Form 8-K

8-K — Chiron Real Estate Inc.

Accession: 0001104659-26-089818

Filed: 2026-08-03

Period: 2026-08-03

CIK: 0001533615

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Financial Statements and Exhibits

Documents

8-K — tm2620590d1_8k.htm (Primary)

EX-10.1 — EXHIBIT 10.1 (tm2622020d1_ex10-1.htm)

EX-10.2 — EXHIBIT 10.2 (tm2622020d1_ex10-2.htm)

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8-K — FORM 8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event

reported): August 3, 2026 (August 3, 2026)

Chiron

Real Estate Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-37815

46-4757266

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

7373 Wisconsin Avenue, Suite 800

Bethesda, MD

20814

(Address of Principal Executive Offices)

(Zip Code)

(202) 524-6851

(Registrant’s Telephone Number, Including

Area Code)

Not Applicable

(Former name or former address, if changed

since last report)

Check the appropriate box below if the

Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbols:

Name of each exchange on which registered:

Common Stock, par value $0.001 per share

XRN

NYSE

Series A Preferred Stock, par value $0.001 per share

XRN PrA

NYSE

Series B Preferred Stock, par value $0.001 per share

XRN PrB

NYSE

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the

Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Compensatory Arrangements of Certain Officers.

Executive Appointment

Effective August 3, 2026, Matthew

Whitlock, age 62, was appointed as Chief Investment Officer of Chiron Real Estate Inc. (the “Company”) and Inter-American

Management LLC (“IAM”). In connection with Mr. Whitlock’s appointment, Alfonzo Leon transitioned from Chief Investment

Officer to the role of Strategic Advisor, as described below under “Transition of Chief Investment Officer.”

From 2019 until joining the

Company, Mr. Whitlock served as Managing Director and Chief Investment Officer of Senior Housing Investments at Berkshire Residential

Investments, where he sourced senior housing acquisitions and joint venture opportunities, managed Berkshire’s senior housing investment

fund and assisted in developing debt and equity investment products. He also served as a member of Berkshire’s Investment Committee.

From 2008 to 2019, Mr. Whitlock served in senior positions at CBRE, including as Vice Chairman and co-leader of its national senior housing

platform. Mr. Whitlock received a Bachelor of Arts in Economics from Emory University.

There are no arrangements or

understandings between Mr. Whitlock and any other persons pursuant to which he was appointed as an officer of the Company and IAM. There

are no family relationships between Mr. Whitlock and any of the Company’s directors or executive officers. Mr. Whitlock is not a

party to any transaction, or any proposed transaction, required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Employment Agreement

In connection with the foregoing

appointment, IAM entered into an employment agreement with Matthew Whitlock, effective as of August 3, 2026. Mr. Whitlock will serve as

Chief Investment Officer of the Company and IAM.

Term

The employment agreement provides

for an initial three-year term commencing on August 3, 2026, with automatic renewals for successive one-year periods unless either party

provides at least 90 days’ advance notice of non-renewal. Mr. Whitlock is required to devote his best efforts and full time and

attention to the businesses of the Company and its direct and indirect subsidiaries, subject to customary exceptions.

Compensation and Benefits

Under the employment agreement,

Mr. Whitlock is entitled to an annual base salary of $400,000 and, beginning with the 2027 calendar year, a target annual bonus equal

to 100% of his annual base salary. Mr. Whitlock is also eligible to receive a pro rata bonus for the 2026 calendar year, payable 60% in

cash and 40% in LTIP Units, subject to the terms of the employment agreement.

During the employment period,

Mr. Whitlock and his eligible dependents will be eligible to participate in the same benefit plans and programs generally made available

to similarly situated employees of IAM, subject to the terms and conditions of the applicable plans and programs as in effect from time

to time.

Severance and Restrictive Covenants

The employment agreement provides

that, if the executive’s employment terminates upon expiration of the then-current term as a result of non-renewal by IAM, is terminated

by IAM without cause, or is terminated by the executive for good reason, then, subject to the executive’s timely execution and non-revocation

of a general release of claims and continued compliance with applicable restrictive covenants, the executive will be entitled to receive

severance benefits. The severance benefits consist of: (i) cash severance payments in an aggregate amount equal to the sum of 12 months

of the executive’s annual base salary and the greater of the executive’s target annual bonus for the year of termination or

the annual bonus actually paid to the executive for the preceding year; (ii) a pro rata termination bonus for the year of termination,

based on the executive’s target annual bonus and the number of days employed during such year; (iii) accelerated vesting of all

outstanding time-based equity awards; (iv) continued eligibility for vesting of outstanding performance-based equity awards based on actual

performance through the end of the applicable performance period, subject to the terms of the applicable award agreement; and (v) a COBRA

subsidy or replacement payment for up to 12 months.

The severance payments generally

will be paid in substantially equal installments over the 12-month period beginning on IAM’s first regularly scheduled payroll date

that is on or after the date that is 60 days following the applicable termination date, subject to the terms of the employment agreement

and compliance with Section 409A of the Internal Revenue Code. The pro rata termination bonus, if any, generally will be paid on the later

of the date that annual bonuses for the year of termination are paid to similarly situated executives and the date the first installment

of severance is paid, but in no event later than March 15 of the calendar year following the calendar year in which the termination occurs.

If the qualifying termination

occurs within the period beginning six months prior to a change in control and ending 12 months following a change in control, the executive

generally will be entitled to the same termination benefits described above, except that the cash severance amount will be equal to two

times the sum of 12 months of the executive’s annual base salary and the greater of the executive’s target annual bonus for

the year of termination or the annual bonus actually paid to the executive for the preceding year, and the cash severance and any termination

bonus generally will be paid in a lump sum following the later of the termination date and the change in control, subject to the terms

of the employment agreement.

In the event of termination

due to the executive’s death or disability, the executive, or the executive’s estate, as applicable, generally will be eligible

to receive the pro rata termination bonus, accelerated vesting of outstanding time-based equity awards, continued eligibility for vesting

of outstanding performance-based equity awards based on actual performance through the end of the applicable performance period, and the

COBRA subsidy or replacement payment, subject to the executive’s or estate’s timely execution and non-revocation of a release

and the other terms and conditions of the employment agreement.

For purposes of the employment

agreement, “cause” generally includes the executive’s material breach of the employment agreement or another written

agreement with the Company or its affiliates; material breach of applicable workplace laws or written policies or codes of conduct; fraud,

theft, dishonesty, embezzlement or breach of fiduciary duty relating to the Company or its affiliates or the executive’s duties;

gross negligence or willful misconduct relating to the Company or its affiliates or the executive’s duties that results, or could

reasonably be expected to result, in material and demonstrable damage; conviction of, or plea of guilty or nolo contendere to, a felony

or crime involving moral turpitude, or an indictment for such offense that is not discharged or otherwise resolved within 18 months; willful

failure or refusal, other than due to disability, to perform the executive’s obligations under the employment agreement or follow

a lawful directive; or violation of applicable restrictive covenants, subject in certain cases to notice and cure rights under the employment

agreement.

“Good reason” generally

includes, without the executive’s written consent, a material diminution in base salary or in the executive’s title, authority,

duties or responsibilities with the Company and its affiliates, a material breach by IAM of its obligations under the employment agreement,

or any requirement that the executive report to a corporate officer or employee of the Company instead of reporting directly to the Chief

Executive Officer, subject to the executive’s compliance with applicable notice, cure and resignation timing requirements.

“Change in control”

generally includes certain acquisitions of more than 50% of the Company’s outstanding common stock or voting power, certain changes

in the composition of the Board, certain business combinations that do not satisfy specified continuing ownership and board composition

requirements, and a sale or other disposition of all or substantially all of the properties or assets of the Company and its subsidiaries,

taken as a whole, in each case subject to the terms, conditions and exclusions set forth in the employment agreement.

The employment agreement also

contains customary restrictive covenants, including covenants relating to confidentiality, ownership of intellectual property, non-competition,

non-solicitation of customers, suppliers, employees and contractors, and cooperation in the defense of claims. The non-competition and

non-solicitation covenants generally apply during the employment period and for 12 months following termination of employment.

The description of the employment

agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the full text of the employment

agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Equity and Inducement Awards

During the employment period,

Mr. Whitlock is eligible to participate in the Chiron Real Estate Inc. 2016 Equity Incentive Plan, as amended from time to time (the “LTIP”),

or any successor equity incentive plan. Mr. Whitlock is also eligible to receive a 2027 LTIP award with a target aggregate dollar value

of $700,000, subject to approval and discretion of the Compensation Committee.

