Document:

Exhibit 10.1

 

AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

GYRODYNE SPECIAL DISTRIBUTION, LLC

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I
	 
	DEFINITIONS
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Construction	8
	 	 	 
	ARTICLE II
	 
	ORGANIZATION
	 	 	 
	Section 2.1	Formation	8
	Section 2.2	Name	8
	Section 2.3	Registered Office; Registered Agent; Principal Office; Other Offices	9
	Section 2.4	Purposes	9
	Section 2.5	Powers	9
	Section 2.6	Term	9
	Section 2.7	Title to Company Assets	9
	 
	ARTICLE III
	 
	MEMBERS AND GSD LLC SHARES
	 	 	 
	Section 3.1	Members	10
	Section 3.2	Authorization to Issue GSD LLC Shares	11
	Section 3.3	Outstanding GSD LLC Shares	11
	Section 3.4	Uncertificated Shares	12
	Section 3.5	Record Holders	12
	Section 3.6	Registration and Transfer of GSD LLC Shares; Limitation on Transfer and Ownership	12
	Section 3.7	Capital Accounts	14
	Section 3.8	Splits and Combinations	16
	 	 	 
	ARTICLE IV
	 
	ALLOCATIONS AND DISTRIBUTIONS
	 	 	 
	Section 4.1	Allocations for Capital Account Purposes	17
	Section 4.2	Allocations for Tax Purposes	20
	Section 4.3	Distributions to Record Holders	22

  

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	ARTICLE V
	 
	MANAGEMENT AND OPERATION OF BUSINESS
	 	 	 
	Section 5.1	Managing Member	23
	Section 5.2	Power and Authority of Board	24
	Section 5.3	Procedure for Election of Directors; Required Vote	24
	Section 5.4	Number of Directors	24
	Section 5.5	Removal and Vacancies	24
	Section 5.6	Quorum and Adjournment	25
	Section 5.7	Regular Meetings	25
	Section 5.8	Special Meetings	25
	Section 5.9	Report and Records	25
	Section 5.10	Committees	26
	Section 5.11	Other Committees of the Board	26
	Section 5.12	Chairman of the Board	27
	Section 5.13	Eligibility to Make Nominations	27
	Section 5.14	Procedures for Nominations by Members	27
	Section 5.15	Submission of Questionnaire	29
	Section 5.16	Articles of Organization	29
	 	 	 
	ARTICLE VI
	 
	Officers
	 	 	 
	Section 6.1	Officers	30
	Section 6.2	President	30
	Section 6.3	Secretary	30
	Section 6.4	Treasurer	31
	Section 6.5	General Powers	31
	 	 	 
	ARTICLE VII
	 
	INDEMNIFICATION
	 	 	 
	Section 7.1	Mandatory Indemnification	31
	 	 	 
	ARTICLE VIII
	 
	BOOKS, RECORDS, ACCOUNTING AND REPORTS
	 	 	 
	Section 8.1	Records and Accounting	36
	Section 8.2	Fiscal Year	36
	Section 8.3	Reports	36

  

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	ARTICLE IX
	 
	TAX MATTERS
	 	 	 
	Section 9.1	Tax Returns and Information	36
	Section 9.2	Tax Elections	37
	Section 9.3	Tax Controversies	37
	Section 9.4	Withholding	37
	Section 9.5	Partnership Treatment	37
	 	 	 
	ARTICLE X
	 
	DISSOLUTION AND LIQUIDATION
	 	 	 
	Section 10.1	Dissolution	37
	Section 10.2	Liquidator	38
	Section 10.3	Liquidation	38
	Section 10.4	Cancellation of Articles of Organization	39
	Section 10.5	Return of Contributions	40
	Section 10.6	Waiver of Partition	40
	Section 10.7	Capital Account Restoration	40
	 	 	 
	ARTICLE XI
	 
	AMENDMENT OF AGREEMENT
	 	 	 
	Section 11.1	General	40
	Section 11.2	Super-Majority Amendments	40
	Section 11.3	Amendments to be Adopted Solely by the Board	41
	Section 11.4	Amendment Requirements	42
	 	 	 
	ARTICLE XII
	 
	MEMBER MEETINGS
	 	 	 
	Section 12.1	Voting	43
	Section 12.2	Place of Meetings	43
	Section 12.3	Annual Meetings	43
	Section 12.4	Special Meetings	43
	Section 12.5	Notice of the Meeting	43
	Section 12.6	Quorum	44
	Section 12.7	Conduct of Members’ Meetings; Adjournment	44
	Section 12.8	Inspectors of Election	44
	Section 12.9	Action of Members	45
	Section 12.10	Notice of Member Proposal For Business Other Than Nominations.	45

  

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	ARTICLE XIII
	 
	GENERAL PROVISIONS
	 	 	 
	Section 13.1	Seal of the Company	47
	Section 13.2	Fiscal Year	47
	Section 13.3	Emergency Provisions	47
	Section 13.4	Further Action	47
	Section 13.5	Severability	47
	Section 13.6	Binding Effect	47
	Section 13.7	Integration	48
	Section 13.8	Creditors	48
	Section 13.9	Waiver	48
	Section 13.10	Counterparts	48
	Section 13.11	Applicable Law	48
	Section 13.12	Invalidity of Provisions	48
	Section 13.13	Consent of Members	48
	Section 13.14	Facsimile Signatures	48

  

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AMENDED AND RESTATED LIMITED LIABILITY

COMPANY AGREEMENT OF GYRODYNE SPECIAL DISTRIBUTION, LLC

 

This AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT OF GYRODYNE SPECIAL DISTRIBUTION, LLC (together with the schedules and exhibits attached hereto,
and as amended, restated, supplemented or otherwise modified from time to time), effective as of December 30, 2013, is entered
into by Gyrodyne Company of America, Inc., a self-managed and self-administered real estate investment trust formed under the laws
of the State of New York (“Gyrodyne”), as sole member. Capitalized terms used in this Agreement and not otherwise
defined have the meanings set forth in Section 1.1 hereto.

 

WHEREAS, the Company was
formed under the NYLLCL pursuant to articles of organization filed with the Secretary of State of the State of New York on October 15,
2013, and a Limited Liability Company Agreement of Gyrodyne Special Distribution, LLC, dated as of October 15, 2013 (the “Original
LLC Agreement”), executed by Gyrodyne, as sole member;

 

WHEREAS, pursuant to the
NYLLCL and the Original LLC Agreement, Gyrodyne has authorized and approved an amendment and restatement of the Original LLC Agreement
on the terms set forth herein;

 

WHEREAS, on December 30,
2013, Gyrodyne plans to distribute all of the GSD LLC Shares to holders of each share of common stock, par value $1.00 per share,
of Gyrodyne, on a pro rata basis (the “Distribution”);

 

WHEREAS, the Company is
a party to that certain Amended and Restated Agreement and Plan of Merger, dated as of December 20, 2013 (the “Plan of
Merger”), among the Company, Gyrodyne and Gyrodyne, LLC (“Gyrodyne LLC”), pursuant to which, at the
Effective Time, Gyrodyne and the Company will merge with and into Gyrodyne LLC with Gyrodyne LLC being the surviving entity (the
“Merger”); and

 

WHEREAS, at the Effective
Time, pursuant to the Plan of Merger and without any action on the part of any other Person, each GSD LLC Share issued and outstanding
immediately prior to the Effective Time automatically shall be converted into such number of validly issued common shares of limited
liability company interests in Gyrodyne LLC as shall be determined by the Board of Directors of Gyrodyne and announced at least
ten days prior to Gyrodyne’s meeting of shareholders at which shareholders of Gyrodyne shall consider and act upon this Plan
of Merger.

 

NOW THEREFORE, the limited
liability company agreement of the Company is hereby amended and restated to read in its entirety as follows:

 

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ARTICLE
I

 

DEFINITIONS

 

Section
1.1           Definitions.

 

The following definitions
shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

 

“Additional Member”
means a Person admitted as a Member of the Company in accordance with Article III as a result of an issuance of GSD LLC Shares
to such Person by the Company.

 

“Adjusted Capital
Account” means the Capital Account maintained for each Member as of the end of each fiscal year of the Company, (a) increased
by any amounts that such Member is obligated to restore under the standards set by Treasury Regulation Section 1.704-1(b)(2)(ii)(c)
(or is deemed obligated to restore under Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5)) and (b) decreased by (i) the
amount of all losses and deductions that, as of the end of such fiscal year, are reasonably expected to be allocated to such Member
in subsequent years under Sections 704(e)(2) and 706(d) of the Code and Treasury Regulation Section 1.751-1(b)(2)(ii), and (ii)
the amount of all distributions that, as of the end of such fiscal year, are reasonably expected to be made to such Member in subsequent
years in accordance with the terms of this Agreement or otherwise to the extent they exceed offsetting increases to such Member’s
Capital Account that are reasonably expected to occur during (or prior to) the year in which such distributions are reasonably
expected to be made (other than increases as a result of a minimum gain chargeback pursuant to Section 4.1(d)(i) or Section 4.1(d)(ii)).
The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d)
and shall be interpreted consistently therewith. The “Adjusted Capital Account” of a Member in respect of a
Share shall be the amount that such Adjusted Capital Account would be if such GSD LLC Share were the only interest in the Company
held by such Member from and after the date on which such GSD LLC Share was first issued.

 

“Adjusted Property”
means any property the Carrying Value of which has been adjusted pursuant to Section 3.7(d)(i) or Section 3.7(d)(ii).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with the Person in question. As used herein, the term “Control” means
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

 

“Agreed Value”
of any Contributed Property means the fair market value of such property or other consideration at the time of contribution as
determined by the Board, without taking into account any liabilities to which such Contributed Property was subject at such time.
The Board shall use such method as it determines to be appropriate to allocate the aggregate Agreed Value of Contributed Properties
contributed to the Company in a single or integrated transaction among each separate property on a basis proportional to the fair
market value of each Contributed Property.

 

“Agreement”
means this Amended and Restated Limited Liability Company Agreement of Gyrodyne Special Distribution, LLC, as it may be amended,
supplemented or restated from time to time.

 

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“Articles of Organization”
means the Articles of Organization of the Company filed with the Secretary of State of the State of New York as referenced in Section
5.21, as such Articles of Organization may be amended, supplemented or restated from time to time.

 

“Board”
has the meaning assigned to such term in Section 5.1.

 

“Book-Tax Disparity”
means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference
between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income
tax purposes as of such date.

 

“Business Day”
means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States
of America or the State of New York shall not be regarded as a Business Day.

 

“Capital Account”
means the capital account maintained for a Member pursuant to Section 3.7. The “Capital Account” of a Member
in respect of a Share shall be the amount that such Capital Account would be if such GSD LLC Share were the only interest in the
Company held by such Member from and after the date on which such GSD LLC Share was first issued.

 

“Capital Contribution”
means any cash, cash equivalents or the Net Agreed Value of Contributed Property that a Member contributes to the Company pursuant
to this Agreement.

 

“Carrying Value”
means (a) with respect to a Contributed Property, the Agreed Value of such property reduced (but not below zero) by all depreciation,
amortization and cost recovery deductions charged to the Members’ Capital Accounts in respect of such Contributed Property,
and (b) with respect to any other Company property, the adjusted basis of such property for federal income tax purposes, all as
of the time of determination. The Carrying Value of any property shall be adjusted from time to time in accordance with Section
3.7(d)(i) and Section 3.7(d)(ii) and to reflect changes, additions or other adjustments to the Carrying Value for dispositions
and acquisitions of Company properties, as deemed appropriate by the Board.

 

“Chairman of the
Board” has the meaning assigned to such term in Section 5.1.

 

“Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific section
or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Company”
means Gyrodyne Special Distribution, LLC, a New York limited liability company, and any successors thereto.

 

“Company Group”
means the Company and each Subsidiary of the Company.

 

“Company Minimum
Gain” means that amount determined in accordance with the principles of Treasury Regulation Section 1.704-2(d).

 

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“Contributed Property”
means each property or other asset, in such form as may be permitted by the NYLLCL, but excluding cash, contributed to the Company.
Once the Carrying Value of a Contributed Property is adjusted pursuant to Section 3.7(d), such property shall no longer constitute
a Contributed Property, but shall be deemed an Adjusted Property.

 

“Curative Allocation”
means any allocation of an item of income, gain, deduction, loss or credit pursuant to the provisions of Section 4.1(d)(ix).

 

“Depositary”
means, with respect to any GSD LLC Shares issued in global form, The Depository Trust Company and its successors and permitted
assigns.

 

“Director”
means the individuals elected to the Board from time to time in accordance with this Agreement in their capacity as managers of
the Company within the meaning of the NYLLCL.

 

“Economic Risk
of Loss” has the meaning set forth in Treasury Regulation Section 1.752-2(a).

 

“Effective Time”
has the meaning set forth in the Plan of Merger.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, supplemented or restated from time to time and any successor to such statute,
and the rules and regulations promulgated thereunder.

 

“Governmental
Entity” means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau
or instrumentality, domestic or foreign and any subdivision thereof.

 

“GSD LLC Shares”
means common shares of limited liability company interests in the Company that are authorized and issued, evidencing a Member’s
rights, powers and duties with respect to the Company, in accordance with the terms of this Agreement and the NYLLCL.

 

“Indemnified Person”
means (a) any Person who was or is a Director or officer of Gyrodyne and who is or was a Director or officer of the Company, (b)
any Person who is or was serving at the request of the Company as an officer, Director, member, manager, partner, fiduciary or
trustee of another Person (including any Subsidiary); provided, that a Person shall not be an Indemnified Person by reason of providing,
on a fee-for-services basis, trustee, fiduciary or custodial services, and (c) any Person on the Board designates as an “Indemnified
Person” for purposes of this Agreement.

 

“Independent Director”
means a Director who meets the then current independence and other standards required of audit committee members established by
the Exchange Act and the rules and regulations of the Commission thereunder and by each National Securities Exchange on which GSD
LLC Shares are listed for trading.

 

“Liquidation Date”
means the date on which an event giving rise to the dissolution of the Company occurs.

 

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“Liquidator”
means one or more Persons selected by the Board to perform the functions described in Section 8.2 as liquidating trustee of the
Company within the meaning of the NYLLCL.

 

“Managing Member”
means Gyrodyne or its successor in accordance with the terms hereof.

 

“Member”
means each member of the Company, including, unless the context otherwise requires, each Managing Member, each Substitute Member,
and each Additional Member.

 

“Member Nonrecourse
Debt” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4).

 

“Member Nonrecourse
Debt Minimum Gain” has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).

 

“Member Nonrecourse
Deductions” means any and all items of loss, deduction or expenditure (including any expenditure described in Section
705(a)(2)(B) of the Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(i), are attributable to
a Member Nonrecourse Debt.

 

“Merger”
has the meaning set forth in the recitals to this Agreement.

 

“National Securities
Exchange” means an exchange registered with the Commission under Section 6(a) of the Exchange Act, or the NASDAQ National
Market or any successor thereto.

 

“Net Agreed Value”
means, (a) in the case of any Contributed Property, the Agreed Value of such property reduced by any liabilities either assumed
by the Company upon such contribution or to which such property is subject when contributed, and (b) in the case of any property
distributed to a Member by the Company, the Company’s Carrying Value of such property (as adjusted pursuant to Section 3.7(d)(ii))
at the time such property is distributed, reduced by any indebtedness either assumed by such Member upon such distribution or to
which such property is subject at the time of distribution, in either case, as determined under Section 752 of the Code.

 

“Net Income”
means, for any taxable year, the excess, if any, of the Company’s items of income and gain for such taxable year over the
Company’s items of loss and deduction for such taxable year. The items included in the calculation of Net Income shall be
determined in accordance with Section 3.6(b) and shall not include any items specially allocated under Section 4.1(d).

 

“Net Loss”
means, for any taxable year, the excess, if any, of the Company’s items of loss and deduction for such taxable year over
the Company’s items of income and gain for such taxable year. The items included in the calculation of Net Loss shall be
determined in accordance with Section 3.6(b) and shall not include any items specially allocated under Section 4.1(d).

 

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“NYBCL”
means the New York Business Corporation Law of the State of New York, as amended, supplemented or restated from time to time, and
any successor to such statute.

 

“NYLLCL”
means the New York Limited Liability Company Law, as amended, supplemented or restated from time to time, and any successor to
such statute.

 

“Nonrecourse Built-in
Gain” means, with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or pledge
securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Members pursuant to Section 4.2(b)(i)(A),
Section 4.2(b)(ii)(A) and Section 4.2(b)(iii) if such properties were disposed of in a taxable transaction in full satisfaction
of such Nonrecourse Liabilities and for no other consideration.

 

“Nonrecourse Deductions”
means any and all items of loss, deduction, or expenditure (including any expenditure described in Section 705(a)(2)(B) of the
Code) that, in accordance with the principles of Treasury Regulation Section 1.704-2(b), are attributable to a Nonrecourse Liability.

 

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

 

“Outstanding”
means, with respect to GSD LLC Shares, all GSD LLC Shares that are issued by the Company and reflected as outstanding on the Company’s
books and records as of the date of determination.

 

“Percentage Interest”
means, as of any date of determination, with respect to any Member, the product obtained by multiplying the quotient obtained by
dividing (x) the number of GSD LLC Shares held by such Member by (y) the total number of all outstanding GSD LLC Shares. No Member
may beneficially own a percentage interest greater than 20%. As used herein, the term “beneficially own” shall have
the meaning ascribed to it under Rule 13d-3 promulgated under the Exchange Act.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, Governmental Entity or other entity.

