Document:

Exhibit 10.25

 

REPRESENTATION,
WARRANTY AND INDEMNITY AGREEMENT

 

This REPRESENTATION,
WARRANTY AND INDEMNITY AGREEMENT (this “Agreement”) is made and entered into as of May ___, 2019, and is effective
as of the Closing Date (as defined herein), by and among Postal Realty Trust, Inc., a Maryland corporation (the “REIT”),
Postal Realty LP, a Delaware limited partnership and subsidiary of the REIT (the “Operating Partnership”, and
together with the REIT, the “Acquirer”), and Andrew Spodek (the “Principal”). Certain capitalized
terms used herein are defined in Section 4.2 hereof.

 

RECITALS

 

WHEREAS, the
Principal owns, directly or indirectly, record and beneficial ownership interests in each of the entities described on Schedule I
attached hereto and incorporated by this reference (the “Tier 1 Contributed Entities”), which Contributed Entities
are the direct or indirect owners of the respective properties described on Schedule I (each, a “Tier 1 Contributed
Property,” and collectively, the “Tier 1 Contributed Properties”);

 

WHEREAS, the
Principal is the sole shareholder and Chief Executive Officer of Nationwide Postal Management, Inc., a New York corporation that
provides property management services to each of the Tier 1 Properties and each of the respective properties described on Schedule
II (each a “Tier 2 Property,” and together with the Tier 1 Properties, the “Properties”),
and as such, Principal is familiar with the condition, history and operations of each of the Properties;

 

WHEREAS, the
REIT intends to enter into agreements to acquire directly and, through the Operating Partnership or one or more other subsidiaries
of the REIT or the Operating Partnership, ownership of the Properties through the acquisition of the Contributed Entities and through
direct acquisition of certain of the Properties;

 

WHEREAS, concurrently
with the execution of this Agreement, the Operating Partnership is entering into separate contribution agreements with the Principal
and contribution agreements and purchase and sale agreements with the other owners of record and beneficial ownership interests
of the Contributed Entities (the “Contributed Interests”) (the Principal and such other owners, each, a “Contributor”
and collectively, the “Contributors,” and such agreements, each, a “Contribution Agreement”
and collectively, the “Contribution Agreements”), pursuant to which each Contributor shall contribute to the
Operating Partnership, or a wholly-owned subsidiary of the Operating Partnership, all of the Contributor’s right, title and
interest in the applicable Contributed Entities, and the Operating Partnership, or such subsidiary, as applicable, shall acquire
from each Contributor all of each Contributor’s right, title and interest as a holder of interests in the Contributed Entities
and in certain instances shall acquire from Contributors fee simple title to Properties owned other than through Contributed Interests
;

 

WHEREAS, capitalized
terms used but not elsewhere defined in this Agreement shall have the meaning ascribed to such terms in Section 4.2
hereof;

 

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WHEREAS, the
Formation Transactions (as defined herein) relate to the proposed underwritten initial public offering (the “IPO”)
of shares of Class A common stock, par value $0.01 per share of the REIT (the “REIT Shares”), following which
the REIT will operate as a self-administered and self-managed real estate investment trust within the meaning of Section 856
of the Code;

 

WHEREAS, the
Principal, through his direct and indirect ownership of the Contributed Interests, will materially benefit from the Formation Transactions;
and

 

WHEREAS, in
order to induce the Acquirer to enter into the Formation Transaction Documentation, the Principal has agreed to provide certain
representations, warranties and indemnities as set forth herein.

 

NOW, THEREFORE,
for and in consideration of the foregoing and the representations, warranties, covenants and other terms contained in this Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound hereby, agree as follows:

 

ARTICLE
I

REPRESENTATION AND WARRANTIES

 

Except as disclosed
in the Prospectus or in the schedules referenced in this Article I and attached hereto, the Principal represents and
warrants to the each of the REIT and the OP as follows, as of the date hereof and as of the Closing Date:

 

1.1           Organization;
Authority. (a) Each of the Tier 1 Contributed Entities and each Subsidiary has been duly organized and is validly existing
and in good standing under the Laws of its jurisdiction of organization and has all requisite power and authority to carry out
the transactions contemplated by the Formation Transaction Documentation (as defined herein), and to own, lease and/or operate
each Property owned, leased and/or operated by it and to carry on its business as presently conducted. Each Tier 1 Contributed
Entity and each Subsidiary, to the extent required under applicable Laws, is qualified to do business and is in good standing in
each jurisdiction in which the nature of its business or the character of its Properties make such qualification necessary, other
than such failures to be so qualified as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The partnership agreement, limited liability company agreement, operating agreement, Articles of Incorporation,
Charter or Bylaws, as applicable, of each Tier 1 Contributed Entity and each subsidiary, as may have been amended from time to
time, (each a “Governing Agreement” and collectively, the “Governing Agreements”) a complete
and accurate copy of which has been delivered to the Operating Partnership and its counsel, is in force and effect as of the date
hereof, and has not been further modified or amended.

 

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  (b)          Schedule
1.1(b) sets forth as of the date hereof with respect to each Tier 1 Contributed Entity (i) the owners of all the ownership
interests of the Tier 1 Contributed Entity and its Subsidiaries, (ii) the ownership interest of each Tier 1 Contributed Entity
in each Subsidiary, if any, and, if not wholly owned by a Tier 1 Contributed Entity, the identity and ownership interest of
each of the other owners of such Subsidiary, and (iii) each Property owned by each Tier 1 Contributed Entity or its Subsidiaries.
There are no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive rights relating to the Contributed
Interests or any equity interest in the Tier 1 Contributed Entities, or any other security convertible into or exchangeable for
such equity interests.

 

1.2           Due
Authorization. Each agreement, document and instrument included in or contemplated by the Formation Transaction Documentation
and executed and delivered by or on behalf of any Tier 1 Contributed Entity constitutes, or when executed and delivered will constitute,
the legal, valid and binding obligation of such Tier 1 Contributed Entity, each enforceable against such Tier 1 Contributed Entity
in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’
rights and general principles of equity.

