replacement General Partner is an Affiliate
of the Removing Partner, then the Partner Group of the Removing Partner shall be deemed to include the Replacement General Partner.

(ii)              
Notwithstanding anything to the contrary, if a For Cause Event occurs with respect to any Partner, no Partner in the Partner Group
of such Partner (including such Partner) (each, an “Impacted Partner”) shall thereafter have the right to exercise
any Approval right expressly provided under this Agreement, including any Major Decision, in any case other than a Fundamental Decision.

(iii)            
Notwithstanding anything to the contrary, no Replacement General Partner shall be permitted to give or withhold any Approvals contemplated
under the definition of Gross Asset Value or under Section 4.4, 4.7, 13.3(c) or 16, obtain an Appraisal
(unless requested by a Partner in accordance with Section 8.1(b)) or give or receive an Offer Notice or a Buy-Sell Notice
(or otherwise have any rights under Sections 11.5 and 11.6).

(d)              
It is expressly understood that the Partnership may conduct its business directly or indirectly through direct or indirect Subsidiaries.
General Partner (and LRA, if applicable) shall, through the Partnership, perform the same or substantially identical services for each
such direct or indirect Subsidiary as General Partner (or LRA, if applicable) performs for the Partnership, subject to the terms, conditions,
limitations and restrictions of this Agreement, including the terms regarding Major Decisions.

(e)               
Notwithstanding anything to the contrary, General Partner shall be permitted to cause the Partnership and any Subsidiary to take
actions that General Partner determines in accordance with the Performance Standard are reasonably necessary or desirable in response
to an Emergency and incur Permitted Expenses in connection therewith, and may cause the Partnership and any applicable Subsidiary to pay
(without duplication) for such Permitted Expenses directly and/or may cause the Partnership to reimburse General Partner for such Permitted
Expenses if incurred directly by General Partner. If General Partner is to be reimbursed, General Partner and any of its Affiliated Partners
may elect not to make an Additional Capital Contribution therefor and instead to issue a Capital Demand Notice for Additional Capital
Contributions therefor only to the other Partner(s) for such other Partner’s pro rata portion of such Permitted Expenses
(in proportion to their respective Percentage Interests), in which case General Partner (and its Affiliates) shall only be reimbursed
for the other Partner’s pro rata portion of such Permitted Expense and General Partner (and its Affiliates) shall be deemed
to have made an Additional Capital Contribution for its (or their) pro rata portion of such Permitted Expenses.

(f)               
Notwithstanding anything to the contrary, any Partner that is not an Affiliate of General Partner shall have the right to act on
behalf of the Partnership and/or

    	 	41	 

    	 	 

    

its Subsidiaries acting with the good
faith belief that such acts are in the best interests of the Partnership to enforce, pursue or waive any rights of the Partnership under
any agreement between the Partnership or Subsidiaries, on the one hand, and General Partner or its Affiliates, on the other hand, including,
for so long as LXP GP is General Partner, the Purchase Agreement; provided that, the LXP Partners acknowledge and agree that in no event
shall the Investor Partner be required to give any consideration to any interest of or factors affecting any of the LXP Partners, solely
in their role as Affiliates of the “Seller” under the Purchase Agreement, in connection with any such enforcement, pursuit
or waiver. In no event shall the Investor Partner be required to make any Capital Contribution or Additional Capital Contribution to fund
any amounts due to the Partnership or any other Person in respect of any breaches of the seller’s representations and warranties,
any indemnities provided by the seller and its Affiliates and any other breaches or violations of seller’s duties, obligations and
covenants under the Purchase Agreement.

(g)              
Notwithstanding the foregoing provisions of this Section 8.1, upon the occurrence of a Management Internalization Event,
the Partners may, in good faith, negotiate a transfer of all management rights held by the General Partner (and its applicable Affiliates
with respect to the Properties) to an internal Partnership management team, which negotiation shall include, among other things, discussion
of (i) an amendment to this Agreement to reflect the new management structure of the Partnership and (ii) the buy-out of LXP Partners’
Interest.

8.2             
Asset Management and Property Level Services and Fees.

(a)               
Notwithstanding anything to the contrary, General Partner may cause each Fee Owner to retain leasing agents and sales brokers (each,
a “Broker”) and property managers (each, a “Property Manager”) for the applicable Property (including
Brokers and Property Managers that are Affiliates of General Partner), in each case pursuant to a written agreement on market terms (including
with respect to any fees, reimbursements or commissions provided for thereunder) commensurate with the size and complexity of the subject
Property. Without limiting the foregoing, any such agreement (i) may provide that the applicable Fee Owner shall have the unilateral right
to terminate such Property Manager or Broker (as applicable) upon thirty (30) days’ notice and (ii) that is with an Affiliate
of General Partner shall provide that the applicable Fee Owner shall have the right to terminate such Property Manager or Broker (as applicable)
upon the occurrence of a For Cause Event. Unless and until General Partner has been replaced in accordance with Section 8.1(c)(i),
General Partner may provide or may engage an Affiliate to provide the foregoing property management services and leasing services described
below. Unless and until General Partner has been replaced in accordance with Section 8.1(c)(i), General Partner (or any Affiliate,
if any, engaged by General Partner) shall be entitled to receive, and the Partnership shall pay, a property management fee with respect
to each Portfolio Property or Approved Property for which the landlord, as opposed to any applicable tenant, has primary property management
responsibilities at such Portfolio Property or Approved Property, equal to the greater of (i) the property management fee reimbursable
by the tenant(s) at such Property (less any amounts paid to a third-party Property Manager) and (ii) one percent (1%) of the gross revenues
with respect to any Leases at such Property, payable monthly (in addition to any fees payable to a third-party

    	 	42	 

    	 	 

    

property manager). Unless and until General
Partner has been replaced in accordance with Section 8.1(c)(i), the Partnership will pay to LRA (or its designee or assignee) a
leasing fee for new Leases or extensions of existing Leases (other than extensions or renewals pursuant to renewal rights exercised by
then existing tenants in accordance with the terms of their existing Leases) equal to the sum of (i) three-quarters of one percent (0.75%)
of the rent payable over the first ten (10) years of the new or extended Lease term and (ii) one and one-half percent (1.5%) of the rent
payable over the portion of the Lease term beyond ten (10) years (on a gross or net basis depending upon local custom with respect to
the applicable Property). The foregoing leasing fee is in addition to any fees payable to third-party leasing brokers in connection with
such leasing events.

(b)              
Unless and until General Partner has been replaced in accordance with Section 8.1(c)(i), General Partner (or its assignee
or designee, including LRA, without duplication of any fees payable hereunder) shall be entitled to receive, and the Partnership shall
pay, an annual asset management fee, payable quarterly, in arrears, within ten (10) Business Days following the end of each calendar
quarter, in an amount equal to the greater of (i) one-half of one percent (0.5%) of the aggregate Initial Value of all assets (as of the
date of acquisition or contribution) owned by the Partnership or any Subsidiary at any time during such quarter, (ii) One Hundred
Twenty-Five Thousand Dollars ($125,000) per Property owned in whole or in part by the Partnership or any Subsidiary at any time during
such quarter, and (iii) Four Hundred Thousand Dollars ($400,000) (the “Asset Management Fee”). General Partner
(or its assignee or designee) shall be entitled to any and all Asset Management Fees payable with respect to the Portfolio Properties
and other Approved Properties, which together with the Portfolio Properties have an aggregate Initial Value up to, but not exceeding,
$800,000,000 (such Portfolio Properties and Approved Properties, collectively, the “GP Managed Properties”), and LRA
shall be entitled to any and all other Asset Management Fees payable by the Partnership. In consideration therefor, General Partner (or
its assignee or designee) shall provide asset management services to the Partnership with respect to the GP Managed Properties and LRA
shall provide asset management services to the Partnership with respect to any Approved Properties other than the GP Managed Properties,
in both cases, including reporting and compliance under any documents governing any Loan, sale transaction oversight and management, Lease
and leasing management, construction oversight, Partnership accounting and asset management, all to the extent required hereunder and
in accordance with the terms hereof.

(c)               
Notwithstanding anything to the contrary, in connection with any capital project or renovation work to be performed at any Property
that constitutes a Permitted Expense, General Partner may cause the applicable Fee Owner to enter into a construction management agreement
with LRA pursuant to which LRA would act as construction manager and would be paid a market rate fee, to the extent that such capital
project or renovation work is not fully managed by the applicable tenant.

(d)              
General Partner on request of any Partner shall provide such Partner access to all (i) pertinent, written formal communications
under the Leases affecting the Properties and (ii) final, executed, written term sheets and letters of intent associated with the
leasing or sale of the Properties.

    	 	43	 

    	 	 

    

8.3             
 Annual Business Plan; Annual Budget.

(a)               
No later than sixty (60) days prior to the end of each Fiscal Year, General Partner shall (i) prepare (or cause to be
prepared) an Annual Business Plan for the next Fiscal Year and (ii) deliver a copy of such Annual Business Plan to the other Partners,
together with notice requesting such Partners’ Approval of such Annual Business Plan. Further, General Partner may from time to
time prepare (or cause to be prepared) an update to the current Approved Annual Business Plan and deliver a copy of such update to the
other Partners, together with notice requesting the other Partners’ Approval of such update. Each such other Partner shall, within
thirty (30) days after receipt of such update or Annual Business Plan, deliver to General Partner notice stating that such Partner
either Approves or disapproves such proposed update or Annual Business Plan (which notice shall describe in reasonable detail the reasons
for any such disapproval). If a Partner fails to deliver notice of its Approval or disapproval of such update or Annual Business Plan
within such thirty (30) day period, then such Partner shall be deemed to have disapproved such update or Annual Business Plan.

(b)              
If prior to the start of a Fiscal Year, there is no Annual Business Plan for such Fiscal Year Approved in accordance with Section 8.3(a),
then there shall, unless and until such Annual Business Plan is so Approved, be deemed an Approved Annual Business Plan for such Fiscal
Year that includes:

		(1)	any items or portions of the Annual Business Plan and amounts of expenses provided therein that have been
so Approved;

		(2)	for each month of such Fiscal Year noncapital, recurring expenses in an amount equal to the budgeted amount
for the immediately preceding Fiscal Year, as set forth on the immediately preceding Fiscal Year’s Approved Annual Business Plan
after giving effect to any dispositions or other material changes to the Properties (including acquisitions of any Approved Properties)
during the prior or current Fiscal Year and to inflation; provided, however, that if any contract to which the Partnership
or a Subsidiary is a party provides for an automatic increase in costs thereunder, then such increase shall be deemed part of the Approved
Annual Business Plan for such Fiscal Year;

		(3)	(i) real estate or personal property taxes for any Property; (ii) insurance premiums; (iii) regular
payments of debt service, mandatory amortization amounts and any reserve amounts due under any Loan; (iv) amounts currently due and
payable, or to become due and payable, during the Fiscal Year under any Leases, service contracts or other agreements or contractual obligations
to which the Partnership or any Subsidiary is a party or obligor, whether or not the same are categorized for accounting purposes as ordinary
operating expenses or capital improvements and cannot be cancelled, terminated or deferred without material penalty or other

    	 	44	 

    	 	 

    

material adverse effect to the Partnership
or any Subsidiary; (v) costs of utilities; (vi) amounts required to be paid to maintain the legal compliance of any Property;
(vii) Fees payable to the General Partner (or any Affiliate or assignee thereof); (viii) the reinvestment for restoration purposes of
insurance proceeds or condemnation proceeds (either below the threshold constituting a Major Decision or else to the extent such restoration
is approved as a Major Decision); and (ix) any other matters otherwise approved by the Partners;

		(4)	items from the most recently Approved Annual Business Plan with respect to general and administrative
expenses.

(c)               
Contemporaneously herewith, the Partners have Approved the Annual Business Plan for the Fiscal Year 2022.

(d)              
In formulating the Annual Business Plan, to the extent reasonably feasible at the time of preparation thereof, General Partner
will develop proposed strategies regarding (i) plans for the leasing, financing, sale and rehabilitation of any Property, including
proposed reductions to expenses and other Partnership and Subsidiary costs and expenses and increases in revenues, (ii) terms for
any proposed sale or disposition of a Property, or acquisition, directly or indirectly, of additional property, and (iii) the selection
of legal counsel, accountants, appraisers and other consultants for the Partnership and the Subsidiaries to efficiently implement the
Annual Business Plan.

8.4             
Implementation of Annual Business Plan. Notwithstanding anything to the contrary in this Agreement, General Partner shall
utilize efforts consistent with the Performance Standard to implement the Approved Annual Business Plan or an update thereof.

8.5             
Other Activities; Duties. Except as expressly set forth in this Agreement, neither the Partnership nor any Partner (or any
Affiliate of any Partner) shall have any right by virtue of this Agreement either to participate in or to share in any other now existing
or future ventures, activities or opportunities or in the income or proceeds derived from such ventures, activities or opportunities of
any of the other Partners or their respective Affiliates. Except as otherwise expressly provided in this Agreement, none of the Partners
shall have any duties or liabilities to the Partnership or any other Partner (including any fiduciary duties), whether or not such duties
or liabilities otherwise arise or exist in law or in equity, and each Partner hereby expressly waives any such duties or liabilities;
provided, however, that this sentence shall not eliminate or limit the liability of the Partners (i) for acts or omissions
that involve fraud, willful misconduct or gross negligence or (ii) for any transaction not permitted or authorized under or pursuant
to this Agreement from which a Partner derived a personal benefit, unless all of the Partners have Approved such transaction in their
respective sole and absolute discretion; provided further, however, that the duty of care of each Partner to each other
Partner and to the Partnership is to not commit fraud, willful misconduct or gross negligence with respect to the Partnership.

8.6             
Limitation on Actions of Partners; Binding Authority. No Partner shall, without the Approval of the other Partners in their
respective sole and absolute discretion, take any

    	 	45	 

    	 	 

    

action on behalf of, or in the name of, the
Partnership or any Subsidiaries, or enter into any contract, agreement, commitment or obligation binding upon the Partnership or any Subsidiaries,
or, in its capacity as a Partner, perform any act in any way relating to the Partnership or any Subsidiaries or the Partnership’s
or any Subsidiary’s assets, except in a manner and to the extent consistent with the provisions of this Agreement.

8.7             
Foreign Corrupt Practices Act.

(a)               
In compliance with the Foreign Corrupt Practices Act, each Partner shall not, and shall ensure that its officers, directors, employees,
members, agents and Affiliates acting on its behalf or on the behalf of the Partnership or any Subsidiaries or their respective Affiliates
do not, for a corrupt purpose, offer, directly or indirectly, promise to pay, pay, promise to give, give or authorize the paying or giving
of anything of value to a Government Official or a Close Relative of a Government Official (or any other Person if such payment or transfer
would violate the laws of the country in which such payment or transfer is made or the laws of the United States of America or other applicable
Anti-Corruption Laws).

(b)              
Each Partner shall not, and shall ensure that its officers, directors, employees, members, agents and Affiliates acting on its
behalf or on the behalf of the Partnership or any Subsidiaries or their respective Affiliates do not, make any Facilitating Payments.

(c)               
Each Partner shall not, and shall ensure that its officers, directors, employees, members, agents and Affiliates acting on its
behalf or on the behalf of the Partnership or any Subsidiaries or their respective Affiliates do not, make any payments or transfers of
value that have the purpose or effect of public or commercial bribery, or the acceptance of or acquiescence in extortion, kickbacks or
other unlawful or improper means of obtaining business. This Section 8.7(c) shall not, however, prohibit normal and customary
business meals and entertainment or the giving of business mementos of nominal value, provided that such activities are reasonable in
the circumstances in which they are undertaken and do not violate the laws of the country in which such activities are undertaken, the
laws of the United States of America or other applicable Anti-Corruption Laws.

(d)              
Each Partner shall immediately notify the other Partners of any request received by such Partner or any of its officers, directors,
employees, members, agents or Affiliates, acting on its behalf, to take any action that may constitute a violation of the Foreign Corrupt
Practices Act, the laws of the country in which the request was made or that the request involves or other applicable Anti-Corruption
Laws.

8.8             
Prohibited Persons, Patriot Act and Anti-Money Laundering. Each Partner hereby represents and warrants to each other Partner
as of the Effective Date that neither such Partner nor any of its officers, directors, employees, or, to such Partner’s knowledge,
representatives or investors, are (i) Prohibited Persons or (ii) organized, operating or resident in any Sanctioned Jurisdiction.
Each Partner hereby represents and warrants to each other Partner as of the Effective Date that it is as of the Effective Date, and has
been during the five (5) years prior

    	 	46	 

    	 	 

    

to the Effective Date, in compliance with Sanctions
and Anti-Money Laundering Laws. General Partner shall use efforts consistent with the Performance Standard to ensure that the Partnership
is and remains in compliance with Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each Partner covenants that it shall
not, so long as the Bank of America Loan is outstanding, directly or indirectly, use any proceeds from the Bank of America Loan (including
any distributions from the Partnership) (i) to fund any activities or business of or with a Sanctioned Entity, (ii) in any manner that
would be prohibited by Sanctions or would otherwise cause the Partnership or Bank of America, N.A. to be in breach of any Sanctions, or
(iii) in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.

8.9             
Proposed Property Acquisitions.

(a)               
Pursuit Approval; Exclusivity. From time to time (prior to any removal and replacement of the General Partner pursuant to
Section 8.1(c)), until each Partner’s respective Approved Property Capital Commitment has been reduced to $0, any Partner
or LRA may identify Target Properties that the proposing party determines, in its sole discretion, are appropriate for the Partnership,
as candidates for acquisition, directly or indirectly, by the Partnership and propose the acquisition of such Target Property pursuant
to and in accordance with this Section 8.9 (any such proposed Target Property, a “Proposed Property”). Notwithstanding
the foregoing, until each Partner’s respective Approved Property Capital Commitment has been reduced to $0, none of LXP GP, LXP
LP, LRA or any Affiliate thereof shall pursue an acquisition of any Target Property unless LXP GP or LRA promptly proposes such Target
Property to the Partners as a Proposed Property pursuant to, and in accordance with, this Section 8.9. Until each Partner’s
respective Approved Property Capital Commitment has been reduced to $0, Investor Partner will endeavor to propose Target Properties to
the other Partners pursuant to this Section 8.9 prior to Investor Partner pursuing an acquisition of any such Target Property,
but only if Investor Partner is actually aware of, and itself actively engaged in, such proposed acquisition, and in control of the applicable
acquisition process (as opposed to being an investor (or a potential investor) in another joint venture under which a third party or an
Affiliate of Investor Partner acts as general partner or managing member and will manage and control such process); provided that, in
no event shall a failure by Investor Partner or any Affiliate of Investor Partner to propose a Target Property to the other Partners pursuant
to this Section 8.9 constitute a breach or default of this Agreement or otherwise give rise to any right or remedy hereunder, and
in no event shall any Affiliate of Investor Partner have any obligation to comply with the obligations of Investor Partner under this
sentence. If (i) Investor Partner proposes any Target Property to the Partners pursuant to this Section 8.9 or (ii) (A) General
Partner or LRA proposes any Target Property to the Partners pursuant to this Section 8.9 and (B) Investor Partner grants its Approval
to proceed with the acquisition of such Target Property following receipt of a Proposed Property Overview but subsequently disapproves
of such Approved Proposed Property, then, in either such case, neither Investor Partner nor any of its Affiliates shall pursue the acquisition
of such Target Property (as an active participant in any such acquisition process or as an investor, to the extent Investor Partner, or
its Affiliate, in its role as investor has any consent right with respect to the pursuit of any such target acquisition) until the earlier
of (i) one (1) year after the date on which such Target Property was initially proposed to the Partners, or (ii) the date on which the
pursuit or acquisition of

    	 	47	 

    	 	 

    

such Target Property has been disapproved
by LRA, General Partner or any other LXP Partner. Investor Partner furthermore agrees and covenants that neither Investor Partner nor
any of its Affiliates is bound by, nor until Investor Partner’s Approved Property Capital Commitment has been reduced to $0 will
it be bound by, any binding obligation to exclusively present Target Properties to any third party that would restrict Investor Partner’s
ability to pursue acquisitions of Target Properties through the Partnership as contemplated by this Section 8.9 (other than non-competition
obligations with respect to acquisitions that may compete with other investments or interests of Investor Partner and its Affiliates).
Prior to entering into any agreement to acquire a Proposed Property on behalf of the Partnership or causing the Partnership (or any Subsidiary)
to incur any Pursuit Costs (as defined in Section 8.9(f) below) (the foregoing not implying that any Partner other than General
Partner has the authority to so enter into any agreement or incur costs on behalf of the Partnership, unless otherwise Approved by the
General Partner), the applicable proposing party shall submit the Proposed Property Overview described in Section 8.9(b) hereof
with respect to the Proposed Property to the Partners. The Partners shall have seven (7) days after their receipt of the Proposed Property
Overview to Approve or disapprove in writing of the Partnership entering into a purchase and sale agreement, incurring Pursuit Costs (as
defined below) and undertaking due diligence for the acquisition of such Proposed Property (any such purchase agreement to be in the name
of a Subsidiary which holds no assets other than such purchase agreement and the related Earnest Money and to have such material terms
as provided in the Proposed Property Overview or as otherwise Approved by the Partners), and any Partner’s failure to provide its
Approval in writing within such seven (7) days shall be deemed a disapproval by such Partner.