As a material inducement to

joining the Company, Mr. Whitlock will receive an inducement award consisting of a one-time LTIP Unit award subject to time-based vesting

and intended to qualify as an employment inducement award under Section 303A.08 of the New York Stock Exchange Listed Company Manual and

any other applicable rules or guidance of the New York Stock Exchange, and, accordingly, shall be granted outside of, and not pursuant

to, the LTIP. The inducement award will have a value equal to $350,000 divided by the average closing price of the Company’s common

stock as reported on the New York Stock Exchange for the 15 trading days immediately preceding the date of grant and will vest in substantially

equal one-third increments on each of the first, second and third anniversaries of the date of grant, subject to continued employment.

In addition, Mr. Whitlock will also receive a one-time LTIP Unit award subject to performance-based vesting also intended to qualify as

an employment inducement award, the terms and conditions of which (including performance goals and forfeiture restrictions) will be determined

by the compensation committee of the Board of Directors of the Company in its sole discretion and set forth in the applicable award agreement.

Indemnification Agreement

In connection with the appointment described

above, the Company entered into a standard indemnification agreement with Mr. Whitlock, the form of which was filed as Exhibit 10.14

to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange

Commission on March 2, 2026.

Transition of Chief Investment

Officer

Effective August 3, 2026, Alfonzo

Leon ceased serving as Chief Investment Officer of the Company and IAM and transitioned to the role of Strategic Advisor, in which capacity

he reports to the Company’s Chief Executive Officer and will continue to be employed until no later than December 31, 2026 (the

“Transition Period”). Effective August 3, 2026, Mr. Leon also ceased to be an “executive officer” of the Company

within the meaning of Rule 3b-7 under the Securities Exchange Act of 1934, as amended, and an “officer” of the Company for

purposes of Section 16 thereof. Mr. Leon's transition did not result from any disagreement with the Company on any matter relating to

its operations, policies or practices.

In connection with the transition,

IAM, the Company and Mr. Leon entered into a Second Amendment to Mr. Leon’s Employment Agreement (the “Leon Amendment”),

which amends Mr. Leon’s Employment Agreement effective as of July 9, 2020, as amended. The Leon Amendment provides, among other

things, for Mr. Leon’s continued employment as Strategic Advisor during the Transition Period, the continuation of his compensation

and benefits during the Transition Period, and the termination of his employment upon expiration of the Transition Period, which will

be treated as a termination by IAM without cause under his Employment Agreement, entitling Mr. Leon to the severance benefits provided

under his Employment Agreement in connection with such a termination. The Leon Amendment also provides that, if Mr. Leon begins employment

with any company or other employer outside the Company Group during the Transition Period or during the applicable prohibited period following

termination, he must provide written notice to IAM, and upon IAM’s receipt of such notice, IAM will waive the non-competition covenant

under his Employment Agreement with respect to such employment and any additional employment thereafter.

.Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit

No.

Description

10.1

Employment

Agreement by and between Matthew Whitlock and Inter-American Management LLC, effective as

of August 3, 2026.

10.2

Second

Amendment to Employment Agreement by and among Inter-American Management LLC, Chiron Real

Estate Inc. and Alfonzo Leon, effective as of August 3, 2026.

104

Cover

Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the

Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly

authorized.

Chiron Real Estate Inc.

By:

/s/ Jamie A. Barber

Jamie A. Barber

Secretary and General Counsel

Date: August 3, 2026

EX-10.1 — EXHIBIT 10.1

EX-10.1

Filename: tm2622020d1_ex10-1.htm · Sequence: 2

Exhibit 10.1

Execution Version

EMPLOYMENT AGREEMENT

This Employment Agreement

(“Agreement”) is made and entered into by and between Inter-American Management LLC, a Delaware limited liability

company (the “Company”), and Matthew F. Whitlock (“Employee”), effective as of August 3,

2026 (the “Effective Date”).

WHEREAS,

the Company desires to employ Employee on the terms and conditions, and for the consideration, hereinafter set forth, and Employee desires

to be employed by the Company on such terms and conditions and for such consideration.

NOW,

THEREFORE, in consideration of the promises and mutual covenants set forth herein and for other good and valuable consideration,

the parties hereto agree as follows:

1.            Employment.

(a)            During

the Employment Period (as defined in Section 4), the Company shall employ Employee, and Employee shall serve, as Chief Investment

Officer of the Company and Chiron Real Estate Inc., a Maryland corporation (“XRN”) and in such other related

position or positions, including positions with other direct or indirect subsidiaries of XRN, as may be reasonably assigned from time

to time by the Chief Executive Officer and President (“CEO”) of XRN.

(b)            Employee

may perform his duties remotely from a location selected by Employee; provided, however, that Employee shall be available

to travel and attend in-person meetings and business events as reasonably requested by the Company, including at the Company’s headquarters

located in Bethesda, Maryland, and shall comply with applicable Company policies regarding remote work, information security and use of

Company Group systems and equipment.

2.            Duties

and Responsibilities of Employee.

(a)            During

the Employment Period, Employee shall, subject to the terms of this Section 2(a), devote Employee’s best efforts and

full time and attention to the businesses of XRN and its direct and indirect subsidiaries as may exist from time to time (collectively,

XRN and its direct and indirect subsidiaries, including the Company, are referred to as the “Company Group”)

as may be necessary to discharge Employee’s duties and responsibilities hereunder. Employee’s duties and responsibilities

shall include those that are usual and customary to the position(s) identified in Section 1, as well as such additional

duties relating to such position(s) as may be reasonably assigned to Employee by the CEO from time to time. Notwithstanding the foregoing,

Employee may, and it shall not be considered a violation of this Agreement for Employee to, (i)(i) as a passive investment, own publicly

traded securities in an amount not exceeding 5% of any class of securities of any one issuer; (ii)(ii) engage in or serve such professional,

charitable, trade association, community, educational, religious, civic or similar types of organizations and activities, as Employee

may select; (iii)(iii) serve on the boards of directors or advisory committees of any entities; and (iv)(iv) attend to Employee’s

personal matters and/or Employee’s and/or his family’s personal finances, investments and business affairs, so long as such

service or activities described in clauses (i)-(iv) immediately preceding do not interfere with Employee’s performance

of Employee’s duties and responsibilities under this Agreement and are not competitive with the Business (as defined herein) of

any member of the Company Group, and so long as such service or activities do not result in Employee’s violation of the terms of

Sections 9 or 10 below. For the avoidance of doubt, Employee may retain any passive ownership interests in private

investment vehicles that Employee acquired prior to, or was granted or acquired in connection with, Employee’s employment prior

to the Effective Date, and the retention of such ownership interests shall not be deemed competitive with the Business of any member of

the Company Group or a violation of this Agreement, so long as Employee does not provide services to, or otherwise actively participate

in the management or operation of, any such vehicle following the Effective Date.

(b)            Employee

hereby represents and warrants that Employee is not the subject of, or a party to, any non-competition, non-solicitation, restrictive

covenant, non-disclosure or similar agreement that would prohibit Employee from executing this Agreement or fully performing each of Employee’s

duties and responsibilities hereunder, or would in any manner, directly or indirectly, limit or affect any of the duties and responsibilities

that may now or in the future be assigned to Employee hereunder. Employee expressly acknowledges and agrees that Employee is strictly

prohibited from using or disclosing any confidential information belonging to any prior employer in the course of performing services

for any member of the Company Group, and Employee promises that Employee shall not do so. Employee shall not introduce documents or other

materials containing confidential information of any prior employer to the premises or property (including computers and computer systems)

of any member of the Company Group.

duties hereunder are in addition to, and not in lieu of, Employee’s fiduciary duties and other legal obligations to each member

of the Company Group under applicable law.

3.            Compensation.

(a)            Base

Salary. During the Employment Period, the Company shall pay to Employee an annualized base salary of $400,000 (the “Base

Salary”) in consideration for Employee’s services under this Agreement, payable in substantially equal installments

in conformity with the Company’s customary payroll practices for similarly situated employees as may exist from time to time, but

no less frequently than monthly. The Compensation Committee of the board of directors of XRN (the “Board” and

such committee, the “Compensation Committee”) may, in its sole discretion, review and, upon written notice,

(i) increase Employee’s Base Salary from time to time or (ii) decrease Employee’s Base Salary so long as such decrease

does not exceed 10% of Employee’s Base Salary as in effect immediately prior to such decrease and such decrease is part of an across-the-board

salary reduction applicable to other similarly-situated executives of the Company.