 

1.3           Consents
and Approvals. Except as shall have been obtained or satisfied on or prior to the Closing Date, no consent, waiver, approval,
authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any Person or
Governmental Authority or under any applicable Laws is required to be obtained by any Tier 1 Contributed Entity or Subsidiary in
connection with the execution, delivery and performance of any of the agreements or documents included in or contemplated by the
Formation Transaction Documentation and the transactions contemplated hereby and thereby.

 

1.4           No
Violation. None of the execution, delivery or performance of any agreement or document included in or contemplated by the Formation
Transaction Documentation nor the transactions contemplated hereby and thereby does or will, with or without the giving of notice,
lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right
of termination, acceleration, cancellation or other right under, (A) the Governing Agreements of any Tier 1 Contributed Entity
or Subsidiary, (B) any agreement, document or instrument to which such Tier 1 Contributed Entity or Subsidiary or any of their
respective assets or properties (including the Properties) is bound or (C) any term or provision of any judgment, order, writ,
injunction, or decree binding on such Tier 1 Contributed Entity or any Subsidiary.

 

1.5           Capitalization.
All of the issued and outstanding equity interests of each Tier 1 Contributed Entity and Subsidiary are duly authorized, validly
issued and fully paid and are not subject to preemptive rights or appraisal, dissenters’ or other similar rights under the
Governing Agreements of or any contract to which any Tier 1 Contributed Entity or its Subsidiaries is a party or otherwise bound.

 

1.6           Licenses
and Permits. All notices, licenses, permits, certificates and authorizations required for the continued use, occupancy, management,
leasing and operation of the Properties have been obtained, are in full force and effect, are in good standing and (to the extent
required in connection with the transactions contemplated by the Formation Transaction Documentation) are assignable to the Operating
Partnership. No Tier 1 Contributed Entity, or Subsidiary or, to the Principal’s knowledge, any Contributor or third party
has taken any action that (or failed to take any action the omission of which) would result in the revocation of any such notice,
license, permit, certificate or authorization where such revocation or revocations would, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, nor has any of them received any written notice of violation from any Governmental
Authority or written notice of the intention of any entity to revoke any of such notice, license, permit, certificate or authorization,
that in each case has not been cured or otherwise resolved to the satisfaction of such Governmental Authority except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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1.7           Litigation.
Except for actions, suits or proceedings fully covered by policies of insurance, there is no action, suit or proceeding pending
or, to the Principal’s knowledge, threatened against any Tier 1 Contributed Entity or any Contributor, Subsidiary or Property,
which, if adversely determined, would, individually or together with all such other actions, reasonably be expected to have a Material
Adverse Effect. There is no action, suit or proceeding pending or, to the Principal’s knowledge, threatened against any Contributed
Entity, Subsidiary or any Contributor which challenges or impairs the ability of any Contributed Entity, Subsidiary or any Contributor
to execute or deliver, or perform its obligations under any of the Formation Transaction Documentation or to consummate the transactions
contemplated hereby and thereby. There is no judgment, decree, injunction, or order of a Governmental Authority outstanding against
any Tier 1 Contributed Entity or Subsidiary or, to the Principal’s knowledge, any officer, director, principal, managing
member, or general partner of any of the foregoing in their capacity as such, or, to the Principal’s knowledge, any Contributor
which would reasonably be expected to have a Material Adverse Effect. No Contributed Entity or Subsidiary has received any written
notice of any pending or threatened proceedings for the rezoning (i.e., as opposed to the current zoning) of any Property or any
portion thereof which would substantially and materially impair the current or proposed use thereof.

 

1.8           Compliance
With Laws. Each Contributed Entity and its Subsidiaries has conducted its business and maintained its Property in compliance
with all applicable Laws, except for such failures that would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. None of the Contributed Entities or Subsidiaries nor, to the Principal’s knowledge, any Contributor
or third party has been informed in writing of any continuing violation of any such Laws or that any investigation has been commenced
and is continuing or is contemplated respecting any such possible violation, except in each case for violations that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

1.9           Properties.

 

  (a)          Each
Property is the subject of a policy of title insurance reflecting the respective Contributor as the owner of such Property, and,
to the Principal’s knowledge, such owner is the owner of, directly or indirectly, by fee simple estate or otherwise, of such
Property, in each case free and clear of all Liens, except for Permitted Liens (as defined herein).

 

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  (b)          Except
for matters that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (1) no
Contributed Entity, nor Subsidiary, nor any other party to any material agreement affecting any Property (other than a Lease (as
such term is hereinafter defined) for space within such Property, but including any agreement that constitutes a Permitted Lien),
is in breach or default of any such agreement, (2) to the Principal’s knowledge, no event has occurred or has been threatened
in writing, which with or without the passage of time or the giving of notice, or both, would, individually or together with all
such other events, constitute a default under any such agreement, or would, individually or together with all such other events,
reasonably be expected to cause the acceleration of any material obligation of any party thereto or the creation of a Lien upon
any asset of any Contributed Entity or Subsidiary, except for Permitted Liens, or otherwise reasonably be expected to have a Material
Adverse Effect and (3) all agreements affecting any Property required for the continued use, occupancy, management, leasing
and operation of such Property (exclusive of space Leases) are valid and binding and in full force and effect, subject to applicable
bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general principles of equity.

 

  (c)          To
the Principal’s knowledge, as presently conducted, none of the operation of the buildings, fixtures and other improvements
comprising a part of any Property is in violation of any applicable building code, zoning ordinance or other “land use”
Law.

 

  (d)          Each
Contributed Entity holds the lessor’s interest under a lease with the United States Postal Service (collectively, for all
of the Properties, the “Leases”) as described in the Registration Statement on Form S-11 filed by the REIT with
the Securities and Exchange Commission in connection with the IPO. . Except for matters that would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, (1) no Contributed Entity, nor any Subsidiary, nor, to
the Principal’s Knowledge, any other party to any Lease, is in breach or default of any such Lease, (2) to the Principal’s
knowledge, no event has occurred or has been threatened in writing, which with or without the passage of time or the giving of
notice, or both, would, individually or together with all such other events, constitute a default under any Lease, or would permit
termination, modification or acceleration under the Lease, and (3) to the Principal’s knowledge, each of the Leases
is valid and binding and in full force and effect, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws
relating to creditors’ rights and general principles of equity. To the Principal’s Knowledge, no lessee under any of
such Leases is presently the subject of any voluntary or involuntary bankruptcy or insolvency proceedings.