(b)              
Proposed Property Overview. Subject to the final paragraph of this subsection (b), for each Proposed Property, the
General Partner or LRA (as the case may be), or Investor Partner, as applicable, shall deliver to the Partners an overview of such Proposed
Property (the “Proposed Property Overview”) describing such Proposed Property, including without limitation, subject
to and to the extent in the possession of the proposing party at the time of the proposal, the following items and information:

		(1)	the draft letter of intent or draft purchase and sale agreement for such Proposed Property;

		(2)	the size and location thereof and the improvements thereon;

		(3)	the identity of the tenant(s) or proposed tenant(s) and any lease guarantors or other obligors, and any
non-public financial information in the proposing party’s possession regarding the tenant(s), proposed tenant(s) and guarantors
or other obligors;

		(4)	the material lease (or proposed lease) terms, including rent, lease term, tenant options (for purchase,
renewal, expansion, etc.);

		(5)	photographs and site plans;

    	 	48	 

    	 	 

    

		(6)	the estimated cost to the Partnership, including the estimated purchase price and estimated transaction
and due diligence costs, and the estimated amount and material terms of any mortgage and mezzanine indebtedness to be assumed, incurred
or taken subject to;

		(7)	the amount of Earnest Money to be deposited and the timing for such deposit to become non-refundable;

		(8)	a preliminary cash flow model that includes, without limitation, the projected gross and net internal
rate of return, equity multiple and profit to be derived from the proposed investment with respect to the Proposed Property and a summary
business plan, to the extent available; provided that any such cash flow model and business plan shall be preliminary and based upon the
proposing party’s knowledge and projections at such time;

		(9)	any other material facts and/or structuring considerations with respect to the acquisition, operation,
financing and ownership of such Proposed Property in the possession of the proposing party at such time; and

		(10)	such other information and documentation as any Partner may reasonably request and is reasonably available
to the proposing party, including copies and/or drafts of the purchase and sale agreement, leases, loan documents, financing term sheets
and commitments, to the extent that any of the above is then available.

The Partners agree and acknowledge
that the Proposed Property Overview and all materials presented in connection therewith will be preliminary materials based on the proposing
party’s knowledge at such time and may contain forward-looking statements that contain risks and uncertainties and are inherently
uncertain, and the proposing party shall not make or be deemed to have made any representation or warranty as to the accuracy of such
projections but shall prepare any such projections in good faith based on the knowledge and information available to such party at such
time. Each Partner must rely on its own investigation, due diligence and judgment in approving any Proposed Property. Notwithstanding
the foregoing, if the Investor Partner is the proposing Partner, then (i) the Investor Partner shall deliver to the other Partners all
items and information in possession of the Investor Partner with respect to the Proposed Property, but Investor Partner shall not be required
to prepare any memoranda, models, estimates or other analyses or submit any materials comprising the Proposed Property Overview that were
not provided to or previously prepared by Investor Partner and (ii) if requested by the Investor Partner following the Approval by the
other Partners of the pursuit of the applicable Proposed Property, the General Partner shall use commercially reasonable efforts to prepare
and/or deliver to the Investor Partner and the other Partners the balance of the items and information comprising the Proposed Property
Overview.

(c)               
Due Diligence Period. Upon receipt of the written Approval of all of the Partners as provided in Section 8.9(a)
above of the pursuit by the Partnership of a

    	 	49	 

    	 	 

    

Proposed Property (an “Approved
Proposed Property”), the General Partner shall have the authority on behalf of the Partnership (i) to negotiate and execute
(subject to the further terms of this Section 8.9 and to the rights of the other Partners set forth in this Section 8.9
to subsequently disapprove of the acquisition of such Approved Proposed Property) a purchase and sale agreement for such Approved Proposed
Property (an “Approved Property Purchase Agreement”) and any other documents necessary to have the right to acquire
the Approved Proposed Property and (ii) to complete, at the Partnership’s expense, due diligence that the General Partner deems
reasonably necessary, including (to the extent not already completed) obtaining an Environmental Assessment, a Physical Inspection Report,
a survey, a zoning report and a pro forma title policy with respect to such Approved Proposed Property. Following the Approval of the
pursuit of the Approved Proposed Property, the General Partner shall, upon receipt of any such documents, reports and materials, provide
(which may be provided by shared access to a Sharefile (provided each Partner confirms by email that it is able to access any such Sharefile
to view and download the applicable materials), which shall constitute Notice as of the date added to such Sharefile if added before 5:00
p.m. New York time on a Business Day (and otherwise, on the next Business Day)) to the Limited Partners copies of the Environmental Assessment,
the Physical Inspection Report, the title commitment and related title exception documents, the survey, the zoning report and the pro
forma title policy, and any other material due diligence and/or debt financing materials (including, without limitation, proposed financing
term sheets, draft loan documents, third-party reports, and amendments or assignments of the applicable Approved Property Purchase Agreement),
in each case, in the final form presented to the General Partner (and such interim forms as General Partner in its sole discretion determines
to be material), and notice of all material changes to any material acquisition terms (including material financing terms) that are different
from the Proposed Property Overview or other information previously provided to the Limited Partners, including, without limitation, any
failure of the seller of such Approved Proposed Property to satisfy all of its material covenants, obligations and closing conditions
under the applicable Approved Property Purchase Agreement (“Material Changes”). General Partner shall have the authority
to, and may engage, LRA or another Affiliate of LXP, in its discretion, at reasonable cost to conduct the due diligence and other actions
contemplated by this Section 8.9(c) on behalf of the Partnership. No later than five (5) Business Days prior to the expiration
of the contingency period in the Approved Property Purchase Agreement, General Partner shall send a Notice of the impending expiration
of the contingency period to the Limited Partners and recommending approval (or disapproval) of proceeding with the acquisition of the
Approved Proposed Property, and each Partner shall have until no later than two (2) Business Days prior to the expiration of such contingency
period to approve or disapprove of proceeding with the acquisition in each Partner’s sole and absolute discretion for any reason
or for no reason, and any Partner’s failure to respond in writing within such period shall be deemed a disapproval by such Partner.
If a Partner has disapproved (or is deemed to have disapproved) such Approved Proposed Property, then General Partner shall promptly (and
in any event prior to the date upon which the Earnest Money becomes non-refundable) (i) terminate the Approved Property Purchase Agreement
and use commercially reasonable efforts to cause any Earnest Money to be refunded in full to the Partnership, subject to the terms of
the applicable Approved Property Purchase Agreement, or (ii) if the Partner Group not

    	 	50	 

    	 	 

    

including such disapproving Partner elects
to pursue the Approved Proposed Property, within one (1) day of such disapproval (or as soon as practical thereafter), assign the Approved
Property Purchase Agreement to such Partner Group in exchange for payment from such Partner Group to the Partnership of the Earnest Money
and any other Pursuit Costs related to such Approved Proposed Property and a release by such Partner Group of the Partnership and the
applicable Subsidiary, if applicable, from all liability relating to the Approved Property Purchase Agreement. The Partnership shall bear
all expenses incurred by the General Partner in pursuing the release of any such Earnest Money in accordance with clause (i) of
the immediately preceding sentence, and the General Partner shall not be liable to the Partnership or the Partners for the failure of
the applicable seller or escrow agent to release such Earnest Money to the Partnership, unless due to General Partner’s failure
to timely terminate the Approved Property Purchase Agreement and request a release of such Earnest Money in accordance with the terms
of the applicable Approved Property Purchase Agreement, or the gross negligence, willful misconduct or fraud of the General Partner or
any Affiliate of the General Partner.

(d)              
Acquisition of Approved Properties. After the Partnership has committed Earnest Money on a non-refundable basis in accordance
with Section 8.9(c), each Partner shall have three (3) Business Days after receipt of a Notice of any Material Change (including
final financing terms and documents, if applicable) in which to approve or disapprove of such change by providing written Notice to the
other Partners; provided that, such three (3) Business Day period may be extended by mutual agreement of the Partners if the Material
Change is susceptible of cure and the seller (or other applicable party) is pursuing the cure thereof; and further provided that if such
Notice of Material Change is delivered within five (5) Business Days of the anticipated closing date of the acquisition of an Approved
Proposed Property, then each receiving Partner shall have one (1) Business Day after receipt of such Notice to continue to approve, or
to disapprove of the acquisition of such Approved Proposed Property, but in no event shall any Partner have the authority to disapprove
of any acquisition of such Approved Proposed Property after the closing. A Partner’s failure to timely deliver such approval or
disapproval shall be deemed such Partner’s disapproval of such Material Change and the acquisition of such Approved Proposed Property.
If the acquisition of the Approved Proposed Property shall continue to be Approved by each Partner, then the General Partner shall be
authorized to close the acquisition of the Approved Proposed Property through one or more Subsidiaries (subject to the right of the Partners
to require termination of the Approved Property Purchase Agreement as described below). In addition to its right to disapprove (or be
deemed to disapprove) of a Material Change and thereby withdraw its approval of the acquisition of an Approved Proposed Property as provided
above, each Partner shall have the right to require the General Partner to terminate the Approved Property Purchase Agreement (or, if
such termination is exercised by any Partner not a part of the LXP Partner Group, at the election of an LXP Partner, assign the Approved
Property Purchase Agreement to the LXP Partner Group in accordance with Section 8.9(c)) if such Partner (such Partner, the “Rejecting
Partner”) (i) determines, in its sole judgment, that any material adverse circumstances or conditions exist or shall have occurred,
or there shall have been any material adverse change with respect to, the Approved Proposed Property or its tenants, the operations, business,
assets, liabilities or condition (financial or otherwise) of the Partnership or the financial markets resulting from any cause whatsoever

    	 	51	 

    	 	 

    

(including, without limitation, any pandemics,
epidemics, shelter in place orders, government imposed travel restrictions or any other governmental order) that could reasonably be expected
to materially and adversely affect the value or marketability of the Approved Proposed Property, (ii) delivers notice to the General Partner
no later than three (3) Business Days prior to the proposed closing date of the acquisition of the Approved Proposed Property, and (iii)
if such decision to terminate is not based upon a Material Change (or mutually agreed by the LXP Partner Group and Investor Partner),
then such Rejecting Partner shall reimburse the Partnership (and the General Partner for any actual costs not paid or reimbursed by the
Partnership) for all Acquisition Costs incurred as of such date of termination (unless such Approved Proposed Property is assigned to
any Partner Group or its designees or assigns in accordance with Section 8.9(e), in which event such assignee shall be responsible
for such Acquisition Costs).

(e)               
Disapproved Proposed Properties. If any Partner (a “Disapproving Partner”) (x) disapproves (or is deemed
to have disapproved) any Proposed Property as provided in Section 8.9(a), (y) disapproves (or is deemed to have disapproved) of
the continuation of the approval of the acquisition of an Approved Proposed Property as provided in Section 8.9(c) above, or (z)
otherwise withdraws its approval of an Approved Proposed Property as provided in Section 8.9(d) above, then (i) the General
Partner shall not cause or permit the Partnership to acquire such Proposed Property or Approved Proposed Property, and (ii) the Partner
Group (or their designees or assigns) not including such Disapproving Partner shall have the right to acquire such Proposed Property or
Approved Proposed Property for their own account or with or in connection with any other Person. In the event that any Partner Group (or
their designees or assigns) desires to proceed with the acquisition of any such Proposed Property or Approved Proposed Property, such
Partner Group shall reimburse the Partnership for any Pursuit Costs or other Acquisition Costs (as described in Section 8.9(f)
below) incurred by the Partnership (and any such amounts previously funded by the Partners as Capital Contributions shall be reimbursed
to the Partners and shall thereafter be deemed not to have been contributed as Capital Contributions nor shall they reduce the Approved
Property Capital Commitment of any Partner).

(f)               
Acquisition Costs. Except as provided in this Section 8.9(f) and in Sections 8.9(e) and (g) hereof,
the Partnership shall be liable for all reasonable, actual, out-of-pocket costs and expenses arising in connection with the identification
or evaluation of, the bidding on and the structuring and negotiation of and contracting for the acquisition or attempted acquisition of,
the due diligence undertaken in connection with, and any deposits (including Earnest Money) or other reasonable costs accrued in pursuit
of, any Approved Proposed Property (or Proposed Property, to the extent such costs are Approved by the Partners), including any reasonable
costs incurred in connection with the enforcement of the related Approved Property Purchase Agreement (but excluding any such costs and
expenses incurred after a notice of disapproval (or deemed disapproval) is given by any Partner with respect to such Approved Proposed
Property, unless such costs or expenses are incurred pursuant to any agreement executed prior to such disapproval) (the “Pursuit
Costs”), and the purchase price and other transaction costs reasonably required to acquire the Approved Proposed Property (“Closing
Costs”, and collectively with the Pursuit Costs, the “Acquisition Costs”). The Partners acknowledge that
Pursuit Costs and Closing Costs

    	 	52	 

    	 	 

    

may exceed the initial estimate provided
by the General Partner, and may be increased by certain factors identified during the due diligence period or related to the negotiation
of the Approved Property Purchase Agreement, leases, estoppels and subordination, non-disturbance and attornment agreements and other
documents and agreements with the tenants at the Approved Proposed Property and/or the financing of the Approved Proposed Property and
any documents related thereto. The Partners agree that any costs incurred in accordance with General Partner’s (and its Affiliates’)
past practices with respect to due diligence and pursuit of acquisitions of properties similar to the Target Properties shall be deemed
to be “reasonable” for purposes of this Section 8.9. The General Partner may call for Additional Capital Contributions
to pay for Pursuit Costs from time to time after the Approval of a Proposed Property pursuant to Section 8.9(a), which Additional
Capital Contributions shall be due on the date set forth in the Notice requesting such funds, which shall be no less than ten (10) Business
Days after the date of such Notice, notwithstanding any longer Contribution Period provided in Section 4.2(a). The General Partner
may call for Additional Capital Contributions to pay for estimated Closing Costs (and any remaining unpaid Pursuit Costs) and may also
call for payment of the Acquisition Fee (as described in Section 8.9(f) below), which shall be due no later than the later to occur
of (x) one (1) Business Day after the date of such notice or (y) two (2) Business Days prior to the estimated closing date of the acquisition,
notwithstanding any longer Contribution Period provided in Section 4.2(a). In the event that the acquisition of the Approved Proposed
Property does not occur, any such Capital Contributions made for Closing Costs (and any estimated Acquisition Fee) shall be returned to
the Partners (or, with respect to the Acquisition Fee, to the Investor Partner) within ten (10) days from the date of termination (or
assignment) of the applicable Approved Property Purchase Agreement and shall thereafter be deemed not to have been contributed as Capital
Contributions and shall not reduce the Approved Property Capital Commitment of any Partner. On or after the closing of the acquisition
of an Approved Proposed Property (upon and following acquisition, an “Approved Property”), the General Partner shall
deliver to the Partners a closing statement acknowledging the receipt of and setting forth the application of the Partners’ Capital
Contributions and any other funds of the Partnership used to acquire such Approved Property or to pay closing costs (including an estimate
of costs not finalized at closing, including legal fees and costs, and actual closing adjustments and prorations made in accordance with
the Approved Property Purchase Agreement) associated therewith, and, if applicable, shall (x) call for Additional Capital Contributions
from the Partners to pay for any actual Closing Costs (or other Acquisition Costs) in excess of the estimated Closing Costs previously
funded, or (y) return to the Partners within ten (10) days after such closing any previously contributed Capital Contributions not used
for Closing Costs, which returned amounts shall thereafter be deemed not to have been contributed as Capital Contributions and shall not
reduce the Approved Property Capital Commitment of any Partner. All Capital Contributions made with respect to Acquisition Costs shall
be deemed to have been made as of the date of the closing of the acquisition of the Approved Property, provided, however, that if an Approved
Proposed Property is not acquired, then (subject to Section 8.9(e)) any Capital Contributions made with respect to Pursuit Costs
shall be deemed made as of the date of the termination of the Approved Property Purchase Agreement (or any earlier disapproval (or deemed
disapproval) by a Partner of an acquisition). Notwithstanding the foregoing, upon the Approval of all of the Partners, the

    	 	53	 

    	 	 

    

General Partner may cause the Partnership
to use Partnership funds for some or all of the Acquisition Costs, which expenditures of Acquisition Costs shall be treated as if they
had been distributed to the Partners (or in the case of the Acquisition Fee, the Investor Partner) in accordance with Section 5.1
and then contributed as Additional Capital Contributions or contributions for Acquisition Fees, as the case may be.

(g)              
Acquisition Fee. In consideration for the services provided by LRA in connection with (i) the acquisition of any Approved
Property by the Partnership or any Subsidiary (including any Approved Property contributed in whole or in part by any Affiliate of any
LXP Partner or LXP to the Partnership), pursuant to this Section 8.9, or (ii) the acquisition or commencement of construction
of any building, or commencement of any expansion of any existing building or other improvements on any Property (as Approved by the Partners
as a Major Decision pursuant to Section 8.1(a) (an “Expansion”), the Partnership shall, upon such acquisition
or Expansion pursuant to the foregoing clauses (i) or (ii) and pursuant to the terms set forth in Section 8.9(f),
pay LRA an acquisition fee (the “Acquisition Fee”) equal to the Initial Value of such acquired Approved Property or
Expansion multiplied by: (i) with respect to any off-market transaction of such Approved Property or Expansion, 0.60% or (ii) with respect
to any marketed transaction of such Approved Property or if such Approved Property was sourced by Investor Partner (or its Affiliate),
0.40%. The Acquisition Fee shall be borne solely by Investor Partner. Investor Partner shall contribute (or otherwise bear) the amount
necessary to pay any such Acquisition Fee to the Partnership upon notice from General Partner that an Acquisition Fee is due pursuant
to the terms of Sections 8.9(f) and (g) and such contributed (or otherwise paid) amount shall be paid by the Partnership
to LRA pursuant to this Section 8.9(g). No LXP Partner shall be required to contribute capital or otherwise bear any Acquisition
Fees.

8.10         
CFIUS8.11. Each Partner hereby represents and warrants to each other Partner as of the Effective Date that such Partner, to
its knowledge, is not a “foreign person” within the meaning of CFIUS regulations (31 C.F.R. 800.216). Each Partner shall (a)
within five (5) days of receipt of the same, notify General Partner of, and provide General Partner with a copy of, any inquiry received
from CFIUS or any other Governmental Authority related to any Lease or the Partnership’s direct or indirect acquisition of any Property,
(b) make any filing requested by CFIUS related to any Lease and/or the Partnership’s direct or indirect acquisition of any Property,
(c) cooperate with, and fully respond to any inquiries received from, CFIUS or any other Governmental Authority related to CFIUS’s
review and/or investigation (the “CFIUS Review”) related to any Lease and/or the Partnership’s direct or indirect
acquisition of any Property, in each case, within the time permitted by CFIUS or such Governmental Authority, as applicable, and (d) subject
to the terms and conditions hereof (and any terms and conditions of the loan documents evidencing the Bank of America Loan), take any
mitigation measures requested by CFIUS and/or any Governmental Authority in connection with the CFIUS Review.

Section 9.               
Confidentiality. Any information relating to a Partner’s business, operation or finances that is proprietary to, or
considered proprietary by, such Partner and any information relating to the Partnership or any Subsidiary and their respective business,
operation or finances, regardless of whether in tangible form (plans, writings, drawings, computer software and programs, etc.) or
received orally or visually by a Partner (each, a “Receiving Person”) shall be

    	 	54	 

    	 	 

    

referred to herein as “Confidential
Information”. All such information received by a Receiving Person shall be presumed to be Confidential Information at the time
of delivery to such Receiving Person. Nothing herein shall restrict the disclosure by a specified Partner of information relating to the
business, operation or finances of such specified Partner or a Partner that is Affiliated with such specified Partner (and, with respect
to such specified Partner, such information shall not constitute Confidential Information subject to this Section 9). All Confidential
Information shall be protected by the Receiving Person from disclosure with the same degree of care that the Receiving Person uses to
protect its own Confidential Information from disclosure, and in no event less than a commercially reasonable level of care. Without limiting
(or limitation by) the foregoing, each Receiving Person agrees (i) not to disclose the Confidential Information to any Person, except
to those of its investors, employees or representatives that need to know such Confidential Information in connection with the conduct
of the business of the Partnership and/or the Subsidiaries (and only to the extent of such need) and that have agreed to maintain the
confidentiality of such Confidential Information and (ii) that neither it nor any of its investors, employees or representatives
will use such Confidential Information for any purpose other than in connection with the conduct of the business of the Partnership and
the Subsidiaries; provided that such restrictions shall not apply (and such Receiving Person shall not be required to protect such Confidential
Information) if such Confidential Information: (x) is or hereafter becomes public, other than by breach of (A) this Agreement
by such Receiving Person or a Partner that is Affiliated with such Receiving Person, (B) the Purchase Agreement by such Receiving
Person or its Affiliates or (C) the Confidentiality Agreement (as defined in the Purchase Agreement) by such Receiving Person or
its Affiliates; (y) was already in the possession of the Receiving Person or its Affiliates prior to any disclosure of the Confidential
Information to the Receiving Person by the divulging Partner or its Affiliates; or (z) has been or is hereafter obtained by the Receiving
Person from a third-party not bound by any confidentiality obligation with respect to such Confidential Information; provided, further,
that nothing herein shall prevent any Partner from disclosing any portion of such Confidential Information (a) to the Partnership
and the Subsidiaries and allowing the Partnership and the Subsidiaries to use such Confidential Information in connection with the Partnership’s
or the Subsidiaries’ business, (b) pursuant to judicial order or in response to a governmental or regulatory authority inquiry,
by subpoena or other legal process, but only to the extent required by such order, inquiry, subpoena or process, and only after reasonable
notice to the original divulging Partner, where permitted by law, (c) as necessary or appropriate in connection with or to prevent
the audit by a governmental agency of the accounts of a Partner, (d) in order to initiate, defend or otherwise pursue legal proceedings
among the Partners regarding this Agreement, (e) as necessary in connection with a Transfer or potential Transfer of an Interest
(or of a direct or indirect interest in such Partner) permitted hereunder to a Person that has agreed to maintain the confidentiality
of such Confidential Information, (f) to a Partner’s attorneys or accountants or other representatives (including any broker,
agent or consultant or other Person preparing an Appraisal) that have a need to know such Confidential Information and have agreed (or
are required by applicable ethical standards) to maintain the confidentiality of such Confidential Information, (g) as necessary
or appropriate for a Partner or its Affiliates to comply with the Securities Act and applicable state securities laws, (h) as may
be required by applicable law or regulation or by obligations pursuant to any listing agreement with any national securities exchange,
(i) to the extent that such Partner or its Affiliate is a public company or a REIT making such disclosures consistent with such Partner’s
or Affiliate’s past practices that are customary for public companies or REITs, provided that neither Davidson Kempner Capital Management
LP nor

    	 	55	 

    	 	 

    

any of its Affiliates shall be named in the
disclosures described in this clause (i) without the Approval of Investor Partner, and (j) if such Partner is General
Partner, that is related to the business, operations or finances of the Partnership and/or its Subsidiaries, to the extent General Partner
deems necessary or appropriate in connection with the management of the Properties. Each Partner shall comply with all restrictions on
disclosure of Confidential Information in any Lease or other obligation binding on the Partnership and/or its Subsidiaries. Without limiting
the foregoing, each Partner may, from time to time, provide the other Partners notice of its non-public information that constitutes Confidential
Information and is subject to this Section 9. Without limiting any of the other terms and provisions of this Agreement, to the
extent a Partner (the “Pursuer”) provides another Partner with information relating to a possible investment opportunity
then being actively pursued by the Pursuer on behalf of the Partnership, the other Partner receiving such information shall not use such
information to pursue such investment opportunity for its own account to the exclusion of the Pursuer or the Partnership so long as the
Pursuer is actively pursuing such opportunity on behalf of the Partnership and shall not disclose any Confidential Information to any
Person (except as expressly permitted hereunder) or take any other action in connection therewith that is reasonably likely to interfere
with the Pursuer or its pursuit of such investment opportunity.