(b)            Bonus.

Beginning with the 2027 calendar year (so long as Employee is still employed hereunder), Employee shall be eligible for annual performance-based,

cash bonus compensation with a target bonus of 100% of Employee’s Base Salary for each calendar year that Employee is employed by

the Company hereunder (the “Annual Bonus”), which Annual Bonus, to the extent earned, shall be payable in a

combination of cash and LTIP Units (as defined in the LTIP (as defined below)), as determined in the sole discretion of the Board (or

a committee thereof). The performance goals for an applicable calendar year (the “Bonus Year”) shall be established

by the Board (or a committee thereof) and communicated to Employee within the first seventy-five (75) days of the applicable Bonus Year.

The amount of the Annual Bonus earned by Employee may be greater or lesser than the target bonus, based on achievement of the performance

goals associated with the target bonus (with the actual amount of the Annual Bonus earned by Employee for an applicable Bonus Year determined

pursuant to a formula established by the Board (or a committee thereof) when it establishes the performance goals for the applicable Bonus

Year). Notwithstanding the foregoing, Employee shall be eligible to receive a pro rata portion of the Annual Bonus (determined according

to the achievement of applicable performance goals as set forth above) for the portion of the 2026 calendar year that Employee is employed

by the Company following the Effective Date (the “2026 Bonus”) and the 2026 Bonus shall be paid 60% in cash

and 40% in LTIP Units, with the LTIP Units subject to vesting and other terms and conditions that are consistent with those applicable

to other similarly-situated executives of the Company as reasonably determined by the Board (or a committee thereof). Each Annual Bonus

(and the 2026 Bonus), if any, shall be paid as soon as administratively feasible after the Board (or a committee thereof) certifies whether

the applicable performance targets for the applicable Bonus Year (or 2026, for the 2026 Bonus) have been achieved, but in no event later

than March 15 following the end of such Bonus Year (or, for the 2026 Bonus, no later than March 15, 2027). Except to the extent

specifically provided under Section 7(f), no Annual Bonus (or 2026 Bonus), if any, nor any portion thereof, shall be payable

unless Employee remains continuously employed by the Company from the Effective Date through the date on which such Annual Bonus (or,

for the 2026 Bonus, the 2026 Bonus) is paid.

Incentive. During the Employment Period, Employee shall be eligible to participate in the Chiron Real Estate Inc. 2016 Equity Incentive

Plan, as amended from time to time (together with any successor equity incentive plans adopted by XRN or the Company, as applicable, the

“LTIP”). Such eligibility and any awards granted to Employee under the LTIP shall be subject in all respects

to, and governed by, the terms and conditions set forth in the LTIP, as in effect from time to time, and the applicable award agreement(s) evidencing

any such awards.

(d)            Inducement

Awards. In consideration of Employee entering into this Agreement, and as a material inducement to Employee’s acceptance of

employment with the Company and execution of this Agreement, within a reasonable time after the Effective Date, Employee shall be granted

(i) a one-time LTIP Unit award subject to time-based vesting (the “Initial Award”) and (ii) a one-time

award of LTIP Units subject to performance-based vesting (the “Retention Award” and together with the Initial

Award, the “Inducement Awards”). The Inducement Awards are intended to qualify as employment inducement awards

under Section 303A.08 of the New York Stock Exchange Listed Company Manual and any other applicable rules or guidance of the

New York Stock Exchange, and, accordingly, shall be granted outside of, and not pursuant to, the LTIP or any other shareholder-approved

equity compensation plan of XRN. For the avoidance of doubt, the LTIP Units subject to the Inducement Awards shall not be counted against,

or otherwise reduce, the number of shares or other securities available for issuance under the LTIP or any other omnibus equity incentive

plan or shareholder-approved equity compensation plan maintained by XRN or the Company. The grant of the Inducement Awards shall be subject

to approval by the Compensation Committee or a majority of the independent directors of XRN, as applicable, and the Company shall make

any public disclosure regarding the Inducement Awards required by the rules of the New York Stock Exchange. Except as set forth below,

all terms and conditions of the Inducement Awards shall be governed by the terms and conditions of the applicable award agreement.

(i)            The

Initial Award shall consist of a number of LTIP Units equal to $350,000 divided by the average closing price of XRN’s common

stock as reported on the New York Stock Exchange for the 15 trading days immediately preceding the date of grant and shall be evidenced

by an award agreement that sets forth the terms and conditions of the Initial Award. The Initial Award shall be subject to forfeiture

restrictions that will lapse in substantially equal one-third increments on each of the first, second and third anniversaries of the date

of grant, subject to Employee’s continued employment through each applicable vesting date.

(ii)            The

Retention Award shall consist of a number of LTIP Units and be subject to certain performance goals and forfeiture restrictions, in each

case, as determined by the Compensation Committee in its sole discretion, and shall be evidenced by an award agreement that sets forth

the terms and conditions of the Retention Award.

(e)            2027

LTIP Award. For the 2027 calendar year, Employee shall be eligible to be granted an award pursuant to the LTIP with a target aggregate

dollar value of $700,000 on the applicable date of grant, subject to the approval and discretion of the Compensation Committee (the “2027

LTIP Award”). The terms and conditions of the 2027 LTIP Award, including the allocation between time-based and performance-based

vesting components, shall be determined by the Compensation Committee in its sole discretion commensurate with similarly-situated executives

of the Company and shall be set forth in the applicable award agreement. The 2027 LTIP Award shall be subject to and governed in all respects

by the terms and conditions of the LTIP as in effect from time to time, as well as any other applicable Company policies and the terms

of the applicable award agreement.

4.            Term

of Employment. The initial term of Employee’s employment under this Agreement shall be for the period beginning on the Effective

Date and ending on the third (3rd) anniversary of the Effective Date (the “Initial Term”). On the

third (3rd) anniversary of the Effective Date and on each subsequent anniversary thereafter, the term of Employee’s employment

under this Agreement shall automatically renew and extend for a period of twelve (12) months (each such twelve (12)-month period being

a “Renewal Term”) unless written notice of non-renewal is delivered by either party to the other not less than

ninety (90) days prior to the expiration of the then-existing Initial Term or Renewal Term, as applicable. Notwithstanding any other provision

of this Agreement, Employee’s employment pursuant to this Agreement may be terminated at any time in accordance with Section 7.

The period from the Effective Date through the expiration of this Agreement or, if sooner, the termination of Employee’s employment

pursuant to this Agreement, regardless of the time or reason for such termination, shall be referred to herein as the “Employment

Period.”

5.            Business

Expenses. Subject to Section 23, the Company shall reimburse Employee for Employee’s reasonable out-of-pocket

business-related expenses actually incurred in the performance of Employee’s duties under this Agreement, so long as Employee timely

submits all documentation for such expenses, as required by Company policy in effect from time to time. Any such reimbursement of expenses

shall be made by the Company upon or as soon as practicable following receipt of such documentation (but in any event not later than the

close of Employee’s taxable year following the taxable year in which the expense is incurred by Employee). In no event shall any

reimbursement be made to Employee for any expenses incurred after the date of Employee’s termination of employment with the Company.

6.            Benefits.

During the Employment Period, Employee, and Employee’s eligible dependents, shall be eligible to participate in the same benefit

plans and programs in which other similarly situated Company employees are eligible to participate, subject to the terms and conditions

of the applicable plans and programs in effect from time to time. The Company shall not, however, by reason of this Section 6,

be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such plan or policy, so long as such changes

are similarly applicable to similarly situated Company employees generally.

7.            Termination

of Employment.

(a)            Company’s

Right to Terminate Employee’s Employment for Cause. The Company shall have the right to terminate Employee’s employment

hereunder at any time for Cause.