 

1.10         Existing
Loans. Schedule 1.10 lists, as of the date hereof, all (i) secured loans encumbering the Properties or any direct
or indirect interest in the applicable Property Entity or Contributed Entity and (ii) any other indebtedness of any Contributed
Entity or Subsidiary (collectively, the “Disclosed Loans”) and the outstanding aggregate principal balance as
of the date set forth on Schedule 1.10. To the Principal’s knowledge, no monetary default (beyond applicable notice
and cure periods) by any party exists under any of the Disclosed Loans and the documents entered into in connection therewith (collectively,
the “Disclosed Loan Documents”) and no non-monetary default (beyond applicable notice and cure periods) by any
party exists under any of the Disclosed Loan Documents.

 

1.11         Insurance.
Each Property Entity or Contributed Entity or its Subsidiaries has in place the public liability, casualty and other insurance
coverage with respect to each Property owned, leased and/or managed by it as the Principal reasonably deems necessary and in all
cases including such coverage as is required under the terms of any loan or Lease. Each of the insurance policies with respect
to each Property is in full force and effect in all material respects and all premiums due and payable thereunder have been fully
paid when due. To the Principal’s knowledge, no Property Entity or Contributed Entity nor any of the Contributors has received
from any insurance company any notices of cancellation or intent to cancel any insurance.

 

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1.12         Environmental
Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, (A) each Property Entity, Contributed Entity and its Subsidiaries is in compliance with all applicable Environmental
Laws, (B) no Property Entity, Contributed Entity nor, to the Principal’s knowledge, any of the Contributors has received
any written notice from any Governmental Authority or third party alleging that such Property Entity, Contributed Entity, Subsidiary
or any Property is not in compliance with applicable Environmental Laws, and (C) there has not been a release of a hazardous
substance on any Property that would require investigation or remediation under applicable Environmental Laws.

 

1.13         Eminent
Domain. There is no existing, or to the Principal’s knowledge, proposed or threatened condemnation, eminent domain or
similar proceeding, or private purchase in lieu of such a proceeding which would affect any of the Properties.

 

1.14         Taxes.
Except as set forth in Schedule 1.14:

 

  (a)          Each
Contributed Entity and Subsidiary has timely and properly filed all Tax returns and reports required to be filed by it (after giving
effect to any filing extension properly granted by a Governmental Authority having authority to do so), and all such returns and
reports are accurate and complete in all material respects, and has timely paid (or had timely paid on its behalf) all Taxes as
required to be paid by it.

 

  (b)          No
deficiencies for any Taxes have been proposed, asserted, assessed or, to the Principal’s knowledge, threatened against any
Contributed Entity or Subsidiary, and no requests for waivers of the time to assess any such Taxes are pending.

 

  (c)          No
Contributed Entity or Subsidiary holds any asset the disposition of which would be subject to rules similar to Section 1374 of
the Code; and no Property Entity, Contributed Entity or Subsidiary has requested or received any ruling from the IRS or comparable
rulings from other taxing authorities or has entered into any “closing agreement” as described in Section 7121 of the
Code or similar arrangement. There are no liens or encumbrances for Taxes on any Property, other than liens or encumbrances for
Taxes not yet due and payable, and no action, proceeding or investigation has been instituted against any Property, Contributed
Entity or Subsidiary or, to the Principal’s knowledge, any Contributor that would give rise to any such liens or encumbrances.
Each Contributed Entity and Subsidiary has withheld and paid all Taxes required to have been withheld and paid in connection with
any amounts paid or owing to any employee, independent contractor, creditor, member or other third party, and all Forms W-2 and
1099 required with respect thereto have been properly completed and timely filed.

 

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  (d)          There
are no pending or, to the Principal’s knowledge, threatened audits, assessments or other actions for or relating to any liability
in respect of income or material non-income Taxes of any Property Entity, Contributed Entity or Subsidiary, there are no matters
under discussion with any Tax authority with respect to income or material non-income Taxes that are likely to result in an additional
liability for Taxes with respect to any Property Entity, Contributed Entity or Subsidiary and no Property Entity, Contributed Entity
or Subsidiary is, or has ever been, a party to or bound by any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement
or similar contract.

 

  (e)          At
all times since its formation, each S Corp (including any “predecessor corporation” (within the meaning of Treasury
Regulations Section 1.1374-1(e)) to such S Corp) has continuously qualified as an “S corporation” within
the meaning of Section 1361(a)(1) of the Code and all applicable corresponding provisions of state and local law, and no Tax authority
has claimed in writing that such S Corp does not qualify as an S corporation.

 

  (f)          No
C Corp has any current or accumulated earnings and profits.

 

  (g)         Since
its formation, for U.S. federal income tax purposes, each Property Entity, Contributed Entity and Subsidiary, other than any
S Corp or C Corp, has been treated as a partnership or a disregarded entity and not as a corporation or an association
taxable as a corporation. Schedule 1.14(h)(i) sets forth each Property Entity, Contributed Entity and Subsidiary that
is treated as a partnership for U.S. federal income Tax purposes, and except as set forth in Schedule 1.14(h)(i),
each such entity has always been treated as a partnership for U.S. federal and applicable state and local income Tax
purposes. Schedule 1.14(h)(ii) sets forth each Property Entity, Contributed Entity and Subsidiary that is treated as
an entity disregarded from its owner for U.S. federal income Tax purposes, and except as set forth in Schedule
1.14(h)(ii), each such entity has always been treated as an entity disregarded from its owner for U.S. federal and
applicable state and local income Tax purposes.

  

 (h)          The
amount of Cash Consideration does not exceed the amount of “preformation expenditures” that may be reimbursed with
respect to such properties under Section 1.707-4(d) of the Treasury Regulations without causing such amounts to fall within Section
1.707-3(a) of the Treasury Regulations.