Section 10.           
Representations and Warranties; REIT Provisions.

10.1         
Representations and Warranties. Each Partner hereby represents and warrants to each other Partner as of the Effective Date
that:

(a)               
Due Organization. Such Partner has been duly organized and is validly existing and in good standing under the laws of its
jurisdiction of organization and is qualified to do business and in good standing in all jurisdictions where such qualification is necessary
to carry on its business as now conducted.

(b)              
Due Authorization. Such Partner has the power and authority to enter into this Agreement and to perform its obligations
hereunder and thereunder.

(c)               
Due Execution and Delivery. This Agreement has been duly authorized, executed and delivered by such Partner, and this Agreement
does violate any provision of any agreement or judicial order to which such Partner is a party or to which such Partner is subject.

(d)              
Conflicts; Consents. The execution and delivery of this Agreement by such Partner, and the performance by such Partner under
this Agreement, do not and will not conflict with or result in a breach of (with or without the passage of time or notice, or both) the
terms of any of such Partner’s constituent documents, or any judgment, order or decree of any governmental authority binding on
such Partner, and, to such Partner’s knowledge, do not breach or violate any applicable law, rule or regulation of any such governmental
authority. The execution, delivery and performance by such Partner under this Agreement will not result in a breach or violation of (with
or without the passage of time or notice, or both) the terms or provisions of, or constitute a default under, any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which such Partner is subject. All consents of any third parties (including,
without

    	 	56	 

    	 	 

    

limitation, creditors and governmental
authorities) necessary to such Partner’s execution and delivery of this Agreement and its consummation of the transaction contemplated
by this Agreement have been duly obtained prior to the Effective Date.

(e)               
Investigation. Such Partner is acquiring its Interest based upon its own investigation, and the exercise by such Partner
of its rights and the performance of its obligations under this Agreement will be based upon its own investigation, analysis and expertise.
Such Partner is a sophisticated investor possessing an expertise in analyzing the benefits and risks associated with acquiring investments
that are similar to the acquisition of its Interest.

(f)               
Broker. No broker, agent or other Person acting as such on behalf of such Partner was instrumental in consummating this
transaction, and no conversations or prior negotiations were had by such Partner with any broker, agent or other such Person concerning
the transaction that is the subject of this Agreement, except for Eastdil Secured, L.L.C.

(g)              
Investment Company Act. Neither such Partner nor any of its Affiliates is, nor will the Partnership as a result of such
Partner holding an Interest be, an “investment company” as defined in, or subject to regulation under, the Investment Company
Act of 1940, as amended and in effect as of the Effective Date.

(h)              
No Plan Assets. Such Partner is not a “benefit plan investor” within the meaning of 29 C.F.R. §2510.3-101(f)(2)
nor is such Partner, nor will the Partnership as a result of such Partner holding an Interest be, an employee benefit plan as defined
in Section 3(3) of ERISA, nor will the assets of the Partnership be expected, as a result of such Partner holding an Interest, to be deemed
“plan assets” (within the meaning of 29 C.F.R. §2510.3-101, as modified by section 3(42) of ERISA).

(i)                
Securities Matters. None of the Interests are registered under the Securities Act or any state securities laws. Such Partner
understands that the offering, issuance and sale of the Interests are intended to be exempt from registration under the Securities Act,
based, in part, upon the representations, warranties and agreements contained in this Agreement. Such Partner is an “accredited
investor” as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act.

(i)                
Neither the Securities and Exchange Commission nor any state securities commission has approved the Interests or passed upon or
endorsed the merits of the offer or sale of the Interests. Such Partner is acquiring the Interests solely for such Partner’s own
account for investment and not with a view to resale or distribution thereof in violation of the Securities Act.

(ii)              
Such Partner is unaware of, and in no way relying on, any form of general solicitation or general advertising in connection with
the offer and sale of the Interests, and no Partner has taken any action that could give rise to any claim by any person for brokerage
commissions, finders’ fees (without regard to any finders’ fees payable by the Partnership directly) or the like relating
to the

    	 	57	 

    	 	 

    

transactions contemplated hereby, other
than Eastdil Secured, L.L.C. (in its capacity as broker arranging for the equity capitalization of the Partnership).

(iii)            
Such Partner is not relying on the Partnership or any of its officers, directors, employees, advisors or representatives with regard
to the tax and other economic considerations of an investment in the Interests.

(iv)            
Such Partner understands that the Interests may not be sold, hypothecated or otherwise disposed of unless subsequently registered
under the Securities Act and applicable state securities laws, or an exemption from registration is available. Such Partner agrees that
it will not attempt to Transfer all or any portion of the Interests in violation of this Agreement.

(v)              
Such Partner has adequate means for providing for its current financial needs and anticipated future needs and possible contingencies
and emergencies and has no need for liquidity in the investment in the Interests.

(vi)            
Such Partner has significant prior investment experience, including investment in non-listed and non-registered securities. Such
Partner is knowledgeable about investment considerations and has a sufficient net worth to sustain a loss of such Partner’s entire
investment in the Partnership in the event such a loss should occur. Such Partner’s overall commitment to investments that are not
readily marketable is not excessive in view of such Partner’s net worth and financial circumstances and the purchase of the Interests
will not cause such commitment to become excessive. The investment in the Interests is suitable for such Partner.

The representations and warranties made by
any Partner in the LXP Partner Group are qualified by the Exception Matters under and as defined in the Purchase Agreement (with the term
“Agreement” as used therein deemed to include this Agreement).

10.2         
REIT Provisions. The Partners acknowledge that (a) LXP Industrial Trust, a Maryland real estate investment trust (“LXP”),
an indirect parent of the LXP Partners as of the Effective Date, is qualified and operates, and intends to continue to qualify and operate,
as a real estate investment trust (“REIT”) for federal income tax purposes and (b) Investor Partner intends to qualify
and operate as a REIT for federal income tax purposes effective as of the Effective Date. Accordingly, the Partners acknowledge that General
Partner will use commercially reasonable efforts to cause the Partnership to conduct its business and activities (including the business
and activities of any Subsidiary) as if the Partnership were itself a REIT; provided, however, that conducting the Partnership
as if it were itself a REIT (a) shall not prevent General Partner from taking any action with respect to the Partnership or any Subsidiary,
or refrain from taking any action, as provided in an Approved Annual Business Plan; or (b) shall not require the General Partner to cause
the Partnership to make distributions to satisfy the distributions requirements generally applicable to a REIT. General Partner will use
commercially reasonable efforts to, and to cause any Subsidiaries to, (i) operate in such a manner such that the Partnership, assuming
it were a REIT, would satisfy the income and asset tests applicable to REITs (excluding any distribution requirements), (ii) not
take any action, or make any decision, that could otherwise

    	 	58	 

    	 	 

    

reasonably be anticipated to result in (A)
LXP failing to qualify as a REIT under the Code solely because of its direct or indirect ownership of the LXP Partners’ Interests
or (B) Investor Partner failing to qualify as a REIT under the Code solely because of its ownership of the Interests, and (iii) not
dispose of any asset in a transaction that would be treated as a “prohibited transaction” within the meaning of section 857(b)(6)(B)(iii)
of the Code. Without limiting any of its other obligations in this Section 10.2, the General Partner shall obtain the Approval
of the Partners prior to taking any action that, in the reasonable judgment of General Partner, would result in the Partnership (assuming
it were a REIT) failing to qualify as a REIT under the Code, excluding any distribution requirements, but including, without limitation,
by failing to satisfy the requirements for REIT status under the Code that pertain to the assets or income of a REIT. If an LXP Partner
or an Affiliate of an LXP Partner no longer serves as General Partner, then General Partner shall (and shall cause all of its Affiliates
and third-parties performing services on behalf of the Partnership and/or any Subsidiary to) consult with nationally recognized U.S. tax
counsel (or another nationally recognized U.S. tax advisor) in complying with the foregoing and obtain an annual certification of
compliance.

Section 11.           
Sale, Assignment, Transfer or Other Disposition.

11.1         
Prohibited Transfers. Except as otherwise provided in this Section 11, in no event shall any Partner, without the
Approval of all other Partners in their respective sole and absolute discretion, (i) Transfer, directly or indirectly, its Interest,
or (ii) suffer or permit a change of Control of such Partner. Any attempted Transfer of a Partner’s Interest in violation of
this Agreement shall be void ab initio.

11.2         
Permitted Transfers. Notwithstanding anything in Section 11.1 to the contrary, (i) any Partner may Transfer,
directly or indirectly, all or any portion of its Interest at any time and from time to time to its Affiliates, provided that such Transfer
does not (a) result in a breach or violation of any Consent Requirement or the transfer and/or due on sale provisions of any documents
governing any Loan outstanding at the time of such Transfer, (b) trigger any Sale Right, or (c) jeopardize the treatment of the Partnership
as a partnership for U.S. federal income tax purposes, as determined in the reasonable discretion of the General Partner, (ii) any
Partner may Transfer a portion of its Interest in connection with the appointment of a replacement General Partner pursuant to Section 8.1(c)(i),
provided that such Transfer does not (a) result in a breach or violation of any Consent Requirement or the transfer and/or due on
sale provisions of any documents governing any Loan outstanding at the time of such Transfer, (b) trigger any Sale Right, or (c)
jeopardize the treatment of the Partnership as a partnership for U.S. federal income tax purposes, as determined in the reasonable discretion
of the General Partner, and (iii) nothing in this Agreement shall restrict (a) a Fundamental Transaction or the transfer or issuance
of shares (or derivative or convertible securities with such shares as the reference or underlying security) in any Person that holds
direct or indirect interests in a Partner and in which Person shares are publicly traded, or a merger or similar transaction involving
all or substantially all of the interests of any of such Person or (b) the customary issuance of preferred units by Investor Partner in
connection with the election by Investor Partner to qualify as a REIT for U.S. federal income tax purposes and the transfer of any such
preferred units after the Effective Date, provided that Davidson Kempner Capital Management LP (or Affiliates thereof or funds Controlled
thereby) or a board of directors consisting of individuals appointed by Davidson Kempner Capital

    	 	59	 

    	 	 

    

Management LP (or Affiliates thereof or funds
Controlled thereby) continues to Control Investor Partner.

11.3         
Admission of Transferee. Notwithstanding anything in this Section 11 to the contrary and except as provided in Section 11.5,
no Transfer by a Partner of its Interest shall be permitted unless the potential transferee is admitted as a Partner under this Section 11.3.
If a Partner Transfers all or any portion of its Interest, such transferee may become a Partner if (i) such transferee executes and
agrees to be bound by this Agreement, including the provisions restricting public trading of such Interest, (ii) the Transferring
Partner and/or transferee pays all reasonable legal and other fees and expenses incurred by the Partnership in connection with such Transfer
and (iii) the Transferring Partner and transferee execute such documents and deliver such certificates to the Partnership and the
remaining Partners as may be required by applicable law and as otherwise reasonably required by General Partner (except in connection
with the admission of a Replacement General Partner pursuant to Section 8.1(c)(i), in which case as otherwise reasonably required
by the Removing Partner). Notwithstanding anything to the contrary, any Transfer or purported Transfer of any Interest, whether to another
Partner or to a third-party, shall be of no effect, and such transferee shall not become a Partner, if:

(a)               
the Transfer would require registration of any Interest under, or result in a violation of, any federal or state securities laws;

(b)              
as a result of such Transfer, the Partnership would be required to register as an investment company under the Investment Company
Act of 1940 or any rules or regulations promulgated thereunder, all as amended and in effect as of the date of determination;

(c)               
such Transfer may reasonably be expected to cause the assets of the Partnership to be deemed “plan assets” (within
the meaning of 29 C.F.R. §2510.3-101, as modified by section 3(42) of ERISA);

(d)              
such Transfer could jeopardize the treatment of the Partnership as a partnership for U.S. federal income tax purposes, as determined
in the reasonable discretion of the General Partner; or

(e)               
as a result of such Transfer, the Interest held by a Partner on the Effective Date would be held by more than three (3) Partners
in the aggregate.

Any Partner may require the
provision of a certificate as to the legal nature and composition of a proposed transferee of an Interest of a Partner and from any Partner
as to its legal nature and composition and shall be entitled to rely on any such certificate in connection with making determinations
under this Section 11.3.

11.4         
Withdrawals. Each Partner does hereby covenant and agree that it will not withdraw, resign, retire or disassociate from
the Partnership, except as a result of a Transfer of its entire Interest as permitted under the terms of this Agreement, and that it will
carry out its duties and responsibilities hereunder until the Partnership is terminated, liquidated and dissolved under Section 12.
No Partner shall be entitled to receive any Distribution or otherwise receive the fair

    	 	60	 

    	 	 

    

market value of its Interest in compensation
for any purported resignation or withdrawal not in accordance with the terms of this Agreement.

11.5         
Sale of Property or Partner’s Interest with Right of First Offer. Notwithstanding anything to the contrary, at any
time (and from time to time) after the Lock-Out Date, any Partner may, without the Approval of any other Partner (except as further provided
below), and without any restriction or limitation as to the terms of such transaction other than as set forth in this Section 11.5,
cause the Partnership to sell (or cause the sale of) any Property or Properties (to the extent such Property is not at such time already
subject to a purchase agreement entered into in accordance with the terms and conditions of this Agreement) to any Person that is not
an Affiliate of such Partner (each, a “Forced Sale”), provided that, with respect to any Forced Sale that includes
an Approved Property, (A) the General Partner determines, in its reasonable discretion, that such sale qualifies for the prohibited transactions
safe harbour under Section 857(b)(6)(C) of the Code (the “Safe Harbor”) or (B) the Initiating Partner (as defined below)
causes nationally recognized tax counsel with expertise in REIT matters (which the Partners agree may be Dechert LLP) to provide a tax
opinion to the Partnership to the effect that such sale will not be treated as a prohibited transaction pursuant to Section 857(b)(6)
of the Code. Notwithstanding anything to the contrary, if a Partner has been removed as General Partner in accordance with Section 8.1(c)(i),
then neither such Partner nor any other Partner in its Partner Group shall be permitted to initiate a Forced Sale under this Agreement.
If a Partner desires to cause a Forced Sale pursuant to this Section 11.5, then such Partner (together with all other Partners
in its Partner Group, the “Initiating Partner”) shall first give notice (an “Offer Notice”) to all
Partners in the other Partner Group (collectively, the “Non-Initiating Partner”), which Offer Notice shall (i) list
the Property (or Properties) subject to such Forced Sale (individually or collectively, as the context requires, the “Subject
Property”), (ii) set forth (on a Property-by-Property and aggregate basis) (A) the all-cash purchase price for the
Subject Property (the “Sale Price”) and (B) all other material terms of such Forced Sale (including, to the extent
applicable, any requirements related to the assumption of any debt or other encumbrances then-affecting the Subject Property), and (iii)
if such Forced Sale includes an Approved Property, set forth a reasonable description of the basis on which such proposed sale satisfies
the Safe Harbor. Within thirty (30) days after receipt of an Offer Notice (the “Exercise Period”), the Non-Initiating
Partner shall have the right to purchase (or for any of them or their designee in accordance herewith, the “ROFO Purchaser”
to purchase) all (and not less than all) of the Subject Property (the “ROFO Sale”) from the Partnership (or its applicable
Subsidiary) for a price equal to the sum of the Sale Price and otherwise on the terms set forth in the Offer Notice by (x) delivering
irrevocable notice of such election to the Initiating Partner (the “ROFO Election”), and (y) simultaneously depositing
in escrow with Escrow Agent a non-refundable cash deposit equal to three percent (3%) of the Sale Price payable in connection with
such ROFO Sale (such deposit, together with interest accrued thereon, a “ROFO Deposit”), to be applied against the
Sale Price at the closing of the ROFO Sale.

(a)               
If, following its receipt of an Offer Notice, the Non-Initiating Partner has (x) not properly delivered a ROFO Election and
made the ROFO Deposit or (y) affirmatively waived its right to make such ROFO Election, in any case within the Exercise Period, then
the Non-Initiating Partner shall be deemed to have elected not to purchase the Subject Property and the Initiating Partner shall be free
to on behalf of the Partnership (or its Subsidiaries) proceed to initiate and consummate the Forced Sale at a

    	 	61	 

    	 	 

    

price equal to not less than ninety-five
percent (95%) of the Sale Price. The Initiating Partner may cause the Partnership (or its Subsidiaries) to offer the Properties for
sale either directly or through investment bankers or real estate brokers selected by the Initiating Partner for a commission and on other
terms and conditions that are reasonable and customary as reasonably determined by the Initiating Partner. If the Initiating Partner fails
to close such Forced Sale within one (1) year after the expiration of the Exercise Period, then any attempt to consummate such Forced
Sale thereafter shall again be subject to the provisions of this Section 11.5.

(b)              
If, following its receipt of an Offer Notice, the Non-Initiating Partner has properly delivered a ROFO Election and made the ROFO
Deposit within the Exercise Period, the Initiating Partner shall cause the Partnership (and its applicable Subsidiaries) to, and the
ROFO Purchaser shall, consummate the ROFO Sale on the terms set forth in the Offer Notice (subject to this clause (b))
and on an “as is” and “where is” basis, and the closing date therefor shall be the date that is thirty (30) days
after the date of the ROFO Election. On the closing date therefor, (i) Escrow Agent shall release the ROFO Deposit to the Partnership
(or the applicable Subsidiary), and the ROFO Purchaser shall pay, to the Partnership or the applicable Subsidiary, the balance of the
Sale Price. Contemporaneously or promptly following the closing (and if the ROFO Sale relates to all of the Properties, as a condition
of the assignment of Interests described below), the Partnership shall Distribute the proceeds thereof in the amounts and order of priority
set forth in Section 12.3(d) in satisfaction of their respective Interests (but without the establishment of any reserves
for contingent liabilities pursuant to Section 12.3(d) and, to the extent the ROFO Purchaser assumes any Loan on the applicable
Property or Properties, without regard to such Loan) but, for the avoidance of doubt, after giving effect to the repayment of all Shortfall
Loans and Shortfall Loan Return). If the Non-Initiating Partner has properly delivered a ROFO Election and made a ROFO Deposit within
the Exercise Period, but thereafter the sale contemplated thereby fails to close within such thirty (30) day period for any reason
within the reasonable control of (1) the Non-Initiating Partner (or the ROFO Purchaser) (a “ROFO Default”),
then the Non-Initiating Partner shall be in material default under this Section 11.5 and Escrow Agent shall release the
ROFO Deposit to the Initiating Partner who shall have the right to retain the ROFO Deposit as liquidated damages, it being agreed that
in such instance the actual damages would be difficult, if not impossible, to ascertain, and the Non-Initiating Partner shall forfeit
its ROFO Deposit and shall have no further rights under this Section 11.5, including the right to give a ROFO Election
or to receive Offer Notices, or (2) the Initiating Partner, then the Initiating Partner shall be in material default under this
Section 11.5, the Initiating Partner shall have no further rights under this Section 11.5, including the
right to give a ROFO Election or to receive Offer Notices, and the Non-Initiating Partner (or the ROFO Purchaser) shall have the right
to either (A) terminate the ROFO Sale, in which case the Escrow Agent shall release the ROFO Deposit to the Non-Initiating Partner
or (B) pursue, within thirty (30) days of the expiration of the thirty (30) day period following the date of the ROFO Election,
specific performance of such ROFO Sale. Furthermore, if a ROFO Default occurs, then thereafter, the Initiating Partner shall have the
right to cause the Forced Sale on any terms and conditions determined by the Initiating Partner without any further obligation under
this Section 11.5.