(i)            For

purposes of this Agreement, “Cause” shall mean:

(A)            Employee’s

material breach of this Agreement or any other written agreement between Employee and one or more members of the Company Group;

(B)            Employee’s

breach of any law relating to the workplace or any of the Company’s (or, if applicable to Employee, another member of the Company

Group’s) written policies or codes of conduct, including written policies regarding anti-harassment, anti-discrimination, or anti-retaliation;

commission of an act of fraud, theft, dishonesty, embezzlement, or breach of fiduciary duty related to any member of the Company Group

or the performance of Employee’s duties hereunder;

(D)            Employee’s

commission of an act of gross negligence or willful misconduct related to any member of the Company Group or the performance of Employee’s

duties hereunder, which results (or could reasonably be expected to result) in material and demonstrable damage to the Company Group;

(E)            the

conviction of Employee for, or plea of guilty or nolo contendere by Employee to, any felony (or state law equivalent) or any crime

involving moral turpitude; or the indictment of Employee of any felony (or state law equivalent) or any crime involving moral turpitude,

if not discharged or otherwise resolved within eighteen (18) months;

(F)            Employee’s

willful failure or refusal, other than due to Disability, to perform Employee’s obligations pursuant to this Agreement or to follow

any lawful directive from the Board; or

(G)            notwithstanding

Section 7(a)(i), Employee’s violation of any of the covenants set forth in Section 9 or Section 10;

provided, however, that to the extent that any act or failure to act is pursuant to a resolution of the Board or upon

the instructions of the Board or taken in accordance with the advice of counsel for the Company, such act or failure to act shall not

constitute a Cause event.

(ii)            No

termination of Employee’s employment under Sections 7(a)(i)(A), 7(a)(i)(B), or 7(a)(i)(F) shall be

effective as a termination for Cause unless the provisions set forth in this Section 7(a)(ii) shall first have been complied

with. Employee shall be given written notice by the Board (the “Cause Notice”) of its intention to terminate

his employment for Cause stating in detail the particular circumstances that constitute the grounds on which the proposed termination

for Cause is based, and the Cause Notice shall be received by Employee no more than ninety (90) calendar days after the Board learns of

such circumstances. If the Board in its reasonable and good faith discretion determines that the applicable act or omission constituting

the Cause event is capable of cure, Employee shall have thirty (30) days after receiving such Cause Notice in which to cure such act or

omission, and if cured within such period, such act or omission shall not constitute a Cause event.

(b)            Company’s

Right to Terminate for Convenience. The Company shall have the right to terminate Employee’s employment for convenience at any

time and for any reason, or no reason at all, upon written notice to Employee.

Right to Terminate for Good Reason. Employee shall have the right to terminate Employee’s employment with the Company at any

time for Good Reason.

(i)            For

purposes of this Agreement, “Good Reason” shall mean:

(A)            A

material diminution in Employee’s Base Salary or a material diminution in Employee’s title, authority, duties, or responsibilities

with the Company and the other members of the Company Group (considered as a whole); provided, however, that if Employee is serving

as an officer or member of the board of directors (or similar governing body) of any member of the Company Group or any other entity in

which a member of the Company Group holds an equity interest, in no event shall the removal of Employee as an officer or board member,

regardless of the reason for such removal, constitute Good Reason;

(B)            a

material breach by the Company of any of its obligations to Employee under this Agreement; or

requirement that Employee report to a corporate officer or employee of the Company instead of reporting directly to the CEO.

(ii)            Notwithstanding

the foregoing provisions of this Section 7(c), any assertion by Employee of a termination for Good Reason shall not be effective

unless all of the following conditions are satisfied: (A) the condition giving rise to Employee’s termination of employment

must have arisen without Employee’s written consent; (B) Employee must provide written notice to the Board of the existence

of such condition(s) within ninety (90) days after the initial occurrence of such condition(s); (C) the condition(s) specified

in such notice must remain uncorrected for thirty (30) days following the Board’s receipt of such written notice; and (D) the

date of Employee’s termination of employment must occur within sixty (60) days after the Board’s receipt of such written notice.

(d)            Death

or Disability. Employee’s employment with the Company shall automatically (and without any further action by any person or entity)

terminate upon the death of Employee and shall terminate upon written notice by the Company following Employee’s Disability, in

each case with no further obligation under this Agreement of either party hereunder; provided, however, that Employee (or

Employee’s estate, as applicable) shall be eligible to receive a Termination Bonus Payment (as defined herein), the Accelerated

Vesting (as defined herein), the Ongoing Vesting (as defined herein), and the COBRA Subsidy (as defined herein), subject to the terms

and conditions set forth in Section 7(f) (including, for the avoidance of doubt, the requirement of timely execution

and non-revocation of a Release by Employee or Employee’s estate, as applicable). For purposes of this Agreement, a “Disability”

shall exist if Employee is unable to perform the essential functions of Employee’s position (after accounting for reasonable accommodation,

if applicable and required by applicable law), due to physical or mental impairment that continues, or can reasonably be expected to continue,

for a period in excess of one hundred-twenty (120) consecutive days or one hundred-eighty (180) days, whether or not consecutive (or for

any longer period as may be required by applicable law), in any twelve (12)-month period. Any question as to the existence of Employee’s

Disability as to which the Company and Employee cannot agree shall be determined in writing by a qualified independent physician mutually

acceptable to the Company and Employee. If the Company and Employee are unable to agree on a physician, such qualified independent physician

shall be selected by agreement of Employee’s physician and a physician selected by the Company.

(e)            Employee’s

Right to Terminate for Convenience. In addition to Employee’s right to terminate Employee’s employment for Good Reason,

Employee shall have the right to terminate Employee’s employment with the Company for convenience at any time and for any other

reason, or no reason at all, upon thirty (30) days’ advance written notice to the Company; provided, however, that

if Employee has provided notice to the Company of Employee’s termination of employment, the Company may determine, in its sole discretion,

that such termination shall be effective on any date prior to the effective date of termination provided in such notice (and, if such

earlier date is so required, then it shall not change the basis for Employee’s termination of employment nor be construed or interpreted

as a termination of employment pursuant to Section 7(b)).

(f)            Effect

of Termination.

(i)            If

Employee’s employment hereunder terminates upon the expiration of the then-existing Initial Term or Renewal Term, as applicable,

as a result of a non-renewal of this Agreement by the Company pursuant to Section 4, is terminated by the Company without

Cause pursuant to Section 7(b), or is terminated by Employee for Good Reason pursuant to Section 7(c), then so

long as (and only if) Employee: (A) executes on or before the Release Expiration Date (as defined below), and does not revoke within

any time provided to do so in such Release, a general release and waiver of all claims in substantially the form attached hereto as Exhibit I

(as such form may be revised from time to time to reflect updates in applicable law) (the “Release”); and (B) abides

by the terms of each of Sections 9, 10 and 11, then the Company shall: (1) make severance payments to Employee

in a total amount equal to the sum of: (a) twelve (12) months’ worth of Employee’s Base Salary for the year in which

such termination occurs (disregarding any reduction thereto that may have given rise to Good Reason); and (b) Employee’s target

Annual Bonus for the Bonus Year in which such termination occurs or the Annual Bonus (if any) actually paid to Employee with respect to

the preceding Bonus Year, whichever is greater (such total severance payments being referred to as the “Severance Payment”);

(2) make a payment to Employee in an amount equal to the target Annual Bonus that Employee would have been eligible to receive for

the Bonus Year in which such termination occurs, multiplied by a fraction, the numerator of which is the number of days during which Employee

was employed by the Company in such Bonus Year, and the denominator of which is the total number of days during such Bonus Year (the “Termination

Bonus Payment”); (3) cause all unvested equity-based awards subject to time-based vesting granted under the LTIP that

are held by Employee as of the date immediately prior to the date on which Employee’s employment terminates (such date of termination,

the “Termination Date”) to immediately vest in full and such awards shall be eligible for settlement in accordance

with the terms and conditions provided in the applicable award agreements governing such awards (the “Accelerated Vesting”);

and (4) cause all unvested equity-based awards subject to performance-based vesting granted under the LTIP that are held by Employee

as of the date immediately prior to the Termination Date to remain outstanding, notwithstanding Employee’s termination of employment,

and eligible to continue vesting based on actual performance through the end of the relevant performance period(s) in accordance

with the terms and conditions provided in the applicable award agreements governing such awards, including any pro-ration that is consistent

with the terms of the equity-based awards subject to performance-based vesting which were granted to Employee under the LTIP (the “Ongoing

Vesting”).