 

 (i)           Any
and all indebtedness to be assumed by the Operating Partnership or any of its affiliates (other than the Minnesota loan and the
Reynoldsburg loan) are “qualified liabilities” within the meaning of Treasury Regulation Section 1.707-5(a)(5). 
No inference is intended regarding the treatment of the Minnesota loan or the Reynoldsburg loan.

 

1.15         Non-Foreign
Status. None of the Contributors or Contributed Entities is a foreign person (as defined in Section 1445(f) or Section 1446(f)
of the Code).

 

1.16         Bankruptcy.
No bankruptcy or similar insolvency proceeding has been filed, or is currently contemplated or, to the Principal’s knowledge,
threatened, with respect to any Contributed Entity, Subsidiary or any lessee under any of the Leases.

 

1.17         Employees.
No Contributed Entity nor Subsidiary has or has ever had any employees. No Contributed Entity nor Subsidiary is delinquent in payments
to any employees, consultants or independent contractors for any wages, salaries, commissions, bonuses, or other direct compensation
for any service performed or amounts required to be reimbursed to employees, consultants or independent contractors. Each Contributed
Entity and Subsidiary has, to the extent applicable:

 

  (a)          complied
in all material respects with all applicable laws related to employment;

 

  (b)          withheld
and paid to the appropriate governmental entity or is holding for payment not yet due to such governmental entity all amounts required
to be withheld from employees; and

 

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  (c)          no
policy, practice, plan or program of paying severance or pay or any form of severance compensation in connection with the termination
of employment service and no agreement pursuant to which it would be required to pay severance to any director, officer, employee
or consultant.

 

1.18         Contracts
and Commitments. Except as set forth in the Governing Agreements of each Contributed Entity, no Contributed Entity nor Subsidiary
is a party to any agreements for the sale of its assets, for the grant to any Person of any preferential right to purchase any
such assets or the acquisition of any operating business, assets or capital stock of any other corporation, entity or business,
other than in the ordinary course of business.

 

ARTICLE
II

 

NATURE
OF REPRESENTATIONS AND WARRANTIES

 

2.1           Survival
of Representations and Warranties. All representations and warranties contained in this Agreement shall survive after the effective
time of the contributions and other Formation Transactions contemplated in the Formation Transaction Documentation until the first
anniversary of the Closing Date (the “Expiration Date”). If written notice of a claim in accordance with Section 3.2
has been given prior to the Expiration Date, then the relevant representation or warranty shall survive, but only with respect
to such specific claim, until such claim has been finally resolved. Any claim for indemnification not so asserted in writing by
the Expiration Date may not thereafter be asserted and shall forever be waived. Notwithstanding the foregoing, claims for indemnification
resulting from breaches of the representations in Section 1.14 may be asserted until the expiration of the applicable
statute of limitations.

 

ARTICLE
III

INDEMNIFICATION

 

3.1           Indemnification
of Acquirer. The Principal agree to indemnify and hold harmless the REIT, the Operating Partnership and each of their directors,
officers, employees, partners, agents and representatives (each, an “Indemnified Party” and collectively, the
“Indemnified Parties”), under the terms and conditions of this Agreement, from and against any and all Losses
arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Parties in connection with or as a
result of any breach of a representation or warranty contained in Article I of this Agreement (subject to any indemnification
claim being made prior to the Expiration Date and the survival limitations set forth in Section 2.1 hereof) (collectively,
the “Indemnified Losses”); provided, the Indemnified Parties shall only be entitled to indemnification for breaches
of representations and warranties made pursuant to Article I of this Agreement to the extent that the Indemnified Losses
with respect to such breaches exceed, in the aggregate, one percent (1.0%) of the aggregate consideration paid by the Acquirer
for the Contributed Interests (for purposes of such calculation, units of limited partnership interest in the Operating Partnership,
REIT Shares and shares of Class B Common Stock of the REIT (“Class B Stock”) shall have a value per share or unit equal
to the IPO Price)(the “Deductible”). The Principal shall only be liable for Indemnified Losses (after giving
effect to, and only for amounts in excess of, the Deductible) up to the Maximum Indemnity Amount.

 

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3.2           Claims.

 

  (a)          At
the time when either the REIT or the Operating Partnership learns of any potential claim for Indemnified Losses under this Agreement
(a “Claim”), it will promptly give written notice (a “Claim Notice”) to the Principal; provided
that the failure to so notify the Principal shall not prevent recovery under this Agreement, except to the extent that the Principal
shall have been materially prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to
the Indemnified Party giving rise to such Claim. The Indemnified Party shall deliver to the Principal, promptly after the Indemnified
Party’s receipt thereof, copies of all notices and documents (including court papers) received by such Indemnified Party
relating to a Third Party Claim (as defined below); provided that failure to do so shall not prevent recovery under this Agreement,
except to the extent that the Principal shall have been materially prejudiced by such failure. Any Indemnified Party may at its
option demand indemnity under this Article III as soon as a Claim has been threatened by a third party, regardless
of whether an actual Loss has been suffered, so long as the Indemnified Party shall in good faith determine that such claim is
not frivolous and that the Indemnified Party may be liable for, or otherwise incur, a Loss as a result thereof.

 

  (b)          The
Principal shall be entitled, at his own expense, to elect to assume and control the defense of any Claim based on claims asserted
by third parties (“Third Party Claims”), through counsel chosen by the Principal and reasonably acceptable to
the Indemnified Parties, if the Principal gives written notice of his intention to do so to the REIT within twenty (20) days following
the receipt of the applicable Claim Notice; provided, however, that the Indemnified Parties may at all times participate in such
defense at their own expense. Without limiting the foregoing, in the event that the Principal exercises the right to undertake
any such defense against a Third Party Claim, the Indemnified Party shall cooperate with the Principal in such defense and make
available to the Principal, at the Principal’s expense, all witnesses, pertinent records, materials and information in the
Indemnified Party’s possession or under such Indemnified Party’s control relating thereto as is reasonably required
by the Principal. No compromise or settlement of such Third Party Claim may be effected by either the Indemnified Party, on the
one hand, or the Principal, on the other hand, without the other party’s consent (which shall not be unreasonably withheld
or delayed) unless (i) there is no finding or admission of any violation of Law and no effect on any other claims that may
be made against such other party, (ii) each Indemnified Party that is party to such claim is released from all liability with
respect to such claim, and (iii) there is no equitable order, judgment or term that in any manner affects, restrains or interferes
with the business of the Indemnified Party that is party to such claim or any of its Affiliates. Notwithstanding the foregoing,
if the compromise or settlement of such Third Party Claim could reasonably be expected to adversely affect the status of the REIT
as a real investment trust within the meaning of Section 856 of the Code, then the REIT shall make such decision to compromise
or settle the Third Party Claim without the need to obtain the Principal’s consent.