 

“Plan of Merger”
has the meaning set forth in the recitals to this Agreement.

 

“Qualified Member”
has the meaning set forth in Section 12.4 of this Agreement.

 

“Recapture Income”
means any gain recognized by the Company (computed without regard to any adjustment required by Section 734 or Section 743 of the
Code) upon the disposition of any property or asset of the Company, which gain is characterized as ordinary income because it represents
the recapture of deductions previously taken with respect to such property or asset.

 

“Record Date”
means the date established by the Company for determining (a) the identity of the Record Holders entitled to notice of, or to vote
at, any meeting of Members or

 

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entitled to exercise rights
in respect of any lawful action of Members or (b) the identity of Record Holders entitled to receive any report or distribution
or to participate in any offer.

 

“Record Holder”
or “holder” means, with respect to the GSD LLC Shares, the Person in whose name such GSD LLC Shares are registered
on the books that the Company has caused to be kept as of the opening of business on such Business Day.

 

“Required Allocations”
means (a) any limitation imposed on any allocation of Net Losses under Section 4.1(b) and (b) any allocation of an item of income,
gain, loss or deduction pursuant to Sections 4.1(d)(i), 4.1(d)(ii), 4.1(d)(iii), 4.1(d)(vi) or 4.1(d)(viii).

 

“Residual Gain”
or “Residual Loss” means any item of gain or loss, as the case may be, of the Company recognized for federal
income tax purposes resulting from a sale, exchange or other disposition of a Contributed Property or Adjusted Property, to the
extent such item of gain or loss is not allocated pursuant to Section 4.2(b)(i)(A) or Section 4.2(b)(ii)(A), respectively, to eliminate
Book-Tax Disparities.

 

“Securities Act”
means the Securities Act of 1933, as amended, supplemented or restated from time to time and any successor to such statute, and
the rules and regulations promulgated thereunder.

 

“Share Majority”
means a majority of the total votes that may be cast in the election of Directors by holders of all Outstanding GSD LLC Shares.

 

“Subsidiary”
means, with respect to any Person, as of any date of determination, any other Person as to which such Person owns or otherwise
controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest
or managing member or similar interest of such Person.

 

“Substitute Member”
means a Person who is admitted as a Member of the Company pursuant to Section 3.5(d) as a result of a transfer of GSD LLC Shares
to such Person.

 

“transfer”
means, with respect to a GSD LLC Share, a transaction by which the Record Holder of a GSD LLC Share assigns such GSD LLC Share
to another Person who is or becomes a Member, and includes a sale, assignment, gift, exchange or any other disposition by law or
otherwise, including any transfer upon foreclosure of any pledge, encumbrance, hypothecation or mortgage.

 

“Transfer Agent”
means, with respect to any class of GSD LLC Shares, such bank, trust company or other Person (including the Company or one of its
Affiliates) as shall be appointed from time to time by the Company to act as registrar and transfer agent for such class of GSD
LLC Shares; provided that if no Transfer Agent is specifically designated for such class of GSD LLC Shares, the Company shall act
in such capacity.

 

“Transferability
Date” shall mean the latest of (x) December 31, 2014, (y) the date of termination of the Plan of Merger, and (z)
the date upon which all required actions have been taken under applicable law to permit unrestricted transferability of the GSD
LLC Shares.

 

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“Unrealized Gain”
attributable to any item of Company property means, as of any date of determination, the excess, if any, of (a) the fair market
value of such property as of such date (as determined under Section 3.7(d)) over (b) the Carrying Value of such property as of
such date (prior to any adjustment to be made pursuant to Section 3.7(d) as of such date).

 

“Unrealized Loss”
attributable to any item of Company property means, as of any date of determination, the excess, if any, of (a) the Carrying Value
of such property as of such date (prior to any adjustment to be made pursuant to Section 3.7(d) as of such date) over (b) the fair
market value of such property as of such date (as determined under Section 3.7(d)).

 

“U.S. GAAP”
means United States generally accepted accounting principles consistently applied.

 

Section
1.2        Construction.

 

Unless the context requires
otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer
to Articles and Sections of this Agreement; and (c) the term “include” or “includes” means
includes, without limitation, and “including” means including, without limitation.

 

ARTICLE
II

 

ORGANIZATION

 

Section
2.1        Formation.

 

The Company has been formed
as a limited liability company pursuant to the provisions of the NYLLCL. Except as expressly provided to the contrary in this Agreement,
the rights, duties (including fiduciary duties), liabilities and obligations of the Members and the administration, dissolution
and termination of the Company shall be governed by the “NYLLCL” means the New York Limited Liability Company
Law, as amended, supplemented or restated from time to time, and any successor to such statute. All GSD LLC Shares shall constitute
personal property of the owner thereof for all purposes and a Member has no interest in specific Company property.

 

Section
2.2        Name.

 

The name of the Company
shall be “Gyrodyne Special Distribution, LLC.” The Company’s business may be conducted under any other
name or names, as determined by the Board. The words “Limited Liability Company,” “LLC,”
or similar words or letters shall be included in the Company’s name where necessary for the purpose of complying with the
laws of any jurisdiction that so requires. The Board may change the name of the Company at any time and from time to time and shall
notify the Members of such change in the next regular communication to the Members.

  

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Section
2.3        Registered Office; Registered Agent; Principal
Office; Other Offices.

 

The principal office shall
be in the Village of St. James, Town of Smithtown, County of Suffolk, State of New York. The address to which the Secretary of
State shall mail a copy of any process against the Company served upon him pursuant to law is: Gyrodyne Special Distribution, LLC,
7 Flowerfield, Suite 28, St. James, New York 11780, or such other place as the Board may from time to time designate by notice
to the Members. The Company may maintain offices at such other place or places within or outside the State of New York as the Board
determines to be necessary or appropriate.

 

Section
2.4        Purposes.

 

The purpose for which the
Company is formed is to:

 

(a)       engage
in any and all lawful acts or activities for which limited liability companies may be formed under the NYLLCL;

 

(b)       notwithstanding
anything in this Agreement to the contrary, (i) without the consent of any Person, the Merger is hereby authorized, approved, ratified
and confirmed, and (ii) in order to effectuate the Merger, the Company is hereby authorized to execute, deliver and perform, and
Gyrodyne or any officer (as an “authorized person” within the meaning of the NYLLCL, as member, as an officer or otherwise)
is hereby authorized to execute and deliver on behalf of the Company, the Plan of Merger, a Certificate of Merger of the Company
and Gyrodyne into Gyrodyne LLC to be filed in the office of the Secretary of State of the State of New York, and all documents,
agreements, or certificates contemplated thereby or related thereto, in each case without further authorization or approval of
any other Person (and any such execution, delivery and performance that has already occurred is hereby authorized, approved, ratified
and confirmed in all respects). The foregoing authorization shall not be deemed a restriction on the powers of any Person to enter
into other agreements on behalf of the Company in accordance with this Agreement.

 

Section
2.5        Powers.

 

The Company shall have,
in furtherance of the purposes described in Section 2.4, all of the powers conferred upon limited liability companies organized
under the NYLLCL subject to any limitations contained in this Agreement or in the laws of the State of New York.

 

Section
2.6        Term.

 

The Company’s term
shall be perpetual, unless and until it is dissolved in accordance with the provisions of Article VIII. The existence of the Company
as a separate legal entity shall continue until the cancellation of the Articles of Organization as provided in the NYLLCL.

 

Section
2.7        Title to Company Assets.

 

Title to Company assets,
whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Company as an entity, and
no Member, Director or officer, individually or collectively, shall have any ownership interest in such Company assets or any portion
thereof. Title to any or all of the Company assets may be held in the name of the Company or one or more nominees, as the Board
may determine. All Company assets shall be

 

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recorded as the property
of the Company in its books and records, irrespective of the name in which record title to such Company assets is held.

 

ARTICLE
III

 

MEMBERS AND GSD LLC SHARES

 

Section
3.1        Members.

 

(a)       A
Person shall be admitted as a Member and shall become bound by the terms of this Agreement if such Person purchases or otherwise
lawfully acquires any GSD LLC Share and becomes the Record Holder of such GSD LLC Share in accordance with the provisions of Article
IV hereof. A Person may become a Record Holder without the consent or approval of any of the Members. A Person may not become a
Member without acquiring a GSD LLC Share.

 

(b)       The
name and mailing address of each Member shall be listed on the books and records of the Company maintained for such purpose by
the Company or the Transfer Agent. The Secretary of the Company shall update the books and records of the Company from time to
time as necessary to reflect accurately the information therein (or shall cause the Transfer Agent to do so, as applicable).

 

(c)       Except
as otherwise provided in the NYLLCL, the debts, obligations and liabilities of the Company, whether arising in contract, tort or
otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Members shall not be obligated personally
for any such debt, obligation or liability of the Company solely by reason of being a Member of the Company.

 

(d)       Subject
to Articles X and XI, Members may not be expelled from or removed as Members of the Company. Members shall not have any right to
withdraw from the Company; provided, that when a transferee of a Member’s GSD LLC Shares becomes a Record Holder of
such GSD LLC Shares, such transferring Member shall cease to be a member of the Company with respect to the GSD LLC Shares so transferred.

 

(e)       Except
to the extent expressly provided in this Agreement: (i) no Member shall be entitled to the withdrawal or return of its Capital
Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution of the Company
may be considered as such by law and then only to the extent provided for in this Agreement; (ii) no Member shall have priority
over any other Member either as to the return of Capital Contributions or as to profits, losses or distributions; (iii) no interest
shall be paid by the Company on Capital Contributions; and (iv) no Member, in its capacity as such, shall participate in the operation
or management of the Company’s business, transact any business in the Company’s name or have the power to sign documents
for or otherwise bind the Company by reason of being a Member.

 

(f)        Any
Member shall be entitled to and may have business interests and engage in business activities in addition to those relating to
the Company, including business interests and activities in direct competition with the Company Group. Neither the Company nor

 

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any of the other Members
shall have any rights by virtue of this Agreement in any such business interests or activities of any Member.

 

Section
3.2        Authorization to Issue GSD LLC Shares.

 

(a)       The
aggregate number of GSD LLC Shares which the Company is authorized to issue is four million (4,000,000).

 

(b)       All
of the GSD LLC Shares which the Company is authorized to issue shall be of one class, and shall be designated common shares.

 

(c)       No
holder of GSD LLC Shares shall be entitled as a matter of right to subscribe for, purchase or receive any GSD LLC Shares, whether
out of the number of GSD LLC Shares authorized by the Section 3.2(a) hereof or by amendment thereof, or out of the GSD LLC Shares
acquired by it after the issuance thereof, or any rights or options to subscribe for, purchase or receive GSD LLC Shares which
it may issue or sell, nor shall any holder of GSD LLC Shares be entitled as a matter of right to subscribe for, purchase or receive
any bonds, debentures or other securities which the Company may issue or sell that shall be convertible into or exchangeable for
GSD LLC Shares or to which shall be attached or appertain any warrant or warrants or other instrument or instruments or rights
that shall confer upon the holder or owner of such securities the right to subscribe for, purchase or receive from the Company
any of its GSD LLC Shares; but any GSD LLC Shares, whether now or hereafter authorized or acquired by the Company, and any rights
or options to subscribe for, purchase or receive GSD LLC Shares from the Company, and any bonds, debentures or other securities
of the Company convertible into or exchangeable for GSD LLC Shares or to which shall be attached or appertain any warrant or warrants
or other instrument or instruments or rights that shall confer upon the holder or owner of such securities the right to subscribe
for, purchase or receive from the Company any of its GSD LLC Shares, may be issued and disposed of by the Board to such persons,
firms, corporations or associations for such consideration, upon such terms and in such manner as the Board may in its discretion
determine, without offering any thereof on the same terms or on any terms to the Members then of record.

 

Section
3.3        Outstanding GSD LLC Shares.

 

(a)       After
giving effect to the Distribution, all of the GSD LLC Shares shall be held pro rata by the shareholders of Gyrodyne as of the record
date for the Distribution in an amount equal to their ownership of shares of Gyrodyne's common stock as of such date and any GSD
LLC Shares then held by the Managing Member shall automatically and without any further action be cancelled, rescinded and declared
void at the time of the Distribution.

 

(b)       At
the Effective Time, automatically, by virtue of the Merger and without any action on the part of any other Person, each GSD LLC
Share outstanding immediately prior to the Effective Time shall be converted into LLC Shares as provided in the Merger Agreement.

 

(c)       As
the Plan of Merger has been approved by the Managing Member and the holders of GSD LLC Shares have no vote with respect thereto,
no holder of GSD LLC Shares shall be entitled to appraisal rights as a result of the Merger.

 

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Section 3.4        Uncertificated
Shares.

 

The GSD LLC Shares shall
be uncertificated and a listing of the Record Holders thereof shall be maintained solely on the registrar of the Company’s
shares and, if applicable, in the book-entry account system of any transfer agent appointed by the Company. No certificates evidencing
such shares shall be issued. Upon written request of a registered holder of GSD LLC Shares, the Company shall send to such registered
owner a statement of the powers, designations, preferences and relative participating, optional or other special rights of each
class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.

 

Section
3.5        Record Holders.

 

The Company shall be entitled
to recognize the Record Holder as the owner of a GSD LLC Share and, accordingly, shall not be bound to recognize any equitable
or other claim to or interest in such GSD LLC Share on the part of any other Person, regardless of whether the Company shall have
actual or other notice thereof, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement
of any National Securities Exchange on which such GSD LLC Shares are listed for trading. Without limiting the foregoing, when a
Person (such as a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as
nominee, agent or in some other representative capacity for another Person in acquiring and/or holding GSD LLC Shares, as between
the Company on the one hand, and such other Persons on the other, such representative Person shall be the Record Holder of such
GSD LLC Shares.

 

Section
3.6        Registration and Transfer of GSD LLC Shares; Limitation on Transfer
and Ownership.

 

(a)       The
term “transfer,” when used in this Agreement with respect to a Share, shall be deemed to refer to a transaction
by which the Record Holder of a GSD LLC Share assigns such GSD LLC Share to another Person who is or becomes a Member, and includes
a sale, assignment, gift, exchange or any other disposition by law or otherwise, including any transfer upon foreclosure of any
pledge, encumbrance, hypothecation or mortgage.

 

(b)       The
Company shall keep or cause to be kept on behalf of the Company a register that will provide for the registration and transfer
of GSD LLC Shares. The Transfer Agent is hereby appointed registrar and transfer agent for the purpose of registering GSD LLC Shares
and transfers of such GSD LLC Shares as herein provided. Transfers of GSD LLC Shares shall be made upon receipt of proper transfer
instructions from the registered holder of the shares or by such person’s attorney lawfully constituted in writing, and upon
payment of all necessary transfer taxes or other governmental charge and compliance with appropriate procedures for transferring
shares in uncertificated form; provided, however, that such surrender and endorsement, compliance or payment of taxes shall not
be required in any case in which the officers of the Company shall determine to waive such requirement.

 

(c)       By
acceptance of the transfer of any GSD LLC Share, each transferee of a GSD LLC Share (including any nominee holder or an agent or
representative acquiring such

 

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GSD LLC Shares for the
account of another Person) (i) shall be admitted to the Company as a Substitute Member with respect to the GSD LLC Shares so transferred
to such transferee when any such transfer or admission is reflected in the books and records of the Company, (ii) shall be deemed
to agree to be bound by the terms of this Agreement, (iii) shall become the Record Holder of the GSD LLC Shares so transferred,
(iv) grants powers of attorney to the officers of the Company and any Liquidator of the Company, as specified herein, and (v) makes
the consents and waivers contained in this Agreement. The transfer of any GSD LLC Shares and the admission of any new Member shall
not constitute an amendment to this Agreement.

 

(d)       Notwithstanding
anything to the contrary in this Section 3.6, and even though GSD LLC Shares will be recorded on the books of the Company,
unless and until the Transferability Date shall have occurred, GSD LLC Shares may not be assigned or transferred, voluntarily or
involuntarily, by the registered holder and will not be listed on any exchange. Any attempted assignment or transfer driving this
period shall be void, except as provided in the following sentence, in which case such GSD LLC Shares may be transferred only on
the books of the Company. The Company will permit transfers pursuant to the laws of bankruptcy, inheritance, descent or distribution,
to the successor to any holder that is a corporate or other entity or by any any nominee holder or an agent or representative holding
such GSD LLC Shares for the account of another Person to the beneficial owner of such GSD LLC Shares. If such a transfer is so
requested, the Company may require a holder, among other things, to furnish appropriate endorsements and transfer documents, and
the Company may require a holder to pay any taxes and fees required by law. Nothing in this Section 3.6(d) will prohibit the Company
from acquiring any GSD LLC Shares from any holder thereof.