    	 	62	 

    	 	 

    

(c)               
At the closing of a ROFO Sale, (i) if
the Subject Property is all of the Properties, the Initiating Partner shall deliver a written assignment of all of its (or their) Interests
to the ROFO Purchaser, or (ii) if the Subject Property is less than all of the Properties, the Partnership shall deliver to the ROFO
Purchaser a written assignment of the Partnership’s direct or indirect one hundred percent (100%) limited liability company
membership (or other applicable) interest in the Fee Owners of the Subject Property and, if applicable, the related GP Subsidiaries, which
assignments shall be, in each case, free and clear of all legal and equitable claims and all liens and encumbrances (other than liens
and encumbrances described in the Offer Notice). The Partnership (and its applicable Subsidiaries) and the ROFO Purchaser shall at or
prior to such closing execute an agreement mutually Approved by the Initiating Partner and the ROFO Purchaser under which (x) such
Persons shall represent and warrant to each other that each is duly organized, validly existing, has the necessary power and authority
to consummate the subject transactions and requires no consents in connection therewith that have not been obtained as of the closing
date and (y) if the Subject Property is all of the Properties, the Initiating Partner shall represent and warrant to the ROFO Purchaser
that it is the owner of its Interest free and clear of all liens and encumbrances (other than liens and encumbrances described in the
Offer Notice). At the closing of any ROFO Sale, the Initiating Partner and the Non-Initiating Partner shall execute and deliver (or cause
the Partnership or its applicable Subsidiary to execute and deliver, as applicable) such deeds, bills of sale, instruments of conveyance,
assignments and other instruments as may reasonably be required to effectuate the transaction. If any Partner fails or refuses to execute
any of such instruments, the other Partners are hereby granted an irrevocable power of attorney, coupled with an interest, which shall
be binding on the non-executing Partner as to all third-parties, to execute and deliver on behalf of such non-executing Person all such
required instruments. Such power of attorney shall survive and not be affected by the subsequent disability, incapacity, dissolution or
termination of the applicable Partner. If the Non-Initiating Partner elects to exercise the ROFO Election and in connection therewith
the ROFO Purchaser assumes any Loan on the applicable Property or Properties, then, as a condition to doing so, the Non-Initiating Partner
shall cause all applicable Lenders or other obligees under any Credit Support given by the Initiating Partner and any Affiliate of the
Initiating Partner to deliver to the Initiating Partner and any Affiliate of the Initiating Partner that executed any Credit Support in
favor of such Lender or other obligee a release and discharge of the Initiating Partner and any Affiliate of the Initiating Partner therefrom
(it being agreed, however, that such release or discharge shall not be required to cover (x) any gross negligence, willful misconduct
or fraud by the Initiating Partner and/or its Affiliates on or after the closing of the ROFO Sale or (y) any events, occurrences,
acts or omissions arising or occurring prior to the closing of the ROFO Sale); provided, however, if, despite its commercially
reasonable efforts, the Non-Initiating Partner exercising such ROFO Election is unable to obtain (or cause to be obtained) the contemporaneous
release and discharge of the Initiating Partner or any of its Affiliates from such Credit Support, then the Non-Initiating Partner shall
cause a creditworthy Affiliate of the Non-Initiating Partner Approved by the Initiating Partner and/or its Affiliates (as applicable)
to instead indemnify and hold harmless the Initiating Partner and/or its Affiliates (as applicable) from their obligations and liabilities
in respect of such Credit Support, pursuant to a written indemnity agreement Approved by the Initiating Partner (provided that, in no
event shall

    	 	63	 

    	 	 

    

such indemnity be required to cover obligations
and liabilities accruing prior to the closing date or to the extent caused by acts or omissions of the Non-Initiating Partner or its Affiliates
that involve fraud, willful misconduct or gross negligence).

(d)              
At the closing of any Forced Sale, each Partner shall execute and deliver (or cause the Partnership or its applicable Subsidiary
to execute and deliver, as applicable) such deeds, bills of sale, instruments of conveyance, assignments and other instruments as may
reasonably be required, to give good and clear title to the assets transferred in such Forced Sale. If any Partner fails or refuses to
execute any of such instruments, any other Partners are each hereby granted an irrevocable power of attorney, coupled with an interest,
which shall be binding on the non-executing Partner as to all third-parties, to execute and deliver on behalf of the non-executing Person
all such required instruments of transfer.

(e)               
Notwithstanding any other time frames set forth in this Section 11.5, if any Person (i) exercises any Sale Right
or (ii) fails to provide consent in accordance with the Consent Requirement, in any case on or prior to the closing date of the Forced
Sale or ROFO Sale, then the Initiating Partner (in the event of a Forced Sale) or the ROFO Purchaser (in the event of a ROFO Sale) may
extend the closing for a reasonable period not to exceed ninety (90) days to comply with the terms of the Sale Right or Consent Requirement
and in the event that as of the closing date (as so extended) any Property included in the Forced Sale or ROFO Sale cannot be sold pursuant
to the Forced Sale or ROFO Sale due to the Sale Right or Consent Requirement, then such Property shall be removed from the ROFO Sale or
the Forced Sale, and the terms of such ROFO Sale or Forced Sale shall be commensurately modified and the Sale Price reduced in accordance
with the purchase price allocation therefor set forth in the Offer Notice.

(f)               
No exercise or notice under this Section 11.5 shall be conditioned upon the purchase or sale of any other interests
or property or upon financing or consummation of any other transaction.

(g)              
No Forced Sale or ROFO Sale shall permit or require the assumption of any Loan (or otherwise permit or require the buyer to take
subject to any Loan) if such Loan is cross-defaulted or cross-collateralized with any other Loan that would continue following the closing
thereof or the Partnership, any Subsidiary, or, unless otherwise Approved by the applicable Partner in its sole and absolute discretion,
any Partner or any Affiliate of any Partner would in any way have any liability, other than any liability for which such Non-Initiating
Partner would not be required to indemnify pursuant to the final proviso of Section 11.5(c), with respect to such Loan (including
under any Credit Support) following the closing thereof.

(h)              
If a Replacement General Partner has been appointed, then contemporaneously with the closing of a ROFO Sale for which the Subject
Property is all of the Properties or at any time thereafter, the Non-Initiating Partner shall have the right to purchase or (on behalf
of the Partnership) redeem Replacement General Partner’s Interest for a purchase or redemption price, as applicable, equal to the
Purchase/Redemption Price (but without limiting any amount that it would receive as a Distribution hereunder in

    	 	64	 

    	 	 

    

connection with such ROFO Sale if it
has a Percentage Interest). If Non-Initiating Partner desires to exercise such right, it must send notice thereof to Replacement General
Partner. The closing of such purchase or redemption shall occur on such date as shall be determined by the Non-Initiating Partner (but
not earlier than the closing date for the ROFO Sale and with no less than five (5) Business Days’ advance notice. At the closing
of such purchase or redemption, the Non-Initiating Partner and Replacement General Partner shall execute and deliver a purchase or redemption
agreement in form and substance reasonably required by the Initiating Partner (provided, however, that such agreement shall provide for
an “as-is,” “where-is” transfer of Replacement General Partner’s Interest (without lien or encumbrance thereon
other than those created by this Agreement) with customary representations and warranties regarding ownership of the Interest free and
clear, due authorization and authority, and other customary terms required by the Non-Initiating Partner. Contemporaneously with such
purchase or redemption, the Non-Initiating Partner may cause the Partnership and/or any applicable Subsidiary to terminate any management
or other agreement with Replacement General Partner, subject to payment of any amounts due thereunder as a result of such termination.

(i)                
If, following its receipt of an Offer Notice, the Non-Initiating Partner has properly delivered a ROFO Election and made the ROFO
Deposit within the Exercise Period, the Non-Initiating Partner may, at any time prior to the closing of the ROFO Sale, assign to any Person
its right to receive the assignment of part or all of the Initiating Partner’s Interest, and the Initiating Partner shall cooperate
in good faith with the Non-Initiating Partner’s (and the ROFO Purchaser’s) efforts to structure the transfer to meet its tax
and organizational goals. No such assignment shall relieve the Non-Initiating Partner of its obligations hereunder, and such cooperation
shall not include expenditures by or increased risk to the Initiating Partner and shall not delay the closing.

(j)                
In connection with any specific performance remedy available under this Section 11.6, the Partners, for themselves
and on behalf of their respective Affiliates, agree that the arbitrator or judge having jurisdiction over the specific performance remedy
shall be entitled to order the appropriate Partner or other Person to execute all necessary documents and to further appoint an appropriate
Person to be authorized to execute such documents on behalf of the defaulting Partner or other Person.

(k)              
If there is more than one Partner in a Partner Group, then such Partners shall act together in all matters arising under this Section 11.5.

11.6         
Buy-Sell. Notwithstanding anything to the contrary set forth elsewhere in this Agreement, a Partner (together with the other
Partners in such Partner’s Partner Group, the “Offeror”) may deliver a notice (the “Buy-Sell Notice”)
to all other Partner(s) in the other Partner Group (collectively, the “Offeree”) in accordance with the below, from
and after the earlier to occur of (x) the Lock-Out Date and (y) the closing of a Fundamental Transaction with respect to any
Partner that is not in the Offeror’s Partner Group.

(a)               
The Buy-Sell Notice shall:

		(1)	state that the Offeror is proceeding under this Section 11.6;

    	 	65	 

    	 	 

    

		(2)	state an aggregate all-cash dollar amount for each of the Properties individually and in the aggregate
(such aggregate amount, the “Specified Valuation Amount”);

		(3)	be accompanied by a bank check (the “Buy-Sell Notice Check”) payable to the direct
order of Escrow Agent in an amount equal to three percent (3%) of the amount the Offeror would be required to pay to the Offeree
under Section 11.6(b)(1).

(b)              
The Offeree shall have the option either:

		(1)	to sell to the Offeror its entire Interest for an amount equal to the amount that the Offeree would be
entitled to receive under this Agreement if the Partnership sold all of the Properties on the date of the Buy-Sell Notice to a third-party
for the Specified Valuation Amount (without any deduction for brokerage commissions or other closing costs payable in connection with
such a sale) and the Partnership immediately paid all of the Partnership’s (and, without duplication, the Partnership’s pro
rata share of any Subsidiary’s) liabilities, including the outstanding balance of any Loan (but not including any prepayment or
other transaction-based fees), and distributed the net proceeds (as determined above) and any other assets of the Partnership (and, without
duplication, the Partnership’s pro rata share of any assets of the Subsidiaries) on hand on such date to the Partners in the amounts
and order of priority set forth in Section 12.3 in satisfaction of their respective Interests (but without the establishment
of any reserves for contingent liabilities pursuant to Section 12.3 but, for the avoidance of doubt, after giving effect to
the repayment of all Shortfall Loans and Shortfall Loan Return); or

		(2)	to purchase from the Offeror its entire Interest for an amount equal to the amount that the Offeror would
be entitled to receive under this Agreement if the Partnership sold all of the Properties on the date of the Buy-Sell Notice to a third-party
for the Specified Valuation Amount (without any deduction for brokerage commissions or other closing costs payable in connection with
such a sale) and the Partnership immediately paid all of the Partnership’s (and, without duplication, the Partnership’s pro
rata share of any Subsidiary’s) liabilities, including the outstanding balance of any Loan (but not including any prepayment or
other transaction-based fees), and distributed the net proceeds (as determined above) and any other assets of the Partnership

    	 	66	 

    	 	 

    

(and, without duplication, the Partnership’s
pro rata share of any assets of the Subsidiaries) on hand on such date to the Partners in the amounts and order of priority set forth
in Section 12.3 in satisfaction of their respective Interests (but without the establishment of any reserves for contingent
liabilities pursuant to Section 12.3 but, for the avoidance of doubt, after giving effect to the repayment of all Shortfall
Loans and Shortfall Loan Return).

The amount determined under
Section 11.6(b)(1) or Section 11.6(b)(2), whichever is applicable, shall be the “Purchase Price”.

(c)               
The Offeree shall have ninety (90) days from the date the Offeree receives the Offeror’s Buy-Sell Notice to exercise
by notice to the Offeror (the “Offeree Notice”) either of its options under Section 11.6(b), which Offeree
Notice, once given, cannot be withdrawn. In the event the Offeree exercises the option described in Section 11.6(b)(1), the
Offeree shall deliver the Buy-Sell Notice Check to Escrow Agent, who shall promptly deposit the Buy-Sell Notice Check in its escrow account
and shall hold such deposit pursuant to an escrow agreement to be entered into promptly following the Offeree Notice among the Offeror,
the Offeree and such Escrow Agent in a form reasonably required by Escrow Agent and reasonably acceptable to Offeror and Offeree. In the
event the Offeree exercises the option described in Section 11.6(b)(2), the Offeree Notice shall be accompanied by the return
of the Buy-Sell Notice Check and shall be accompanied by a bank check (the “Offeree Notice Check”) of the Offeree payable
to the direct order of Escrow Agent in an amount equal to three percent (3%) of the amount the Offeree is required to pay to the
Offeror under Section 11.6(b)(2) and the Offeror shall deliver the Offeree Notice Check to Escrow Agent, who shall promptly
deposit the Offeree Notice Check in its escrow account and shall hold such deposit pursuant to an escrow agreement to be entered into
promptly following the Offeree Notice among the Offeror, the Offeree and such Escrow Agent in a form reasonably required by Escrow Agent
and reasonably acceptable to Offeror and Offeree. If the Offeree does not exercise either of its options within said ninety (90) days,
the Offeree shall as of the day following the expiration of such period be conclusively deemed to have elected to exercise the option
described in Section 11.6(b)(1) (and Offeree shall promptly deliver the Buy-Sell Notice Check as provided above).

(d)              
The Partner Group that is the purchaser as determined under Section 11.6(b) (the “Purchaser”) shall
by notice thereof to the Partner Group that is the seller as determined under Section 11.6(b) (the “Seller”)
fix a closing date (the “Buy-Sell Closing Date”) that is not later than thirty (30) days following the date of
the Offeree’s exercise (or deemed exercise) of one of the aforesaid options, which notice shall be delivered within five (5) Business
Days after such exercise (or deemed exercise). The closing shall take place on the Buy-Sell Closing Date at a time during regular business
hours specified by the Purchaser and given to Seller no less than five (5) Business Days prior to the Closing Date and at the principal
office of the Partnership or such other location as may be Approved by the Partners.

    	 	67	 

    	 	 

    

(e)               
 At the closing on the Buy-Sell Closing Date, the deposit (and all interest accrued thereon) shall be credited against the Purchase
Price, and the Purchaser shall pay the balance of the Purchase Price to the Seller (or its designee) and the Seller shall execute and
deliver to the Purchaser such deeds, bills of sale, instruments of conveyance, assignments and other instruments as the Purchaser may
reasonably require, to give it good and clear title to the Interest of the Seller. In addition, the Seller shall pay any real property
or other transfer taxes, if any, incident to such conveyance. All other closing costs shall be borne by the party who customarily bears
such costs for real estate transactions in New York, NY.

(f)               
Notwithstanding anything to the contrary, if any Sale Right is exercised pursuant to a Lease with respect to a Property that is
subject to a Buy-Sell, the Property shall be excluded from the Buy-Sell and the Buy-Sell shall not be affected thereby, except that the
Specified Valuation Amount (and, accordingly, the Purchase Price) shall be decreased by the value of such Property as set forth in the
Buy-Sell Notice.

(g)              
All payments required under this Section 11.6, including the deposit and the required payment on the Buy-Sell Closing
Date, shall be made in U.S. dollars in immediately available federal funds and, except as provided above with respect to the deposit,
shall be paid through wire transfer to such account as the Escrow Agent shall designate. The Partner Group entitled to keep the deposit
under the terms of this Section 11.6 shall also be entitled to any interest that was earned on the deposit.

(h)              
Purchaser may, at any time prior to the Buy-Sell Closing Date, assign to any Person its right to receive the assignment of part
or all of Seller’s Interest, and Seller shall cooperate in good faith with Purchaser’s efforts to structure the transfer to
meet Purchaser’s tax and organizational goals. No such assignment shall relieve Purchaser of its obligations hereunder, and such
cooperation shall not include expenditures by or increased risk to Seller and shall not delay the closing.

(i)                
In the event of a dispute as to the calculation of the Purchase Price or the deposit with respect thereto, or any credits or other
adjustments under this Section 11.6, the dispute shall be resolved promptly, upon the request of any Partner delivered prior
to the Buy-Sell Closing Date, by the Partnership’s auditor, whose decision shall be final and binding on the Partners absent manifest
error. The Buy-Sell Closing Date shall be extended for a reasonable time to the extent necessary to permit the Partnership’s auditor
to resolve such dispute.

(j)                
Purchaser shall, at or prior to the closing, cause all applicable Lenders or other obligees under any Credit Support given by the
Seller or its Affiliates to deliver to the Seller and any Affiliate of the Seller that executed any Credit Support in favor of such Lender
or other obligee a release and discharge of the Seller and such Affiliates therefrom (it being agreed, however, that such release or discharge
shall not be required to cover (x) any gross negligence, willful misconduct or fraud by Seller and/or its Affiliates on or after
the Buy-Sell Closing Date or (y) any events, occurrences, acts or omissions arising or occurring prior to the Buy-Sell Closing Date);
provided, however, if, despite its best efforts, the Purchaser is unable to obtain (or cause to be obtained) the

    	 	68	 

    	 	 

    

contemporaneous release and discharge
of the Seller or any of its Affiliates from such Credit Support, then the Purchaser shall cause a creditworthy Affiliate of the Purchaser
Approved by the Seller and/or its Affiliates (as applicable) to instead indemnify and hold harmless the Seller and/or its Affiliates (as
applicable) from their obligations and liabilities in respect of such Credit Support, pursuant to a written indemnity agreement Approved
by the Seller (provided that, in no event shall such indemnity be required to cover obligations and liabilities accruing prior to the
Buy-Sell Closing Date or to the extent caused by acts or omissions of the Seller or its Affiliates that involve fraud, willful misconduct
or gross negligence).

(k)              
If the Purchaser fails to complete the purchase of Seller’s Interest on the Buy-Sell Closing Date in accordance with this
Section 11.6, the Purchaser shall be in material default hereunder and the Seller (in addition to any other rights it may
have hereunder, at law or in equity, including any right to obtain specific performance) shall be entitled to retain the Purchaser’s
deposit and all accrued interest thereon (and Escrow Agent shall promptly release the same from escrow for such purpose) and, in addition,
the Seller shall have the right (but not the obligation), upon notice given to the Purchaser within thirty (30) days after such default,
to purchase the Purchaser’s Interest at ninety percent (90%) of the amount the Seller would be required to pay the Purchaser
under Section 11.6(b)(1) (if the Purchaser was the Offeree) or Section 11.6(b)(2) (if the Purchaser was the Offeror)
and otherwise on the terms set forth in this Section 11.6. Furthermore, the Purchaser shall not thereafter have any right
to give a Buy-Sell Notice hereunder (but shall continue to have the right to respond to a Buy-Sell Notice by giving an Offeree Notice).
The Partners agree that damages to Seller in the event of Purchaser’s default would be difficult and impracticable to ascertain
and the retention of the deposit and all accrued interest thereon (in combination with Seller’s other rights, including any right
to obtain specific performance) is a reasonable estimate of such damages from such default and shall not be considered a penalty.

(l)                
If the Seller fails to complete the sale of Seller’s Interest on the Buy-Sell Closing Date in accordance with this Section 11.6,
the Seller shall be in material default hereunder and the Purchaser (in addition to any other rights it may have hereunder, at law or
in equity, including any right to obtain specific performance) shall be entitled to retain the Purchaser’s deposit and all accrued
interest thereon (and Escrow Agent shall promptly release the same from escrow for such purpose) and, in addition, the Purchaser shall
have the right (but not the obligation), upon notice given to the Seller within thirty (30) days after such default, to purchase
the Seller’s Interest at ninety percent (90%) of the amount the Purchaser would be required to pay the Seller under Section 11.6(b)(1)
(if the Seller was the Offeree) or Section 11.6(b)(2) (if the Seller was the Offeror) and otherwise on the terms set forth
in this Section 11.6. Furthermore, the Seller shall not thereafter have any right to give a Buy-Sell Notice hereunder (but
shall continue to have the right to respond to a Buy-Sell Notice by giving an Offeree Notice).

(m)            
The Partnership shall immediately prior to any closing under this Section 11.6 Distribute to the Partners in accordance
with Section 5.1 the amount of all funds of the Partnership on hand (for the avoidance of doubt, including the Partnership’s
share of any Subsidiary’s funds) on such date to the extent not already accounted for in

    	 	69	 

    	 	 

    

determining the amount of the Purchase
Price or Purchaser shall otherwise pay such amount to Seller on the Buy-Sell Closing Date, and (ii) the Purchase Price shall be (a) decreased
by the amount of Distributions made utilizing funds of the Partnership to the extent already accounted for in determining the amount of
the Purchase Price and (b) increased by the amount of Capital Contributions and Preferred Contributions made by the Seller, in any
case to the extent occurring after the date of the Buy-Sell Notice and on or before the Closing Date.

(n)              
In connection with any specific performance remedy available under this Section 11.6, the Partners, for themselves
and on behalf of their Affiliates, agree that the arbitrator or judge having jurisdiction over the specific performance remedy shall be
entitled to order the appropriate Partner or other Person to execute all necessary documents and to further appoint an appropriate Person
to be authorized to execute such documents on behalf of the defaulting Partner or other Person.

(o)              
If a Replacement General Partner has been appointed, then contemporaneously with the closing of a Buy-Sell on the Buy-Sell Closing
Date or at any time thereafter, the Purchaser shall have the right to purchase or (on behalf of the Partnership) redeem Replacement General
Partner’s Interest for a purchase or redemption price, as applicable, equal to the Purchase/Redemption Price (but without limiting
any amount that it would receive as a Distribution hereunder in connection with such Buy-Sell if it has a Percentage Interest). If Purchaser
desires to exercise such right, it must send notice thereof to Replacement General Partner. The closing of such purchase or redemption
shall occur on such date as shall be determined by Purchaser (but not earlier than the Buy-Sell Closing Date and with no less than five
(5) Business Days’ advance notice. At the closing of such purchase or redemption, Purchaser and Replacement General Partner
shall execute and deliver a purchase or redemption agreement in form and substance reasonably required by Purchaser (provided, however,
that such agreement shall provide for an “as-is,” “where-is” transfer of Replacement General Partner’s Interest
(without lien or encumbrance thereon other than those created by this Agreement) with customary representations and warranties regarding
ownership of the Interest free and clear, due authorization and authority, and other customary terms required by Purchaser. Contemporaneously
with such purchase or redemption, Purchaser may cause the Partnership and/or any applicable Subsidiary to terminate any management or
other agreement with Replacement General Partner, subject to payment of any amounts due thereunder as a result of such termination.

(p)              
If there is more than one Partner in a Partner Group, then such Partners shall act together in all matters arising under this Section 11.6.