 

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3.3           Delivery
of Indemnity Amounts. Upon resolution of any disputed Claim or portion of a Claim as evidenced by (x) a written agreement between
the Acquirer and the Principal or (y) a final award of an arbitral tribunal in accordance with this Agreement, the Principal
shall deliver the amount of the indemnification to the Indemnified Party. Indemnity payments may be made by the Principal in the
form of cash, REIT Shares, Class B Stock or OP Units. To the extent indemnification is made through delivery by the Principal of
REIT Shares, Class B Stock or OP Units, such REIT Shares, Class B Stock or OP Units shall be valued at an amount per REIT Share,
share of Class B Stock or OP Unit equal to the IPO Price. The Principal hereby authorizes the REIT, as general partner of the Operating
Partnership, to take all such action as may be necessary to amend the stock ownership records of the REIT and the partnership agreement
of the Operating Partnership, and any exhibits or schedules thereto, and to reflect the delivery of any REIT Shares, Class B Stock
or OP Units by the Principal as an indemnification payment hereunder and to reflect that the Principal has no further right, title
or interest with respect to any such REIT Shares or OP Units.

 

3.4           Exclusive
Remedy. The sole and exclusive remedy for Indemnified Parties with respect to any and all claims relating to a breach of this
Agreement (other than breaches arising out of or in connection with fraud) shall be indemnification in accordance with the terms
of this Agreement. The Principal shall not be liable or obligated to make payments under this Agreement in excess of the Maximum
Indemnity Amount (as defined herein).

 

3.5           Characterization
of Payments. Any indemnity payments shall constitute an adjustment of the contribution consideration received by the Principal
pursuant to his Contribution Agreement for Tax purposes and shall be treated as such by all parties on their tax returns to the
extent permitted by Law.

 

ARTICLE
IV

GENERAL PROVISIONS

 

4.1           Notices.
All notices and other communications under this Agreement shall be in writing and shall be deemed given (i) when delivered
personally, (ii) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid,
(iii) one (1) Business Day after being sent by a nationally recognized overnight courier or (iv) transmitted by facsimile
if confirmed within twenty four (24) hours thereafter by a signed original sent in the manner provided in clause (i), (ii)
or (iii) to the parties at the following addresses (or at such other address for a party as shall be specified by notice from such
party): If to the REIT or the Operating Partnership, to: Postal Realty LP, 75 Columbia Avenue, Cedarhurst, NY 11516, Attention:
Jeremy Garber; if to the Principal, to: 75 Columbia Avenue, Cedarhurst, NY 11516], Attention: Andrew Spodek.

 

4.2           Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

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

 

    	 	10	 

     

    

 

  (b)          “Business
Day” means any day that is not a Saturday, Sunday or legal holiday in the State of New York.

 

  (c)          “C
Corp” means the entities listed on Schedule 4.2(c).

 

  (d)          “Closing
Date” means the closing date of the transactions contemplated by the Formation Transaction Documents.

 

  (e)          “Code”
means the Internal Revenue Code of 1986, as amended, together with the rules and regulations promulgated or issued thereunder.

 

  (f)          “Environmental
Laws” means all federal, state and local Laws governing pollution or the protection of human health or the environment.

 

  (g)          “Formation
Transaction Documentation” means all of the Contribution Agreements, this Agreement and related documents and agreements
pursuant to which all of the Contributed Entities and/or the equity interests in the Contributed Entities and the Property Entities,
and the Properties are to be acquired by the REIT or the Operating Partnership, directly or indirectly, as part of the Formation
Transactions.

 

  (h)          “Formation
Transactions” means the transactions contemplated by this Agreement and the other Formation Transaction Documentation.

 

  (i)          “GAAP”
means generally accepted accounting principles, as in effect in the United States of America as of the date of determination.

 

  (j)          “Governmental
Authority” means any government or agency, bureau, board, commission, court, department, official, political subdivision,
tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign.

 

  (k)          “IPO
Price” means the public offering price set forth on the cover of the final prospectus for the IPO.

 

  (l)          
“Laws” means laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions, decrees
and policies of any Governmental Authority, including, without limitation, zoning, land use or other similar rules or ordinances.

 

  (m)          “Liens”
means all pledges, claims, liens, charges, restrictions, controls, easements, rights of way, exceptions, reservations, leases,
licenses, grants, covenants and conditions, encumbrances and security interests of any kind or nature whatsoever.

 

  (n)          “Losses”
means charges, complaints, claims, actions, causes of action, losses, damages, Taxes, liabilities and expenses of any nature whatsoever,
including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative
judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds, as well as all collection
costs and enforcement expenses incurred in retaking, holding, preparing for sale, selling or otherwise disposing of or realizing
on collateral or otherwise exercising or enforcing any rights or remedies under pledge and security or other collateral documents.

 

    	 	11	 

     

    

 

  (o)          “Material Adverse Effect” means with respect to each Contributed Entity, Property Equity, Subsidiary or Property,
any material adverse change in any of the assets, business, condition (financial or otherwise), results of operation or prospects
of such Contributed Entity, Property Entity, Subsidiary or Property.