 

(e)       No
Member’s Percentage Interest shall exceed 20% (the “Cap”) at any time. If any Member’s Percentage
Interest, at any time, is greater than the Cap for any reason whatsoever, including but not limited to additional contributions
by Members, purchases or other acquisitions by Members, mergers, consolidations, acquisitions, or other business combinations involving
the Member (such Member, the “Capped Member”), then the Percentage Interests resulting in such an increase over
the Cap (the “Excess Interest”) shall be transferred by the Capped Member to an irrevocable trust formed and
administered by the Company (the “Trust”). The Excess Interest shall have no voting rights when held in the
Trust and shall be disregarded in computing any required votes under this Agreement. The Company shall be responsible for all expenses
relating to the Trust. The Capped Member will be the beneficiary of the Trust. At the end of each fiscal quarter, or at such other
earlier date as determined by the Board, the Company, on behalf of the Trust, shall have the option to purchase the Excess Interests
from the Trust at a price (the “Excess Interests Price”) determined by an independent appraiser selected by
the Board or to offer such Excess Interests to third parties. The Board may, at its discretion, offer such Excess Interests to
the other Members in proportion to their Percentage Interests, or to other Persons at the Excess Interests Price. However, in the
event a Capped Member’s Percentage Interests including the Excess Interest held beneficially in the Trust on behalf of such
Capped Member, at any time becomes less than the Cap due to the sale of Percentage Interests by the Capped Member or due to additional
issuances of GSD LLC Shares by the Company, the Trust (to the extent such Capped Member’s Excess Interests have not been
sold pursuant to this Section 3.6(f)) shall return to the Capped Member the lesser of (x) all Excess Interests of such Capped Member
held in the Trust and (y) the number of Excess Interests that would increase such Capped Member’s Percentage Interest to
20%. Distributions, if any, made by the Company

 

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with respect to the Excess
Interests shall be paid to the Capped Member promptly upon receipt thereof by the Trust. The Trust shall distribute the proceeds
of any sale of the Excess Interests promptly upon receipt thereof to the Capped Member. Notwithstanding the foregoing, any transfer
of Interests pursuant to this Section 3.6(f) that would cause the Company to be treated as a publicly traded partnership taxable
as a corporation under Section 7704 of the Code shall be null and void and all transfers shall be made subject to and in compliance
with all applicable laws.

 

Section
3.7        Capital Accounts.

 

(a)       The
Company shall maintain for each Member (or a beneficial owner of GSD LLC Shares held by a nominee in any case in which the nominee
has furnished the identity of such owner to the Company in accordance with Section 6031(c) of the Code or any other method acceptable
to the Company) owning GSD LLC Shares a separate Capital Account with respect to such GSD LLC Shares in accordance with the rules
of Treasury Regulation Section 1.704-1(b)(2)(iv). Such Capital Account shall be increased by (i) the amount of all Capital Contributions
made to the Company with respect to such GSD LLC Shares pursuant to this Agreement and (ii) all items of Company income and gain
(including income and gain exempt from tax) computed in accordance with Section 3.7(b) and allocated with respect to such GSD LLC
Shares pursuant to Section 4.1, and decreased by (x) the amount of cash or Net Agreed Value of all actual and deemed distributions
of cash or property made with respect to such GSD LLC Shares pursuant to this Agreement and (y) all items of Company deduction
and loss computed in accordance with Section 3.7(b) and allocated with respect to such GSD LLC Shares pursuant to Section 4.1.
The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended
to comply with Treasury Regulation Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Treasury
Regulation. In the event the Board shall determine that it is prudent to modify the manner in which the Capital Accounts or any
adjustments thereto (including adjustments relating to liabilities which are secured by contributed or distributed property or
which are assumed by the Company or any Members) are computed in order to comply with such Treasury Regulation, the Board may make
such modification, provided that it is not likely to have a material effect on the amounts distributed to any Person pursuant to
Article VIII hereof upon the dissolution of the Company. The Board also shall (i) make any adjustments that are necessary or appropriate
to maintain equality among the Capital Accounts of the Members and the amount of capital reflected on the Company’s balance
sheet, as computed for book purposes, in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(q), and (ii) make any appropriate
modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulation Section
1.704-1(b).

 

(b)       For
purposes of computing the amount of any item of income, gain, loss or deduction, which is to be allocated pursuant to Article IV
and is to be reflected in the Members’ Capital Accounts, the determination, recognition and classification of any such item
shall be the same as its determination, recognition and classification for federal income tax purposes (including any method of
depreciation, cost recovery or amortization used for that purpose), provided, that:

 

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(i)          All
fees and other expenses incurred by the Company to promote the sale of (or to sell) GSD LLC Shares that can neither be deducted
nor amortized under Section 709 of the Code, if any, shall, for purposes of Capital Account maintenance, be treated as an item
of deduction at the time such fees and other expenses are incurred and shall be allocated among the Members pursuant to Section
4.1.

 

(ii)         Except
as otherwise provided in Treasury Regulation Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and
deduction shall be made without regard to any election under Section 754 of the Code which may be made by the Company and, as to
those items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the Code, without regard to the fact that such items are not includable
in gross income or are neither currently deductible nor capitalized for federal income tax purposes. To the extent an adjustment
to the adjusted tax basis of any Company asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment
in the Capital Accounts shall be treated as an item of gain or loss.

 

(iii)        Any
income, gain or loss attributable to the taxable disposition of any Company property shall be determined as if the adjusted basis
of such property as of such date of disposition were equal in amount to the Company’s Carrying Value with respect to such
property as of such date.

 

(iv)        In
accordance with the requirements of Section 704(b) of the Code, any deductions for depreciation, cost recovery or amortization
attributable to any Contributed Property shall be determined in the manner described in Regulation Section 1.704-3(d)(2). Upon
an adjustment pursuant to Section 3.7(d) to the Carrying Value of any Adjusted Property that is subject to depreciation, cost recovery
or amortization, any further deductions for such depreciation, cost recovery or amortization attributable to such property shall
be determined in the manner described in Regulation Section 1.704-3(d)(2).

 

(c)          A
transferee of GSD LLC Shares shall succeed to a pro rata portion of the Capital Account of the transferor based on the number of
GSD LLC Shares so transferred.

 

(d)          (i)
In accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), on an issuance of additional GSD LLC Shares for cash or Contributed
Property and the issuance of GSD LLC Shares as consideration for the provision of services, the Capital Account of all Members
and the Carrying Value of each Company property immediately prior to such issuance shall be adjusted upward or downward to reflect
any Unrealized Gain or Unrealized Loss attributable to such Company property, as if such Unrealized Gain or Unrealized Loss had
been recognized on an actual sale of each such property immediately prior to such issuance and had been allocated to the Members
at such time pursuant to Section 4.1 in the same manner as any item of gain or loss actually recognized during such period would
have been allocated. In determining such Unrealized Gain or Unrealized Loss, the aggregate cash amount and fair market value of
all Company assets (including cash or cash equivalents) immediately prior to the issuance of additional GSD LLC Shares shall be
determined by the Board using such method of

 

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valuation as it may adopt;
provided, however, that the Board, in arriving at such valuation, must take fully into account the fair market value
of the GSD LLC Shares of all Members at such time. The Board shall allocate such aggregate value among the assets of the Company
(in such manner as it determines) to arrive at a fair market value for individual properties.

 

(ii)         In
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f), immediately prior to any actual or deemed distribution to a Member
of any Company property (other than a distribution of cash that is not in redemption or retirement of a Share), the Capital Accounts
of all Members and the Carrying Value of all Company property shall be adjusted upward or downward to reflect any Unrealized Gain
or Unrealized Loss attributable to such Company property, as if such Unrealized Gain or Unrealized Loss had been recognized in
a sale of such property immediately prior to such distribution for an amount equal to its fair market value, and had been allocated
to the Members, at such time, pursuant to Section 4.1 in the same manner as any item of gain or loss actually recognized during
such period would have been allocated. In determining such Unrealized Gain or Unrealized Loss the aggregate cash amount and fair
market value of all Company assets (including cash or cash equivalents) immediately prior to a distribution shall (A) in the case
of an actual distribution that is not made pursuant to Section 8.3 or in the case of a deemed distribution, be determined and allocated
in the same manner as that provided in Section 3.7(d)(i) or (B) in the case of a liquidating distribution pursuant to Section 8.3,
be determined and allocated by the Liquidator using such method of valuation as it may adopt.

 

(iii)        The
Board may make the adjustments described in clause (i) above in the manner set forth therein if the Board determines that such
adjustments are necessary or useful to effectuate the intended economic arrangement among the Members (i.e., that equal distributions
be paid with respect to each GSD LLC Share), including Members who received GSD LLC Shares in connection with the performance of
services to or for the benefit of the Company.

 

(e)          Notwithstanding
anything expressed or implied to the contrary in this Agreement, in the event the Board shall determine, in its sole and absolute
discretion, that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed
in order to effectuate the intended economic sharing arrangement of the Members (i.e., that equal distributions be paid with respect
to each GSD LLC Share), the Board may make such modification.

 

Section
3.8          Splits and Combinations.

 

(a)          Subject
to paragraph (d) of this Section 3.8, the Company may make a pro rata distribution of GSD LLC Shares to all Record Holders of GSD
LLC Shares, or may effect a subdivision or combination of GSD LLC Shares so long as, after any such event, each Member shall have
the same Percentage Interest in the Company as before such event, and any amounts calculated on a per share basis or stated as
a number of GSD LLC Shares are proportionately adjusted.

 

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(b)          Whenever
such a distribution, subdivision or combination of GSD LLC Shares is declared, the Board shall select a Record Date as of which
the distribution, subdivision or combination shall be effective and shall send notice thereof at least 20 days prior to such Record
Date to each Record Holder as of a date not less than 10 days nor more than 60 days prior to the date of such notice. The Board
also may cause a firm of independent public accountants selected by it to calculate the number of GSD LLC Shares to be held by
each Record Holder after giving effect to such distribution, subdivision or combination. The Board shall be entitled to rely on
any certificate provided by such firm as conclusive evidence of the accuracy of such calculation.

 

(c)          Promptly
following any such distribution, subdivision or combination, the Company may issue uncertificated shares to the Record Holders
of GSD LLC Shares as of the applicable Record Date representing the new number of GSD LLC Shares held by such Record Holders, or
the Board may adopt such other procedures that it determines to be necessary or appropriate to reflect such changes.

 

(d)          The
Company shall not issue fractional GSD LLC Shares upon any distribution, subdivision or combination of GSD LLC Shares. If a distribution,
subdivision or combination of GSD LLC Shares would otherwise result in the issuance of fractional GSD LLC Shares, each fractional
GSD LLC Share shall be rounded to the nearest whole GSD LLC Share (and a 0.5 GSD LLC Share shall be rounded to the next higher
GSD LLC Share).

 

ARTICLE
IV

 

ALLOCATIONS AND DISTRIBUTIONS

 

Section
4.1          Allocations for Capital Account Purposes.

 

For purposes of maintaining
the Capital Accounts and in determining the rights of the Members among themselves, the Company’s items of income, gain,
loss and deduction (computed in accordance with Section 3.7(b)) shall be allocated among the Members in each taxable year (or portion
thereof) as provided herein below.

 

(a)          Net
Income. After giving effect to the special allocations set forth in Section 4.1(d), Net Income for each taxable year and all
items of income, gain, loss and deduction taken into account in computing Net Income for such taxable year shall be allocated to
the Members in accordance with their respective Percentage Interests.

 

(b)          Net
Losses. After giving effect to the special allocations set forth in Section 4.1(d), Net Losses for each taxable period and
all items of income, gain, loss and deduction taken into account in computing Net Losses for such taxable period shall be allocated
to the Members in accordance with their respective Percentage Interests; provided that to the extent any allocation of Net
Losses would cause any Members to have a deficit balance in its Adjusted Capital Account at the end of such taxable year (or increase
any existing deficit balance in its Adjusted Capital Account), such allocation of Net Loss shall be reallocated among the other
Members in accordance with their respective Percentage Interests.

 

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(c)          Allocation
upon Termination. With respect to all Section 4.1(a) and (b) allocations following a Liquidation Date, such allocations
shall be made after Capital Account balances have been adjusted by all other allocations provided under this Section 4.1 and
after giving effect to all distributions during such taxable year; provided, however, that solely for purposes
of this Section 4.1(c), Capital Accounts shall not be adjusted for distributions made pursuant to Section 8.3.

 

(d)          Special
Allocations. Notwithstanding any other provision of this Section 4.1, the following special allocations shall be made for such
taxable period:

 

(i)          Company
Minimum Gain Chargeback. Notwithstanding any other provision of this Section 4.1, if there is a net decrease in Company Minimum
Gain during any Company taxable period, each Member shall be allocated items of Company income and gain for such period (and, if
necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(f)(6), 1.704-2(g)(2)
and 1.704-2(j)(2)(i), or any successor provision. For purposes of this Section 4.1(d), each Member’s Adjusted Capital Account
balance shall be determined, and the allocation of income and gain required hereunder shall be effected, prior to the application
of any other allocations pursuant to this Section 4.1(d) with respect to such taxable period (other than an allocation pursuant
to Sections 4.1(d)(iii) and 4.1(d)(vi)). This Section 4.1(d)(i) is intended to comply with the Company Minimum Gain chargeback
requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

 

(ii)         Chargeback
of Member Nonrecourse Debt Minimum Gain. Notwithstanding the other provisions of this Section 4.1 (other than Section 4.1(d)(i)),
except as provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Member Nonrecourse Debt Minimum
Gain during any Company taxable period, any Member with a share of Member Nonrecourse Debt Minimum Gain at the beginning of such
taxable period shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the
manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For
purposes of this Section 4.1(d), each Member’s Adjusted Capital Account balance shall be determined, and the allocation of
income and gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section
4.1(d), other than Section 4.1(d)(i) and other than an allocation pursuant to Sections 4.1(d)(v) and 4.1(d)(vi), with respect to
such taxable period. This Section 4.1(d)(ii) is intended to comply with the chargeback of items of income and gain requirement
in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(iii)        Qualified
Income Offset. In the event any Member unexpectedly receives any adjustments, allocations or distributions described in
Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Company income and gain shall be specially
allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations
promulgated under Section 704(b) of the Code, the deficit balance, if any, in its Adjusted Capital Account created by such
adjustments, allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant
to Sections 4.1(d)(i) or (ii). This Section 4.1(d)(iii) is

 

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intended to qualify and be construed as a “qualified income
offset” within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

 

(iv)         Gross
Income Allocations. In the event any Member has a deficit balance in its Capital Account at the end of any Company taxable
period in excess of the sum of (A) the amount such Member is required to restore pursuant to the provisions of this Agreement and
(B) the amount such Member is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5),
such Member shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly as possible;
provided, that an allocation pursuant to this Section 4.1(d)(iv) shall be made only if and to the extent that such Member
would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this Section 4.1 have
been tentatively made as if this Section 4.1(d)(iv) were not in this Agreement.

 

(v)          Nonrecourse
Deductions. Nonrecourse Deductions for any taxable period shall be allocated to the Members in accordance with their respective
Percentage Interests. If the Board determines that the Company’s Nonrecourse Deductions should be allocated in a different
ratio to satisfy the safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the Board
is authorized, upon notice to the other Members, to revise the prescribed ratio to the numerically closest ratio that does satisfy
such requirements.

 

(vi)         Member
Nonrecourse Deductions. Member Nonrecourse Deductions for any taxable period shall be allocated 100% to the Member that bears
the Economic Risk of Loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable
in accordance with Treasury Regulation Section 1.704-2(i). If more than one Member bears the Economic Risk of Loss with respect
to a Member Nonrecourse Debt, such Member Nonrecourse Deductions attributable thereto shall be allocated between or among such
Members in accordance with the ratios in which they share such Economic Risk of Loss.

 

(vii)        Nonrecourse
Liabilities. Nonrecourse Liabilities of the Company described in Treasury Regulation Section 1.752-3(a)(3) shall be allocated
among the Members in a manner chosen by the Board and consistent with such Treasury Regulation.

 

(viii)      Code
Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b)
or 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), 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 Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant
to such Section of the Treasury Regulations.

 

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(ix)         Curative
Allocation.

 

(A)         The
Required Allocations are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members
that, to the extent possible, all Required Allocations shall be offset either with other Required Allocations or with special allocations
of other items of Company income, gain, loss or deduction pursuant to this Section 4.1(d)(ix). Therefore, notwithstanding any other
provision of this Article IV (other than the Required Allocations), the Board shall make such offsetting special allocations of
Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations
are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member
would have had if the Required Allocations were not part of this Agreement and all Company items were allocated pursuant to the
economic agreement among the Members.

 

(B)         The
Board shall, with respect to each taxable period, (1) apply the provisions of Section 4.1(d)(ix)(A) in whatever order is most likely
to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide all allocations
pursuant to Section 4.1(d)(ix)(A) among the Members in a manner that is likely to minimize such economic distortions.

 

Section
4.2          Allocations for Tax Purposes.

 

(a)          Except
as otherwise provided herein, for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated
among the Members in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated
pursuant to Section 4.1.

 

(b)          In
an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or an Adjusted Property, items of income, gain,
loss, depreciation, amortization and cost recovery deductions shall be allocated for federal income tax purposes among the Members
as follows:

 

(i)          (A)
In the case of a Contributed Property, such items attributable thereto shall be allocated among the Members in the manner provided
under Section 704(c) of the Code that takes into account the variation between the Agreed Value of such property and its adjusted
basis at the time of contribution; and (B) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall
be allocated among the Members in the same manner as its correlative item of “book” gain or loss is allocated pursuant
to Section 4.1.

 

(ii)         (A)
In the case of an Adjusted Property, such items shall (1) first, be allocated among the Members in a manner consistent with the
principles of Section 704(c) of the Code to take into account the Unrealized Gain or Unrealized Loss attributable to such property
and the allocations thereof pursuant to Sections 3.7(d)(i) or 3.7(d)(ii), and (2) second, in the event such property was originally
a Contributed Property, be allocated among the Members in a manner consistent with Section

 

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4.2(b)(i)(A); and (B) any item of Residual
Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Members in the same manner as its correlative
item of “book” gain or loss is allocated pursuant to Section 4.1. 