11.7         
Option Events.

(a)               
Notwithstanding anything to the contrary, if upon the delivery of an Option Notice with respect to any Option Event either (i)
(x) an Option Notice (a “Prior Notice”) with respect to any other Option Event (a “Priority Event”)
has been delivered in accordance with this Agreement less than ninety (90) days prior to the date of any such subsequent Option Notice,
(y) the transactions contemplated by such Prior Notice have not

    	 	70	 

    	 	 

    

been consummated or completed and (z) the
right to consummate and complete such transactions has not expired or been rescinded or (ii) an action for specific performance has
been instituted and is pending with respect to such Priority Event, then the delivery of such Prior Notice or the institution of any such
action for specific performance shall supersede and void the delivery of any such subsequent Option Notice with respect to any Option
Event other than such Priority Event.

(b)              
Any Option Event shall be subject to compliance with any Leases or other agreements affecting the subject Properties (for the avoidance
of doubt, including any documents governing any Loan), all Consent Requirements shall be fulfilled prior to the consummation of any such
Option Event and the Partner that is the Initiating Partner (in the event of a ROFO Sale), the Initiating Partner (in the event of a Forced
Sale) or the Seller (in the event of a Buy-Sell) shall comply with the requirements of the Leases or other agreements affecting the subject
Properties or Interests (for the avoidance of doubt, including any documents governing any Loan and including the terms of any Sale Right)
that are applicable to such Option Event. Without limiting the generality of the foregoing, if any Sale Right or Consent Requirement is
triggered by the delivery of an Option Notice or otherwise by the exercise of an Option Event, then the Partners shall, as applicable,
(i) cooperate to comply with the terms of any such Sale Right or (ii) use commercially reasonable efforts to fulfill any such
Consent Requirement.

Section 12.           
Dissolution.

12.1         
Limitations. The Partnership may be dissolved, liquidated and terminated only pursuant to the provisions of this Section
12, and, to the fullest extent permitted by law but subject to the terms, conditions, limitations and restrictions of this Agreement,
the Partners do hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Partnership or a sale or
partition of any or all of the Partnership’s assets.

12.2         
Exclusive Events Requiring Dissolution. The Partnership shall be dissolved only upon the earliest to occur of the following
events (a “Dissolution Event”):

(a)               
upon notice from any Partner to the other Partners delivered at any time after the date that is ten (10) years after the Effective
Date;

(b)              
at any time at the election of all of the Partners in writing;

(c)               
at any time there are no Partners (unless otherwise continued in accordance with the Act); or

(d)              
the entry of a decree of judicial dissolution pursuant to the Act.

12.3         
Liquidation. Upon the occurrence of a Dissolution Event, the business of the Partnership shall be continued to the extent
necessary to allow an orderly winding up of its affairs, including the liquidation of the assets of the Partnership pursuant to the provisions
of this Section 12.3, as promptly as practicable thereafter, and each of the following shall be accomplished:

    	 	71	 

    	 	 

    

(a)               
 General Partner shall cause to be prepared a statement setting forth the assets and liabilities of the Partnership as of the date
of dissolution, a copy of which statement shall be furnished to all of the Partners.

(b)              
The Property and other assets of the Partnership shall be liquidated or Distributed in kind under the supervision of General Partner
as promptly as possible, but in an orderly, businesslike and commercially reasonable manner.

(c)               
Any gain or loss realized by the Partnership upon the sale of its Property and other assets shall be deemed recognized and allocated
to the Partners in the manner set forth in Section 6.1. To the extent that an asset is to be Distributed in kind, such asset
shall be deemed to have been sold at its fair market value on the date of Distribution, the gain or loss deemed realized upon such deemed
sale shall be allocated in accordance with Section 6.1 and the amount of the Distribution shall be considered to be such fair
market value of the asset.

(d)              
The proceeds of sale and all other assets of the Partnership shall be applied and Distributed as follows and in the following order
of priority:

		(1)	to the satisfaction of the debts and liabilities of the Partnership (contingent or otherwise) and the
expenses of liquidation or Distribution (whether by payment or reasonable provision for payment), other than liabilities to Partners or
former Partners for Distributions;

		(2)	the balance, if any, to the Partners in accordance with Section 5.

(e)               
Net Income and Net Losses (and, to the extent necessary, individual items of income, gain, loss or deduction) realized by the Partnership
in connection with the liquidation of the Partnership shall be allocated among the Partners in a manner such that, taking into account
all prior allocations of Net Income and Net Losses of the Partnership and all Distributions made by the Partnership through the date of
such liquidation, the Capital Account of each Partner is, as nearly as possible, equal to the amount that such Partner is entitled to
receive pursuant to Section 12.3(d)(2).

12.4         
Certificate of Cancellation. Upon completion of the dissolution and liquidation of the Partnership as set forth in this
Agreement, General Partner shall execute, acknowledge and cause to be filed with the Secretary of State of the State of Delaware a certificate
of cancellation of the Partnership. The provisions of this Agreement shall remain in full force and effect during the period of winding
up and until the filing of such certificate of cancellation of the Partnership with the Secretary of State of the State of Delaware.

12.5         
Continuation of the Partnership. Notwithstanding anything to the contrary, the death, retirement, resignation, expulsion,
bankruptcy, dissolution or removal of a Partner shall not in and of itself cause the dissolution of the Partnership, and the Partners
are expressly authorized to continue the business of the Partnership in such event, without any further action on the part of the Partners.

    	 	72	 

    	 	 

    

Section 13.           
Indemnification.

13.1         
Exculpation. No Partner, Affiliate of a Partner or any officer, director, shareholder, partner, employee, representative
or agent of any of them (each, a “Covered Person”) shall be liable to the Partnership or to any other Covered Person
for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf
of the Partnership and in a manner reasonably believed to be within the scope of authority conferred on such Covered Person by or pursuant
to this Agreement, except that a Covered Person (or the Partner applicable to such Covered Person) shall be liable for any such loss,
damage or claim incurred by reason of such Covered Person’s gross negligence, willful misconduct or fraud or, with respect to a
Partner, breach of this Agreement. Except as set forth in the joinders delivered pursuant to Section 13.3(c) of this Agreement,
no general or limited partner of any Partner, shareholder, member or other holder of an equity interest in such Partner or manager, officer
or director of any of the foregoing shall be personally liable for the performance of any such Partner’s obligations of this Agreement,
but the foregoing shall not relieve any partner or member of any Partner from its obligations to such Partner or any obligations under
any agreement between the Partnership and any such Person (for the avoidance of doubt, including any Credit Support provided in accordance
herewith).

13.2         
Indemnification by the Partnership. The Partnership shall, to the fullest extent permitted by applicable law, indemnify,
hold harmless and defend each Partner and its Covered Persons from and against any loss, expense, damage or injury suffered or sustained
by such Person (including any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection
with the defense of any actual or threatened action, proceeding or claim) by reason of or arising out of (i) such Person’s
activities on behalf of the Partnership or in furtherance of the interests of the Partnership, including the provision of Credit Support,
(ii) such Person’s status as a Partner, Affiliates, representative, employee or officer of the Partnership or other applicable
Person, or (iii) the Partnership’s assets, Property, business or affairs (including the actions of any officer, director, member
or employee of the Partnership or any Subsidiaries), in any case to except to the extent caused, contributed or exacerbated by the fraud,
gross negligence or willful misconduct of such Partner or any of its Covered Persons. Reasonable expenses incurred by the indemnified
Person in connection with any such proceeding relating to the foregoing matters shall be paid or reimbursed by the Partnership in advance
of the final disposition of such proceeding upon receipt by the Partnership of (a) written affirmation by the Person requesting indemnification
of its good faith belief that it has met the standard of conduct necessary for indemnification by the Partnership and (b) a written
agreement by or on behalf of such Person to repay such amount if it shall ultimately be determined by a court of competent jurisdiction
that such Person has not met such standard of conduct, which agreement shall be an unlimited general obligation of the indemnified Person
but need not be secured. Notwithstanding anything to the contrary, the satisfaction of any indemnification obligation pursuant to this
Section 13.2 shall be from and limited to the Partnership and Subsidiary assets (including insurance and any agreements pursuant
to which the Partnership, the Subsidiaries and/or the indemnified Person are entitled to indemnification) and no Partner, in such capacity,
shall be subject to personal liability in respect of such indemnification obligations.

13.3         
Credit Support Indemnification.

    	 	73	 

    	 	 

    

(a)               
 Credit Support Indemnification. Each Partner (the “Credit Support Indemnitor”) shall, to the fullest
extent permitted by applicable law, indemnify, hold harmless and defend the Partnership and each other Partner (the “Credit Support
Indemnitee”) to the extent the Credit Support Indemnitee or any Person providing Credit Support on behalf of the Credit Support
Indemnitee pays more than its share of any claim on Credit Support provided or arranged by the Credit Support Indemnitee for which the
Partnership, the Partners and/or their respective Affiliates are jointly and/or severally liable to the extent the Credit Support Indemnitor
or any Person providing Credit Support on behalf of the Credit Support Indemnitor has paid less than its share of such claim (regardless
of whether the Credit Support Indemnitor provided any Credit Support). A Partner’s share of such claim shall be equal to such Partner’s
Percentage Interest as of the time such claim was made; provided, however, to the extent such claim is caused, contributed
to or exacerbated by the fraud, willful misconduct or gross negligence of a Partner or its Covered Person or the breach of this Agreement
by such Partner (unless, in any such event, with respect to the securitization of the Bank of America Loan and any Credit Support with
respect thereto, General Partner and any Covered Person acted in accordance with the Performance Standard), such Partner’s share
shall be one hundred percent (100%). For the avoidance of doubt, no Partner (or the Guarantor applicable to such Partner under the joinders
delivered in connection with this Agreement) shall be obligated to indemnify a Credit Support Indemnitee in connection with claims on
Credit Support to the extent caused, contributed to or exacerbated by the fraud, willful misconduct or gross negligence of such Credit
Support Indemnitee or its Covered Person.

(b)              
General Indemnification. Notwithstanding any other provision contained herein, each Partner (the “Indemnifying
Party”) shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and defend the Partnership, each
of its Subsidiaries and each other Partner and its Covered Persons (each, an “Indemnified Party”) from and against
all losses, costs, expenses, damages, claims and liabilities (including reasonable attorneys’ fees) as a result of or arising out
of (i) any breach of any obligation of the Indemnifying Party under this Agreement, (ii) any material inaccuracy in or breach
of any representation or warranty made by the Indemnifying Party in this Agreement, (iii) any material inaccuracy in or breach of
any representation or warranty made about the Indemnifying Party or any of its Covered Persons (as opposed to about the Partnership or
any of its Subsidiaries or the Properties) in any agreement to which the Partnership or any Subsidiary is a party (including, for the
avoidance of doubt, under any documents governing any Loan) which representation or warranty was made with the knowledge of the Indemnifying
Party, but not including the Purchase Agreement (but, for the avoidance of doubt, without limiting the remedies thereunder), and (iv) the
fraud, gross negligence or willful misconduct of the Indemnifying Party or its Covered Persons, in each case except to the extent arising
out of the fraud, gross negligence or willful misconduct on the part of, or by, such Indemnified Party or its Covered Persons.

(c)               
Guarantees. As of the Effective Date, (i) the Partners in the LXP Partner Group have caused their creditworthy Affiliate
Approved by Investor Partner (such Affiliate, the “LXP Guarantor”) to guaranty certain obligations of the LXP Partners
pursuant to a joinder in the form attached hereto as Exhibit E-1, and (ii) Investor Partner has caused one or more of
its creditworthy Affiliates Approved by the LXP Partners (such

    	 	74	 

    	 	 

    

Affiliates, individually or collectively
as the context requires, the “DK Guarantor”) to guaranty certain obligations of the DK Partner Group pursuant to a
joinder in the form attached hereto as Exhibit E-2. A Partner may from time to time, including in connection with a Transfer
permitted hereunder, replace any Guarantor applicable to such Partner that has signed such a joinder with a new guarantor or guarantors
Approved by the Partners in the other Partner Group under a form of joinder substantially in the then-current form of joinder applicable
to such Partner or such other form as the Partners in the other Partner Group may otherwise Approve, and upon such replacement the replaced
Guarantor shall be released from its obligations under its joinder pursuant to a writing in a form Approved by the requesting Partner
and the Partners of the other Partner Group. Notwithstanding anything to the contrary, if a replacement guarantor Approved as provided
above is comprised of two (2) or more Persons, then such Persons shall provide such joinder on a joint and several basis.

13.4         
Survival. The terms of this Section 13 shall survive termination of this Agreement and the withdrawal of, or Transfer
of an Interest by, a Partner.

Section 14.           
Miscellaneous.

14.1         
Notices. Whenever any notice or any other communication is required or permitted to be given under any provision of this
Agreement (as, for example, where a Partner is permitted or required to “notify” the other Partner, but subject to the provisions
of Section 8.9(c) permitting notification via Sharefile with respect to certain required notices thereunder) (each, a “Notice”),
such Notice shall be in writing, signed by or on behalf of the Partner giving the Notice, and shall be deemed to have been given on the
earliest to occur of (a) the date of the actual delivery, (b) if mailed, three Business Days after the date mailed by certified
or registered mail, return receipt requested, with postage prepaid, (c) if sent with a reputable air or ground courier service, fees
prepaid, the date on which such courier represents such Notice will be available for delivery, or (d) if by email, on the day of
sending such email, if sent before 5:00 p.m. New York time on a Business Day (and otherwise, on the next Business Day), in each case
to the respective address(es) of the Partner to whom such Notice is to be given as set forth below, or at such other address of which
such Partner shall have given Notice to the other Partner as provided in this Section 14.1; provided, however, that the primary
address for Notices hereunder of a Partner shall at all times be a physical address located in the United States of America. Any Person
sending Notice by one of the delivery methods set forth in clauses (a) through (c) of the previous sentence of this Section
14.1 shall also, on the same date as the delivery by such other delivery method, send a copy of such Notice by email. Any such Notice
sent by email must also be confirmed within two (2) Business Days by delivering such Notice by one of the other means of delivery set
forth in this Section 14.1, unless the receiving Partner actually responds to such Notice (provided, that an automated read
receipt or similar automated response shall not constitute response for purposes of the foregoing). Legal counsel for any Partner may
give Notice on behalf of such Partner. The Partners intend that the requirements of this Section 14.1 cannot be waived or
varied by course of conduct. Any reference herein to the date of receipt, delivery, or giving, or effective date, as the case may be,
of any notice or communication shall refer to the date such communication is deemed to have been given under the terms of this Section 14.1.
Rejection or other refusal to accept or the inability to deliver because of changed address of which no Notice was given under this Section 14.1
shall be deemed to constitute receipt of a Notice. Notwithstanding anything to the

    	 	75	 

    	 	 

    

contrary, reports, responses to information
requests, and other day-to-day correspondence from General Partner may be provided by electronic mail without the requirement of providing
copies thereof to legal counsel for a Partner or of confirming such matters through other means of delivery.

	If to any LXP Partner:	
    c/o LXP Industrial Trust

    One Penn Plaza, Suite 4015

    New York, New York 10119

    Attention: Lara Johnson

    Email: ljohnson@lxp.com

	with copies to:	
    c/o LXP Industrial Trust

    One Penn Plaza, Suite 4015

    New York, New York 10119

    Attention: Joseph Bonventre, Esq.

    Email: legalnotices@lxp.com

    Locke Lord LLP

    600 Congress Ave., Suite 2200

    Austin, Texas 78701

    Attention: Steven Quiring

    Email: squiring@lockelord.com

	If to Investor Partner:	
    c/o Davidson Kempner Capital Management LP

    520 Madison Avenue, 30th Floor

    New York, New York 10022

    Attention: Josh Morris

    Email: jmorris@dkp.com

	with copies to:	
    c/o Davidson Kempner Capital Management LP

    520 Madison Avenue, 30th Floor

    New York, New York 10022

    Attention: Andrew Shore

    Email: AShore@dkp.com

     

    Dechert LLP

    Three Bryant Park

    1095 Avenue of the Americas

    New York, New York 10036

    Attention: Craig Brown, Esq.

    Email: craig.brown@dechert.com

     

14.2         
Governing Law. This Agreement and the rights of the Partners hereunder shall be governed by, and interpreted in accordance
with, the laws of the State of Delaware. Each Partner irrevocably submits to the jurisdiction of the New York state courts within New
York County and the federal courts sitting in the State of New York and agrees that all matters involving

    	 	76	 

    	 	 

    

this Agreement shall be heard and determined
in such courts. Each Partner waives irrevocably the defense of inconvenient forum to the maintenance of such action or proceeding.

14.3         
Successors. This Agreement shall be binding upon, and inure to the benefit of, the Partners and their respective successors
and permitted assigns. Except as otherwise provided herein, any Partner who Transfers its Interest as permitted by the terms of this Agreement
shall have no further liability or obligation hereunder, except with respect to claims arising prior to such Transfer.

14.4         
Interpretation. Wherever in this Agreement the context requires, references to the masculine shall be deemed to include
the feminine and the neuter and vice-versa, and references to the singular shall be deemed to include the plural and vice versa. Unless
otherwise specified, whenever in this Agreement, including its Exhibits, reference is made to any Recital, Article, Section, Exhibit,
Schedule or defined term, the reference shall be deemed to refer to the Recital, Article, Section, Exhibit, Schedule or defined term of
this Agreement. Any reference to a Recital, an Article or a Section includes all subsections and subparagraphs of that Recital, Article
or Section. Section and other headings, the table of contents and the names of defined terms are for the purpose of convenience of reference
only and are not intended to, nor shall they, modify or be used to interpret the provisions of this Agreement. Except as otherwise explicitly
provided herein, the use in this Agreement of the words “including”, “such as” or words of similar import when
accompanying any general term, statement or matter shall not be construed to limit such term, statement or matter to such specific terms,
statements or matters. The term “Dollars” (whether or not capitalized) and the symbol “$” mean United States
Dollars. In the event of a conflict between the Recitals and the remaining provisions of this Agreement, the remaining provisions shall
prevail.

14.5         
Severability. If any provision of this Agreement shall be held invalid, illegal or unenforceable in any respect, then the
validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired, and the
Partners shall use their respective commercially reasonable efforts to amend or substitute such invalid, illegal or unenforceable provision
with enforceable and valid provisions that would produce as nearly as possible the rights and obligations previously intended by the Partners
without renegotiation of any material terms and conditions stipulated herein.

14.6         
Counterparts. This Agreement may be executed in any number of counterparts, each of which, when so executed and delivered,
shall be deemed an original, and all of which together shall constitute one and the same instrument. This Agreement shall become effective
when the Partners have duly executed and delivered signature pages of this Agreement to each other. Delivery of this Agreement may be
effectuated by hand delivery, mail, overnight courier or electronic communication (including by PDF sent by email, facsimile or similar
means of electronic communication). Any signatures (including electronic signatures) delivered by electronic communication shall have
the same legal effect as physically delivered original signatures.

14.7         
Entire Agreement. This Agreement and the other written agreements described herein among the Partners entered into as of
the Effective Date constitute the entire agreement among the Partners relating to the subject matter hereof. In the event of any conflict

    	 	77	 

    	 	 

    

between this Agreement and such other written
agreements, the terms and provisions of this Agreement shall govern and control.

14.8         
Amendment. The only way to amend or otherwise modify this Agreement is for the Partners to sign and deliver a written instrument
in their sole and absolute discretion that expresses the intent to amend or otherwise modify this Agreement.

14.9         
Further Assurances. Subject to the other terms and conditions of this Agreement, each Partner agrees to execute and deliver
any and all additional instruments and documents and do any and all acts and things as may be reasonably necessary or expedient to effectuate
more fully this Agreement or any provisions hereof or to carry on the business contemplated hereunder.

14.10     
Time. Time is of the essence with respect to each provision of this Agreement in which time is a factor. References in this
Agreement to days shall be to calendar days, unless otherwise specified; provided, that if the last day of any period to give notice,
reply to a notice, meet a deadline or to undertake any other action occurs on a day that is not a Business Day, then the last day for
giving the notice, replying to the notice, meeting the deadline or undertake the action shall be the next succeeding Business Day, or
if such requirement is to give notice before a certain date, then the last day shall be the preceding Business Day.

14.11     
No Third-Party Rights. The provisions of this Agreement are for the exclusive benefit of the Partners (and, as set forth
herein, the Covered Persons), and no other Person (including any creditor of the Partnership, any Partner or their respective Affiliates)
shall have any right or claim against any Partner by reason of those provisions or be entitled to enforce any of those provisions against
any Partner.

14.12     
Incorporation by Reference. Every Exhibit attached to this Agreement is incorporated in this Agreement by reference.

14.13     
Limitation on Liability. Except as set forth in Section 13, the Partners shall not be bound by, or be personally
liable for, by reason of being a Partner, a judgment, decree or order of a court or in any other manner, for the expenses, liabilities
or obligations of the Partnership, and the liability of each Partner shall be limited solely to the amount of its Capital Contributions
as provided under Section 4. Except as set forth in Section 13.3(b), any claim against any Partner (the “Partner
in Question”) that may arise under this Agreement shall be made only against, and shall be limited to, such Partner in Question’s
Interest, the proceeds of the sale by the Partner in Question of such Interest or the undivided interest in the assets of the Partnership
Distributed to the Partner in Question pursuant to Section 12.3(d). Except as set forth in Section 13.3(b), any
right to proceed against (i) any other assets of the Partner in Question or (ii) any agent, officer, director, member, partner,
shareholder or employee of the Partner in Question or the assets of any such Person, as a result of such a claim against the Partner in
Question arising under this Agreement or otherwise, is hereby irrevocably and unconditionally waived.

14.14     
Attorneys’ Fees. In the event any Partner brings legal action for a breach of or to enforce this Agreement, the substantially
prevailing Partner shall be entitled to reasonable attorneys’ fees, expenses and court costs, including those relating to any appeal.