(ii)            If

the Company’s group health plans are subject to the continuation coverage requirements of the Consolidated Omnibus Budget Reconciliation

Act of 1985 (“COBRA”), and Employee’s employment hereunder is terminated either (A) in circumstances

in which Employee is eligible to receive a Severance Payment under Section 7(f)(i) and Employee satisfies each of the

conditions to receive a Severance Payment under Section 7(f)(i) or (B) due to the death or Disability of Employee

pursuant to Section 7(d) and Employee or Employee’s estate, as applicable, executes a Release on or before the

Release Expiration Date, and does not revoke such Release within any time provided by the Company to do so, then, if Employee (or Employee’s

estate, as applicable) elects to continue coverage for Employee and/or Employee’s spouse and eligible dependents, if any, under

COBRA, the Company shall promptly reimburse Employee (or Employee’s estate, as applicable) on a monthly basis for the difference

between the amount Employee (or Employee’s estate, as applicable) pays to effect and continue such coverage and the employee contribution

amount that similarly situated employees of the Company pay for the same or similar coverage under such group health plans (the “COBRA

Subsidy”). Each payment of the COBRA Subsidy shall be paid to Employee (or Employee’s estate, as applicable) on the

Company’s first regularly scheduled pay date in the calendar month immediately following the calendar month in which Employee (or

Employee’s estate, as applicable) submits to the Company documentation of the applicable premium payment having been paid by Employee

(or Employee’s estate, as applicable), which documentation shall be submitted by Employee (or Employee’s estate, as applicable)

to the Company within thirty (30) days following the date on which the applicable premium payment is paid. Employee (or Employee’s

estate, as applicable) shall be eligible to receive such reimbursement payments until the earliest of: (1) the date that is twelve

(12) months following the Termination Date (the “COBRA Expiration Date”); (2) the date Employee is no longer

eligible to receive COBRA continuation coverage (or, if Employee’s termination was due to Employee’s death, the date Employee’s

spouse and eligible dependents, if any, are no longer eligible to receive COBRA continuation coverage); and (3) the date on which

Employee becomes eligible to receive coverage under a group health plan sponsored by another employer (and any such eligibility shall

be promptly reported to the Company by Employee); provided, however, that the election of COBRA continuation coverage and the payment

of any premiums due with respect to such COBRA continuation coverage shall remain Employee’s sole responsibility, and the Company

shall not assume any obligation for payment of any such premiums relating to such COBRA continuation coverage. Notwithstanding the foregoing,

if (x) the Company’s group health plans are not subject to the continuation coverage requirements of COBRA but Employee satisfies

the conditions to receive COBRA Subsidy pursuant to the foregoing provisions of this Section 7(f)(ii) or (y) if

the provision of the COBRA Subsidy cannot be provided in the manner described above under the terms of the applicable Company plan, practice,

program, policy or without violating applicable law, then the Company shall pay Employee an amount, less applicable taxes, deductions

and withholdings, equal to the COBRA Subsidy that would have been paid to Employee pursuant to the foregoing provisions of this Section 7(f)(ii) (the

“Replacement Payment”). Each Replacement Payment shall be paid to Employee on the Company’s first regularly

scheduled pay date in the calendar month immediately following the Termination Date. Employee shall be eligible to receive such Replacement

Payment until the earliest of (a) the COBRA Expiration Date or (b) the date on which Employee becomes eligible to receive coverage

under a group health plan sponsored by another employer (and any such eligibility shall be promptly reported to the Company by Employee).

Collectively, (i) the Severance Payment, (ii) any Termination Bonus Payment, and (iii) the COBRA Subsidy or the Replacement

Payment, as applicable, are referred to herein as the “Termination Benefits.”

(iii)            The

Severance Payment will be divided into substantially equal installments paid over the twelve (12) month period beginning on the Company’s

first regularly scheduled pay date that is on or after the date that is sixty (60) days after the Termination Date; provided, however,

that to the extent, if any, that the aggregate amount of the installments of the Severance Payment that would otherwise be paid pursuant

to the preceding provisions of this Section 7(f)(iii) after March 15 of the calendar year following the calendar

year in which the Termination Date occurs (the “Applicable March 15”) exceeds the maximum exemption amount

under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to Employee in a lump sum on the Applicable

March 15 (or the first business day preceding the Applicable March 15 if the Applicable March 15 is not a business day)

and the installments of the Severance Payment payable after the Applicable March 15 shall be reduced by such excess (beginning with

the installment first payable after the Applicable March 15 and continuing with the next succeeding installment until the aggregate

reduction equals such excess). The Termination Bonus Payment, if any, shall be paid to Employee on the later to occur of: (x) the

date that the Annual Bonus for the Bonus Year in which the Termination Date occurs is paid to other similarly-situated executives (but

in no event later than March 15 of the calendar year following the calendar year in which the Termination Date occurs); and (y) the

date that the first installment of the Severance Payment is paid to Employee. For the sake of clarity no amount payable hereunder shall

be subject to reduction or mitigation on account of any other income earned during the period in which Employee receives Severance.

(iv)            For

the avoidance of doubt, notwithstanding anything herein to the contrary, the Termination Benefits (and any portion thereof) shall not

be payable if Employee’s employment hereunder terminates upon the expiration of the then-existing Initial Term or Renewal Term,

as applicable, as a result of a non-renewal of the term of Employee’s employment under this Agreement by Employee pursuant to Section 4.

(v)            If

the Release is not executed and returned to the Company on or before the Release Expiration Date, and the revocation period specified

in the Release has not fully expired without revocation of the Release by Employee, then Employee shall not be entitled to any portion

of the Termination Benefits. As used herein, the “Release Expiration Date” is that date that is twenty-one (21)

days following the Termination Date (or, if later than the Termination Date, the date the Company provides Employee the execution version

of the Release) or, in the event that such termination of employment is “in connection with an exit incentive or other employment

termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five

(45) days following the Termination Date (or, if later than the Termination Date, the date the Company provides Employee the execution

version of the Release).

(vi)            If

Employee’s employment hereunder is terminated in circumstances in which: (A) Employee is eligible to receive a Severance Payment

under Section 7(f)(i); (B) such termination occurs within the six (6) month period prior to a Change in Control,

on the date of a Change in Control, or within the twelve (12) month period following a Change in Control (the “Change in Control

Period”); and (C) Employee satisfies each of the conditions to receive a Severance Payment under Section 7(f)(i),

then, subject to all of the other provisions in this Section 7(f), Employee shall be eligible to receive a Termination Bonus

Payment (if any), the Accelerated Vesting and Ongoing Vesting, the COBRA Subsidy, and the Severance Payment; provided, however,

that (i) with respect to the Termination Bonus Payment, such amount shall be calculated based on actual achievement of the applicable

performance goals through the date of the Change in Control (instead of based on target), (ii) with respect to the Ongoing Vesting,

any performance-based vesting awards shall vest based on actual performance measured through the date of the Change in Control (instead

of the date of termination) and (iii) with respect to the Severance Payment, such amount shall be equal to two (2) times the

sum of (a) twelve (12) months’ worth of Employee’s Base Salary for the year in which such termination occurs (disregarding

any reduction thereto that may have given rise to Good Reason) and (b) Employee’s target Annual Bonus for the Bonus Year in

which such termination occurs or the Annual Bonus (if any) actually paid to Employee with respect to the preceding Bonus Year, whichever

is greater. For the avoidance of doubt, the Severance Payment specified under this Section 7(f)(vi) shall be in lieu

of, and not in addition to, the Severance Payment specified under Section 7(f)(i). If Employee is eligible to receive any

of the payments or benefits set forth in this Section 7(f)(vi) (and has satisfied all conditions relating thereto), the

Severance Payment and any Termination Bonus Payment (to the extent not already paid) shall be paid in a lump sum on the later of (x) the

Company’s first regularly scheduled pay date that is on or after the date that is sixty (60) days after the Termination Date or

(y) the date that is sixty (60) days following the Change in Control, and the Termination Bonus Payment shall be calculated by reference

to pro-rated performance targets and achievement through the Change in Control or, if earlier, the last day of the applicable Bonus Year

(as determined by the Board). If Employee’s employment terminates within the six (6) month period prior to a Change in Control

and, at the time any Severance Payment under this Section 7(f)(vi) is payable, Employee has been paid any installments

of the Severance Payment (the “Prior Severance Payment”) or the Termination Bonus Payment (the “Prior

Termination Bonus Payment”) pursuant to Section 7(f)(i), then Employee shall receive payment of an amount equal

to (i) the Severance Payment payable under this Section 7(f)(vi) less the Prior Severance Payment plus

(ii) the Termination Bonus Payment payable under this Section 7(f)(vi) less the Prior Termination Bonus

Payment (for the avoidance of doubt, the amount calculated under this (ii) may be positive or negative, as applicable) (such total

amount, the “CIC Payment”), which CIC Payment shall be paid to Employee in a lump sum cash payment within sixty

(60) days following such Change in Control, and which payment shall fully and finally satisfy any further obligation to provide any further

payments with respect to the remaining portion of the Severance Payment that otherwise would have been payable had the applicable Change

in Control not occurred.