 

(iii)        The
Board shall apply the principles of Treasury Regulation Section 1.704-3(d) to eliminate Book-Tax Disparities. Notwithstanding the
preceding sentence, the Board may cause the Company to eliminate Book-Tax Disparities using another method described in Treasury
Regulation Section 1.704-3.

 

(c)          For
the proper administration of the Company and for the preservation of uniformity of the GSD LLC Shares, the Board shall (i) adopt
such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost recovery deductions;
(ii) make special allocations for federal income tax purposes of income (including gross income) or deductions; (iii) amend the
provisions of this Agreement as appropriate (x) to reflect the proposal or promulgation of Treasury Regulations under Section 704(b)
or Section 704(c) of the Code or (y) otherwise to preserve or achieve uniformity of the GSD LLC Shares; and (iv) adopt and employ
such methods for (A) the maintenance of Capital Accounts for book and tax purposes, (B) the determination and allocation of adjustments
under Sections 704(c), 734 and 743 of the Code, (C) the determination and allocation of taxable income, tax loss and items thereof
under this Agreement and pursuant to the Code, (D) the determination of the identities and tax classification of Members, (E) the
provision of tax information and reports to the Members, (F) the adoption of reasonable conventions and methods for the valuation
of assets and the determination of tax basis, (G) the allocation of asset values and tax basis, (H) the adoption and maintenance
of accounting methods, (I) the recognition of the transfer of GSD LLC Shares, (J) tax compliance and other tax-related requirements,
including the use of computer software, and to use filing and reporting procedures similar to those employed by publicly-traded
partnerships and limited liability companies, as it determines in its sole discretion are necessary and appropriate to execute
the provisions of this Agreement and to comply with federal, state and local tax law, and to achieve uniformity of GSD LLC Shares.
The Board may adopt such conventions, make such allocations and make such amendments to this Agreement as provided in this Section
4.2(c) only if such conventions, allocations or amendments would not have a material adverse effect on the Members, the holders
of any class or classes of GSD LLC Shares issued and Outstanding or the Company, and if such allocations are consistent with the
principles of Section 704 of the Code.

 

(d)          The
Board may determine to depreciate or amortize the portion of an adjustment under Section 743(b) of the Code attributable to unrealized
appreciation in any Adjusted Property (to the extent of the unamortized Book-Tax Disparity) using a predetermined rate derived
from the depreciation or amortization method and useful life applied to the Company’s common basis of such property, despite
any inconsistency of such approach with Treasury Regulation Section 1.167(c)-l(a)(6) or any successor regulations thereto. If the
Board determines that such reporting position cannot be taken, the Board may adopt depreciation and amortization conventions under
which all purchasers acquiring GSD LLC Shares in the same month would receive depreciation and amortization deductions, based upon
the same applicable rate as if they had purchased a direct interest in the Company’s property. If the Board chooses not to
utilize such aggregate method, the Board may use any other depreciation and amortization conventions to preserve the uniformity
of the intrinsic tax characteristics of any GSD LLC

 

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Shares, so long as such conventions would not have a material adverse effect
on the Members or the Record Holders of GSD LLC Shares.

 

(e)          Any
gain allocated to the Members upon the sale or other taxable disposition of any Company asset shall, to the extent possible, after
taking into account other required allocations of gain pursuant to this Section 4.2, be characterized as Recapture Income in the
same proportions and to the same extent as such Members (or their predecessors in interest) have been allocated any deductions
directly or indirectly giving rise to the treatment of such gains as Recapture Income.

 

(f)          All
items of income, gain, loss, deduction and credit recognized by the Company for federal income tax purposes and allocated to the
Members in accordance with the provisions hereof shall be determined without regard to any election under Section 754 of the Code
that may be made by the Company; provided, however, that such allocations, once made, shall be adjusted (in the manner
determined by the Board) to take into account those adjustments permitted or required by Sections 734 and 743 of the Code.

 

(g)          Pursuant
to Section 4.2(c), the Board may adopt and employ such conventions and methods as it determines in its sole discretion to be appropriate
for the determination for federal income tax purposes of each item of Company income, gain, loss, and deduction and the allocation
of such items among Members and between transferors and transferees under this Agreement and pursuant to the Code (including Section
706 of the Code) and the regulations or rulings promulgated thereunder. The Board may revise, alter or otherwise modify such methods
of allocation to the extent permitted or required by Section 706 of the Code and the regulations or rulings promulgated thereunder.

 

(h)          Allocations
that would otherwise be made to a Member under the provisions of this Article IV shall instead be made to the beneficial owner
of GSD LLC Shares held by a nominee in any case in which the nominee has furnished the identity of such owner to the Company in
accordance with Section 6031(c) of the Code or any other method determined by the Board.

 

Section
4.3          Distributions to Record Holders.

 

(a)          The
Board may fix any time whatsoever not less than ten (10) nor more than sixty (60) days prior to the date of any meeting of Members,
or the date for the payment of any dividend or distribution, or the date for the allotment of rights, or the date when any change
or conversion or exchange of GSD LLC Shares will be made or will go into effect, as a record date for the determination of the
Members entitled to notice of, or to vote at, any such meetings, or entitled to receive payment of any such dividend or distribution,
or to receive any such allotment of rights, or to exercise the rights in respect to any such change, conversion or exchange of
GSD LLC Shares.

 

(b)          Notwithstanding
Section 4.3(a), in the event of the dissolution and liquidation of the Company, all distributions shall be made in accordance with,
and subject to the terms and conditions of, Section 8.3(a).

 

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ARTICLE
V

 

MANAGEMENT AND OPERATION OF BUSINESS

 

Section
5.1           Managing Member.

 

(a) Prior to the Transferability
Date, the Company shall be managed by the Managing Member. Prior to such date, the provisions of Article V (other than this Section
5.1) shall not be applicable, and references to the “Board” in other Articles of this Agreement shall be deemed to
be references to the Managing Member.

 

(b) For the avoidance of
doubt, during such period prior to the Transferability Date as the Company is managed by the Managing Member, the Managing Member
shall have sole and absolute discretion regarding the management and affairs of the Company. In furtherance and not in limitation
of the foregoing, the Managing Member shall have the right to reimbursement from the Company for any costs and expenses incurred
by the Managing Member to the extent such costs and expenses represent costs and expenses properly allocable to the Company. Moreover,
the Managing Member may provide such service to the Company and shall be compensated by the Company at a market rate for such services.
The Managing Member may designate any successor Managing Member.

 

(c) In addition, the Managing
Member shall provide an initial liquidity facility to the Company to permit it to conduct its operations in such amount as the
Managing Member may determine from time to time, except that in no event shall the Managing Member be required to provide any such
facility or other capital contribution, loan, guaranty or similar financial arrangement in an amount exceeding $2,500,000 in the
aggregate.

 

(d) Notwithstanding any
provision hereof to the contrary, prior to the Transferability Date, the Managing Member shall have the sole authority to approve
and voting rights in respect of (and no other authorization or vote of any other Members shall be required in connection with)
the approval of: (i) the liquidation or dissolution of the Company; (ii) the sale, exchange, lease, mortgage, pledge or other transfer
of all, substantially all or any lesser portion of the Company's assets; or (3) a merger or consolidation of the Company with or
into another Person.

 

(e) The Managing Member
will act in good faith and in accordance with the best interests of the Company in managing the the Company's affairs pursuant
to this Agreement, but will have no obligation or liability to the Company or any of its other Members for any decision made or
action taken in connection with the discharge of its duties hereunder if such decision or action is made or taken in good faith
and does not constitute gross negligatence or willful misconduct by the Managing Member.

 

(f) The Managing Member
will not, by virtue of its rights and obligations under this Agreement, be in any way prohibited or restricted from engaging in
or possessing an interest in any other business venture of any nature, including any competitive activities. Any and all conflicts
between the Managing Member's interest in any other business venture and the interests of the Company are hereby consented to and
waived. Neither the Company nor any other Member will have any rights in or to the income or profits derived from any other business

 

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venture of the Managing
Member, nor will the Managing Member have any obligation to the Company or any other Member, with respect to any other business
venture.

 

Section
5.2           Power and Authority of Board.

 

Subsequent to the Transferability
Date, the business and affairs of the Company shall be managed by its board of Directors (the “Board”), acting,
collectively, as managers of the Company within the meaning of the NYLLCL. Except as otherwise specifically provided in this Agreement,
the authority and functions of the Board, on the one hand, and of the officers, on the other hand, shall be identical to the authority
and functions of the board of directors and officers, respectively, of a corporation organized under the NYBCL. In addition to
the powers that now or hereafter can be granted to managers under the NYLLCL and to all other powers granted under any other provision
of this Agreement, the Board may exercise all such powers of the Company and shall have full power and authority to do, and to
direct the officers to do, all such lawful acts and things and on such terms as it determines to be necessary or appropriate to
conduct the business of the Company.

 

Section
5.3           Procedure for Election of Directors; Required Vote.

 

Election of Directors at
all meetings of the Members at which Directors are to be elected (an “Election Meeting”) shall be by ballot,
a plurality of the votes cast thereat shall elect Directors; provided, however, that the initial Directors following
the transferability date shall be appointed by the Managing Member and shall continue until their successors are duly elected and
qualified in accordance herewith.

 

Section
5.4           Number of Directors.

 

The Board shall consist
of not less than three (3) nor more than seven (7) Directors, who need not be Members. Within these limits, the number of Directors
of the Company shall be fixed from time to time by resolution of the Board.

 

Section
5.5           Removal and Vacancies.

 

Any Director or Directors
may be removed at any time, but only for “cause” by the affirmative vote of two-thirds (2/3) of the Directors then
in office or by vote of the Members at a special meeting called for that purpose. “Cause” for purposes hereof shall
be defined as criminal acts, misfeasance of office or other similar acts. If the office of any Director or Directors becomes vacant
by reason of death, resignation, retirement, disqualification, removal from office, increase in the authorized number of Directors,
or otherwise, the remaining Directors, though less than a quorum or by the sole remaining Director shall choose a successor, successors
or additional Directors who shall hold office for the remainder of the term of the vacant office. In the event of a vacancy, the
Board, may, in its discretion, reduce the number of Directors by allowing the vacated office to remain vacant. In the event that
the Board increases the number of Directors, such new Directors will be elected by the Board to a Class or Classes of Directors
so designated by the Board for the term(s) to expire at the annual meeting(s) of the Company next electing such Class or Classes,
except as otherwise required by law.

  

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Section
5.6           Quorum and Adjournment.

 

A majority of the Directors
shall constitute a quorum at any meeting except as otherwise provided by law but a lesser number may adjourn any meeting from time
to time and the meeting may be held as so adjourned without further notice.

 

Section
5.7           Regular Meetings.

 

Regular meetings of the
Board shall be held on such day, at such hour, and at such place, consistent with applicable law, as the Board shall from time
to time designate or as may be designated in any notice from the Secretary calling the meeting. The Board shall meet at the first
regular meeting following the annual meeting of Members at which the Directors are elected. Notice need not be given of regular
meetings of the Board that are held at the time and place designated by the Board. If a regular meeting is not to be held at the
time and place designated by the Board, notice of such meeting, which need not specify the business to be transacted thereat and
shall be given (a) if by mail, at least five (5) days, or (b) if by electronic communications or delivered personally or by telephone,
not less than two (2) days before the time of such meeting, excepting the meeting following the election of Directors. Notices
shall be given to each Director at the addresses that he/she shall furnish from time to time to the Secretary as the address for
such notices.

 

Except as otherwise provided
by law or this Agreement, a majority of those Directors present and voting at any meeting of the Board, if a quorum is present
at such time, shall decide each matter considered. A Director cannot vote by proxy, or otherwise act by proxy, at a meeting of
the Board.

 

Section
5.8           Special Meetings.

 

Special meetings of the
Board may be called by the Chairman of the Board, or in his absence, by the President, or at the request of three or more members
of the Board. A special meeting of the Board shall be deemed to be any meeting other than a regular meeting of the Board. Notice
of the time and place of every special meeting, which need not specify the business to be transacted thereat and which may be either
verbal or in writing, shall be given by the Secretary to each member of the Board (a) if by mail, at least seventy-two (72) hours
or (b) if by electronic communications or delivered personally or by telephone, not less than eighteen hours before the time of
such meeting, excepting the meeting following the election of Directors. Notices shall be given to each Director at the addresses
that he/she shall furnish from time to time to the Secretary as the address for such notices.

 

Waiver of Notice in writing
by any Director of any special meeting of the Board or of any committee thereof, whether prior or subsequent to such meeting, or
attendance at such meeting by any Director, shall be equivalent to notice to such Directors of such meeting.

 

Section
5.9           Report and Records.

 

The reports of officers
and Committees and the records of the proceedings of all Committees shall be filed with the Secretary of the Company and presented
to the Board, if practicable, at its next regular meeting. The Board shall keep complete records of its proceedings in a minute
book kept for that purpose. When a Director shall request it, the vote of each Director upon a particular question shall be recorded
in the minutes.

 

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Section
5.10           Committees.

 

(a)          Executive
Committee. The Board, in its discretion, may appoint three or more of its Directors to act as an Executive Committee. The Committee
shall be comprised of the Chairman and such other Directors as appointed by the Board. Such Committee shall, when the Board is
not meeting, assume such duties and perform such services as may be assigned to it by the Board, with the same force and effect
as though the Board had performed the same.

 

The Executive Committee
has all the authority of the Board, except with respect to certain matters that by the NYLLCL may not be delegated by the Board.
The Committee may act only in the intervals between meetings of the full Board. It acts usually in those cases where it is not
feasible to convene a special meeting of the Board or where the agenda is the technical completion of undertakings already approved
in principle by the Board.

 

All action by the Executive
Committee shall be reported to the Board at its meeting next succeeding such action, and shall be subject to revision or alteration
by the Board; provided that no rights or acts of third parties shall be affected by any such revision or alteration. The Executive
Committee shall fix its own rules of procedure and shall meet where and as provided by such rules, or by resolution of the Board,
but in every case the presence of a majority of its members shall be necessary to constitute a quorum.

 

In every case, the affirmative
vote of a majority of all members of the Committee present at the meeting shall be necessary to its adoption of any resolution.

 

Section
5.11         Other Committees of the Board.

 

The Board may appoint one
or more Directors to comprise one or more of the following Committees, or such other committees as may be designated from time-to-time
by the Board, who shall serve at the pleasure of the Board:

 

(a)          Audit
Committee. The Committee shall be comprised of non-employee Directors. The duties of the Committee include recommendation of
the independent accountants to be appointed by the Board; approval of the scope of the accountants’ examination and other
services; review of financial statements, including auditors’ opinions and management letters, and reporting to the Board
the Committee’s recommendation with respect thereto; review of financial and/or fiscal policies and policy decisions; determination
of the duties and responsibilities of the officer with internal auditing responsibility; approval of the scope of such officer’s
work and review of the results thereof and, through review of the results of internal and external audits, monitoring of internal
programs to ensure compliance with laws, regulations and the Company’s responsibilities for financial reporting to the public.

 

(b)          Compensation
Committee. The Committee shall be comprised of non-employee Directors. The duties of the Committee include approval of salaries
to be paid to senior executive officers; approval of or delegation to the President of the authority to approve the salaries of
all other officers; and the annual review of all significant financial relationships which Directors and officers have with the
Company, directly or indirectly. The duties also include investigation of any complaints concerning possible conflicts of interests
involving Directors or officers of the Company, recommendations to the Board of actions to be taken to remove any

 

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such conflicts and recommendation
of policies or procedures designed to avoid any such conflicts of interest.

 

(c)          Nominating
Committee. The Committee shall be comprised of the Chairman of the Board and non-employee Directors. The duties of the Committee
include recommendation to the Board with respect to nominees for election as Directors; and recommendation to the Board with respect
to the composition of all Committees of the Board other than the Executive and Nominating Committees.

 

A majority of the number
of members of any Committee shall constitute a quorum for the transaction of business. The action of a majority of members present
at a Committee meeting at which a quorum is present shall constitute the act of the Committee.

 

Section
5.12         Chairman of the Board.

 

The Board shall elect a
Chairman of the Board at the first regular meeting of the Board following each annual meeting of Members at which Directors are
elected. The Chairman of the Board shall be a member of the Board and shall preside at the meetings of the Board and perform such
other duties as may be prescribed by the Board.

 

Section
5.13         Eligibility to Make Nominations.

 

Nominations of candidates
for election as Directors at any Election Meeting may be made (1) by any Members entitled to vote at such Election Meeting only
in accordance with the procedures established by Section 5.15, or (2) by the Board. In order to be eligible for election as a Director,
any Director nominee must first be nominated in accordance with the provisions of this Agreement.

 

Section
5.14         Procedures for Nominations by Members.