    	 	78	 

    	 	 

    

14.15     
 Remedies Cumulative. The rights and remedies given in this Agreement and by law to a Partner shall be deemed cumulative,
and the exercise of one of such remedies shall not operate to bar the exercise of any other rights and remedies reserved to a Partner
under the provisions of this Agreement or given to a Partner by law.

14.16     
No Waiver. One or more waivers of the breach of any provision of this Agreement by any Partner shall not be construed as
a waiver of a subsequent breach of the same or any other provision, nor shall any delay or omission by a Partner to seek a remedy for
any breach of this Agreement or to exercise the rights accruing to a Partner by reason of such breach be deemed a waiver by a Partner
of its remedies and rights with respect to such breach.

14.17     
Limitation on Use of Names. Notwithstanding anything to the contrary, each Partner as to itself agrees that neither it nor
any of its Affiliates, agents or representatives is granted a license to use nor shall use the name of the other Partners under any circumstances
whatsoever, provided that such names may be used in furtherance of the business of the Partnership but only as and to the extent Approved
by such other Partners in their respective sole and absolute discretion or as otherwise permitted in Section 9.

14.18     
Publicly Traded Partnership Provision. Each Partner hereby severally covenants and agrees with the other Partners for the
benefit of such Partners, that (i) it is not currently making a market in Interests and will not in the future make such a market
and (ii) it will not Transfer its Interest on an established securities market, a secondary market or an over-the-counter market
or the substantial equivalent thereof within the meaning of section 7704 of the Code and the Regulations, rulings and other pronouncements
of the U.S. Internal Revenue Service or the Department of the Treasury thereunder.

14.19     
Press Releases. No Partner shall (and each Partner shall cause its Affiliates not to) issue any press releases in connection
with the formation of the Partnership that names a Partner, its Affiliates, or the direct or indirect shareholders, partners, members,
officers or directors of any of them or the transactions contemplated by this Agreement, except (and notwithstanding Section 9)
with the Approval of such Partner in its sole and absolute discretion.

14.20     
No Construction Against Drafter. This Agreement has been negotiated and prepared by Investor Partner and its attorneys and,
should any provision of this Agreement require judicial interpretation, the court interpreting or construing such provision shall not
apply the rule of construction that a document is to be construed more strictly against one party.

14.21     
Good Faith Negotiations. If a Partner fails to Approve a
matter for which the Approval by such Partner is required or permitted hereunder within the period required therefor (or, if no period
is specified, within ten (10) Business Days following request therefor),
then any Partner may give the other Partner notice thereof (a “Negotiation Notice”) and the Partners shall attempt
to resolve such matter through good faith negotiations within fifteen (15) days following delivery of such Negotiation Notice (as
such period may be extended from time-to-time with the Approval of the Partners in their respective sole discretion, the “Negotiation
Period”). Representatives of the Partners with decision-making authority shall meet in-person at the New York office of Investor
Partner (or at another mutually Approved location) at least once during the Negotiation Period.

    	 	79	 

    	 	 

    

14.22     
 Approvals. No Partner shall (and each Partner shall cause each of its Affiliates not to) unreasonably withhold, condition
or delay its Approval of any act, omission or matter that is subject to such Approval pursuant to the terms of this Agreement, except
as otherwise expressly provided herein.

14.23     
Binding Agreement. Notwithstanding any other provision of this Agreement, the Partners agree that this Agreement constitutes
a legal, valid and binding agreement of the Partner, and is enforceable against the Partners in accordance with its terms.

Section 15.           
Insurance. During the Term, General Partner, on behalf of the Partnership, shall procure and maintain insurance (including,
without limitation, environmental insurance) as is reasonably determined to be appropriate by General Partner, naming the Partnership,
General Partner and each other Partner as insureds (or additional insureds) thereunder. Without limiting the foregoing, within five (5)
Business Days after the Effective Date, the General Partner shall (a) cause the Partnership to be designated as a “Named Insured”
under the Premises Pollution Liability Portfolio Insurance Policy issued to LXP by Illinois Union Insurance Company pursuant to an endorsement
to such insurance policy materially consistent with the draft endorsement attached hereto as Exhibit F and (b) deliver to Investor
Partner an executed copy of such endorsement.

Section 16.           
Title.

16.1         
Title Policies. The Partners acknowledge that in connection with the purchase of the equity interests in the Fee Owners
of the Portfolio Properties and the GP Subsidiaries under the Purchase Agreement, LXP, Lepercq Corporate Income Fund L.P. (“LCIF”)
and Net Lease Strategic Assets Fund L.P., a Delaware limited partnership (“NLSAF”), provided an Owner’s Affidavit
and Non-Imputation Affidavit (the “Owner’s Affidavit”) to First American Title Insurance Company (the “Title Company”).
In addition, pursuant to a Non-Imputation-Additional Insured Endorsement (ALTA 15.1), the Partnership and the Investor Partner were
named as additional insureds under the title policies obtained by the Fee Owners (the “Owner’s Title Policies”).
Furthermore, title policies were obtained by the Lender in connection with the Bank of America Loan (the “Lender’s Title Policies”).

16.2         
Partnership and Partner Claims Under Owner’s Title Policies. No Partner shall make (or cause the Partnership
or any Subsidiary to make or permit its Affiliates to make) any claim against the Title Company under any Owner’s Title Policy
to the extent that such claim could reasonably be expected to result in a claim being made by the Title Company against LXP and/or
LCIF under the Owner’s Affidavit, including as a result of or arising out of any right of first refusal or right of first offer
under any of the Leases, in any case without the Approval of the Partners in the LXP Partner Group in their respective sole and absolute
discretion; provided, however, that the foregoing shall not prohibit Investor Partner from making a claim against the Title Company
under any Owner’s Title Policy with respect to (i) mechanics’ liens on any Property, but only to the extent that such
claim does not constitute an Exception Matter under and as defined in the Purchase Agreement (a “ML Claim”) or (ii)
any other lien or exception to title at any Property of which LXP had knowledge and intentionally withheld such knowledge from Investor
Partner prior to the Effective Date (an “Intentional Withholding Claim”); provided that, in no event shall LXP be deemed
to have intentionally withheld its knowledge if LXP provided

    	 	80	 

    	 	 

    

(or caused to be provided) any written documents
or other materials to Investor Partner and its Affiliates prior to the Effective Date which disclosed, described or created such lien
or exception.

16.3         
Recoveries under Owner’s Title Policies. Any amount paid to the Partnership, any Subsidiary, any Partner or any
Affiliate of a Partner under any Owner’s Title Policy (other than amounts in respect of Intentional Withholding Claims) shall
be solely for the account of the Partnership and, to the extent paid to a Partner or an Affiliate of a Partner, such Partner shall promptly
on receipt remit such payment the Partnership.

16.4         
Indemnification. The Partnership shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and
defend each Partner in the LXP Partner Group and their respective Covered Persons, including LXP, LCIF and NLSAF, from and against any
loss, expense, damage or injury suffered or sustained by such Person (including any judgment, award, settlement, reasonable attorneys’
fees and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim) by reason
of or arising out of any claim under the Owner’s Affidavit, except to the extent arising as a direct result of (i) with respect
to a permitted claim by the Partnership, any Subsidiary or Partner under any Owner’s Title Policy, an ML Claim or an Intentional
Withholding Claim, or (ii) with respect to a claim made under the Lender’s Title Policies, the fraud, gross negligence
or willful misconduct of any Partner in the LXP Partner Group or any of their respective Covered Persons. Reasonable expenses incurred
by the indemnified Person in connection with any such proceeding relating to the foregoing matters shall be paid or reimbursed by the
Partnership in advance of the final disposition of such proceeding upon receipt by the Partnership of (a) written affirmation by
the Person requesting indemnification of its good faith belief that it has met the standard of conduct necessary for indemnification by
the Partnership and (b) a written agreement by or on behalf of such Person to repay such amount if it shall ultimately be determined
by a court of competent jurisdiction that such Person has not met such standard of conduct, which agreement shall be an unlimited general
obligation of the indemnified Person but need not be secured. Notwithstanding anything to the contrary, the satisfaction of any indemnification
obligation pursuant to this Section 16.4 shall be from and limited to the Partnership and Subsidiary assets (including insurance
and any agreements pursuant to which the Partnership, the Subsidiaries and/or the indemnified Person are entitled to indemnification)
and no Partner, in such capacity, shall be subject to personal liability in respect of such indemnification obligations.

16.5         
Survival and Third Party Beneficiaries. The terms of this Section 16 shall survive termination of this Agreement
and the withdrawal of, or Transfer of an Interest by, a Partner. LXP, LCIF and NLSAF are intended third party beneficiaries of this Section
16.

[Signatures on Next Page]

    	 	81	 

    	 	 

    

IN WITNESS WHEREOF, this
Agreement is executed by the Partners as of the Effective Date.

	 	INVESTOR PARTNER:
	 	 
	 	LX JV Investor II LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	Madave Management LLC, its Manager
	 	 	 	 	 
	 	 	By:	/s/ Morgan P. Blackwell
	 	 	 	Name: Morgan P. Blackwell  
	 	 	 	Title: Manager
	 	 
	 	LXP LP:
	 	 
	 	LXP MFG C L.P.,
	 	a Delaware limited partnership
	 	 	 	 	 
	 	By:	LXP MFG C GP LLC,
	 	 	a Delaware limited liability company,
	 	 	its general partner
	 	 	 	 	 
	 	By:	/s/ Joseph Bonventre
	 	Name:	Joseph Bonventre
	 	Title:	Vice President
	 	 	 	 	 
	 	LXP GP:
	 	 	 	 	 
	 	LXPDK II GP LLC,
	 	a Delaware limited liability company
	 	 	 	 	 
	 	By:	LXP Manager Corp.,
	 	 	a Delaware corporation,
	 	 	its manager
	 	 	 	 	 
	 	By:	/s/ Joseph Bonventre
	 	Name: 	Joseph Bonventre
	 	Title:	Vice President

 

 

  

    	 	 

    	 	 

    

EXHIBIT A

 

Properties

	 	
    901 East Bingen Point Way

    900 Industrial Blvd.
	
    Bingen

    Crossville
	
    WA

    TN

	 	10590 Hamilton Ave. (tax bill for one parcel cites Northwest Dr.)	Cincinnati	OH
	 	1000 Business Blvd.	Dry Ridge	KY
	 	2880 Kenny Biggs Rd. (tax bill for one parcel cites Starlite Dr.)	Lumberton	NC
	 	50 Tyger River Dr.	Duncan	SC
	 	590 Ecology Ln.	Chester	SC
	 	301 Bill Bryan Ln.	Hopkinsville	KY
	 	4010 Airpark Dr.	Owensboro	KY
	 	750 North Black Branch Rd.	Elizabethtown	KY
	 	730 North Black Branch Rd.	Elizabethtown	KY
	 	120 Southeast Pkwy.	Franklin	TN
	 	13863 Industrial Rd.	Houston	TX
	 	7007 F.M. 362 Rd. / 7007 Wilson Rd.	Brookshire	TX
	 	904 Industrial Rd. / 902 Dobbins St.	Marshall	MI
	 	43955 Plymouth Oaks Blvd.	Plymouth	MI
	 	318 Pappy Dunn Blvd.	Anniston	AL
	 	113 Wells St.	North Berwick	ME
	 	4801 North Park Dr.	Opelika	AL
	 	1020 W. Airport Rd. / 1020-1080 W. Airport Rd.	Romeoville	IL
	 	26700 Bunert Rd.	Warren	MI
	 	
    5670 Nicco Way

    (f/k/a 5625 N. Sloan Ln.)

     
	
    North Las Vegas

     
	NV

 

    	 	A-1	 

    	 	 

    

EXHIBIT B

 

Major Decisions

(i)                
the acquisition by purchase, exchange or otherwise of any material asset (including any Proposed Property) after the Effective
Date, except to the extent provided for in the Approved Annual Business Plan or required by the applicable Lease;

(ii)              
the construction, alteration, improvement, repair, rehabilitation, razing, rebuilding or replacement of any building or other improvements
or the making of any capital improvements, replacements, repairs, alterations or changes in, to or on any asset, or any part thereof,
except to the extent provided for in the Approved Annual Business Plan or required by the applicable Lease; provided that repairs
of an Emergency nature may be undertaken without prior approval of the Partners provided General Partner notifies each Partner in writing
thereof within two (2) Business Days following the commencement of such Emergency repairs;

(iii)            
the reinvestment for restoration purposes of (a) insurance proceeds in excess of Five Hundred Thousand Dollars ($500,000)
received by the Partnership or Subsidiary(ies) in connection with the damage or destruction of any asset (except to the extent required
by the applicable policies, Leases or documents governing any Loan) or (b) condemnation proceeds in excess of Five Hundred Thousand
Dollars ($500,000) received by the Partnership or Subsidiary(ies) in connection with the taking or settlement in lieu of a threatened
taking of all or any portion of any asset (except to the extent required by Leases or documents governing any Loan); provided that
(x) if the determination is made not to reinvest any such insurance or condemnation proceeds, then so much thereof as may be necessary
will be applied to the razing or other disposition of the remaining improvements as may be required by law or by a reasonably prudent
property manager and the balance of such insurance or condemnation proceeds will be Distributed in accordance with Section 5 and
(y) any distribution of such insurance or condemnation proceeds will be a Distribution of capital proceeds;

(iv)            
the commencement of any case, proceeding or other action seeking protection for the Partnership or Subsidiary(ies) as debtor under
any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization or relief of debtors; any consent to
the entry of an order for relief in or institution of any case, proceeding or other action brought by any third-party against the Partnership
or Subsidiary(ies) as a debtor under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization
or relief of debtors; the filing of an answer in any involuntary case or proceeding described in the previous clause admitting the material
allegations of the petition therefor or otherwise failing to contest any such involuntary case or proceeding; the seeking of or consent
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for the Partnership or
Subsidiary(ies) or for a substantial portion of its assets; any assignment for the benefit of the creditors of the Partnership or Subsidiary(ies);
or the admission in writing that the Partnership or Subsidiary(ies) is unable to pay its debts as they mature or that the Partnership
or Subsidiary(ies) is not paying its debts as they become due;

(v)              
the extension of the statute of limitations for assessing or computing any tax liability against the Partnership or the amount
of any Partnership tax item or

    	 	B-1	 

    	 	 

    

EXHIBIT B 

 

the settlement of any dispute with respect
to any income, or any other matter, or tax that would require payment in excess of $250,000;

(vi)            
(a) a merger or recapitalization of the Partnership or any of the Subsidiary(ies) or (b) a sale or other disposition, including
a disposition by lease, of any or all of the assets of the Partnership or Subsidiary(ies), in any case except in accordance with the provisions
of this Agreement or as required by a Lease or Approved Annual Business Plan;

(vii)          
the financing or refinancing of, or the increasing of any mortgage or mezzanine indebtedness encumbering any asset, or any portion
thereof or any interest or estate therein, whether recourse or non-recourse to the Partnership or Subsidiary(ies), or the incurrence of
indebtedness secured by any asset, or any portion thereof or any interest or estate therein, or the incurrence of any other secured or
unsecured borrowings or other indebtedness by the Partnership or Subsidiary(ies) (other than trade payables incurred in the ordinary course
of business and permitted to be incurred without the consent of any Lender pursuant to the terms of the documents governing any Loan),
or repayment of such items, including determination of the terms and conditions thereof, and any amendments, modifications, supplements
or other changes to such terms and conditions or otherwise with respect to anything in this clause (vii) except as contemplated
in the Approved Annual Business Plan;

(viii)        
the approval of the Annual Budget, including any line item, and any amendment to an Approved Annual Budget;

(ix)            
the incurring of any cost or expense for any Fiscal Year, other than a Permitted Expense or Acquisition Costs incurred in accordance
with Section 8.9;

(x)              
the entering into of any transaction or agreement with or for the benefit of, or the employment or engagement of, any Affiliate
of a Partner, but not including any such transaction or agreement (1) with an Affiliate of any Partner as property manager for any Property,
so long as (a) the fees and reimbursements to be paid to such Affiliate are reasonable and customary and the terms and provisions of the
related agreement are otherwise in accordance with Section 8.2(a) hereof and (b) the applicable Fee Owner shall have the right
to terminate such agreement and replace such property manager upon the occurrence of a For Cause Event with respect to such Partner, or
(2) to the extent expressly set forth in this Agreement;

(xi)            
except as required by Lenders under any documents governing any Loan, as contemplated by the Approved Annual Budget or as may be
permitted pursuant to Section 8.9, the establishment of a reserve for working capital, capital expenditures or to pay other costs
and expenses incident to ownership of the assets of the Partnership or Subsidiary(ies) and for such other purposes of the Partnership
or Subsidiary(ies) in excess of an aggregate of (A) One Hundred Thousand Dollars ($100,000) per Property or (B) Five Hundred
Thousand Dollars ($500,000) in the aggregate;

(xii)          
the initiation of legal proceedings or arbitration by the Partnership or Subsidiary(ies), the confession of judgment or the settlement
of any litigation against the Partnership or Subsidiary(ies) involving an uninsured claim in excess of (A) One Hundred Thousand Dollars
($100,000) per claim or (B) Five Hundred Thousand Dollars

    	 	B-2	 

    	 	 

    

EXHIBIT B

 

($500,000) in the aggregate; provided
that the initiation of such legal proceedings or arbitration (x) in connection with any matter of an Emergency nature, or (y) for
the collection of rent due under any Lease, will not be a Major Decision;

(xiii)        
with respect to any lease of any asset of the Partnership or Subsidiary(ies), or part thereof or interest therein (including ground
leases pursuant to which the Partnership or a Subsidiary is a lessor or lessee), the entering into, amending, extending, renewing or terminating
thereof, in each case not already approved as part of the Approved Annual Business Plan, except for ministerial amendments or amendments
documenting the exercise of any unilateral right of the tenant thereunder or the exercise of any unilateral right of the tenant or third
party ground lessor under such Lease; provided that, in the event the General Partner has not exercised any individual option to extend
or renew the term of the Essex Ground Lease by the date that is ten (10) days prior to the last day on which the applicable Subsidiary
is entitled to exercise such option pursuant to the terms and conditions of the Essex Ground Lease, then Investor Partner may exercise
any such option on behalf of the Partnership and such Subsidiary without any notice to, or any approval of, the General Partner or any
LXP Partner and the General Partner hereby expressly authorizes Investor Partner to take such action unilaterally;

(xiv)        
the admission of a new partner or member to the Partnership or any Subsidiary or acquisition by an existing Partner of an additional
interest in the Partnership, except in any case with respect to the Partnership for the exercise of the procedures set forth in Section 8.1(c)(i),
Section 11.5 or Section 11.6;

(xv)          
except in connection with items set forth in the Approved Annual Business Plan or items constituting a Permitted Expense, the entry
into any agreement by the Partnership or Subsidiary(ies) involving more than One Hundred Thousand Dollars ($100,000) of consideration
or having a term in excess of one (1) year and in all cases any property management agreement (other than a property management agreement
with an Affiliate of LXP or a property management agreement in place prior to closing) or brokerage agreement;

(xvi)        
the winding up or dissolution of the Partnership or Subsidiary(ies), other than as set forth in this Agreement;

(xvii)      
selection or termination of auditors (consent not to be unreasonably withheld, conditioned or delayed) for an audit under Section 7.1
in the event that LXP’s then-current public accounting firm auditor is not a nationally recognized independent public accounting
firm registered with the Public Company Accounting Oversight Board;

(xviii)    
making any loans to third-parties in excess of Two Hundred Fifty Thousand Dollars ($250,000) (excluding, in all cases, tenant improvement
allowances and any other lease incentive pursuant to Leases entered into or assumed by the Partnership or any Subsidiary in accordance
with this Agreement);

(xix)        
agreeing to any forbearance, deed or other assignment or conveyance in lieu of foreclosure or any similar transaction; and

    	 	B-3	 

    	 	 

    

EXHIBIT B

 

(xx)          
 taking any action that would require any Partner or one or more of its Affiliates to guaranty any obligation of the Partnership
or its Subsidiaries or provide any other Credit Support in any case other than as required pursuant to this Agreement.

Notwithstanding anything
to the contrary, General Partner will be authorized to execute non-binding letters of intent (which may include customary binding provisions
such as confidentiality or other items that do not in and of themselves constitute a Major Decision) with respect to property and operational
actions that constitute Major Decisions.

    	 	B-4	 

    	 	 

    

EXHIBIT C

 

Reports

(a)               
Quarterly Reports. Within forty-five (45) days of the end of each of the first three quarters of each Fiscal Year,
General Partner shall cause each Partner to be furnished with the following items, computed as of the last day of the applicable period,
calculated for such period and for the Fiscal Year to date:

(1)              
(A) an unaudited financial statement for the Partnership for such quarter and for the Fiscal Year to Date, prepared in accordance
with generally accepted accounting principles in the United States, consistently applied, consisting of a balance sheet, a statement of
cash flows, a statement of operations and a statement of changes in the Partners’ Capital Accounts, (B) a narrative summary
of material changes in the financial condition of the Partnership, (C) a report of accounts receivable aging and allowance for doubtful
accounts (if applicable), (D) Loan covenant calculations (if applicable), (E) Bank reconciliations for all accounts and accompanying
account statements (“Reconciliation Statements”), and (F) calculations in sufficient detail to verify the accuracy of
all fees and other amounts paid or payable to General Partner and/or its Affiliates; and

(2)              
commencing with the quarter ending March 31, 2022, a report with respect to each Property, consisting of (A) a rent roll
(provided that the rent rolls for all Properties may be delivered as a single document, so long as such rent roll categorizes the tenants
listed thereunder by Property), (B) a narrative summary of any material changes to property operation, physical condition, capital
expenditures, leasing and occupancy (including occupancy rate, new vacancies, prospective tenants, instances of lease non-compliance,
material tenant communication and other relevant commentary), in each case to the extent known by General Partner, (C) a report regarding
payment by tenants of taxes, to the extent tenants are required to make such payments pursuant to the applicable Leases, (D) a report
regarding the status of the certificates of insurance for all insurance required to be maintained by tenants pursuant to the Leases, (E) tenant
financial statements (to the extent required under the applicable Leases and within the possession or reasonable control of the applicable
Fee Owners), (F) reports required to be and actually delivered by tenants under the Leases (to the extent within the possession of
the applicable Fee Owners) and (D) a statement for the quarter and year-to-date showing each variance from the budget line items
in the Approved Annual Budget exceeding Twenty Thousand Dollars ($20,000).