 

  (p)          “Maximum
Indemnity Amount” means ten percent (10%) of the aggregate value of the consideration paid by the Acquirer for the Contributed
Interests (for purposes of such calculation, units of limited partnership interest in the Operating Partnership, REIT Shares and
shares of Class B Stock shall have a value per share or unit equal to the IPO Price)

 

  (q)          “Permitted
Liens” means (i) Liens, or deposits made to secure the release of such Liens, securing Taxes, the payment of which
is not delinquent or the payment of which (including, without limitation, the amount or validity thereof) is being contested in
good faith by appropriate proceedings for which adequate reserves have been made in accordance with GAAP; (ii) zoning, entitlement,
building and other land use Laws imposed by governmental agencies having jurisdiction over any Property; (iii) covenants,
conditions, restrictions, easements for public utilities, encroachments, rights of access or other non-monetary matters that do
not materially impair the use of any Property for the purposes for it is currently being used or proposed to be used in connection
with the relevant Person’s business; (iv) Liens securing Disclosed Loans; (v) Liens arising under leases disclosed
in full to the Acquirer and in effect as of the Closing Date; (vi) any exceptions contained in the title policies relating
to the Properties as of the Closing Date, copies of which title policies were provided to the Acquirer and their counsel, none
of which substantially and materially impair the use of any Property for the purposes for which it is currently being used; and
(vii) mechanics’, carriers’, workers’, repairers’ and similar Liens arising or incurred in the ordinary
course of business that are not yet due and payable and which are not, in the aggregate, material to the business, operations and
financial condition of any Property so encumbered.

 

  (r)          “Person”
means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization
or other entity.

 

  (s)          “Prospectus”
means the preliminary prospectus filed by the REIT with the U.S. Securities and Exchange Commission and used in the marketing of
the IPO.

 

  (t)          “Properties”
shall have the meaning given in the Recitals and “Property” shall have the correlative meaning.

 

  (u)          “S
Corp” means the entities listed on Schedule 4.2(u).

 

  (v)         “Subsidiary”
means any corporation, partnership, limited liability company, joint venture, trust or other legal entity in which a Contributed
Entity owns (either directly or through or together with another Subsidiary) either (i) a general partner, managing member
or other similar interest, or (ii) outstanding capital stock or other equity interests of such corporation, partnership, limited
liability company, joint venture or other legal entity. As used herein, “Subsidiary” or “Subsidiaries”
refers to the Subsidiaries of the Contributed Entities, as set forth on Schedule 4.2(v), unless the context otherwise
requires.

 

    	 	12	 

     

    

 

  (w)          “Tax”
means all federal, state, local and foreign income, withholding, gross receipts, license, property, sales, franchise, employment,
payroll, goods and services, stamp, environmental, customs duties, capital stock, social security, transfer, alternative minimum,
excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties,
interest or additions to Tax with respect thereto, whether or not disputed.

 

4.3           Counterparts.
This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall
be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of
a number of copies hereof, each signed by less than all, but together signed by all of the parties hereto. Each party may rely
on a facsimile or electronic pdf email signature of the other party as if it were an original signature.

 

4.4           Entire
Agreement; Third-Party Beneficiaries. This Agreement, including, without limitation, the exhibits hereto, constitute the entire
agreement and supersede each prior agreement and understanding, whether written or oral, among the parties regarding the subject
matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any Person other than the parties
hereto.

 

4.5           Governing
Law and Jurisdiction.

 

  (a)          This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts
of law rules 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, partners, members, employees or agents) shall be, except to the extent otherwise required by applicable law, commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan 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 any provision 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, that such suit, action or proceeding
is improper or is an inconvenient venue for such proceeding.

 

  (b)          Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or 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 other
manner permitted by law.

 

    	 	13	 

     

    

 

  (c)          If
one or more parties shall commence an action, suit or proceeding to enforce any provision of this Agreement, the prevailing party
or parties in such action, suit or proceeding shall be reimbursed by the other party or parties to such action, suit or proceeding
for the reasonable attorneys’ fees and other costs and expenses incurred by the prevailing party or parties with the investigation,
preparation and prosecution of such action, suit or proceeding.

 

4.6           Assignment.
This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective
heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation
of law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent
shall be null and void and of no force and effect, except that the REIT and the Operating Partnership may assign its rights and
obligations hereunder to an Affiliate.

 

4.7           Severability.
Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement
in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted
to be only so broad as is enforceable.

 

4.8           Rules
of Construction.

 

  (a)          The
parties hereto agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement
and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an
agreement or other document will be construed against the party drafting such agreement or document.

 

  (b)          The
words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article,
section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this Agreement
unless otherwise specified. Whenever the words “include,” “includes” or “including” are used
in this Agreement, they shall be deemed to be followed by the words “without limitation.” All terms defined in this
Agreement shall have the defined meanings contained herein when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein. The definitions contained in this Agreement are applicable to the singular as well as
the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms, unless otherwise
defined herein. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred
to herein means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including (in the
case of agreements and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes
and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and
assigns.

 

    	 	14	 

     

    

 

4.9           Equitable
Remedies. The parties agree that irreparable damage would occur to the Acquirer in the event that any of the provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the Acquirer shall be entitled to an injunction or injunctions to prevent breaches of this Agreement by the Principal and
to enforce specifically the terms and provisions hereof in any federal or state court located in the City of New York, Borough
of Manhattan, this being in addition to any other remedy to which the Acquirer is entitled under this Agreement or otherwise at
law or in equity.

 

4.10         Time
of the Essence. Time is of the essence with respect to all obligations under this Agreement.

 

4.11         Headings.
Headings of the Articles and Sections of this Agreement are for the convenience of the parties only, and shall be given no substantive
or interpretive effect whatsoever.

 

[Signature
Page Follows.]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be signed by their respective duly authorized officers, all as of the date first
written above.

 

	 	ACQUIRER:
	 	 
	 	POSTAL REALTY TRUST, INC., a Maryland corporation
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	POSTAL REALTY LP, a Delaware limited partnership
	 	 	 	 
	 	By:	Postal Realty Trust, Inc.
	 	 	a Maryland corporation, its General Partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

     

     

    

 

	 	PRINCIPAL:
	 	 
	 	Andrew Spodek
	 	 	 
	 	By:	 
	 	 	Andrew Spodek

 

     

     

    

 

Schedule I

 

[See following page]

 

     

     

    

 

Schedule II

 

[See following page]Exhibit 10.26

 

TAX INDEMNIFICATION AGREEMENT

 

TAX INDEMNIFICATION AGREEMENT, dated as
of May [∙], 2019 (the “Agreement”), between Postal Realty Trust, Inc. (the “Company”), United Properties
Holding, Inc. (“UPH”), United Post Office Investments, Inc. (“UPOI”), and Andrew Spodek (the “Stockholder”).