 

(a)          Any
Member entitled to vote for the election of a Director at an Election Meeting may nominate one or more persons for such election
only if written notice of such Member’s intent to make such nomination is delivered to or mailed and received by the Secretary
of the Company. Such notice shall be delivered to the Secretary at the principal executive offices of the Company (1) with respect
to an annual meeting of Members, not later than the close of business on the 120th day nor earlier than the close of business on
the 150th day prior to the first anniversary of the preceding year’s annual meeting, which, in the case of the first annual
meeting of Members following the date hereof, the preceding year’s annual meeting shall mean the annual meeting of Gyrodyne’s
shareholders held in the preceding year); provided, however, that in the event that the date of the annual meeting is more than
30 days before or more than 60 days after such anniversary date, notice by the Member to be timely must be so delivered not earlier
than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later
of the 90th day prior to such annual meeting or the 10th day following the day on which public disclosure of the date of such meeting
is first made by the Company; and (2) with respect to a special meeting, not earlier than the close of business on the 120th day
prior to the date of such special meeting and not later than the close of business on the later of the 90th day prior to the date
of such special meeting or the 10th day following the date of public disclosure of the date of such special meeting. In no event
shall the

 

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public disclosure of an
adjournment of an Election Meeting commence a new time period for the giving of a Member’s notice as described above. The
written notice of the Member intending to make the nomination (the “Proponent”) shall set forth: (i) the name,
age, business address and residence address of each nominee proposed in such notice, (ii) the principal occupation or employment
of each such nominee, (iii) the number of GSD LLC Shares that are owned of record and beneficially by each such nominee, (iv) with
respect to each nominee for election or reelection to the Board, the completed and signed questionnaire, representation and agreement
required by Section 5.15, (v) such other information concerning each such nominee as would be required to be disclosed in a proxy
statement soliciting proxies for the election of such nominee as a Director in an election contest (even if an election contest
is not involved), or that is otherwise required to be disclosed, under the rules of the United States Securities and Exchange Commission,
and (vi) as to the Proponent: (A) the name and address of the Proponent, and of any holder of record of the Proponent’s GSD
LLC Shares as they appear on the Company’s books, (B) the class and number of GSD LLC Shares that are owned by the Proponent
(beneficially and of record) and owned by any holder of record of the Proponent’s GSD LLC Shares, as of the date of the Proponent’s
notice, and a representation that the Proponent will notify the Company in writing of the class and number of such LLC Shares owned
of record and beneficially as of the record date for the meeting promptly following the later of the record date or the date notice
of the record date is first publicly disclosed, (C) a description of any agreement, arrangement or understanding with respect to
such nomination between or among the Proponent and any of its affiliates or associates, and any others (including their names)
acting in concert with any of the foregoing, and a representation that the Proponent will notify the Company in writing of any
such agreement, arrangement or understanding in effect as of the record date for the meeting promptly following the later of the
record date or the date notice of the record date is first publicly disclosed, (D) a description of any agreement, arrangement
or understanding (including any derivative or short positions, profit interests, options, hedging transactions, and borrowed or
loaned shares) that has been entered into as of the date of the Proponent’s notice by, or on behalf of, the Proponent or
any of its affiliates or associates, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price
changes for, or increase or decrease the voting power of the Proponent or any of its affiliates or associates with respect to GSD
LLC Shares, and a representation that the Proponent will notify the Company in writing of any such agreement, arrangement or understanding
in effect as of the record date for the meeting promptly following the later of the record date or the date notice of the record
date is first publicly disclosed, (E) a representation that the Proponent has continuously held at least $2000 in market value,
or 1%, of the Company’s Outstanding GSD LLC Shares entitled to vote for at least one year (or such lesser period that shall
have elapsed since the Merger) by such date of giving written notice or a representation that the Proponent is entitled to cast
votes with respect to at least 5% of the Outstanding GSD LLC Shares, (F) a representation that the Proponent intends to appear
in person or by proxy at the meeting to nominate the person or persons specified in the notice, and (G) a representation whether
the Proponent intends to deliver a proxy statement and form of proxy to Members of the Company and/or otherwise solicit proxies
from Members in support of the nomination. The Company may require any proposed nominee to furnish such other information as it
may reasonably require to determine the eligibility of such proposed nominee to serve as an independent Director of the Company
or that could be material to a reasonable Member’s understanding of the independence, or lack thereof, of such nominee.

 

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(b)          If
the chair of the Election Meeting determines that a nomination of any candidate for election as a Director was not made
in accordance with the applicable provisions of this Section 5.15, such nomination shall be void. Notwithstanding anything in this
Section 5.15 to the contrary, unless otherwise required by law, if a Proponent intending to make a nomination at an Election Meeting
pursuant to this Section 5.15 does not provide the information required under clauses (B) through (D) of subparagraph (vi) of paragraph
(a) of this Section 5.15 to the Company promptly following the later of the record date or the date notice of the record date is
first publicly disclosed, or the Proponent (or a qualified representative of the Proponent) does not appear at the meeting to present
the nomination, such nomination shall be disregarded, notwithstanding that proxies in respect of such nomination may have been
received by the Company.

 

Section
5.15         Submission of Questionnaire.

 

To be eligible to be a
nominee for election or reelection as a Director of the Company, a person must deliver (in accordance with the time periods prescribed
for delivery of notice under Section 5.15 of this Agreement) to the Secretary of the Company at the principal executive
offices of the Company a written questionnaire with respect to the background and qualification of such person and the background
of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary
upon written request) and a written representation and agreement (in the form provided by the Secretary upon written request) that
such person (i) is not and will not become a party to (A) any agreement, arrangement or understanding with, and has not given any
commitment or assurance to, any person or entity as to how such person, if elected as a Director of the Company, will act or vote
on any issue or question (a “Voting Commitment”) that has not been disclosed to the Company or (B) any Voting
Commitment that could limit or interfere with such person’s ability to comply, if elected as a Director of the Company, with
such person’s fiduciary duties under applicable law, (ii) is not and will not become a party to any agreement, arrangement
or understanding with any person or entity other than the Company with respect to any direct or indirect compensation, reimbursement
or indemnification in connection with service or action as a Director that has not been disclosed therein, and (iii) in such person’s
individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance,
if elected as a Director of the Company, and will comply with, applicable law and all applicable publicly disclosed governance,
conflict of interest, opportunities, confidentiality and ownership and trading policies and guidelines of the Company.

 

Section
5.16         Articles of Organization.

 

The Articles of Organization
has been filed with the Secretary of State of the State of New York as required by the NYLLCL, such filing being hereby confirmed,
ratified and approved in all respects. The Board shall use all reasonable efforts to cause to be filed such other certificates
or documents that it determines to be necessary or appropriate for the formation, continuation, qualification and operation of
a limited liability company in the State of New York or any other state in which the Company may elect to do business or own property.
To the extent that the Board determines such action to be necessary or appropriate, the Board shall direct the appropriate officers
of the Company to file amendments to and restatements of the Articles of Organization and do all things to maintain the Company
as a limited liability company under the

 

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laws of the State of New
York or of any other state in which the Company may elect to do business or own property, and any such officer so directed shall
be an “authorized person” of the Company within the meaning of the NYLLCL for purposes of filing any such certificate
with the Secretary of State of the State of New York. The Company shall not be required, before or after filing, to deliver or
mail a copy of the Articles of Organization, any qualification document or any amendment thereto to any Member.

 

ARTICLE
VI

 

Officers

 

Section
6.1           Officers.

 

The officers of the Company
shall be a President, a Secretary, a Treasurer, and such other officers and assistant officers, as the Board may from time to time
deem advisable. Except for President and Secretary, the Board may refrain from filling any of the said offices at any time and
from time to time. Except as otherwise required by applicable law, the same individual may hold any two (2) or more offices. The
officers shall be elected by the Board at the time, in the manner and for such terms as the Board from time to time shall determine.
Any officer may be removed at any time, with or without cause, and regardless of the term for which such officer was elected, but
without prejudice to any contract right of such officer. Each officer shall hold his office for the current year for which he was
elected or appointed by the Board unless he shall resign, becomes disqualified, or be removed at the pleasure of the Board.

 

Section
6.2           President.

 

The President shall have
general supervision of all of the departments and business of the Company and shall prescribe the duties of the other officers
and employees and see to the proper performance thereof. The President shall be responsible for having all orders and resolutions
of the Board carried into effect. The President shall execute on behalf of the Company and may affix or cause to be affixed a seal
to authorized documents and instruments requiring such execution, except to the extent that signing and execution thereof shall
have been delegated to some other officer or agent of the Company by the Board or by the President. The President shall be a member
of the Board. In the absence or disability of the Chairman of the Board or his/her refusal to act, the President shall preside
at meetings of the Board. In general, the President shall perform all the duties and exercise all of the powers and authorities
incident to such office or as prescribed by the Board.

 

Section
6.3           Secretary.

 

The Secretary shall act
under the supervision of the President or such other officers as the President may designate. Unless the Board has elected a Secretary
to the Board, or unless a designation to the contrary is made at a meeting, the Secretary shall attend all meetings of the Board
and all meetings of the Members and record all of the proceedings of such meetings in a book to be kept for that purpose, and shall
perform like duties for the standing Committees when required by this Agreement or otherwise. The Secretary shall give, or cause
to be given, notice of all meetings of the Members and of the Board. The Secretary shall keep a seal of the Company,

 

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and, when authorized by
the Board or the President, cause it to be affixed to any documents and instruments requiring it. The Secretary shall perform such
other duties as may be prescribed by the Board, the President, or such other supervising officer as the President may designate.

 

Section
6.4           Treasurer.

 

The Treasurer shall act
under the supervision of the President or such other officer as the President may designate. The Treasurer shall have custody of
the Company’s funds and such other duties as may be prescribed by the Board, President or such other supervising officer
as the President may designate.

 

Section
6.5           General Powers.

 

The officers are authorized
to do and perform such acts as are necessary in the carrying on of the business of the Company, subject always to the direction
of the Board.

 

ARTICLE
VII

 

INDEMNIFICATION

 

Section
7.1           Mandatory Indemnification.

 

(a)          No
Director of the Company or Managing Member shall be liable to the Company or its Members for monetary damages for breach of fiduciary
duty as a Director or Managing Member, except if a judgment or other final adjudication adverse to the Director or Managing Member
establishes that his acts or omissions were in bad faith or involved intentional misconduct or a knowing violation of law or that
he personally gained in fact a financial profit or other advantage to which he was not legally entitled or that his acts violated
Sections 409(c) and 609 of the NYLLCL. If the NYLLCL hereafter is amended to authorize the further elimination or limitation of
the liability of Directors or Managing Member, then the liability of a Director of the Company or Managing Member, in addition
to the limitation on personal liability provided herein, shall be limited to the fullest extent permitted by the amended NYLLCL.
Any repeal or modification of this Section 7.1(a) by the Members of the Company shall be prospective only and shall not adversely
affect any limitation on the personal liability of a Director of the Company or Managing Member existing at the time of such repeal
or modification.

 

(b)          The
Company shall, to the full extent permitted by the NYLLCL, as amended from time to time (but, in the case of any such
amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law
permitted the Company to provide prior to such amendment) indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceedings, whether civil, criminal, administrative or
investigative, by reason of the fact that he/she is or was a Managing Member, Director, officer or employee of the Company or
any of its subsidiaries or was serving at the request of the Company as a Managing Member, Director, officer, employee or
agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to
employee benefit plans maintained or sponsored by the Company, against all expense, liability and loss (including
attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement)
reasonably

 

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incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a
person who has ceased to be a Managing Member, Director, officer, employee or agent and shall inure to the benefit of his or
her heirs, executors and administrators; provided, however, that except as provided in paragraph (c) of this Section 7.1, the
Company shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated
by such person only if such proceeding (or part thereof) was authorized by the Board. Any right of indemnification so
provided shall be a contract right and shall include the right to be paid by the Company the expenses incurred in defending
any such proceeding in advance of its final disposition, such advances to be paid by the Company within 20 days after receipt
by the Company of a statement or statements from the claimant requesting such advance or advances from time to time;
provided, however, that if the NYLLCL requires, the payment of such expenses incurred by a Managing Member, Director or
officer in his or her capacity as a Managing Member, Director or officer (and not in any other capacity in which service
was or is rendered by such person while a Managing Member, Director or officer, including, without limitation, service to any
employee benefit plan) in advance of the final disposition of a proceeding shall be made only upon delivery to the Company of
an undertaking by or on behalf of such Managing Member, Director or officer to repay all amounts so advanced if it shall
ultimately be determined that such Managing Member, Director or officer is not entitled to be indemnified under this Article
VII or otherwise.

 

(c)          To
obtain indemnification under this Article VII, a claimant shall submit to the Company a written request, including therein
or therewith such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine
whether and to what extent the claimant is entitled to indemnification. Upon written request by a claimant for indemnification
pursuant to the first sentence of this paragraph (b), a determination, if required by applicable law, with respect to the claimant’s
entitlement thereto shall be made as follows: (1) if requested by the claimant, by Independent Counsel (as hereinafter defined),
or (2) if no request is made by the claimant for a determination by Independent Counsel, (i) by the Board by a majority vote of
a quorum consisting of Disinterested Directors (as hereinafter defined), or (ii) if a quorum of the Board consisting of Disinterested
Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in
a written opinion to the Board, a copy of which shall be delivered to the claimant, or (iii) if a quorum of Disinterested Directors
so directs, by the Members of the Company. In the event the determination of entitlement to indemnification is to be made by Independent
Counsel at the request of the claimant, the Independent Counsel shall be selected by the Board unless there shall have occurred
within two years prior to the date of the commencement of the action, suit or proceedings for which indemnification is claimed
a Change of Control (as hereinafter defined), in which case the Independent Counsel shall be selected by the claimant unless the
claimant shall request that such selection be made by the Board. If it is so determined that the claimant is entitled to indemnification,
payment to the claimant shall be made within ten days after such determination.

 

(d)          If
a claim under paragraph (a) of this Article VII is not paid in full by the Company within thirty days after a written
claim pursuant to paragraph (b) of this Article VII has been received by the Company, the claimant may at any time
thereafter bring suit against the Company to recover the unpaid amount of the claim and, if successful in whole or in part,
the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a

 

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defense to any such
action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its
final disposition where the required undertaking, if any is required, has been tendered to the Company) that the claimant has
not met the standard of conduct which makes it permissible under the NYLLCL for the Company to indemnify the claimant for the
amount claimed, but the burden of proving such defense shall be on the Company. Neither the failure of the Company (including
its Board, Independent Counsel or Members) to have made a determination prior to the commencement of such action that
indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct
set forth in the NYLLCL, nor an actual determination by the Company (including its Board, Independent Counsel or Members)
that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption
that the claimant has not met the applicable standard of conduct.

 

(e)          If
a determination shall have been made pursuant to paragraph (b) of this Article VII that the claimant is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to paragraph (c) of this Article
VII.

 

(f)          The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to paragraph (c) of this Article VII
that the procedures and presumptions of this Article VII are not valid, binding and enforceable and shall stipulate in such
proceeding that the Company is bound by all the provisions of this Article VII.

 

(g)          The
right to indemnification and the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred
in this Article VII shall not be exclusive of any other right which any person may have or hereafter acquire under any statute,
provision of the Articles of Organization, this Agreement, vote of Members or Disinterested Directors or otherwise. No repeal or
modification of this this Article VII shall in any way diminish or adversely affect the rights of any Managing Member, Director,
officer, employee or agent of the Company hereunder in respect of any occurrence or matter arising prior to any such repeal or
modification.

 

(h)          The
Company may maintain insurance, at its expense, to protect itself and any Managing Member, Director, officer, employee or agent
of the Company or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or
loss, whether or not the Company would have the power to indemnify such person against such expense, liability or loss under the
NYLLCL. To the extent that the Company maintains any policy or policies providing such insurance, each such Managing Member, Director
or officer, and each such agent or employee to which rights to indemnification have been granted as provided in paragraph (h) of
this this Article VII, shall be covered by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage thereunder for any such Managing Member, Director, officer, employee or agent.

 

(i)          The
Company may, to the extent authorized from time to time by the Board or the Members of the Company by resolution thereof,
grant rights to indemnification, and rights to be paid by the Company the expenses incurred in defending any proceeding in
advance of its final disposition, to any employee or agent of the Company to the fullest extent of the

 

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provisions of this
this Article VII with respect to the indemnification and advancement of expenses of Directors and officers of the
Company, or to any Managing Member, Directors or officers of the Company to the extent such rights are permitted by law and
not available under this this Article VII.

 

(j)          If
any provision or provisions of this this Article VII shall be held to be invalid, illegal or unenforceable for any reason
whatsoever: (1) the validity, legality and enforceability of the remaining provisions of this this Article VII (including,
without limitation, each portion of any paragraph of this this Article VII containing any such provision held to be invalid,
illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby; and (2) to the fullest extent possible, the provisions of this this Article VII (including, without limitation,
each such portion of any paragraph of this this Article VII containing any such provision held to be invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

(k)          For
purposes of this Article VII:

 

(i)          “Change
of Control” means

 

(A)         The
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act a Person
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the
then outstanding GSD LLC Shares or (ii) the combined voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of Directors; provided, however, that for purposes of this subsection (a), the following acquisitions
shall not constitute a Change of Control; (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii)
any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or (iv) any acquisition
pursuant to a transaction which complies with clauses (i), (ii) and (iii) of paragraph (C) of this Section 7.1(j)(1); or

 

(B)         Individuals
who, as of the Transferability Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the Transferability
Date whose election, or nomination for election by the Company’s Members, was approved by a vote of at least a majority of
the Directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual
or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation
of proxies or consents by or on behalf of a Person other than the Board; or

 

(C)         Consummation
by the Company of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the
assets of the Company or the acquisition of assets of another entity (a “Business Combination”), in each
case, unless, following such Business Combination, (i) all or

 

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substantially all of the individuals and entities who were the
beneficial owners, respectively, of the Outstanding GSD LLC Shares and outstanding voting securities of the Company
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the
then Outstanding GSD LLC Shares and the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of Directors, as the case may be, of the corporation resulting from such Business Combination
(including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially
all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions
as their ownership, immediately prior to such Business Combination, of the Company’s Outstanding GSD LLC Shares and
outstanding voting securities, as the case may be, (ii) no Person (excluding any employee benefit plan (or related trust) of
the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or
more of, respectively, the then Outstanding GSD LLC Shares resulting from such Business Combination or the combined voting
power of the then outstanding voting securities of such entity except to the extent that such ownership existed prior to the
Business Combination and (iii) at least a majority of the members of the Board of the entity resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of
the Board, providing for such Business Combination; or

 

(D)         Approval
by the Members of the Company of a complete liquidation or dissolution of the Company.