(b)              
Annual Reports. General Partner shall cause each Partner to be furnished with the following items computed as of the last
day of the Fiscal Year:

(1)              
within forty-five (45) days of the end of each Fiscal Year, unaudited financial statements of the Partnership for such
Fiscal Year, prepared in accordance with generally accepted accounting principles in the United States, consistently applied (consisting
of (i) a balance sheet as of the end of such Fiscal Year, (ii) a statement of changes in the Partners’ Capital Accounts,
(iii) a statement of profit and loss for such Fiscal Year, showing Net Operating Income for such Fiscal Year, and (iv) a statement
of cash flows);

    	 	C-1	 

    	 	 

    

EXHIBIT C

 

(2)              
 within seventy-five (75) days of the end of each Fiscal Year, the report required under Section (a) above; and

(3)              
within one hundred twenty (120) days of the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2022,
an audited financial statement of the Partnership for such Fiscal Year, prepared in accordance with generally accepted accounting principles
in the United States, consistently applied (consisting of (i) a balance sheet as of the end of such Fiscal Year, (ii) a statement
of changes in the Partners’ Capital Accounts, (iii) a statement of profit and loss for such Fiscal Year, and (iv) related
note disclosure), together with an auditor’s report of an accounting firm selected by General Partner in accordance with Section 7.2(b).

(c)               
Additional Reports. General Partner shall cause each Partner to be (A) provided “view only” access to services
and reports procured by General Partner or its Affiliates to track tenant taxes and (B) furnished with such other customary reports,
statements and information regarding the Partnership and any Property as any Partner may reasonably request from time to time.

    	 	C-2	 

    	 	 

    

EXHIBIT D

 

Credit Support as of the Effective Date

		1.	Guaranty Agreement, dated on or about the Effective Date, by LXP in favor of Bank of America, N.A.

		2.	Environmental Indemnity Agreement, dated on or about the Effective Date, by the Fee Owners (other than
Lex Warren L.P.) and LXP in favor of Bank of America, N.A.

		3.	Loan Guaranty Agreement, dated as of May 2, 2018, by LCIF to and for the benefit of Brighthouse Life Insurance
Company.

		4.	Unsecured Indemnity Agreement, dated as of May 2, 2018, by Lex Warren L.P. and LCIF in favor of Brighthouse
Life Insurance Company.

    	 	D-1	 

    	 	 

    

EXHIBIT E-1

 

Form of LXP Guarantor Joinder

JOINDER BY LXP INDUSTRIAL TRUST

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, LXP Industrial Trust, a Maryland corporation (“LXP Guarantor”),
hereby absolutely, unconditionally and irrevocably guarantees to the DK Partner Group (as defined in the Agreement (as defined below)),
and each of them, that all indemnification, defense and hold harmless obligations of the LXP Partners (as defined in the Agreement) under
the Limited Partnership Agreement of NNN MFG Cold JV, L.P., dated as of December 29, 2021, as the same may be amended from time to time
in accordance with the terms thereof (such agreement, the “Agreement”) will be timely satisfied. In addition, LXP Guarantor
shall fully and promptly pay upon written demand of DK Partner Group, or any of them, all reasonable, out-of-pocket, third-party costs
and expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by DK Partner Group as
a prevailing party in enforcing its rights under this Joinder. Capitalized terms used in this Joinder and not otherwise defined herein
shall have the same meanings as set forth in the Agreement. LXP Guarantor represents that LXP Guarantor will derive substantial benefits
from the entry by the DK Partner Group into the Agreement and the transactions contemplated thereby and acknowledges that LXP Guarantor’s
execution of this Joinder is a material inducement and condition to the DK Partner Group’s execution of the Agreement. LXP Guarantor
shall not have the right to assign any of its rights or obligations under this Joinder without the consent of the DK Partner Group. LXP
Guarantor agrees to at all times maintain a Liquidity of at least Twenty-Five Million Dollars ($25,000,000) and a Net Worth of at least
One Hundred Fifty Million Dollars ($150,000,000).

This Joinder and LXP Guarantor’s
obligations hereunder are a continuing and irrevocable obligation of LXP Guarantor and shall remain in full force and effect until the
dissolution of the Partnership in accordance with the Agreement and satisfaction in full of any then outstanding obligations hereunder.
LXP Guarantor’s guaranty and liability under this Joinder are absolute and unconditional and shall not be affected, released, terminated,
discharged or impaired, in whole or in part, by any or all of the following: (i) any lack of genuineness, regularity, validity, legality
or enforceability, or the voidability of, the Agreement; (ii) the failure of the Partnership, any Subsidiary, any Partner or any
Affiliate of any Partner to exercise or to exhaust any right or remedy or take any action against any Person or any collateral or other
security available to it; (iii) any amendment or modification of the terms of the Agreement; (iv) any failure or delay of the
Partnership, any Subsidiary, any Partner or any Affiliate of any Partner to exercise, or any lack of diligence in exercising, any right
or remedy with respect to the Agreement; (v) any dealings or transactions between the Partnership and/or any of the Partners or any
of their Affiliates relating to the Agreement, whether or not LXP Guarantor shall be a party to or cognizant of the same; (vi) the
failure to give LXP Guarantor notice of any breach; and/or (vii) any other circumstance that might constitute a legal or equitable
discharge or defense available to the Partnership, the LXP Partners or any of their respective Affiliates, whether similar or dissimilar
to the foregoing, other than the defense of (a) payment and performance, or (b) the claim against the LXP Partners is not due
and owing under the terms of the Agreement or that the LXP Partners have performed. LXP Guarantor expressly waives the following: (a) notice
of acceptance of the Agreement; (b) any requirement of promptness, diligence, presentment, protest, notice of dishonor, notice of
demand and notice of acceptance; (c) the right to trial by jury in any action or proceeding of any kind

    	 	E-1-1	 

    	 	 

    

EXHIBIT E-1

 

arising on, under, out of, or by reason of
or relating, in any way, to its obligations under this Joinder, or the interpretation, breach or enforcement of such obligations; and
(d) all rights of subrogation and any other claims that it may now or hereafter acquire against the LXP Partners or any insider that
arise from the existence, payment, performance or enforcement of LXP Guarantor’s obligations under this Joinder until such time
as LXP Guarantor’s obligations under this Joinder are performed and paid in full (or this Joinder is terminated). LXP Guarantor’s
guaranty under this Joinder is a present guaranty of payment and performance and not of collection. Notwithstanding anything to the contrary
contained herein, LXP Guarantor’s liability shall extend to all amounts and performance of all of its obligations under this Joinder
notwithstanding the fact that the Agreement becomes unenforceable or not allowable due to the existence of a bankruptcy, reorganization
or similar proceeding.

LXP Guarantor hereby represents,
warrants and certifies as of the Effective Date to the DK Partner Group as follows: (i) the execution, delivery and performance under
this Joinder by LXP Guarantor will not violate any provision of any law, regulation, order or decree of any governmental authority, bureau
or agency or of any court binding on LXP Guarantor, or of any contract, undertaking or agreement to which LXP Guarantor is a party or
that is binding on LXP Guarantor, or of any contract, undertaking or agreement to which LXP Guarantor is a party or that is binding upon
or any of its property or assets, and (ii) the Agreement, with respect to this Joinder, constitutes a legal, valid and binding obligation
of LXP Guarantor, enforceable against LXP Guarantor in accordance with its terms, subject as to enforcement of remedies to any applicable
bankruptcy, reorganization, moratorium or other laws affecting the enforcement of creditors rights generally and doctrines of equity affecting
the availability of specific enforcement as a remedy.

Within ninety (90) days
after the end of each calendar year, LXP Guarantor shall provide to the DK Partner Group a certificate in form reasonably satisfactory
to Investor Partner, containing representations confirming that LXP Guarantor satisfies the Net Worth and Liquidity requirements under
this Joinder; provided, however, that no such certification shall be required if audited financial statements of LXP Guarantor prepared
by a nationally recognized independent public accounting firm registered with the Public Company Accounting Oversight Board in accordance
with generally accepted accounting principles in the United States, consistently applied, demonstrating such Net Worth and Liquidity Requirements
are filed with the Securities and Exchange Commission or are generally available on LXP Guarantor’s website.

Any payments required to
be made by LXP Guarantor pursuant to this Joinder shall be made within five (5) Business Days after written demand by DK Partner
Group, or any of them. If it is finally determined pursuant to the Agreement that the LXP Partner Group had no liability with respect
to any amounts actually paid by LXP Guarantor hereunder, DK Partner Group shall reimburse LXP Guarantor for all such amounts.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
]

    	 	E-1-2	 

    	 	 

    

 EXHIBIT E-1

 

IN WITNESS WHEREOF, LXP
Guarantor has executed this Joinder as of the Effective Date.

LXP GUARANTOR:

[•],

a [•]

	By:		___________________
	Name:	 	___________________
	Title:	 	___________________

 

    	 	E-1-3	 

    	 	 

    

EXHIBIT E-2

 

Form of DK Guarantor Joinder

JOINDER BY DK GUARANTOR

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of Davidson Kempner Long-Term Distressed Opportunities Fund V LP,
a Delaware limited partnership, and DK LDOI V Aggregate Holdco LP, a Delaware limited partnership (individually or collectively, as the
context requires, “DK Guarantor”), hereby absolutely, unconditionally and irrevocably jointly and severally guarantees
to the LXP Partner Group (as defined in the Agreement (as defined below)), and each of them, that all indemnification, defense and hold
harmless obligations of the DK Partner Group (as defined in the Agreement) under the Limited Partnership Agreement of NNN MFG Cold JV,
L.P., dated as of December 29, 2021, as the same may be amended from time to time in accordance with the terms thereof (such agreement,
the “Agreement”) will be timely satisfied. In addition, DK Guarantor shall fully and promptly pay, upon written demand
of LXP Partner Group, or any of them, all reasonable, out-of-pocket, third-party costs and expenses, including reasonable fees and out-of-pocket
expenses of attorneys and expert witnesses, incurred by LXP Partner Group as a prevailing party in enforcing its rights under this Joinder.
Capitalized terms used in this Joinder and not otherwise defined herein shall have the same meanings as set forth in the Agreement. DK
Guarantor represents that DK Guarantor will derive substantial benefits from the entry by the LXP Partner Group into the Agreement and
the transactions contemplated thereby and acknowledges that DK Guarantor’s execution of this Joinder is a material inducement and
condition to the LXP Partner Group’s execution of the Agreement. DK Guarantor shall not have the right to assign any of its rights
or obligations under this Joinder without the consent of the LXP Partner Group. DK Guarantor agrees to at all times maintain an aggregate
Liquidity of at least Twenty-Five Million Dollars ($25,000,000) and an aggregate Net Worth of at least One Hundred Fifty Million Dollars
($150,000,000).

This Joinder and DK Guarantor’s
obligations hereunder are a continuing and irrevocable obligation of each DK Guarantor and shall remain in full force and effect until
the dissolution of the Partnership in accordance with the Agreement and satisfaction in full of any then outstanding obligations hereunder.
Each DK Guarantor’s guaranty and liability under this Joinder are absolute and unconditional and shall not be affected, released,
terminated, discharged or impaired, in whole or in part, by any or all of the following: (i) any lack of genuineness, regularity,
validity, legality or enforceability, or the voidability of, the Agreement; (ii) the failure of the Partnership, any Subsidiary,
any Partner or any Affiliate of any Partner to exercise or to exhaust any right or remedy or take any action against any Person or any
collateral or other security available to it; (iii) any amendment or modification of the terms of the Agreement; (iv) any failure
or delay of the Partnership, any Subsidiary, any Partner or any Affiliate of any Partner to exercise, or any lack of diligence in exercising,
any right or remedy with respect to the Agreement; (v) any dealings or transactions between the Partnership and/or any of the Partners
or any of their Affiliates relating to the Agreement, whether or not DK Guarantor shall be a party to or cognizant of the same; (vi) the
failure to give DK Guarantor notice of any breach; and/or (vii) any other circumstance that might constitute a legal or equitable
discharge or defense available to the Partnership, the DK Partner Group or any of their respective Affiliates, whether similar or dissimilar
to the foregoing, other than the defense of (a) payment and performance, or (b) the claim against the DK Partner Group is not
due and owing under the terms of the Agreement or that the DK Partner Group has

    	 	E-2-1	 

    	 	 

    

EXHIBIT E-2

 

performed. Each DK Guarantor expressly waives
the following: (a) notice of acceptance of the Agreement; (b) any requirement of promptness, diligence, presentment, protest,
notice of dishonor, notice of demand and notice of acceptance; (c) the right to trial by jury in any action or proceeding of any
kind arising on, under, out of, or by reason of or relating, in any way, to its obligations under this Joinder, or the interpretation,
breach or enforcement of such obligations; and (d) all rights of subrogation and any other claims that it may now or hereafter acquire
against the DK Partner Group or any insider that arise from the existence, payment, performance or enforcement of DK Guarantor’s
obligations under this Joinder until such time as DK Guarantor’s obligations under this Joinder are performed and paid in full (or
this Joinder is terminated). DK Guarantor’s guaranty under this Joinder is a present guaranty of payment and performance and not
of collection. Notwithstanding anything to the contrary contained herein, DK Guarantor’s liability shall extend to all amounts and
performance of all of its obligations under this Joinder notwithstanding the fact that the Agreement becomes unenforceable or not allowable
due to the existence of a bankruptcy, reorganization or similar proceeding.

Each DK Guarantor hereby
represents, warrants and certifies as of the Effective Date to the LXP Partner Group as follows: (i) the execution, delivery and
performance under this Joinder by DK Guarantor will not violate any provision of any law, regulation, order or decree of any governmental
authority, bureau or agency or of any court binding on DK Guarantor, or of any contract, undertaking or agreement to which DK Guarantor
is a party or that is binding on DK Guarantor, or of any contract, undertaking or agreement to which DK Guarantor is a party or that is
binding upon or any of its property or assets, and (ii) the Agreement, with respect to this Joinder, constitutes a legal, valid and
binding obligation of DK Guarantor, enforceable against DK Guarantor in accordance with its terms, subject as to enforcement of remedies
to any applicable bankruptcy, reorganization, moratorium or other laws affecting the enforcement of creditors rights generally and doctrines
of equity affecting the availability of specific enforcement as a remedy.

Within ninety (90) days
after the end of each calendar year, Davidson Kempner Capital Management LP (“DKCM”) shall provide to the LXP Partner
Group a certificate in form reasonably satisfactory to LXP GP, containing representations confirming that the DK Guarantors satisfy, in
the aggregate, the Net Worth and Liquidity requirements under this Joinder.

Any payments required to
be made by a DK Guarantor pursuant to this Joinder shall be made within five (5) Business Days after written demand by the LXP Partner
Group, or any of them. If it is finally determined pursuant to the Agreement that the DK Partner Group had no liability with respect to
any amounts actually paid by a DK Guarantor hereunder, LXP Partner Group shall reimburse DK Guarantor for all such amounts.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

    	 	E-2-2	 

    	 	 

    

 EXHIBIT E-2

 

IN WITNESS WHEREOF, each
DK Guarantor has executed this Joinder as of the Effective Date.

DK GUARANTOR:

[•],

a [•]

	By:		___________________
	Name:	 	___________________
	Title:	 	___________________

 

    	 	E-2-3	 

    	 	 

    

EXHIBIT F

 

Draft of Environmental Insurance Policy Endorsement

[Omitted]

    	 	F-1Exhibit 10.31

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
("Agreement") is made as of this 28th day of December, 2021 (the “Effective Date”) by and between Triccar
Inc., a Nevada corporation, having an office at 220 Travis Street, Suite 501, Shreveport, LA 71101 (hereinafter referred to as “Employer”
or “Company”) and Todd R. Michaels, an individual, with an address at 3212 South Eagle Brook Lane, Eagle, Idaho 83616 (hereinafter
referred to as “Employee”), each of Employer, Company and Employee may be referred to herein individually as a “Party”
and collectively as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, Employer desires
to employ Employee as Chief Executive Officer and President of Employer; and

 

WHEREAS, Employee is willing
to be employed as the Chief Executive Officer and President of Employer in the manner provided for herein, and to perform the duties of
the Chief Executive Officer and President of Employer upon the terms and conditions herein set forth;

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants herein set forth it is agreed as follows:

 

1.       Employment
of Chief Executive Officer and President of Employer. Employer hereby employs Employee as the Chief Executive Officer and President
of Employer. Employee shall be nominated to serve as a director on the Company’s Board of Directors (the “Board”) for
so as long as he serves as the Company’s Chief Executive Officer and President or holds more than 2,000,000 shares of the Company’s
Common Stock.

 

2.       Term.

 

a.       Subject
to Section 9 and Section 10 below, the term of this Agreement shall be for a period of thirty-six (36) months commencing on the Effective
Date (the “Term”). The Term of this Agreement shall be automatically extended for additional one (1) year periods, unless
either party notifies the other in writing at least ninety (90) days prior to the expiration of the then existing Term of its intention
not to extend the Term.

 

3.       Duties.
The Employee shall have operational and managerial responsibility and shall perform those functions generally performed by persons of
such title and position. Upon agreement between Employee and the Board, the parties may change, add or subtract duties and responsibilities
of Employee from time to time as needed. Employee shall report directly to the Chairman of the Board (“Chairman”). During
the Term, Employee shall devote substantially all of his business time and efforts to Employer and its subsidiaries and affiliates. Notwithstanding
anything to the contrary set forth in this Agreement, during the Term, the Employee may engage in outside activities that are not competitive
with the business of the Company or any its subsidiaries, provided those activities (including, but not limited to, membership on boards
of directors of not-for-profit and for-profit organizations) do not materially interfere with the

    	1 

    	 

    

Employee’s duties and responsibilities hereunder,
and provided further that the Employee gives written notice to the Chairman of any significant outside business activity in which Employee
plans to become involved, whether or not such activity is pursued for profit.

 

4.       Compensation.

 

a.       (i)
Employee shall be paid a base pay of Two Hundred Fifty Thousand Dollars and No/100 ($250,000.00) annually during the remaining Term of
this Agreement (“Base Compensation”). Employee shall be paid in equal installments on a bi-weekly basis and in accordance
with the policies of the Employer during the term of this Agreement, but not less than twice a month. The Employee’s salary may
be increased from time to time by the Board, or the compensation committee of the Board, if any, in accordance with normal business practices
of the Company.

 

(ii) Employee is eligible for an
annual performance bonus, if any, which Employee shall earn in the event that Employer attains certain performance milestones to be mutually
determined by the Employee and the Board, or the compensation committee of the Board, if any (each, a “Bonus”), provided that
the performance milestones and applicable percentage of the Bonus earned by Employee relating thereto for the first year of Term are set
forth on Exhibit A attached hereto. For each year of the Term thereafter, the Employee and the Board, or the compensation committee
of the Board, if any will memorialize, within thirty (30) days of the beginning of the fiscal year of the Company, the agreed upon performance
milestones and potential Bonus in a written document. The Board, or the compensation committee of the Board, if any shall, in its reasonable
discretion, authorize Employer to pay all of such annual Bonuses earned promptly after its determination that the performance milestones
have been met, provided that each annual Bonus, if any, shall be paid by the Company to Employee within sixty (60) days of the end of
the prior fiscal year of the Company. Employee shall also be entitled to option grants for the common stock of the Company pursuant to
the TCCR 2021 Equity Incentive Plan and the initial option grant shall be for 1,000,000 shares of such common stock. The Board, or the
compensation committee of the Board, if any may from time to time approve additional bonus plans, option or common stock grants or awards
for Employee, in each case as the Board, or the compensation committee of the Board, if any deems appropriate in its sole discretion.

 

b.       Employer
shall include Employee in its health insurance program, which shall include payment of premiums in accordance with the Company’s
current policies.

 

c.       Employee shall have the right
to participate in any other employee benefit plans and arrangements established by Employer and maintained generally for other executives
or employees, including but not limited to any matching 401(k) plan.

 

d.Employee shall be entitled
to 4 weeks of paid vacation per year. The Parties agree that the vacation is a limited ‘use it or lose it’ policy, as it does
not allow the carry over to other years of more than 2 weeks per year and cannot be cashed in in lieu of use.

 

5.        Expenses.
Employee shall be promptly reimbursed for all of his actual out-of-pocket expenses incurred in the performance of his duties hereunder,
including without

    	2 

    	 

    

limitation, for business related travel and entertainment
expenses. Employee shall submit to Employer detailed receipts, according to IRS guidelines, with respect thereto. Employer shall also
reimburse Employee for Employee’s monthly cell phone and home internet costs, and approved home office equipment all to be used
for business purposes related to Employer.

 

6.        Secrecy.
At no time shall Employee disclose to anyone not employed by the Company, or not engaged to render services to the Company, any confidential
or secret information (not already constituting information available to the public) concerning (a) internal affairs or proprietary business
operations of Employer, or (b) any trade secrets, new product developments, patents, programs or programming, especially unique processes
or methods employed by the Company, provided however, that the provisions of this Section 6 shall not preclude the Executive: (1) from
disclosing such information to the Employee’s professional tax advisor or legal counsel solely to the extent necessary to the rendering
of their professional services to the Employee if such individuals agree to keep such information confidential; (2) from disclosure required
by law, governmental agency or court order and (3) from disclosing such information in connection with the enforcement of Employee’s
rights under this Agreement.

