SEC Contract Filing

Filing Date: 2025-01-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2426212d6_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;10.3</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN INFORMATION HAS BEEN OMITTED FROM THIS
EXHIBIT&nbsp;PURSUANT TO ITEM 601(B)(10)&nbsp;OF REGULATION S-K, BECAUSE IT IS BOTH NOT MATERIAL AND THE TYPE THAT THE REGISTRANT TREATS
AS PRIVATE OR CONFIDENTIAL. IN ADDITION, CERTAIN PERSONALLY IDENTIFIABLE INFORMATION HAS BEEN OMITTED FROM THIS EXHIBIT&nbsp;PURSUANT
TO ITEM 601(A)(6)&nbsp;OF REGULATION S-K. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>MASTER REORGANIZATION AGREEMENT</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This MASTER REORGANIZATION
AGREEMENT (&ldquo;<U>Agreement</U>&rdquo;) is entered into as of January&nbsp;2, 2025, effective as of January&nbsp;2, 2025 (the &ldquo;<U>Effective
Date</U>&rdquo;), by and among:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">(a)&nbsp;New
Mountain Net Lease Partners Corporation, a Maryland corporation (the &ldquo;<U>Existing REIT</U>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">(b)&nbsp;New
Mountain Net Lease Partners, L.P., a Delaware limited partnership (&ldquo;<U>NM Fund I</U>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">(c)&nbsp;New
Mountain Net Lease Trust, a Maryland statutory trust (the &ldquo;<U>Trust</U>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;</FONT>NMC
Initial L.P., L.L.C., a Delaware limited liability company (the &ldquo;<U>Initial LP</U>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">(e)&nbsp;New
Mountain Net Lease Delaware Feeder, L.P., a Delaware limited partnership (&ldquo;<U>Blocker</U>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)&nbsp;</FONT>NMNL
QRS,&nbsp;Inc., a Delaware corporation (&ldquo;<U>NMNL QRS</U>&rdquo;); and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">(g)&nbsp;New
Mountain Net Lease GP, L.L.C., a Delaware limited liability company (the &ldquo;<U>NMC GP</U>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>R
E C I T A L S</U></FONT>:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
NM Fund I currently indirectly holds a portfolio of net lease assets through the Existing REIT (the &ldquo;<U>Seed Portfolio</U>&rdquo;);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
NM Fund I has organized the Trust, a perpetual-life, non-traded real estate investment trust, which intends to undertake a continuous
private offering of its Common Shares;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
NM Fund I intends to undertake a recapitalization, pursuant to which partners of NM Fund I and Blocker had the opportunity to elect to
continue to hold an ownership interest in the Seed Portfolio, indirectly through an ownership interest in the Trust, or, following the
transactions contemplated hereby, have their ownership interest liquidated through a repurchase for such interest for cash; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
subject to the terms and conditions set forth in this Agreement, the assuming par