(vii)            For

the purposes of this Agreement, “Change in Control” means and includes each of the following:

(A)            the

acquisition, either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d) and 14(d)(2) of

the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership (within the meaning

of Rule 13d-3 under the Exchange Act), of more than 50% of either (1) the then outstanding shares of common stock of XRN, par

value $0.001 per share (“Common Stock”), taking into account as outstanding for this purpose such shares of

Common Stock issuable upon the exercise of options or warrants, the conversion of convertible shares or debt, and the exercise of any

similar right to acquire such Common Stock (the “Outstanding XRN Common Stock”) or (2) the combined voting

power of the then outstanding voting securities of XRN entitled to vote generally in the election of directors (the “Outstanding

XRN Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control

(a) any acquisition by XRN or any of its subsidiaries, (b) any acquisition by a trustee or other fiduciary holding XRN’s

securities under an employee benefit plan sponsored or maintained by XRN or any of its Affiliates, (c) any acquisition by an underwriter,

initial purchaser or placement agent temporarily holding XRN’s securities pursuant to an offering of such securities or (d) any

acquisition by an entity owned, directly or indirectly, by the stockholders of XRN in substantially the same proportions as their ownership

of the then Outstanding XRN Common Stock.

(B)            the

individuals who constitute Incumbent Directors at the beginning of any two-consecutive-year period, together with any new Incumbent Directors

who become members of the Board during such two-year period, cease to be a majority of the Board at the end of such two-year period; provided,

however, that this provision shall not apply with respect to Incumbent Directors who are no longer members of the Board due to ordinary-course

Board refreshment processes and whose replacements are either (i) appointed or approved by a majority of the Incumbent Directors

pursuant to XRN’s bylaws or (ii) nominated to serve on the Board pursuant to a majority vote of the Board’s Nominating

and Corporate Governance Committee and are elected to the Board pursuant to a vote of XRN’s stockholders. For purposes of this Agreement,

“Incumbent Directors” means the individuals elected to the Board (either by a specific vote or by approval of

the proxy statement of XRN in which such person is named as a nominee for director without objection to such nomination) and whose election

or nomination for election to the Board was approved by a vote of at least two-thirds of the directors serving on the Board at the time

of the election or nomination, as applicable, shall be an Incumbent Director. No individual designated to serve as a director by a person

who shall have entered into an agreement with XRN to effect a transaction described in Section 7(f)(vii)(A) or Section 7(f)(vii)(C) and

no individual initially elected or nominated as a director of XRN as a result of an actual or threatened election contest with respect

to directors shall be an Incumbent Director.

consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving XRN

that requires the approval of XRN’s stockholders, whether for such transaction or the issuance of securities in the transaction

(a “Business Combination”), in each case, unless following such Business Combination:

(1)            the

individuals and entities who were the beneficial owners of the Outstanding XRN Voting Securities immediately prior to such Business Combination,

beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled

to vote generally in the election of members of the board of directors (or the analogous governing body) of the entity resulting from

such Business Combination (the “Successor Entity”) (or, if applicable, the ultimate parent entity that directly

or indirectly has beneficial ownership of sufficient voting securities to elect a majority of the members of the board of directors (or

the analogous governing body) of the Successor Entity (the “Parent Company”));

(2)            no

Person (as defined below) beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, more

than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members

of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity);

and

(3)            at

least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no

Parent Company, the Successor Entity) following the consummation of the Business Combination were Incumbent Directors at the time of the

Board’s approval of the execution of the initial agreement providing for such Business Combination.

(D)            The

direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series

of related transactions, of all or substantially all of the properties or assets of XRN and its subsidiaries, taken as a whole, to any

Person that is not a subsidiary of XRN (an “Asset Sale”); provided, however, that an Asset Sale

shall not constitute a Change in Control under this clause (D) if (i), following the consummation of such Asset Sale, XRN continues

to exist as a real estate investment trust and (ii) the Board has demonstrable plans for XRN to reinvest or redeploy within 24 months

following the Asset Sale all or substantially all of the net proceeds received by XRN in respect of such Asset Sale into the acquisition

or development of other real properties or real-estate related assets to be owned and operated by XRN or its subsidiaries as part of an

active real estate business.

For purposes of this Agreement, “Person”

means any firm, corporation, partnership, or other entity and also includes any individual, firm, corporation, partnership, or other entity

as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. Notwithstanding the preceding sentence, the term “Person”

does not include (i) XRN or any of its subsidiaries, (ii) any trustee or other fiduciary holding securities under an employee

benefit plan of XRN or any of XRN’s affiliates, (iii) any underwriter temporarily holding securities pursuant to an offering

of such securities or (iv) any corporation owned, directly or indirectly, by the shareholders of XRN in substantially the same proportions

as their ownership of the Common Stock.

(g)            After-Acquired

Evidence. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that Employee

is eligible to receive the Termination Benefits pursuant to Section 7(f) but, after such determination: (i) the

Company subsequently acquires evidence or determines that Employee has failed to abide by the terms of Sections 9, 10

or 11; or (ii) within ninety (90) days following the Termination Date, the Board first acquires evidence that a Cause condition

existed prior to the Termination Date that, had the Company been fully aware of such condition, would have given the Company the right

to terminate Employee’s employment pursuant to Section 7(a), then the Company shall, upon written notice to Employee

of such evidence or determination and Employee’s rights under the Cause definition, if any, to cure same, have the right to cease

the payment of any future installments of the Termination Benefits and Employee shall promptly return to the Company all installments

of the Termination Benefits received by Employee prior to the date that the Company determines that the conditions of this Section 7(g) have

been satisfied (less any amounts withheld or paid by Employee as taxes in respect of such installments).

8.            Disclosures.

During the Employment Period, promptly (and in any event, within three (3) business days) upon becoming aware of any lawsuit, claim

or arbitration filed against or involving Employee or any trust or vehicle owned or controlled by Employee, in each case regarding either

(a) Employee’s employment or (b) Employee’s ability to perform the services of the role, Employee shall disclose

such lawsuit, claim or arbitration to the Board.

9.            Confidentiality.

In the course of Employee’s employment with the Company and the performance of Employee’s duties on behalf of the Company

Group hereunder, Employee will be provided with, and will have access to, Confidential Information (as defined below). In consideration

of Employee’s receipt and access to such Confidential Information, Employee shall comply with this Section 9.

(a)            Both

during the Employment Period and thereafter, except as expressly permitted by this Agreement or by written directive of the Board, Employee

shall not disclose any Confidential Information to any person or entity and shall not use any Confidential Information except for the

benefit of the Company Group. Employee shall follow all Company Group policies and protocols regarding the security of all documents and

other materials containing Confidential Information (regardless of the medium on which Confidential Information is stored). The covenants

of this Section 9(a) shall apply to all Confidential Information, whether now known or later to become known to Employee

during the period that Employee is employed by or affiliated with the Company or any other member of the Company Group.

(b)            Notwithstanding

any provision of Section 9(a) to the contrary, Employee may make the following disclosures and uses of Confidential Information:

(i)            disclosures

to other employees of a member of the Company Group who have a need to know the information in connection with the businesses of the Company

Group;

(ii)            disclosures

to customers and suppliers when, in the reasonable and good faith belief of Employee, such disclosure is in connection with Employee’s

performance of Employee’s duties under this Agreement and is in the best interests of the Company Group;

(iii)            disclosures

and uses that are approved in writing by the Board; or

(iv)            disclosures

to a person or entity that has (x) been retained by a member of the Company Group to provide services to one or more members of the

Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement.

the expiration of the Employment Period, and at any other time upon reasonable request of the Company, Employee shall promptly surrender

and deliver to the Company all documents (including electronically stored information) and all copies thereof and all other materials

of any nature containing or pertaining to all Confidential Information and any other Company Group property (including any Company Group-issued

computer, mobile device or other equipment) in Employee’s possession, custody or control and Employee shall not retain any such

documents or other materials or property of the Company Group. Within five (5) days of any such request, Employee shall certify to

the Company in writing that all such documents, materials and property have been returned to the Company. Employee may retain any documents

evidencing his terms of employment, equity holdings, and compensation without violating this Agreement.