 

7.        Withholding
Taxes. All compensation payments and benefits to Employee under the Agreement shall be subject to and reduced by any federal,
state and / or local taxes or other amounts required to be withheld under any applicable law.

 

8.        Non-Competition
and Nonsolicitation Agreement. During the term of the Executive's employment with the Company and for a period of six (6) months
following the termination of Employee’s employment hereunder by the Company pursuant to Section 9(a)(i) or by Employee pursuant
to Section 9(b)(ii), the Employee shall not (i) directly or indirectly solicit any other employee of the Company to terminate his or her
employment with the Company or (ii) directly or indirectly (as an owner, employee or consultant of a company or other legal entity), engage
in, sell or otherwise provide services or products within the United States of America that are substantially similar to the primary services
or products provided by Employer or its subsidiaries; provided, however, that the parties acknowledge and agree the provisions of this
Section 8 shall not be deemed to prohibit the ownership by Employee of not more than five percent (5%) of any class of securities of any
corporation having a class of securities registered pursuant to the Securities Exchange Act of 1934, as amended.

 

9.        Termination.

 

a.       Termination by Employer:
(i) Employer may terminate this Agreement upon written notice for Cause. For purposes hereof, "Cause" shall mean (A) Employee's
misconduct as could reasonably be expected to have a material adverse effect on the business and affairs of Employer, (B) the Employee’s
violation of either the Company’s Code of Ethics as then in effect, or any lawful Employer imposed employee guidelines known to
Employee, as determined by the Management Committee, or any similar committee, in its sole discretion from time to time, (C) the Employee's
disregard of lawful instructions of Employer’s Management Committee, or similar committee, consistent with Employee's position relating
to the business of Employer or neglect of duties or failure to act, which, in each case, could reasonably be expected to have a material
adverse effect on the business and affairs of Employer or Employer’s parent

    	3 

    	 

    

company, (D) if Employee should be unable or incapable
of performing the essential functions of his job position for a period of thirty (30) consecutive days in any twelve (12) month period,
or one hundred twenty (120) days during any twelve (12) month period, whether or not such days are consecutive (as used herein, “unable
or incapable of performing essential job functions” shall mean the inability of Employee, on account of a mental, physical, or other
condition, to perform his essential job functions as determined by at least two of three medical physicians or by agreement of the Company
and Employee or his designee (if the determination is to be made by medical physicians, the Employee or his designee shall appoint one
such physician, the Company shall appoint one, and the two so appointed shall appoint the third medical physician)) (E) engaging by the
Employee in conduct that constitutes activity in material violation of the Non-Competition and Non-Solicitation provisions set forth in
Section 8 of this Agreement; (F) the conviction of Employee for the commission of a felony; and/or (G) the habitual abuse of controlled
substances. Except with respect to (B), (C), (D) and (E) above, notwithstanding anything to the contrary in this Section 9(a)(i), Employer
may not terminate Employee's employment under this Agreement for Cause unless Employee shall have first received notice from the Chairman
advising Employee of the specific acts or omissions alleged to constitute Cause, and such acts or omissions continue after Employee shall
have had a reasonable opportunity (at least 30 days from the date Employee receives the notice from their supervisor) to correct the acts
or omissions so complained of.

 

(ii)       This
agreement automatically shall terminate upon the death of Employee, except that Employee's estate shall be entitled to receive any amounts
that Employee would have been entitled to receive under Section 9(a)(iii) below if his employment had terminated pursuant to Section 9(a)(i)
above.

 

(iii)       In the event that Employee’s
employment is terminated pursuant to Section 9(a)(i) above, Employee shall be entitled to receive: (a) any owing or accrued past due Base
Compensation, (b) unreimbursed business expenses, and (c) accrued/unused vacation time, if any, all of (a) – (c) shall be measured
through the termination date in accordance with Section 9(a)(i) above. In addition to the immediately preceding sentence, if the Employee’s
employment is terminated pursuant to Section 9(a)(i)(D) or 9(a)(ii) above, Employee and Employee’s dependents, as applicable, shall
be entitled at Employee’s expense to the same level of health (i.e. medical, vision and dental) coverage and benefits as in effect
for Employee on the day immediately preceding the day of termination of employment; provided, however that (A) Employee constitutes a
qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended; and (B) Employee elects continuation
coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within the time period
prescribed pursuant to COBRA, and the Company shall continue to provide Employee with such health coverage until the earlier of (i) the
date Employee is no longer eligible to receive continuation coverage pursuant to COBRA, or (ii) twelve (12) months from the termination
date. Additionally, Employee shall have ninety (90) days to exercise all vested options, which thereafter shall immediately expire.

    	4 

    	 

    

b.       Termination
by Employee: 

 

(i)       Employee shall
have the right to terminate his employment under this Agreement upon 30 days' notice to Employer given within 90 days following the occurrence
of any of the following events (A) through (D):

 

(A)       A
Material Reduction (as hereinafter defined) in Employee's rate of Base Compensation, Bonus target (ie, percentage of Base Salary)or Employee's
other benefits. "Material Reduction" shall mean a cumulative ten percent (10%) differential or more from the Employee’s
initial Base Compensation, Bonus target or other benefits set forth herein;

 

(B)       A
failure by Employer to obtain the assumption of this Agreement by any successor;

 

(C)       A
material breach of this Agreement by Employer, which is not cured within thirty (30) days of written notice of such breach by Employer;

 

(D)       A
significant diminishment in the nature or scope of the authority, power, function or duty attached to the position which the Employee
currently maintains without the express written consent of the Employee;

 

(E)        A
Change of Control (as defined below) of the Company. For the purposes of this Agreement, a “Change of Control” shall mean
the occurrence of any of the following: (a) any consolidation or merger of the Company with or into any third party, or any other corporate
reorganization involving a third party, in which those persons or entities that stockholders of the Company immediately prior to such
consolidation, merger or reorganization own less than fifty percent (50%) of the surviving entity’s voting power immediately after
such consolidation, merger or reorganization; (b) a change in any twelve month period in the legal or beneficial ownership of fifty percent
(50%) or more of the voting securities of the Company (whether in a single transaction or a series of related transactions) where, immediately
after giving effect to such change, the legal or beneficial owner of more than fifty percent (50%) of the voting securities of the Company
is a third party or two or more third parties working together, not including an offering of the Company’s securities by the Company
in a private placement or public offering transaction; or (c) sale, transfer, lease, license or other disposition by the Company to a
third party of all or substantially all of the assets of the Company in one or a series of related transactions; or

 

(F)       Employer
acts to change the geographic location of the performance of Employee’s duties from the Eagle, Idaho area. For purposes of this
Agreement, the Eagle, Idaho area shall be deemed to be the area within a 20-mile radius of Employee’s current home address in Eagle,
Idaho.

 

    	5 

    	 

    

(ii)       Anything herein to the contrary
notwithstanding, Employee may terminate this Agreement for any reason or no reason upon thirty (30) days written notice to Employer.

 

(iii)       If Employee shall terminate
this Agreement under Section 9(b)(i), Employee shall be entitled to receive: (a) twelve (12) months salary at Employee’s then current
yearly Base Compensation rate, (the “Severance Payment”), (b) reimbursement by Employer of 100% of the C.O.B.R.A. premiums
for twelve (12) months after such termination, (c) payment of all unpaid earned Base Compensation as of the date of termination, (d) payment
of all unreimbursed business expenses incurred through the date of termination, (e) payment for all unused vacation time accrued through
the date of termination, (f) payment of Employee’s prospective annual bonus for the termination year, if any, and (g) full and automatic
acceleration of the vesting of all unvested options held by Employee and the right to exercise all vested options within ninety (90) days
of the date of termination, all of which shall expire thereafter. Other than the payments described in (a)-(g) of this section 9(b)(iii),
Employer shall have no further obligation to compensate Employee pursuant to Section 4 above. Company shall make all such payments to
Employee described in this Section 9(b)(iii) within thirty (30) days of such termination.

 

(iv)       If Employee shall terminate
this Agreement pursuant to Section 9(b)(ii), Employee shall only be entitled to receive the compensation set forth in 9(b)(iii)(c), (d),
(f) and (g) above and Employer shall have no further obligation to compensate Employee pursuant to Section 4 above.

 

10.        Consequences of Breach by Employer; Employment Termination.

 

a.       If the Employer shall terminate
Employee's employment under this Agreement in any way that is not permitted by Section 9(a)(i) of this Agreement by Employer, Employee
shall be entitled to receive the benefits and compensation set forth in Section 9(b)(iii) above and Employer shall have no further obligation
to compensate Employee pursuant to Section(s) 4 or 9 above. Company shall make all such payments to Employee described in this Section
9(b)(iii) within thirty (30) days of such termination.

 

b.       In the event of termination
of Employee's employment pursuant to Section 9(b)(ii) of this Agreement, the Non-competition and Non-Solicitation provisions of Section
8 shall remain in full force and effect for a period of six months after such termination.

 

11.       Remedies.

 

Employer recognizes that because
of Employee's special talents, in the event of termination by Employer hereunder (except under Section 9(a)(i) or (iii)) or in the event
of termination by Employee hereunder, before the end of the agreed Term, the Employer acknowledges and agrees that the provisions of this
Agreement regarding further payments of base salary, bonuses and the exercisability of rights constitute fair and reasonable provisions
for the consequences of such termination, do not constitute a penalty, and such payments and benefits shall not be limited or reduced
by amounts Employee might earn or be able to earn from any other employment or ventures during the remainder of the agreed Term of this
Agreement.

    	6 

    	 

    

 

12.       Excise Tax.
In the event that any payment or benefit received or to be received by Employee in connection with a termination of his employment with
Employer would constitute a "parachute payment" within the meaning of Code Section 280G or any similar or successor provision
to 280G and/or would be subject to any excise tax imposed by Code Section 4999 or any similar or successor provision then Employer shall
assume all liability for the payment of any such tax and Employer shall immediately reimburse Employee on a "grossed-up" basis
for any income taxes attributable to Employee by reason of such Employer payment and reimbursements.

 

13.       Attorneys'
Fees and Costs. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing
party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which he may
be entitled.

 

14.       Entire
Agreement; Survival. This Agreement contains the entire agreement between the parties with respect to the transactions contemplated
herein and supersedes, effective as of the date hereof any prior agreement or understanding between Employer and Employee with respect
to Employee's employment by Employer. The unenforceability of any provision of this Agreement shall not affect the enforceability of any
other provision. This Agreement may not be amended except by an agreement in writing signed by the Employee and the Employer, or any waiver,
change, discharge or modification as sought. Waiver of or failure to exercise any rights provided by this Agreement and in any respect
shall not be deemed a waiver of any further or future rights.

 

The provisions of Sections 4,
7, 8, 9(a)(ii), 9(a)(iii), 9(b)(iii), 10, 11, 12, 13, 14, 16, 17 and 18 shall survive the termination of this Agreement.

 

15.       Assignment.
This Agreement shall not be assigned to other parties without the written consent of Employer and Employee, which may be withheld
for any reason.

 

16.        Governing
Law. This Agreement and all the amendments hereof, and waivers and consents with respect thereto shall be governed by the laws
of the State of Idaho, without regard to the conflicts of laws principles thereof.

 

17.       Notices.
All notices, responses, demands or other communications under this Agreement shall be in writing and shall be deemed to have been given
when

 

a.       delivered
by hand;

 

b.       sent
by telex or telefax, (with receipt confirmed), provided that a copy is mailed by registered or certified mail, return receipt requested;
or

 

c.        received
by the addressee as sent by express delivery service (receipt requested)

 

    	7 

    	 

    

in each case to the appropriate addresses, telex numbers
and telefax numbers indicated below or to such other address as such party may designate for itself by notice to the other parties; provided
that any change of address furnished by Employee to Employer for purposes of updating Employer’s payroll records shall be deemed
to constitute notice of address change under this Agreement unless otherwise specifically requested in writing by Employee:

 

(i) if to the Employer:

 

Triccar Inc.

220 Travis Street, Suite 501

Shreveport, LA 71101

Facsimile: 318-425-5001

Telephone:

 

(ii) if to the Employee:

Todd Michaels

3212 South Eagle Brook Lane

Eagle, Idaho 83616

Email: todd.michaels@icloud.com

Telephone: 916-337-6207

 

18.       Severability
of Agreement. Should any part of this Agreement for any reason be declared invalid by a court of competent jurisdiction, such
decision shall not affect the validity of any remaining portion, which remaining provisions shall remain in full force and effect as if
this Agreement had been executed with the invalid portion thereof eliminated, and it is hereby declared the intention of the parties that
they would have executed the remaining portions of this Agreement without including any such part, parts or portions which may, for any
reason, be hereafter declared invalid.

 

19.       Arbitration.

 

a.       If
any dispute between the Company and Employee arises out of or is related to this Agreement, Employee’s employment, or Employee’s
separation from employment with Company for any reason, and the parties to this Agreement cannot resolve the dispute, the Company and
Employee shall submit the dispute to final and binding arbitration.  The arbitration shall be conducted in accordance with the JAMS
Mediation, Arbitration and ADR Services (“JAMS”) Rules for the Resolution of Employment Disputes (“Rules”).  If
the parties cannot agree to an arbitrator, an arbitrator will be selected through the JAMS’ standard procedures and Rules.  Company
and Employee shall share the costs of arbitration, unless the arbitrator rules otherwise.  Company and Employee agree that the arbitration
shall be held in Denver, Colorado.   Arbitration of the parties’ disputes is mandatory, and in lieu of any and all
civil causes of action or lawsuits either party may have against the other arising out of or related to this Agreement, Employee’s
employment, or Employee’s separation from employment with Company, with the exception that Company alone may seek a temporary restraining
order and temporary injunctive relief in a court to enforce the protective covenants as provided in Section 8(d).  Employee
acknowledges that by agreeing to this provision, he knowingly and voluntarily

    	8 

    	 

    

waives any right he may have to a jury trial based
on any claims he has, had, or may have against the Company, including any right to a jury trial under any local, municipal, state or federal
law including, without limitation, claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. Section 1981, the Americans With
Disabilities Act of 1990, the Age Discrimination In Employment Act of 1967, the Family Medical Leave Act, the Sarbanes-Oxley Act, the
Older Workers Benefit Protection Act, claims of harassment, discrimination or wrongful termination, and any other statutory or common
law claims.

 

b.       Before
the arbitration hearing is conducted, the arbitrator shall have the authority to consider and grant a motion to dismiss and motion for
summary judgment by applying the standards governing these motions under Federal Rules of Civil Procedure 12 and 56.  The arbitrator
shall issue a written decision and award, which shall explain the basis of the decision.  The decision and award shall be exclusive,
final, and binding on both Employee and the Company, and all heirs, executors, administrators, successors, and assigns.  

 

c.       Both
Employee and the Company understand that, by agreeing to arbitration, they are agreeing to substitute one legitimate dispute resolution
forum (arbitration) for another (litigation), and thereby are waiving the right to have disputes resolved in court.

20.       Insurance
and Indemnity. The Company shall, to the extent permitted by law, include the Employee during the Term of this Agreement under any directors
and officers liability insurance policy maintained for its directors and officers, with coverage at least as favorable to the Employee
in amount and each other material respect as the coverage of other directors and officers covered thereby. If the Company does not currently
maintain a directors and officers liability insurance policy, then the Company agrees to review the marketplace for such an insurance
policy at least every six months during the Term of this Agreement to determine whether such a policy can be obtained on rates that are
acceptable to the Company, as reasonably determined by the Board. The Company shall hold harmless, defend and indemnify the Employee against
any and all third-party claims brought against the Employee related to or arising out of acts or omissions of the Employees in connection
with the performance of his duties as an officer or director of the Company to the fullest extent permitted by the articles of incorporation
and bylaws of the Company in existence as of the Effective Date of this Agreement, notwithstanding any amendment thereof after such date.
The Company's obligation to provide insurance and indemnify the Employee shall survive expiration or termination of this Agreement with
respect to proceedings or threatened proceedings based on acts or omissions of the Employee occurring during the Employee’s employment
with the Company or with any affiliated company. Such obligations shall be binding upon the Company's successors and assigns and shall
inure to the benefit of the Employee’s heirs and personal representatives.

 

 

[SIGNATURE PAGE FOLLOWS]

    	9 

    	 

    

IN WITNESS WHEREOF, the undersigned
have executed this agreement as of the day and year first above written.

 

 

Employee

 

 

Signature: /s/ Todd Michaels       

 

Printed Name: Todd R. Michaels

 

 

Employer:

 

Triccar Inc.

 

 

By: /s/ Matthew Flemming          

 

Name: Matthew Flemming

Title: Chairman and CEO

 

 

 

 

 

 

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT DATED DECEMBER
28, 2021]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	10 

    	 

    

 

 

EXHIBIT A

Bonus and Bonus Milestones

 

Target Bonus: 60% of Annual Salary

% of Target Bonus Related to Business Performance:
75%

% of Target Bonus Related to Individual Performance:
25%

 

2022 Business Goal: $35,000,000 in Projects with Notice to Proceed to Construct
(Contracted, Funded, and Permitted) and/or services booked and implemented.

 

If the Company achieves certain business
performance results, and the employee achieves certain individual goals, the employee will receive the target bonus.

 

Company business performance results
will be measured based on the Company’s Annual Goals, as approved by the Compensation Committee or Board.

 

If the actual results of the Company
business performance for the year exceed or fall short of the targets, then the target bonus will be adjusted up or down, depending upon
the level of business and individual achievement. The specific adjustments and an example of how the bonus is calculated are described
below.

 

The business performance goals will be determined
by the Compensation Committee for the C.E.O., normally in the first quarter of each Plan Year. The assessment of individual performance
goals will be accomplished through the employee’s annual performance rating. The business and individual performance goals are intended
to be reasonable “stretch” goals.

 

As described above, the bonus consists
of two components: the bonus attributable to business performance, and the bonus attributable to individual performance. The impact of
actual results as compared to business and individual goals on any bonus to be paid is described below.

 

I. Business Goals: 

 

If the Company achieves a specified goal,
then 100% of the bonus related to that business goal will be awarded. If actual results deviate from established business goals, then
the bonus payout amounts will be determined as follows:

 

Results above the
goal: If the Company performance exceeds the established business goals by a certain percentage (e.g., actual Company revenues
exceed an established goal by ten percent), then the payout of that portion of the annual target bonus related to that business goal
will be increased by that percentage amount above the goal, up to a maximum of a 100% increase over the bonus associated that goal.
Thus, if actual Company performance on a particular goal exceeds the goal by 10%, then the target bonus associated with that goal
will be increased by 10%, see below.

 

	Results	Percentage Payout
	101%	101%
	to	to
	200%	200%

    	11 

    	 

    

 

Results below the
goal: If the actual business performance falls short of an established goal by a certain percentage (e.g., actual Company revenues
are 10% less than the revenue goal), then the bonus associated with that business goal will be decreased by that percentage of the shortfall,
with no bonus being payable for a goal if the goal is missed by more than 25%. The scale for results below the target is given below:

 

	Results	Percentage Payout
	100%	100%
	90%	90%
	80%	80%
	74%	0%

 

II. Individual Performance

 

The evaluation of the individual
performance is the responsibility of the CEO’s Board using the Company’s performance evaluation system. The payout of the
bonus related to individual performance will be based on the employee’s individual appraisal rating given pursuant to the performance
evaluation, as follows:

 

	
    Appraisal Rating
	 	 	 	
    Percentage Payout of

    Bonus Related to

    Individual

    Performance
	 
	4.85 – 5.0	 	(Outstanding)	 	150	%
	4.70 – 4.84	 	( “ )	 	145	%
	4.55 – 4.69	 	(Exceeds Job Requirements)	 	140	%
	4.40 – 4.54	 	( “ )	 	135	%
	4.25 – 4.39	 	( “ )	 	130	%
	4.10 – 4.24	 	( “ )	 	125	%
	3.95 – 4.09	 	( “ )	 	120	%
	3.80 – 3.94	 	( “ )	 	115	%
	3.65 – 3.79	 	(Meets Job Requirements)	 	110	%
	3.50 – 3.64	 	( “ )	 	105	%
	3.35 – 3.49	 	( “ )	 	100	%
	3.20 – 3.34	 	( “ )	 	95	%
	3.05 – 3.19	 	( “ )	 	90	%
	2.90 – 3.04	 	( “ )	 	85	%
	2.75 – 2.89	 	( “ )	 	80	%
	2.74 ò	 	(Needs Improvement/Unsatisfactory)	 	0	%

 

When Will the Bonus Be Paid:

Bonuses will normally be paid under the
Plan between February 15 and March 31 of the year following each Plan Year.

 

    	12 

    	 

    

 

Example of How the Bonus is Calculated

CEO is earning a base salary of $250,000
and is employed for the full Plan Year. The CEO has an annual target bonus of 60% of base salary ($150,000). The actual results for the
goal were 4% below the goal. The CEO achieves an individual performance appraisal of “3.3”. The employee’s bonus would
be calculated as follows:

 

	 	 	 	 	 	 	 	 	 
	
    Performance Factor
	 	
    A

    Percentage of

    Bonus Relating to

    Performance

    Factor
	 	
    B

    Result as a

    Percentage

    of Goal
	 	
    C

    Percentage

    Payout
	 	
    AxC

    Weighted Result

	Business Goal	 	75%	 	96%	 	96%

(1 to 1 ratio)	 	72%

(96% x 75%)
	Individual Performance	 	25%	 	95%	 	95%	 	23.75%

(25% x 95%)
	Total	 	100%	 	N/A	 	N/A	 	95.75%
	Bonus Calculation	 	Base Salary x Weighted Result x Annual Target

Bonus = Bonus to be paid

$250,000 x 95.75% x 60% = $143,625

 

Payment of bonuses awarded under
this Plan shall be made no later than March 15 of the year following the Plan Year in which the services relating to such bonus
award were rendered. The resolution of any questions with respect to payments and entitlements pursuant to the provisions of this Plan
shall be determined by the Compensation Committee, in its sole discretion, and all such determinations shall be final and conclusive.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]