 

WHEREAS, UPH owns 100% of the stock of UPOI;

 

WHEREAS, UPH intends to merge into the Company,
with the Company surviving (the “Merger”), and as a result, the Company will succeed to any tax liabilities of UPH;

 

WHEREAS, the parties hereto desire to address
certain matters between themselves in respect of the allocation of taxable income and liability for taxes in connection with the
Public Offering (as defined below); and

 

WHEREAS, the parties hereto wish to provide
for the termination of this Agreement such that it has no effect should the Merger not close.

 

NOW, THEREFORE, in consideration of the
foregoing premises and the covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1.          DEFINITIONS.

 

The following terms as used herein have
the following meanings:

 

“Adjustment Amount” means the
net increase in taxable income or decrease in any net operating loss carryforward or net capital loss carryforward of UPH or UPOI
for any period ending on or prior to the Closing Date based on a Final Determination and that gives rise to a payment pursuant
to Section 2.1 hereof.

 

“Closing Date” means the date
on which the Merger closes.

 

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

 

“Final Determination” means
the final resolution of any income or franchise tax liability (including all related interest and penalties) for a taxable period.
A Final Determination shall result from the first to occur of:

 

     

     

    

 

(i)          the
expiration of 30 days after acceptance by the Internal Revenue Service of a Waiver of Restrictions on Assessment and Collection
of Deficiency in Tax and Acceptance of Overassessment (the “Waiver”) on Federal Revenue Form 870 or 870-AD (or any
successor comparable form or the expiration of a comparable period with respect to any comparable agreement or form under the laws
of any other jurisdiction), unless, within such period, the applicable taxpayer gives notice of that taxpayer’s intention
to attempt to recover all or part of any amount paid pursuant to the Waiver by filing a timely claim for refund;

 

(ii)         a
decision, judgment, decree or other order by a court of competent jurisdiction that is not subject to further judicial review (by
appeal or otherwise) and has become final;

 

(iii)        the
execution of a closing agreement under section 7121 of the Code or the acceptance by the Internal Revenue Service or its counsel
of an offer in compromise under section 7122 of the Code or the execution of a comparable agreement under the laws of any other
jurisdiction;

 

(iv)        the
expiration of the time for filing a claim for refund or for instituting suit in respect of a claim for refund disallowed in whole
or part by the Internal Revenue Service or any other relevant taxing authority;

 

(v)         any
other final disposition of the tax liability for such period by reason of the expiration of the applicable statute of limitations;
or

 

(vi)        any
other event that the parties hereto agree is a final and irrevocable determination of the liability at issue.

 

“Merger” has the meaning given
such term in the Recitals.

 

“Taxable Year” means any taxable
year (or portion thereof) of UPH or UPOI ending on or prior to the Closing Date.

 

“Tax Detriment” means any amount
by which the tax liability of UPH, UPOI, or the Company in any taxable year is actually increased by reason of an Adjustment Amount
on a tax return for such year.

 

“Taxing Authority” means the
Internal Revenue Service or any comparable state taxing authority.

 

ARTICLE II

 

OBLIGATIONS

 

2.1.         STOCKHOLDER’S
INDEMNIFICATION OF THE COMPANY FOR TAX LIABILITIES.

 

(a)          In
the event of an adjustment of one or more tax returns of UPH or UPOI for a Taxable Year ending on or before the Closing Date based
on a Final Determination which results in a net increase in taxable income of UPH or UPOI for a Taxable Year or a decrease in any
net operating loss carryforward or net capital loss carryforward, the Stockholder agrees to pay to the Company an amount equal
to the Company’s Tax Detriment.

 

    	 	2	 

     

    

 

(b)          The
Stockholder shall pay to the Company any amounts calculated in accordance with this Section 2.1 within 30 business days after the
first to occur of delivery of a notice from the Company of such Final Determination.

 

ARTICLE III

 

CONTESTS/COOPERATION

 

3.1.          CONTESTS.

 

Whenever the Stockholder or the Company
becomes aware of an issue that they or it believe could result in a Final Determination which could give rise to a payment or indemnification
obligation under Article II, the Stockholder or the Company (as the case may be) shall promptly give notice of the issue to the
other parties hereto. The Stockholder and his representatives, at his expense, shall be entitled to participate in all conferences
and meetings with or proceedings before the Internal Revenue Service or any other Taxing Authority with respect to the issue. The
parties shall consult and cooperate with each other in the negotiation and settlement or litigation of any adjustment that may
give rise to any payment or indemnification obligation under Article II. All decisions with respect to such negotiation and settlement
or litigation shall be made by the parties after full, good faith consultation or pursuant to the dispute resolution provisions
of Section 3.2.

 

3.2.          DISPUTE
RESOLUTION.

 

(a)             If
the parties hereto are, after negotiation in good faith, unable to agree upon the appropriate application of the provisions of
this Agreement, the controversy shall be settled by a “Big 4” (or equivalent) accounting firm, other than the independent
public accountants for the Company, chosen by the Company. The decision of the Accounting Firm with respect thereto shall be final,
and the Stockholder and the Company, as applicable, shall immediately pay any amounts due under this Agreement pursuant to such
decision. The applicable expenses of the Accounting Firm shall be borne one-half by the Company and one-half by the Stockholder
unless the Accounting Firm specifies otherwise.

 

(b)             In
the event that either the Stockholder or the Company receives notice, whether verbally or in writing, of any federal, state, local
or foreign tax examination, claim, settlement, proposed adjustment or related matter that may affect in any way the liability of
a Stockholder under this Agreement, the Stockholder or the Company, as applicable, shall within ten (10) days notify the other
parties hereto in writing thereof; provided, however, that any failure to give such notice shall not reduce a party’s right
to indemnification under this Agreement except to the extent of actual damage incurred by the other parties as a result of such
failure. The party or parties who would be required to indemnify (the “Indemnifying Party”) the other party or parties
(the “Indemnified Party”) shall be entitled in their reasonable discretion and at their sole expense to handle, control
and compromise or settle the defense of any matter that may give rise to a liability under this Agreement; provided, however, that
such Indemnifying Party from time to time provides assurances reasonably satisfactory to the Indemnified Party that (i) the Indemnifying
Party is financially capable of pursuing such defense to its conclusion, and (ii) such defense is actually being pursued in a reasonable
manner.