(d)            All

trade secrets, non-public information, designs, ideas, concepts, improvements, product developments, discoveries and inventions, whether

patentable or not, that are conceived, made, developed or acquired by or disclosed to Employee, individually or in conjunction with others,

during the period that Employee is employed by the Company or any other member of the Company Group (whether during business hours or

otherwise and whether on the Company’s premises or otherwise) that relate to any member of the Company Group’s businesses

or properties, products or services (including all such information relating to corporate opportunities, operations, future plans, methods

of doing business, business plans, strategies for developing business and market share, research, financial and sales data, pricing terms,

evaluations, opinions, interpretations, acquisition prospects, the identity of customers or acquisition targets or their requirements,

the identity of key contacts within customers’ organizations or within the organization of acquisition prospects, or marketing and

merchandising techniques, prospective names and marks) is defined as “Confidential Information.” Moreover, all

documents, videotapes, written presentations, brochures, drawings, memoranda, notes, records, files, correspondence, manuals, models,

specifications, computer programs, e-mail, voice mail, electronic databases, maps, drawings, architectural renditions, models and all

other writings or materials of any type including or embodying any of such information, ideas, concepts, improvements, discoveries, inventions

and other similar forms of expression are and shall be the sole and exclusive property of the Company or the other applicable member of

the Company Group and be subject to the same restrictions on disclosure applicable to all Confidential Information pursuant to this Agreement.

For purposes of this Agreement, Confidential Information shall not include any information that (i) is or becomes generally available

to the public other than as a result of a disclosure or wrongful act of Employee or any of Employee’s agents; (ii) was available

to Employee on a non-confidential basis before its disclosure by a member of the Company Group; or (iii) becomes available to Employee

on a non-confidential basis from a source other than a member of the Company Group; provided, however, that such source

is not bound by a confidentiality agreement with, or other obligation with respect to confidentiality to, a member of the Company Group.

(e)            Notwithstanding

the foregoing, nothing in this Agreement shall prohibit or restrict Employee from lawfully: (i) initiating communications directly

with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by,

any governmental authority regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to

Employee from any such governmental authority (including the U.S. Securities and Exchange Commission); (iii) testifying, participating

or otherwise assisting in any action or proceeding by any such governmental authority relating to a possible violation of law; or (iv) making

any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal

Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret

law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state or local government official,

either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation

of law; (B) is made to the individual’s attorney in relation to a lawsuit for retaliation against the individual for reporting

a suspected violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is

made under seal. Nothing in this Agreement requires Employee to obtain prior authorization before engaging in any conduct described in

this paragraph, or to notify the Company that Employee has engaged in any such conduct.

10.            Non-Competition;

Non-Solicitation.

(a)            The

Company shall provide Employee access to Confidential Information for use only during the Employment Period, and Employee acknowledges

and agrees that the Company Group will be entrusting Employee, in Employee’s unique and special capacity, with developing the goodwill

of the Company Group, and in consideration of the Company providing Employee with access to Confidential Information and as an express

incentive for the Company to enter into this Agreement and employ Employee hereunder, and as further consideration for the benefits provided

hereunder, Employee has voluntarily agreed to the covenants set forth in this Section 10. Employee agrees and acknowledges

that the limitations and restrictions set forth herein, including geographical and temporal restrictions on certain competitive activities,

are reasonable in all respects, do not interfere with public interests, will not cause Employee undue hardship, and are material and substantial

parts of this Agreement intended and necessary to prevent unfair competition and to protect the Company Group’s Confidential Information,

goodwill and legitimate business interests.

(b)            During

the Prohibited Period, Employee shall not, without the prior written approval of the Board, directly or indirectly, for Employee or on

behalf of or in conjunction with any other person or entity of any nature:

(i)            engage

in or participate within the Market Area in competition with any member of the Company Group in any aspect of the Business, which prohibition

shall prevent Employee from directly or indirectly: (A) owning, managing, operating, or being an officer or director of, any business

that competes with any member of the Company Group in the Market Area, or (B) joining, becoming an employee or consultant of, or

otherwise being affiliated with, any person or entity engaged in, or planning to engage in, the Business in the Market Area in competition,

or anticipated competition, with any member of the Company Group in any capacity (with respect to this clause (B)) in which Employee’s

duties, knowledge contribution or responsibilities are the same as or similar to the duties, knowledge contribution or responsibilities

that Employee had on behalf of any member of the Company Group;

(1)            appropriate

any Business Opportunity of, or relating to, any member of the Company Group located in the Market Area;

(ii)            solicit,

canvass, approach, encourage, entice or induce any customer or supplier of any member of the Company Group with whom or which Employee

had contact on behalf of any member of the Company Group, or about whom Employee had access to Confidential Information, to cease or lessen

such customer’s or supplier’s business with any member of the Company Group; or

(iii)            solicit,

canvass, approach, encourage, entice or induce any employee or contractor of any member of the Company Group to terminate his, her or

its employment or engagement with any member of the Company Group.

of the difficulty of measuring economic losses to the Company Group as a result of a breach or threatened breach of the covenants set

forth in Section 9 and in this Section 10, and because of the immediate and irreparable damage that would be caused

to the members of the Company Group for which they would have no other adequate remedy, the Company and each other member of the Company

Group shall be entitled to enforce the foregoing covenants, in the event of a breach or threatened breach, by injunctions and restraining

orders from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford

an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall not be

the Company’s or any other member of the Company Group’s exclusive remedy for a breach but instead shall be in addition to

all other rights and remedies available to the Company and each other member of the Company Group at law and equity.

(d)            The

covenants in this Section 10, and each provision and portion hereof, are severable and separate, and the unenforceability

of any specific covenant (or portion thereof) shall not affect the provisions of any other covenant (or portion thereof). Moreover, in

the event any arbitrator or court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth

are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which such arbitrator

or court deems reasonable, and this Agreement shall thereby be reformed.

(e)            The

following terms shall have the following meanings:

(i)            “Business”

shall mean the business and operations that are the same or similar to those performed by the Company and any other member of the Company

Group for which Employee provides services or about which Employee obtains Confidential Information during the Employment Period, which

business and operations include the acquisition, development, asset management and disposal of real estate assets underlying licensed

healthcare facilities and medical office buildings (but excluding, for the avoidance of doubt, the business operations of such assets).

(ii)            “Business

Opportunity” shall mean any commercial, investment or other business opportunity relating to the Business.

(iii)            “Market

Area” shall mean: (A) the United States of America; and (B) any other geographic area or market where or with

respect to which the Company or any other member of the Company Group conducts or has specific plans to conduct the Business on or at

any time during the twelve (12) month period prior to the Termination Date.

(iv)            “Prohibited

Period” shall mean the period during which Employee is employed by any member of the Company Group and continuing for a

period of twelve (12) months following the date that Employee is no longer employed by any member of the Company Group.

11.            Ownership

of Intellectual Property. Employee agrees that the Company shall own, and Employee shall (and hereby does) assign, all

right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other

intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable),

works of authorship, mask works, designs, know-how, ideas and information authored, created, contributed to, made or conceived or reduced

to practice, in whole or in part, by Employee during the period in which Employee is or has been employed by or affiliated with the Company

or any other member of the Company Group that either (a) relate, at the time of conception, reduction to practice, creation, derivation

or development, to any member of the Company Group’s businesses or actual or anticipated research or development, or (b) were

developed on any amount of the Company’s or any other member of the Company Group’s time or with the use of any member of

the Company Group’s equipment, supplies, facilities or trade secret information (all of the foregoing collectively referred to herein

as “Company Intellectual Property”), and Employee shall promptly disclose all Company Intellectual Property

to the Company. All of Employee’s works of authorship and associated copyrights created during the period in which Employee is employed

by or affiliated with the Company or any other member of the Company Group and in the scope of Employee’s employment or engagement

shall be deemed to be “works made for hire” within the meaning of the Copyright Act. Employee shall perform, during and after

the period in which Employee is or has been employed by or affiliated with the Company or any other member of the Company Group, all acts

deemed necessary by the Company to assist each member of the Company Group, at the Company’s expense, in obtaining and enforcing

its rights throughout the world in the Company Intellectual Property. Such acts may include execution of documents and assistance or cooperation

(i) in the filing, prosecution, registration, and memorialization of assignment of any applicable patents, copyrights, mask work,

or other applications, (ii) in the enforcement of any applicable patents, copyrights, mask work, moral rights, trade secrets, or

other proprietary rights, and (iii) in other legal proceedings related to the Company Intellectual Property.

12.            Arbitration.

(a)            Subject

to Section 12(b), any dispute, controversy or claim between Employee and any member of the Company Group arising out of or

relating to this Agreement or Employee’s employment or engagement with any member of the Company Group will be finally settled by

arbitration in Bethesda, Maryland, in accordance with the then-existing American Arbitration Association (“AAA”)

Employment Arbitration Rules, except that this Agreement does not require arbitration of claims for workers’ compensation benefits

or unemployment compensation benefits or other claims that, as a matter of applicable law, the parties cannot agree to arbitrate.