 

(ii)         “Disinterested
Director” means a Director of the Company who is not and was not a party to the action or proceeding in respect of which
indemnification is sought by the claimant.

 

(iii)        “Independent
Counsel” means a law firm, a member of a law firm, or an independent practitioner, that is experienced in matters of
corporate, securities and limited liability company law and shall include any person who, under the applicable standards of professional
conduct then prevailing, would not have a conflict of interest in representing either the Company or the claimant in an action
to determine the claimant’s rights under this Article VII.

 

(l)          Any
notice, request or other communication required or permitted to be given to the Company under this Article VII shall be
in writing and either delivered in person or sent by overnight mail or courier service, or certified or registered mail, postage
prepaid, return receipt requested, to the Secretary of the Company and shall be effective only upon receipt by the Secretary.

 

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ARTICLE
VIII

 

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

Section
8.1           Records and Accounting.

 

The Board shall keep or
cause to be kept at the principal office of the Company appropriate books and records with respect to the Company’s business,
including all books and records necessary to provide to the Members any information required to be provided pursuant to this Agreement.
Any books and records maintained by or on behalf of the Company in the regular course of its business, including the record of
the Members, books of account and records of Company proceedings, may be kept on, or be in the form of, computer disks, hard drives,
punch cards, magnetic tape, photographs, micrographics or any other information storage device; provided, that the books
and records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the
Company shall be maintained, for tax and financial reporting purposes, on an accrual basis in accordance with U.S. generally accepted
accounting principles.

 

Section
8.2           Fiscal Year.

 

The fiscal year for tax
and financial reporting purposes of the Company shall be a calendar year ending December 31 unless otherwise required by the
Code or permitted by law.

 

Section
8.3           Reports.

 

(a)          As
soon as practicable, but in no event later than 120 days after the close of each fiscal year of the Company, the Board shall cause
to be mailed or made available to each Record Holder of a GSD LLC Share, as of a date selected by the Board, an annual report containing
financial statements of the Company for such fiscal year of the Company, presented in accordance with U.S. generally accepted accounting
principles, including a balance sheet and statements of operations, equity and cash flows, such statements to be audited by a registered
public accounting firm selected by the Board.

 

(b)          As
soon as practicable, but in no event later than 90 days after the close of each Quarter except the last Quarter of each fiscal
year, the Board shall cause to be mailed or made available to each Record Holder of a GSD LLC Share, as of a date selected by the
Board, a report containing unaudited financial statements of the Company and such other information as may be required by applicable
law, regulation or rule of any National Securities Exchange on which the GSD LLC Shares are listed for trading, or as the Board
determines to be necessary or appropriate.

 

ARTICLE
IX

 

TAX MATTERS

 

Section
9.1           Tax Returns and Information.

 

The Company shall timely
file all returns of the Company that are required for federal, state and local income tax purposes on the basis of the accrual
method and its fiscal year. The officers of the Company shall use reasonable efforts to furnish to all Members necessary tax information
as promptly as possible after the end of the fiscal year of the Company; provided, however, that delivery of such
tax information may be subject to delay as a result of the late receipt of any necessary tax information from an entity in which
the Company or any Group Member holds an interest. The classification, realization and recognition of income, gain, losses

 

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and deductions and other
items shall be on the accrual method of accounting for federal income tax purposes.

 

Section
9.2           Tax Elections.

 

(a)          The
Company may make the election under Section 754 of the Code in accordance with applicable regulations thereunder, subject to the
reservation of the right to seek to revoke any such election upon the Board’s determination that such revocation is in the
best interests of the Members.

 

(b)          Except
as otherwise provided herein, the Board shall determine whether the Company should make any other elections permitted by the Code.

 

Section
9.3           Tax Controversies.

 

The Board shall designate
one Member as the Tax Matters Partner (as defined in the Code). The Tax Matters Partner is authorized and required to represent
the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities,
including resulting administrative and judicial proceedings, and to expend Company funds for professional services and costs associated
therewith. Each Member agrees to cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably
required by the Tax Matters Partner to conduct such proceedings.

 

Section
9.4           Withholding.

 

Notwithstanding any other
provision of this Agreement, the Board is authorized to take any action that may be required to cause the Company and other Group
Members to comply with any withholding requirements established under the Code or any other federal, state, local or foreign law
including pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Company is required or elects to withhold
and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Member (including
by reason of Section 1446 of the Code), the Board may treat the amount withheld as a distribution of cash pursuant to Sections
4.3 or 8.3 in the amount of such withholding from such Member.

 

Section
9.5           Partnership Treatment.

 

The Board shall use its
reasonable best efforts to take such actions as are necessary or appropriate to preserve the status of the Company as a partnership
for federal (and applicable state) income tax purposes.

 

ARTICLE
X

 

DISSOLUTION AND LIQUIDATION

 

Section
10.1         Dissolution.

 

The Company shall not be
dissolved by the admission of Substitute Members or Additional Members. The Company shall dissolve, and its affairs shall be wound
up, upon:

 

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(a)          an
election to dissolve the Company by the Board that is approved by the holders of a Share Majority;

 

(b)          the
sale, exchange or other disposition of all of the real properties (or indirect interests) of the Company;

 

(c)          the
entry of a decree of judicial dissolution of the Company pursuant to the provisions of the NYLLCL; or

 

(d)          at
any time that there are no Members of the Company, unless the business of the Company is continued in accordance with the NYLLCL.

 

Section
10.2         Liquidator.

 

Upon dissolution of the
Company, the Board shall select one or more Persons to act as Liquidator. The Liquidator (if other than the Board) shall be entitled
to receive such compensation for its services as may be approved by holders of a Share Majority. The Liquidator (if other than
the Board) shall agree not to resign at any time without 15 days’ prior notice and may be removed at any time, with or without
cause, by notice of removal approved by holders of a Share Majority. Upon dissolution, death, incapacity, removal or resignation
of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original
Liquidator) shall within 30 days thereafter be approved by holders of a Share Majority. The right to approve a successor or substitute
Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved
in the manner herein provided. Except as expressly provided in this Article VIII, the Liquidator approved in the manner provided
herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred
upon the Board under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise,
upon the exercise of such powers) necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for
and during the period of time required to complete the winding up and liquidation of the Company as provided for herein.

 

Notwithstanding the foregoing,
in lieu of appointing a Liquidator, the Board may cause the then-remaining real properties (and indirect interests) of the Company
to be transferred to a liquidating trust, which shall have the full power and authority to carry out the liquidation in accordance
with this Agreement and the NYLLCL.

 

Section
10.3         Liquidation.

 

The Liquidator shall proceed
to dispose of the assets of the Company, discharge its liabilities, and otherwise wind up its affairs in such manner and over such
period as determined by the Liquidator, subject to Section 1005 of the NYLLCL and the following:

 

(a)          Subject
to Section 8.3(c), the assets may be disposed of by public or private sale or by distribution in kind to one or more Members on
such terms as the Liquidator and such Member or Members may agree. If any property is distributed in kind, the Member receiving
the property shall be deemed for purposes of Section 8.3(c) to have received cash equal to its fair market value; and contemporaneously
therewith, appropriate cash distributions must be

 

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made to the other Members.
Notwithstanding anything to the contrary contained in this Agreement, the Members understand and acknowledge that a Member may
be compelled to accept a distribution of any asset in kind from the Company despite the fact that the percentage of the asset distributed
to such Member exceeds the percentage of that asset which is equal to the percentage in which such Member shares in distributions
from the Company. The Liquidator may defer liquidation or distribution of the Company’s assets for a reasonable time if it
determines that an immediate sale or distribution of all or some of the Company’s assets would be impractical or would cause
undue loss to the Members. The Liquidator may distribute the Company’s assets, in whole or in part, in kind if it determines
that a sale would be impractical or would cause undue loss to the Members.

 

(b)          Liabilities
of the Company include amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section
8.2) and amounts to Members otherwise than in respect of their distribution rights under Article IV. With respect to any liability
that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim
for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its payment. When paid,
any unused portion of the reserve shall be applied to other liabilities or distributed as additional liquidation proceeds.

 

(c)          All
property and all cash in excess of that required to discharge liabilities as provided in Section 8.3(b) shall be distributed to
the Members in accordance with and to the extent of the positive balances in their respective Capital Accounts, as determined after
taking into account all Capital Account adjustments (other than those made by reason of distributions pursuant to this Section
8.3(c)) for the taxable year of the Company during which the liquidation of the Company occurs (with such date of occurrence being
determined by the Board, and such distribution shall be made by the end of such taxable year (or, if later, within 90 days after
said date of such occurrence).

 

(d)          Notwithstanding
any other provision of this Agreement, if, upon the dissolution and liquidation of the Company pursuant to this Article VIII and
after all other allocations provided for in Section 4.1 have been tentatively made as if this section were not in this Agreement,
the quotient obtained by dividing the positive balance of a Member’s Capital Account with respect to GSD LLC Shares by the
aggregate of all Members’ Capital Account balances with respect to GSD LLC Shares at such time would differ from such Member’s
Percentage Interest, then Net Income (and items thereof) and Net Loss (and items thereof) for the Fiscal Year in which the Company
dissolves and liquidates pursuant to Article VIII shall be allocated among the Members in a manner such that the positive balance
in the Capital Account of each Member with respect to GSD LLC Shares on a share by share basis, immediately after giving effect
to such allocation, is, as nearly as possible, equal to each such Member’s Percentage Interest on a share by share basis.

 

Section
10.4         Cancellation of Articles of Organization.

 

Upon the completion of
the distribution of Company cash and property as provided in Section 8.3 in connection with the liquidation of the Company, the
Articles of Organization and all qualifications of the Company as a foreign limited liability company in jurisdictions other

 

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than the State of New York
shall be canceled and such other actions as may be necessary to terminate the Company shall be taken.

 

Section
10.5         Return of Contributions.

 

None of any member of the
Board or any officer of the Company will be personally liable for, or have any obligation to contribute or loan any monies or property
to the Company to enable it to effectuate, the return of the Capital Contributions of the Members, or any portion thereof, it being
expressly understood that any such return shall be made solely from Company assets.

 

Section
10.6         Waiver of Partition.

 

To the maximum extent permitted
by law, each Member hereby waives any right to partition of the Company property.

 

Section
10.7         Capital Account Restoration.

 

No Member shall have any
obligation to restore any negative balance in its Capital Account upon liquidation of the Company.

 

ARTICLE
XI

 

AMENDMENT OF AGREEMENT

 

Section
11.1         General.

 

Except as provided in Section
11.2, Section 11.3 and Section 11.4, the Board may amend any of the terms of this Agreement but only in compliance with the terms,
conditions and procedures set forth in this Section 11.1. If the Board desires to amend any provision of this Agreement other than
pursuant to Section 11.3, then it shall first adopt a resolution setting forth the amendment proposed, declaring its advisability,
and then (i) call a special meeting of the Members entitled to vote in respect thereof for the consideration of such amendment,
(ii) direct that the amendment proposed be considered at the next annual meeting of the Members or (iii) seek the written consent
of the Members. Amendments to this Agreement may be proposed only by or with the consent of the Board. Such special or annual meeting
shall be called and held upon notice in accordance with Article XI of this Agreement. The notice shall set forth such amendment
in full or a brief summary of the changes to be effected thereby, as the Board shall deem advisable. At the meeting, a vote of
Members entitled to vote thereon shall be taken for and against the proposed amendment. A proposed amendment shall be effective
upon its approval by a Share Majority, unless a greater percentage is required under this Agreement or by the NYLLCL.

 

Section
11.2         Super-Majority Amendments.

 

Notwithstanding Section
11.1, the affirmative vote of the holders of Outstanding GSD LLC Shares representing at least two-thirds of the total votes that
may be cast by all Outstanding

 

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GSD LLC Shares in the election
of Directors, voting together as a single class, shall be required to alter or amend any provision of this Section 11.2 or Section
11.4(b).

 

Section
11.3         Amendments to be Adopted Solely by the Board.

 

Notwithstanding Section
11.1, the Board, without the approval of any Member, may amend any provision of this Agreement, and execute, swear to, acknowledge,
deliver, file and record whatever documents may be required in connection therewith, to reflect:

 

(a)          a
change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the
Company or the registered office of the Company;

 

(b)          the
admission, substitution, withdrawal or removal of Members in accordance with this Agreement;

 

(c)          a
change that the Board determines to be necessary or appropriate to qualify or continue the qualification of the Company as a limited
liability company under the laws of any state or to ensure that the Company will not be treated as an association taxable as a
corporation or otherwise taxed as an entity for federal income tax purposes other than as the Company specifically so designates;

 

(d)          a
change that, in the sole discretion of the Board, it determines (i) does not adversely affect the Members (including adversely
affecting the holders of any particular class of GSD LLC Shares as compared to other holders of other classes of GSD LLC Shares)
in any material respect, (ii) to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in
any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal
or state statute (including the NYLLCL), (iii) to be necessary, desirable or appropriate to facilitate the trading of the GSD LLC
Shares (including, without limitation, the division of any class or classes of Outstanding GSD LLC Shares into different classes
to facilitate uniformity of tax consequences within such classes of GSD LLC Shares) or comply with any rule, regulation, guideline
or requirement of any National Securities Exchange on which GSD LLC Shares are or will be listed for trading, compliance with any
of which the Board deems to be in the best interests of the Company and the Members, (iv) to be necessary or appropriate in connection
with action taken by the Board pursuant to Section 3.7 or (v) is required to effect the intent expressed in the Registration Statement
or the intent of the provisions of this Agreement or is otherwise contemplated by this Agreement;

 

(e)          a
change in the fiscal year or taxable year of the Company and any other changes that the Board determines to be necessary or appropriate
as a result of a change in the fiscal year or taxable year of the Company;

 

(f)          an
amendment that the Board determines, based on the advice of counsel, to be necessary or appropriate to prevent the Company or its
Directors, officers, trustees or agents from in any manner being subjected to the provisions of the Investment Company Act of 1940,
as amended, the Investment Advisers Act of 1940, as amended, or “plan asset” regulations adopted under the Employee
Retirement Income Security Act of 1974, as amended, regardless of

 

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whether such are substantially
similar to plan asset regulations currently applied or proposed by the United States Department of Labor;

 

(g)          an
amendment that the Board determines to be necessary or appropriate in connection with the authorization or issuance of any class
of GSD LLC Shares pursuant to Section 3.2 and the admission of Additional Members;

 

(h)          any
amendment expressly permitted in this Agreement to be made by the Board acting alone;

 

(i)          an
amendment effected, necessitated or contemplated by a Merger Agreement approved in accordance with Section 10.3;

 

(j)          a
merger, conversion or conveyance pursuant to Section 10.3(d); or

 

(k)          any
other amendments substantially similar to the foregoing.

 

Section
11.4         Amendment Requirements.

 

(a)          Notwithstanding
the provisions of Sections 11.1 and 11.3, no provision of this Agreement that establishes a percentage of Outstanding GSD LLC Shares
required to take any action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect
of reducing such voting percentage unless such amendment is approved by the affirmative vote of holders of Outstanding GSD LLC
Shares whose aggregate Outstanding GSD LLC Shares constitute not less than the voting requirement sought to be reduced.

 

(b)          Notwithstanding
the provisions of Sections 11.1 and 11.3, but subject to the provisions of Section 11.2, no amendment to this Agreement may (i)
enlarge the obligations of any Member without its consent, unless such shall be deemed to have occurred as a result of an amendment
approved pursuant to Section 11.4(c), (ii) change Section 8.1(a), (iii) change the term of the Company or, (iv) except as set forth
in Section 8.1(a), give any Person the right to dissolve the Company.

 

(c)          Except
as provided in Section 10.3, and without limitation of the Board’ authority to adopt amendments to this Agreement without
the approval of any Members as contemplated in Section 11.1, notwithstanding the provisions of Section 11.1, (i) any amendment
that would have a material adverse effect on the rights or preferences of any class of GSD LLC Shares in relation to other classes
of GSD LLC Shares must be approved by the holders of a majority of the Outstanding GSD LLC Shares of the class affected.

 

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ARTICLE
XII

 

MEMBER MEETINGS

 

Section
12.1         Voting.

 

Except as otherwise set
forth in this Agreement, with respect to any matter submitted to a vote of Members, each holder shall be entitled to one vote per
GSD LLC Share. Any GSD LLC Share representing an Excess Interest shall not be eligible to vote.

 

Section
12.2         Place of Meetings.

 

All meetings of the Members
shall be held at such place or places, within or without the State of New York, as shall be determined by the Board from time to
time.

 

Section
12.3         Annual Meetings.

 

The annual meeting of the
Members shall be held at such date or hour as may be fixed by the Board. At an annual meeting of the Members, only such business
shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting business
must be: (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board, (b) otherwise
properly brought before the meeting by or at the direction of the Board, or (c) otherwise properly brought before the meeting by
a Member in accordance with (i) this Section 12.1 for any business other than the nomination of a person for election as a Director
or (ii) Sections 5.14, 5.15 and 5.16 hereof for any nomination of a person for election as a Director.