 

    	 	3	 

     

    

 

3.3.          COOPERATION.

 

The parties shall make available to each
other, as reasonably requested, and to any Taxing Authority all information, records or documents relating to any liability for
taxes covered by this Agreement and shall preserve such information, records and documents until the expiration of any applicable
statute of limitations or extensions thereof. The party requesting such information shall reimburse the other party for all reasonable
out-of-pocket costs incurred in producing such information.

 

3.4.          COSTS.

 

Except to the extent otherwise provided
herein, each party shall bear its own costs in connection with this Agreement.

 

ARTICLE IV

 

MISCELLANEOUS

 

4.1.          COUNTERPARTS
AND FACSIMILES.

 

This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, but all of which counterparts collectively shall constitute a single
instrument representing the agreement among the parties hereto. Transmission of facsimile copies of an executed counterpart of
a signature page of this Agreement will have the same effect as delivery of the manually executed counterpart of this Agreement.

 

4.2.          CONSTRUCTION
OF TERMS.

 

Nothing herein expressed or implied is intended,
or shall be construed, to confer upon or give any person, firm or corporation, other than the parties hereto and their respective
successors and permitted assigns, any rights or remedies under or by reason of this Agreement.

 

4.3.          GOVERNING
LAW.

 

This Agreement and the rights and duties
of the parties hereunder shall be governed by, and construed in accordance with, the laws of the State of New York, without giving
effect to the conflicts of laws provisions thereof.

 

4.4.          AMENDMENT
AND MODIFICATION.

 

This Agreement may be amended, modified
or supplemented only by a writing executed by all the parties hereto.

 

    	 	4	 

     

    

 

4.5.          ASSIGNMENT.

 

Except by operation of law or in connection
with the sale of all or substantially all the assets of a party, this Agreement shall not be assignable, in whole or in part, directly
or indirectly, by the Stockholder without the written consent of the Company or by the Company without the written consent of the
Stockholder. Any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void. The
provisions of this Agreement shall be binding upon and inure to the benefit of, and be enforceable by, the parties hereto and their
respective successors and permitted assigns.

 

4.6.          INTERPRETATION.

 

The title, article and section headings
contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties, and shall not
in any way affect the meaning or interpretation of this Agreement.

 

4.7.          SEVERABILITY.

 

In the event that any one or more of the
provisions of this Agreement shall be held to be illegal, invalid or unenforceable in any respect, the same shall not in any respect
affect the validity, legality or enforceability of the remainder of this Agreement, and the parties shall use their best efforts
to replace such illegal, invalid or unenforceable provision with an enforceable provision approximating, to the extent possible,
the original intent of the parties.

 

4.8.          ENTIRE
AGREEMENT.

 

This Agreement embodies the entire agreement
and understanding of the parties hereto in respect to the subject matter contained herein. There are no representations, promises,
warranties, covenants or undertakings other than those expressly set forth herein. This Agreement supersedes all prior agreements
and understandings between the parties with respect to such subject matter.

 

4.9.          FURTHER
ASSURANCES.

 

Subject to the provisions of this Agreement,
the parties shall acknowledge such other instruments and documents and take all other actions that may be reasonably required in
order to effectuate the purposes of this Agreement.

 

4.10.        WAIVERS,
ETC.

 

No failure or delay on the part of any party
in exercising any power or right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power or any abandonment or discontinuance of steps to enforce such right or power preclude any other or further
exercise thereof or the exercise of any other right or power. No waiver of any provision of this Agreement nor consent to any departure
by the parties therefrom shall in any event be effective unless it shall be in writing, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which it was given.

 

    	 	5	 

     

    

 

4.11.         SET-OFF.

 

All payments to be made by the Stockholder
under this Agreement shall be made without set-off, counterclaim or withholding, all of which are expressly waived.

 

4.12.         CHANGE OF LAW.

 

If, due to any change in applicable law
or regulations or the interpretation thereof by any court or other governing body having jurisdiction subsequent to the date of
this Agreement, performance of any provision of this Agreement shall be impracticable or impossible, the parties shall use their
best efforts to find an alternative means to achieve the same or substantially the same results as are contemplated by such provision.

 

    	 	6	 

     

    

 

4.13.         NOTICES.

 

All notices under this Agreement shall be
validly given if in writing and delivered personally or sent by registered mail, postage prepaid at the respective addresses set
forth below:

 

If to the Company, at:

 

Postal Realty Trust, Inc.

75 Columbia Avenue

Cedarhurst, NY 11516

 

Attention: [∙]

 

If to UPH, at:

 

Postal Realty Trust, Inc.

75 Columbia Avenue

Cedarhurst, NY 11516

 

Attention: UPH - [∙]

 

If to UPOI, at:

 

Postal Realty Trust, Inc.

75 Columbia Avenue

Cedarhurst, NY 11516

 

Attention: UPOI - [∙]

 

If to the Stockholder, at:

 

Nationwide Postal Properties, Inc.

75 Columbia Avenue

Cedarhurst, NY 11516

Attention: Andrew Spodek

 

or at such other address as any party may, from time to time,
designate in a written notice given in a like manner. Notice given by mail shall be deemed delivered five calendar days after the
date mailed.

 

4.14.         TERMINATION
OF AGREEMENT.

 

This Agreement shall terminate and be void,
as if it never had been executed, if the Closing Date does not occur on or before [∙], 20[∙].

 

    	 	7	 

     

    

 

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

 

	 	POSTAL REALTY TRUST, INC.
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	United Properties Holding, INC.
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	United Post Office Investments, INC.
	 	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	STOCKHOLDER
	 	 
	 	 	 
	 	 	Andrew Spodek

 

    	 	8

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