 

Section
12.4         Special Meetings.

 

Special meetings of the
Members may be called at any time by (i) the President, (ii) the Chairman of the Board, (iii) the Board pursuant to a resolution
adopted by a majority of the total number of Directors that the Company would have if there were no vacancies, or (iv) by the President
of the Company at the request of Qualified Members holding at least thirty percent (30%) of all the votes entitled to be cast on
any issue proposed to be considered at the special meeting. For purposes of this Section, a “Qualified Member” shall
mean a person who shall have been a Member of the Company for at least six (6) months immediately preceding the request for a special
meeting. In connection with any request for a special meeting, each Qualified Member must comply with Section 12.1 for any business
proposed for the special meeting other than the nomination of a person for election as a Director. Any Member nominating a Director
proposed to be elected at the special meeting must comply with Sections 5.12, 5.13 and 5.14 hereof. Business transacted at all
special meetings shall be confined to the objects stated in the notice of the special meeting.

 

Section
12.5         Notice of the Meeting.

 

(a)          Written
or printed notice, stating the place, day and hour of the meeting and the purpose or purposes for which the meeting is called,
shall be given by the Company not less than ten (10) days nor more than sixty (60) days before the date of the meeting, either
personally or by first class mail. Notice may be given by third class mail, in which event, the notice shall be given not fewer
than twenty-four (24) nor more than sixty (60) days before the date of the meeting. If mailed, such notice shall be deemed to be
given when deposited in the United States mail with postage thereon prepaid, addressed to the Member at his address as it appears
on the stock transfer books of the Company or at such other address given by the Member in accordance with law.

 

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(b)          Any
previously scheduled meeting of the Members may be postponed, and any special meeting of the stockholders may be cancelled, by
resolution of the Board upon public notice given prior to the date previously scheduled for such meeting of Members.

 

Section
12.6         Quorum.

 

The holders of a majority
of the GSD LLC Shares entitled to vote thereat shall constitute a quorum at any meeting of Members for the transaction of business
except as otherwise provided by law.

 

Section
12.7         Conduct of Members’ Meetings; Adjournment.

 

(a)          The
Chairman of the Board shall preside at all Member meetings. In the absence of the Chairman of the Board, the President shall preside.
The Chairman or the officer presiding over the Members meeting may establish such rules and regulations for the conduct of the
meeting as he/she may deem to be reasonably necessary or desirable for the orderly and expeditious conduct of the meeting, and
shall fix and announce at the meeting the date and time of the opening and the closing of the polls for each matter upon which
the stockholders will vote at the stockholders’ meeting. Subject to Section 5.2 hereof, unless the Chairman or the officer
presiding over the Members’ meeting otherwise requires, stockholders need not vote by ballot on any question.

 

(b)          The
Chairman or the presiding officer at a Members meeting or a majority of the GSD LLC Shares of the Company present thereat, represented
in person or by proxy, may adjourn the meeting from time to time, whether or not there is a quorum. No notice of the time and place
of adjourned meetings need be given except as required by law. The Members present at a duly called meeting at which a quorum is
present may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less
than a quorum.

 

Section
12.8         Inspectors of Election.

 

At least two inspectors
of election shall be appointed by the Board to serve at each annual or special meeting of Members. Such inspectors may include
individuals who serve the Company in other capacities, including, without limitation, as officers, employees, agents or representatives.

 

The inspectors shall determine
the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum,
the validity and effect of proxies, and shall receive votes or consents, hear and determine all challenges and questions arising
in connection with the right to vote, count and tabulate all votes or consents, determine the result, and do such acts as are proper
to conduct the election or vote with fairness to all stockholders. If there are three or more inspectors, the act of a majority
shall govern. On request of the presiding officer or any stockholder entitled to vote thereat, the inspectors shall make a report
in writing of any challenge, question or matter determined by them. Any report made by them shall be prima facie evidence of the
facts therein stated, and such report shall be filed with the minutes of the meeting.

 

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Section 12.9         Action
of Members.

 

Except as otherwise provided
by law, the Articles of Organization, or this Agreement, in all matters other than the election of Directors, the affirmative vote
of a majority of the GSD LLC Shares present in person or represented by proxy at the meeting and entitled to vote on the matter
shall be the act of the Members.

 

Section
12.10       Notice of Member Proposal For Business Other Than Nominations.

 

(a)          For
business to be properly brought before an annual meeting by a Member or before a special meeting called at the request of a Qualified
Member (other than, in either case, the nomination of a person for election as a director, which is governed by Section 5.14),
the Member intending to propose the business at the annual meeting or the Qualified Member on whose behalf the special meeting
is called (each, a “Proponent”) must have given timely notice in writing to the Secretary of the Company of
the intention to propose such business and such business must otherwise be a proper matter for Member action. To be timely, such
notice shall be delivered to the Secretary at the principal executive offices of the Company (1) in the case of an annual meeting,
not later than the close of business on the 120th day nor earlier than the close of business on the 150th day prior to the first
anniversary of the preceding year’s annual meeting; provided, however, that in the event that the date of the annual meeting
is more than 30 days before or more than 60 days after such anniversary date, notice by the Member to be timely must be so delivered
not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on
the later of the 90th day prior to such annual meeting or the 10th day following the day on which public disclosure of the date
of such meeting is first made by the Company; (2) in the case of a special meeting called pursuant to Section 203.(i),(ii) or (iii)
of this Article II, not earlier than the close of business on the 120th day prior to the date of such special meeting and not later
than the close of business on the later of the 90th day prior to the date of such special meeting or the 10th day following the
date of public disclosure of the date of such special meeting; and (3) in the case of a special meeting called at the request of
a Qualified Member (other than, in either case, the nomination of a person for election as a director, which is governed by Sections
5.14), not earlier than the close of business on the 120th day prior to the date of such special meeting and not later than the
close of business on the 90th day prior to the date of such special meeting. In no event shall the public disclosure of an adjournment
of an annual meeting or special meeting (each, a “Member Meeting”) commence a new time period for the giving
of a Member’s notice as described above. (For purposes of this Agreement, public disclosure shall be deemed to include a
disclosure made in a press release reported by the Dow Jones News Services, Associated Press or a comparable national news service
or in a document filed by the Company with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)). A Proponent’s notice to the Secretary shall set
forth as to each matter the Proponent proposes to bring before the Member Meeting: (A) a brief description of the business desired
to be brought before the Member Meeting and the reasons for conducting such business at the Member Meeting, (B) the name and address
of the Proponent, and of any holder of record of the Proponent’s shares as they appear on the Company’s books, (C)
the class and number of shares of the Company which are owned by the Proponent (beneficially and of record) and owned by any holder
of record of the Proponent’s shares, as of the date of the Proponent’s notice, and a representation that the Proponent
will notify the Company in writing of

 

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the class and number of
such shares owned of record and beneficially as of the record date for the meeting promptly following the later of the record date
or the date notice of the record date is first publicly disclosed, (D) any material interest of the Proponent in such business,
(E) a description of any agreement, arrangement or understanding with respect to such business between or among the Proponent and
any of its affiliates or associates, and any others (including their names) acting in concert with any of the foregoing, and a
representation that the Proponent will notify the Company in writing of any such agreement, arrangement or understanding in effect
as of the record date for the meeting promptly following the later of the record date or the date notice of the record date is
first publicly disclosed, (F) a description of any agreement, arrangement or understanding (including any derivative or short positions,
profit interests, options, hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of the
Proponent’s notice by, or on behalf of, the Proponent or any of its affiliates or associates, the effect or intent of which
is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of the Proponent
or any of its affiliates or associates with respect to shares of stock of the Company, and a representation that the Proponent
will notify the Company in writing of any such agreement, arrangement or understanding in effect as of the record date for the
meeting promptly following the later of the record date or the date notice of the record date is first publicly disclosed, (G)
a representation that the Proponent is a holder of record or beneficial owner of shares of the Company entitled to vote at the
Member Meeting and intends to appear in person or by proxy at the meeting to propose such business, and (H) a representation whether
the Proponent intends to deliver a proxy statement and form of proxy to Members of the Company and/or otherwise solicit proxies
from Members in support of the proposal.

 

(b)          If
the chair of the Member Meeting determines that any business (other than the nomination of a person for election as a director,
which is governed by Sections 5.14) was not made in accordance with the applicable provisions of this Agreement, such business
shall not be transacted. Notwithstanding anything in this Agreement to the contrary, unless otherwise required by law, if a Proponent
intending to propose business at a Member Meeting pursuant to this Section 12.10 does not provide the information required under
subparagraphs (C), (E) and (F) of Section 12.10(a). to the Company promptly following the later of the record date or the date
notice of the record date is first publicly disclosed, or the Proponent (or a qualified representative of the Proponent) does not
appear at the meeting to present the proposed business, such business shall not be transacted, notwithstanding that proxies in
respect of such business may have been received by the Company. The requirements of this Section 12.10 shall apply to any business
to be brought before a Member Meeting by a Member (other than the nomination of a person for election as a director, which is governed
by Section 5.14) whether such business is to be included in the Company’s proxy statement pursuant to Rule 14a-8 of the Exchange
Act or presented to Members by means of an independently financed proxy solicitation. The requirements of this Section 12.10 are
included to provide the Company notice of a Member’s intention to bring business before a Member Meeting and shall in no
event be construed as imposing upon any Member the requirement to seek approval from the Company as a condition precedent to bringing
any such business before a Member Meeting.

 

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ARTICLE
XIII

GENERAL PROVISIONS

 

Section
13.1         Seal of the Company.

 

The seal of the Company
shall be circular in form and shall contain the name of the Company, the year “2013” and the words “Company Seal,
New York.”

 

Section
13.2         Fiscal Year. 

 

The fiscal year of the
Company shall begin on the first (1st) day of January in each year and end on the thirty-first (31st) day of December in each year.

 

Section
13.3         Emergency Provisions.

 

In the event of any state
of emergency, disaster or catastrophe (whether or not declared by the United States Government or the State of New York), and during
the continuance of such emergency, the following By-Laws provisions shall be in effect, notwithstanding any other provisions of
the By-Laws:

 

(a)          A
meeting of the Board or of any Committee thereof may be called by any officer or director upon one (1) hour’s notice to all
persons entitled to notice whom, in the sole judgment of the notifier, it is feasible to notify;

 

(b)          The
director or directors in attendance at the meeting of the Board or of any Committee thereof shall constitute a quorum; and

 

(c)          These
By-Laws may be amended or repealed, in whole or in part, by a majority vote of the directors attending any meeting of the Board,
provided such amendment or repeal shall only be effective for the duration of such state.

 

Section
13.4         Further Action.

 

The parties shall execute
and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to
achieve the purposes of this Agreement.

 

Section
13.5         Severability.

 

If any provision of this
Agreement is illegal or unenforceable as such, such illegality or unenforceability shall not affect any other provision of this
Agreement and such other provisions shall continue in full force and effect.

 

Section
13.6         Binding Effect.

 

This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives
and permitted assigns.

 

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Section 13.7         Integration.

 

This Agreement constitutes
the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings
pertaining thereto.

 

Section
13.8         Creditors.

 

None of the provisions
of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company.

 

Section
13.9         Waiver.

 

No failure by any party
to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right
or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or
condition.

 

Section
13.10         Counterparts.

 

This Agreement may be executed
in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all
such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately
upon affixing its signature hereto or, in the case of a Person acquiring a GSD LLC Share, upon receipt of such issuance or transfer.

 

Section
13.11         Applicable Law.

 

This Agreement shall be
construed in accordance with and governed by the laws of the State of New York without regard to principles of conflict of laws.

 

Section
13.12         Invalidity of Provisions.

 

If any provision of this
Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not be affected thereby.

 

Section
13.13         Consent of Members.

 

Each Member hereby expressly
consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or consent
of less than all of the Members, such action may be so taken upon the concurrence of less than all of the Members and each Member
shall be bound by the results of such action.

 

Section
13.14         Facsimile Signatures.

 

The use of facsimile signatures
affixed in the name and on behalf of the transfer agent and registrar of the Company is expressly permitted by this Agreement.

 

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Remainder of page intentionally
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IN WITNESS WHEREOF, this
Agreement has been executed as of the date first written above.

 

	 	GYRODYNE COMPANY OF 

AMERICA, INC.
	 	 	 
	 	By:	/s/ Frederick C. Braun III
	 	 	Name: Frederick C. Braun III
	 	 	Title: President and Chief Executive Officer

  

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[Signature Page to Amended and Restated LLC
Agreement of Gyro Special Distribution, LLC] 

 

    	51Exhibit 10.01

 

STOCK PURCHASE AGREEMENT

 

STOCK PURCHASE AGREEMENT (this “Agreement”),
dated as of December 24, 2013, by and between GREENESTONE HEALTHCARE CORPORATION, a Colorado corporation, (“Seller”)
with headquarters located at 5734 Yonge Street, Suite 300, North York, Ontario, Canada M2M 4E7 (the “Company”), and
Irwin Zalcberg, at 52118 Lake Park Drive, Grand Beach, Michigan 49117-8918 (the “Buyer”).

 

W I T N E S S E T H:

 

WHEREAS, Seller desires to sell to the
Buyer 1,000,000 of shares of Seller’s common stock (the “Common Stock”) and warrants to purchase common
stock (the “Warrants” and together with the Common Stock, the “Securities” or the “Units”);
and

NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby
mutually acknowledged, the parties agree as follows:

1.                 
Sale and Purchase of the Common Stock and Warrants.

1.1             
Sale and Purchase.

Subject to the terms and conditions of this
Agreement, Seller shall issue to Buyer, and Buyer shall purchase from Seller, for the Purchase Price per share of $0.85, for each
Unit consisting of 1 shares of Common Stock and 1 Warrant (a Form of which is provided hereto in Exhibit A.)

 

1.2             
Purchase Price and Payment.

(a)               
Purchase Price. The purchase price of one share of Common Stock shall be US$0.085 (the “Purchase Price”).
Each Warrant shall be exercisable for three years from the date of this agreement, at an exercise price of US$0.15 per share, and
shall be in the form of Exhibit C hereto.

(b)              
Payment of Purchase Price. Upon the execution of this Agreement, the Purchase Price for the Unit shall be delivered
by the Buyer via federal funds wire transfer(s) of immediately available funds, in accordance with written instructions on Exhibit
B. All funds received in connection with any purchase of Securities hereunder shall be deposited directly with the Seller.

2.                 
Closing. (a) The closing of the sale and purchase of the Securities hereunder (the “Closing”)
shall be deemed to take place at the offices of Seller, at 4:00 p.m., local time, on the date hereof, or at such later time or
date as the Buyer and Seller may mutually agree in writing. The date upon which the Closing shall occur is herein called the “Closing
Date”. (b) The Closing shall not take place until such time as the Buyer have agreed to purchase Securities for an aggregate
Purchase Price of $85,000.00.

3.                 
Representations and Warranties of Seller. Except as set forth on the disclosure schedules delivered
to Buyer herewith (the “Disclosure Schedules”) which includes the latest

    	 

    	 

    

filing of the Company
on its 3rd Quarter filed on Form 10-Q, also available at : www.SEC.gov and delivered to Buyer contemplated the Capitalization
Table provided herewith, Seller hereby represents and warrants to the Buyer as follows:

3.1             
Subsidiaries. Seller has no direct or indirect subsidiaries, other than anything disclosed in its SEC reports.

3.2             
Organization and Qualification. Seller is an entity duly incorporated or otherwise organized, validly existing and
in good standing under the laws of its state of organization, with the requisite power and authority to own and use its properties
and assets and to carry on its business as currently conducted. Seller is not in violation or default of any of the provisions
of its articles or certificate of incorporation or bylaws. Seller is duly qualified to conduct business and is in good standing
as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or
reasonably be expected to result in (i) a material adverse effect on the legality, validity or enforceability of any Transaction
Document, (ii) a material adverse effect on the results of operations, assets or business of Seller, or (iii) a material adverse
effect on Seller’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document
(any of (i), (ii) or (iii), a “Material Adverse Effect”) and to Seller’s Knowledge, no legal proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power
and authority or qualification. “Seller’s Knowledge” and “Knowledge Of Seller” shall
mean the actual knowledge of Seller’s executive officers after reasonable inquiry.

3.3             
Authorization; Enforcement. Seller has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The execution
and delivery of each of the Transaction Documents by Seller and the consummation by it of the transactions contemplated thereby
have been duly authorized by all necessary action on the part of Seller and no further action is required by Seller, its board
of directors or its stockholders in connection therewith.

3.4             
No Conflicts. The execution, delivery and performance of the Transaction Documents by Seller and the consummation
by Seller of the other transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision
of Seller’s articles or certificate of incorporation or bylaws

3.5             
Filings, Consents and Approvals. Seller is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other person in connection with the execution, delivery and performance by Seller of the Transaction Documents, other than filings
in compliance with U.S. federal and state securities laws and Canadian securities laws.

    	 

    	 

    

3.6             
Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the
applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed
by Seller other than restrictions provided for in the Transaction Documents. The Underlying Shares, when issued in accordance with
the terms of the Transaction Documents, will be validly issued, fully paid and nonassessable, such Securities will be restricted
securities, however, free and clear of all liens imposed by Seller other than restrictions provided for in the Transaction Documents.
Seller has reserved from its duly authorized capital stock a number of shares of Common Stock sufficient for the Warrants to be
exercised in full.

3.7             
Capitalization. The capitalization of Seller is as set forth in its SEC filings as provided and made available with
the Securities and Exchange Commission through EDGARD filings.

3.8             
Financial Statements. The audited financial statements of Seller as of December 30, 2012 are as set forth in the
10-K filed on March 31, 2013, and unaudited are also made available with the Company’s September 30, 2013 10-Q. Such financial
statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent
basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements
or the notes thereto and fairly present in all material respects the financial position of Seller as of and for the dates thereof
and the results of operations and cash flows for the periods then ended.

3.9             
Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the
Knowledge of Seller, threatened against or affecting Seller or any of its properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities
or (ii) could, if there were an unfavorable decision, have a Material Adverse Effect. Neither Seller nor any director or officer
thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities
laws or a claim of breach of fiduciary duty.

3.10         
Compliance. Seller (i) is not in default under or in violation of (and no event has occurred that has not been waived
that, with notice or lapse of time or both, would result in a default by Seller under), nor has Seller received notice of a claim
that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument
to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived),
(ii) is not in violation of any order of any court, arbitrator or governmental body, or (iii) to Seller’s Knowledge, is not
and has not been in violation of any statute, rule or regulation of any governmental authority, including without limitation all
foreign, federal, state and local laws applicable to its business and all such laws that affect the environment, except in each
case as could not have or reasonably be expected to result in a Material Adverse Effect.

    	 

    	 

    

3.11         
Regulatory Permits. To Seller’s Knowledge, Seller possesses all certificates, authorizations and permits issued
by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct its business as is presently conducted,
except where the failure to possess such permits could not have or reasonably be expected to result in a Material Adverse Effect
(“Material Permits”), and Seller has not received any notice of proceedings relating to the revocation or modification
of any Material Permit.

3.12         
Insurance. Seller is insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which Seller is engaged and for companies similar in size to
Seller. Seller has no reason to believe that Seller will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue Seller’s business without
a significant increase in cost.

3.13         
Private Placement. Assuming the accuracy of the Buyer’s representations and warranties set forth in the Transaction
Documents, no registration under the Securities Act of 1933, as amended (the “Act”), is required for the offer
and sale of the restricted Securities by Seller to the Buyer as contemplated hereby.

3.14         
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by Seller to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions
contemplated by the Transaction Documents. Aside from legal hourly expenses for outside the scope of its ongoing legal work to
its outside securities counsel JSBarkats, PLLC. The Buyer shall have no obligation with respect to any fees or with respect to
any claims made by or on behalf of other persons for fees of a type contemplated in this Section that may be due in connection
with the transactions contemplated by the Transaction Documents.

3.15         
No Disagreements with Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably
anticipated by Seller to arise, between Seller and the accountants and lawyers formerly or presently employed by Seller.

3.16         
No General Solicitation. Neither Seller nor any person acting on behalf of Seller has offered or sold any of the
Securities by any form of general solicitation or general advertising. Seller has offered the Securities for sale only to the Buyer
and certain other “accredited investors” within the meaning of Rule 501 under the Act.

3.17         
Acknowledgment Regarding Buyer’s Purchase of Securities. Seller acknowledges and agrees that the Buyer is acting
solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated
thereby. Seller further acknowledges that Buyer is not acting as a financial advisor or fiduciary of Seller (or in any similar
capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Buyer
or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated
thereby is merely incidental to the Buyer’s purchase of the Securities. Seller further represents to Buyer that Seller’s
decision to enter into the Transaction Documents has

    	 

    	 

    

been based solely
on the independent evaluation of the transactions contemplated hereby by Seller and its representatives.

4.                 
Representations and Warranties of Buyer. Buyer hereby represents and warrants to Seller as follows:

4.1             
Due Existence; Authority. If the Buyer is a company, it is a duly organized legal entity, validly existing and in
good standing under the laws of the state of its organization and has the requisite company power and authority to execute and
deliver this Agreement and to perform its obligations hereunder. If the Buyer is a partnership, syndicate or other form of unincorporated
organization, the Buyer has the necessary legal capacity and authority to execute and deliver this Agreement and to observe and
perform its covenants and obligations hereunder and has obtained all necessary approvals in respect thereof. If the Buyer is a
natural person, the Buyer has obtained the age of majority and has the legal capacity and competence to execute this Agreement.

4.2             
Enforceability. This Agreement has been duly executed and delivered by Buyer and is the valid and binding obligation
of the Buyer, enforceable against the Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy,
moratorium, insolvency, reorganization or other similar laws generally affecting the enforcement of creditors' rights, specific
performance, injunctive or other equitable remedies.

4.3             
Investment Representations. The Buyer is acquiring the Securities, and any capital stock issuable upon exercise of
the Securities, for the Buyer’s own account, for investment and not with a view to, or for sale in connection with, any distribution
of such securities or any part thereof. The Buyer (i) has such knowledge and experience in financial and business affairs that
it is capable of evaluating the merits and risks involved in purchasing the Securities, (ii) is able to bear the economic risks
(including, a complete loss) involved in purchasing the Securities and has the adequate means of providing for its current needs
and contingencies, (iii) has had the opportunity to ask questions of, and receive answers from, Seller and persons acting on Seller’s
behalf concerning Seller’s business, management, and financial affairs and the terms and conditions of the Securities.

4.4             
1933 SEC Act. The Buyer acknowledges that (i) it has received and had the opportunity to review the most recent corporate
filings with the SEC of the Seller, and (ii) it has reviewed the 10-K, including, without limitation, the description of business
and risk factors with respect to Seller as set forth in the 10-K. The Buyer acknowledges that all documents, records and books
pertaining to this investment have been made available for inspection by the Buyer, the Buyer’s attorney and/or the Buyer’s
accountant as set forth in Rule 502 of Regulation D under the Act and that all records and books of Seller were available during
reasonable business hours at Seller’s principal place of business. The Buyer and/or its adviser(s) have had a reasonable
opportunity to ask questions of and receive answers from Seller, or a person or persons acting on its behalf, concerning the terms
and conditions of the offering of the Securities, and to obtain additional information, to the extent possessed or obtainable without
unreasonable effort or expense. All such questions have been answered to the full satisfaction of the Buyer.

    	 

    	 

    

 

4.5             
Accredited Investor; Residence. The Buyer is an “accredited investor” as such term is defined in Rule
501 of Regulation D under the Act. The jurisdiction referred to under “Address” in Exhibit A attached hereto
is the Buyer’s residence or place of business and is not created or used solely for the purpose of acquiring the Securities
and the Buyer is not purchasing the Securities for the account or benefit of any person in any jurisdiction other than such jurisdiction;

4.6             
THE BUYER RECOGNIZES THAT AN INVESTMENT IN SELLER IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK, AND THAT PURCHASERS
OF SECURITIES COULD LOSE THEIR ENTIRE INVESTMENT.

4.7             
Certain Securities Matters. In reliance upon the Buyer’s representations and warranties in this Agreement,
neither the offering nor the sale of the Units has been registered under the Act or any state securities laws or regulations. The
Buyer was not offered or sold the Securities, directly or indirectly, by means of any form of general solicitation or general advertising,
including the following: (i) any advertisement, article, notice, or other communication published in any newspaper, magazine, or
similar medium or broadcast over television or radio; or (ii) to the knowledge of the Buyer, any seminar or meeting whose attendees
had been invited by any general advertising. The Buyer has not received or been provided with a prospectus, offering memorandum
or sales or advertising literature and the Buyer’s decision to purchase the Securities was not based upon and the Buyer has
not relied upon any verbal or written representations as to fact made by Seller or any other person but that the Buyer’s
decision was based upon the information about Seller that is publicly available.

4.8             
Liquidity. The Buyer must hold the Securities indefinitely unless the sale or transfer thereof is subsequently registered
under the Act or an exemption from such registration is available. The Buyer may not subsequently sell, assign, pledge, or otherwise
transfer the Securities except: (i) pursuant to an effective registration statement registering the securities under the Act and/or
applicable state securities laws, or (ii) pursuant to the opinion of JSBarkats PLLC as counsel, which is the only satisfactory
to Seller, that such registration under the Act and/or such state securities laws is not required to effect such subsequent sale,
assignment, pledge, or other transfer, and Buyer may need to comply with Section 16.

4.9             
Legend. The following legend referring to the foregoing restrictions will be set forth on certificates representing
the Securities, as set forth below:

THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT OF 1933.

    	 

    	 

    

 

4.10         
Certain Prohibited Persons. The Buyer is not a person or entity (a “Person”) with whom a United
States citizen, entity organized under the laws of the United States or its territories or entity having its principal place of
business within the United States or any of its territories (collectively, a “U.S. Person”) is prohibited from
transacting business of the type contemplated by this Agreement, whether such prohibition arises under United States law, regulation,
executive orders and lists published by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”)
(including those executive orders and lists published by OFAC with respect to Persons that have been designated by executive order
or by the sanction regulations of OFAC as Persons with whom U.S. Persons may not transact business or must limit their interactions
to types approved by OFAC (“Specially Designated Nationals and Blocked Persons”) or otherwise. Neither the Buyer
nor any Person who owns an interest in the Buyer (collectively, a “Purchaser Party”) is a Person with whom a
U.S. Person, including a United States Financial Institution as defined in 31 U.S.C. Section 5312, as amended (“Financial
Institution”), is prohibited from transacting business of the type contemplated by this Agreement, whether such prohibition
arises under United States law, regulation, executive orders and lists published by the OFAC (including those executive orders
and lists published by OFAC with respect to Specially Designated Nationals and Blocked Persons) or otherwise.

4.11         
Source of Funds. The Buyer has taken such measures as are required by law to assure that the funds used to pay to
Seller the Purchase Price are derived: (i) from transactions that do not violate United States law nor, to the extent such funds
originate outside the United States, do not violate the laws of the jurisdiction in which they originated; and (ii) from permissible
sources under United States law and to the extent such funds originate outside the United States, under the laws of the jurisdiction
in which they originated.

4.12         
Certain Legislation. To the best of the Buyer’s knowledge, neither the Buyer nor any Purchaser Party, nor any
Person providing funds to the Buyer: (i) is under investigation by any governmental authority for, or has been charged with, or
convicted of, money laundering, drug trafficking, terrorist related activities, any crimes which in the United States would be
predicate crimes to money laundering, or any violation of any Anti-Money Laundering Laws (as hereinafter defined); (ii) has been
assessed civil or criminal penalties under any Anti-Money Laundering Laws; or (iii) has had any of its funds seized or forfeited
in any action under any Anti-Money Laundering Laws. For purposes of this Section, the term “Anti-Money Laundering
Laws” shall mean laws, regulations and sanctions, state and federal, criminal and civil, that: (i) limit the use of and/or
seek the forfeiture of proceeds from illegal transactions; (ii) limit commercial transactions with designated countries or individuals
believed to be terrorists, narcotics dealers or otherwise engaged in activities contrary to the interests of the United States;
(iii) require identification and documentation of the parties with whom a Financial Institution conducts business; or (iv) are
designed to disrupt the flow of funds to terrorist organizations. Such laws, regulations and sanctions shall be deemed to include
the USA Patriot Act of 2001, Pub. L. No. 107-56 (the “Patriot Act”), the Bank Secrecy Act, 31 U.S.C. Section
5311 et. seq. (the “Bank Secrecy Act”), the Trading with the Enemy Act, 50 U.S.C. Appendix, the International
Emergency Economic Powers Act, 50 U.S.C. Section 1701 et. seq., and the sanction regulations promulgated pursuant thereto by the
OFAC, as well as laws relating to prevention and detection of money laundering in 18 U.S.C. Sections 1956 and 1957.

    	 

    	 

    

4.13         
Bank Act. The Buyer is in compliance with any and all applicable provisions of the Patriot Act including, without
limitation, amendments to the Bank Secrecy Act. If the Buyer is a Financial Institution, it has established and is in compliance
with all procedures required by the Buyer and the Bank Secrecy Act.

4.14         
Covenants of Purchasers Not to Short Stock. The Buyer, on behalf of itself and its affiliates, hereby covenants and
agree not to, directly or indirectly, offer to “short sell”, contract to “short sell” or otherwise “short
sell” the securities of Seller, including, without limitation, shares of Common Stock that will be received as a result of
the exercise of the Warrants.

5.                 
Further Assurances. Each of the parties shall, prior to or at the Closing, as may be appropriate, execute
such documents and other papers and take such other further actions as may be reasonably required to carry out the provisions hereof
and effectuate the transactions contemplated hereby. Each party shall use its commercially reasonable efforts to fulfill or obtain
the fulfillment of the conditions to its obligation to effect the Closing, including promptly obtaining any consents required in
connection herewith.

6.                 
Miscellaneous.

6.1             
Publicity. Subject to the requirements of the applicable securities laws, no publicity release or announcement concerning
this Agreement or the transactions contemplated hereby shall be issued without advance approval of the form and substance thereof
by the Buyer and Seller jointly and only after the filing of the report on Form 8-K.

6.2             
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been given
when delivered by hand or by facsimile transmission, when telexed, or upon receipt when mailed by registered or certified mail
(return receipt requested), postage prepaid, to the parties at the following addresses (or at such other address for a party as
shall be specified by like notice):

(i)If to Seller:

 

Attn: Sunny J.
Barkats, Esq.,

At F: 646-607-5544

 

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

 

Shawn Leon

President

GreeneStone Healthcare
Corporation

5734 Yonge Street,
Suite 300

Toronto, Ontario

M2M 4E7

    	 

    	 

    

 

(ii)If to the Buyer: to:

 

Irwin Zalcberg

52118 Lake Park
Drive

Grand Beach,
Michigan

49117-8918

 

6.3             
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting
in the County of New York, State of New York. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in the County of New York, State of New York for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court. Each party hereto hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Agreement or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any
provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for
its attorneys fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or
proceeding.

6.4             
Expenses. Seller and the Buyer shall, bear their respective expenses incurred in connection with the negotiation,
preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including,
without limitation, all fees and expenses of agents, representatives, counsel, brokers or finders, and accountants.

6.5             
Acknowledgment; Waiver of Conflicts. Buyer acknowledges that: (a) it has read this Agreement; (b) it has been
represented in the preparation, negotiation and execution of this Agreement by legal counsel of its own choice or has voluntarily
declined to seek such counsel; and (c) it understands the terms and consequences of this Agreement and is fully aware of the legal
and binding effect of this Agreement. Buyer understands that Seller has been represented in the preparation, negotiation and execution
of this Agreement by JSBARKATS PLLC,

    	 

    	 

    

counsel to Seller,
and that JSBARKATS PLLC has not represented Buyer or any stockholder, director or employee of Seller or any Investor in the preparation,
negotiation and execution of this Agreement. Buyer and Seller acknowledge that JSBARKATS PLLC has in the past represented and is
now or may in the future represent Buyer or its affiliates in matters unrelated to the transactions contemplated by this Agreement,
including the representation of such Buyer or their affiliates in matters of a nature similar to those contemplated by this Agreement.
Buyer and Seller hereby acknowledges that it has had an opportunity to ask for and has obtained information relevant to such representation,
including disclosure of the reasonably foreseeable adverse consequences of such representation, and hereby waives any conflict
arising out of such representation with respect to the matters contemplated by this Agreement.

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on the date first above written.

	 	
        Seller: GreeneStone Healthcare Corporation

         

        By:

        

        

        Name:Shawn Leon

        Title:President

	 	
         

        Buyer: Irwin Zalcberg

         

        By:

        Name:Irwin Zalcberg

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

APPENDIX A

 

THIS APPENDIX MUST BE COMPLETED BY BUYER
THAT IS RESIDENT IN THE UNITED STATES OF AMERICA

 

 

NAME OF BUYER: Irwin Zalcberg

 

I.PLEASE INITIAL THE SPACE AFTER THE DEFINITION OF “ACCREDITED
INVESTOR” THAT APPLIES TO YOU. (ONLY ONE SPACE NEEDS TO BE INITIALED.)

 

(i)                
Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase
exceeds $1,000,000._________________

(For purposes
of calculating an investor’s net worth, “net worth” is defined as the difference between total assets and total
liabilities, including home, home furnishings, and personal automobiles.)

 

(ii)              
Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income
with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same
income level in the current year. __________

(iii)            
Any entity in which all of the equity owners are accredited investors. __________

II.Please indicate the form of ownership desired for the
Securities:

 

_______ Individual (one signature required)

 

_______ Joint Tenants with right of survivorship
(both parties must sign)

 

_______ Tenants by the Entirety (both parties
must sign)

 

_______ Tenants in Common (all parties must
sign)

 

_______ Limited Liability Company (signature
of authorized party or parties required)

 

 

III. _____________________________________________________________________________

Please PRINT here the exact name Buyer desires for registration
of the Securities.

 

    	 

    	 

    

 

EXHIBIT B

 

WARRANT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

EXHIBIT C

 

WIRE TRANSFER INSTRUCTIONS

 

 

 

Beneficiary Name:Greenestone Healthcare Corporation

5734 Yonge Street

Suite 300

Toronto, Ontario

M2M 4E7

416 222 5501

 

Beneficiary Bank:BMO Bank of Montreal

2851 John Street, Unit 300

Markham, Ontario

L3R 5R7

Swift code:BOFMCAM2

Credit Account Number : 29494791161

 

Pay Through:Wells Fargo Bank

375 Park Avenue

New York, NY

Swift Code: PNBPUS3NNYC

ABA# 026005092

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