Disputes involving sexual assault or sexual harassment are covered only if the party alleging conduct constituting a sexual harassment

dispute or sexual assault dispute chooses to arbitrate such a dispute. The arbitration award shall be final and binding on both parties.

Any arbitration conducted under this Section 12 shall be private, and shall be heard by a single arbitrator (the “Arbitrator”)

selected in accordance with the then-applicable AAA Employment Arbitration Rules. The Arbitrator shall expeditiously hear and decide all

matters concerning the dispute. Except as expressly provided to the contrary in this Agreement, the Arbitrator shall have the power to

(i) gather such materials, information, testimony and evidence as the Arbitrator deems relevant and necessary to the dispute before

him or her and proportionate to the claims and defenses at issue (and each party will provide such materials, information, testimony and

evidence requested by the Arbitrator), and (ii) grant injunctive relief and enforce specific performance. All disputes shall be arbitrated

on an individual basis, and each party hereto hereby foregoes and waives any right to arbitrate any dispute as a class action or collective

action or on a consolidated basis or in a representative capacity on behalf of other persons or entities who are claimed to be similarly

situated, or to participate as a class member in such a proceeding. The decision of the Arbitrator shall be reasoned, rendered in writing,

and be final and binding upon the disputing parties. The parties agree that judgment upon the award may be entered by any court of competent

jurisdiction. The party whom the Arbitrator determines is the prevailing party in such arbitration shall receive, in addition to any other

award pursuant to such arbitration or associated judgment, reimbursement from the other party of all reasonable legal fees and costs associated

with such arbitration and associated judgment.

(b)            Notwithstanding

Section 12(a), either party may make a timely application for, and obtain, judicial emergency relief or temporary or preliminary

injunctive relief to enforce any of the provisions of Sections 9 through 11; provided, however, that the remainder

of any such dispute (beyond the application for emergency or temporary or preliminary injunctive relief) shall be subject to arbitration

under this Section 12.

entering into this Agreement and entering into the arbitration provisions of this Section 12, THE PARTIES EXPRESSLY ACKNOWLEDGE

AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL.

(d)            Nothing

in this Section 12 shall prohibit a party to this Agreement from (i) instituting litigation to enforce this Section 12

or any arbitration award, or (ii) joining the other party to this Agreement in a litigation initiated by a person or entity that

is not a party to this Agreement. Further, nothing in this Section 12 precludes Employee from filing a charge or complaint

with a federal, state or other governmental administrative agency.

(e)            Notwithstanding

anything in this Section 12, to the extent that any dispute, controversy or claim between Employee and the Company arises

out of or relates to the LTIP or any awards granted thereunder, such dispute, controversy or claim shall be governed by the terms and

conditions set forth in the LTIP and the applicable award agreement(s) evidencing any such awards, each as in effect from time to

time.

13.            Defense

of Claims. During the Employment Period and thereafter, upon reasonable request from the Company, Employee shall cooperate with

the Company Group in the defense of any claims or actions that may be made by or against any member of the Company Group that relate to

Employee’s actual or prior areas of responsibility. Employee shall be reimbursed for all reasonable out-of-pocket expenses incurred

as a result of any such cooperation.

14.            Withholdings;

Deductions. The Company may withhold and deduct from any benefits and payments made or to be made pursuant to this Agreement (a) all

federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and (b) any other

deductions consented to in writing by Employee.

15.            Title

and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit,

define or otherwise affect the provisions hereof. Unless the context requires otherwise, all references to laws, regulations, contracts,

documents, agreements and instruments refer to such laws, regulations, contracts, documents, agreements and instruments as they may be

amended from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions

of any succeeding law or regulation. All references to “dollars” or “$” in this Agreement refer to United States

dollars. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here”

shall refer to the entire Agreement, including all Exhibits attached hereto, and not to any particular provision hereof. Unless the context

requires otherwise, the word “or” is not exclusive. Wherever the context so requires, the masculine gender includes the feminine

or neuter, and the singular number includes the plural and conversely. Any reference herein to a decision made by the Board relating to

Employee’s terms of employment or compensation as set forth herein shall be made by the Board sitting without Employee (if Employee

is a member of the Board). All references to “including” shall be construed as meaning “including without limitation.”

Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under

any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and shall

be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions

of the parties hereto.

16.            Applicable

Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to the laws of the State of Maryland

without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction. With respect

to any claim or dispute related to or arising under this Agreement, the parties hereby consent to the arbitration provisions of Section 12

and recognize and agree that should any resort to a court be necessary and permitted under this Agreement, then they consent to the exclusive

jurisdiction, forum and venue of the state and federal courts (as applicable) located in Bethesda, Maryland.

17.            Entire

Agreement and Amendment. This Agreement and the applicable award agreement documenting the Inducement Award contain the entire

agreement of the parties with respect to the matters covered herein and supersede and replace all prior and contemporaneous agreements

and understandings, oral or written, between the parties hereto concerning the subject matter hereof. For the avoidance of doubt, Employee

shall not be eligible to participate in any other severance plan of the Company or any other member of the Company Group, as Employee’s

eligibility for severance pay and benefits as set forth herein represents the entire agreement between Employee, on the one hand, and

any member of the Company Group, on the other hand, with respect to potential severance pay or benefits. This Agreement may be amended

only by a written instrument executed by both parties hereto.

18.            Waiver

of Breach. Any waiver of this Agreement must be executed by the party to be bound by such waiver. No waiver by either party hereto

of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement

to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or any similar

or dissimilar provision or condition at the same or any subsequent time. The failure of either party hereto to take any action by reason

of any breach will not deprive such party of the right to take action at any time.

19.            Assignment.

This Agreement is personal to Employee, and neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise

transferred by Employee. The Company may assign this Agreement without Employee’s consent, including to any member of the Company

Group and to any successor to or acquirer of (whether by merger, purchase or otherwise) all or substantially all of the equity, assets

or businesses of the Company.

20.            Notices.

Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in person,

(b) when sent by facsimile transmission (with confirmation of transmission) on a business day to the number set forth below, if applicable;

provided, however, that if a notice is sent by facsimile transmission after normal business hours of the recipient or on

a non-business day, then it shall be deemed to have been received on the next business day after it is sent, (c) on the first business

day after such notice is sent by express overnight courier service, or (d) on the second business day following deposit with an internationally-recognized

second-day courier service with proof of receipt maintained, in each case, to the following address, as applicable:

If to the Company, addressed to:

Inter-American Management LLC

2 Bethesda Metro Center, Suite 440

Bethesda, Maryland 20814

Attention: General Counsel and Corporate Secretary

If to Employee, addressed to:

Matthew Whitlock

122 Dennison Street

Gloucester, Mass 01930

21.            Counterparts.

This Agreement may be executed in any number of counterparts, including by electronic mail or facsimile, 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 copy hereof containing multiple signature pages, each signed by one party, but together signed by both parties hereto.

22.            Deemed

Resignations. Except as otherwise determined by the Board or as otherwise agreed to in writing by Employee and any member of the

Company Group prior to the termination of Employee’s employment with the Company or any member of the Company Group, any termination

of Employee’s employment shall constitute, as applicable, an automatic resignation of Employee: (a) as an officer of the Company

and each member of the Company Group; (b) from the Board; (c) from the board of directors or board of managers (or similar governing

body) of any member of the Company Group; and (d) from the board of directors or board of managers (or similar governing body) of

any corporation, limited liability entity, unlimited liability entity or other entity in which any member of the Company Group holds an

equity interest and with respect to which board of directors or board of managers (or similar governing body) Employee serves as such

Company Group member’s designee or other representative.

23.            Section 409A.

(a)            Notwithstanding

any provision of this Agreement to the contrary, all provisions of this Agreement are intended to comply with Section 409A of the

Internal Revenue Code of 1986 (the “Code”), and the applicable Treasury regulations and administrative guidance

issued thereunder (collectively, “Section 409A”) or an exemption therefrom and shall be construed and administered

in accordance with such intent. If any provision of this Agreement (or of any award of compensation, including equity compensation or

benefits) would cause Employee to incur any additional tax or interest under Section 409A, the Company shall, after consulting with

and receiving the approval of Employee, reform such provision to comply with Section 409A, to the extent such reformation is permitted

under Section 409A.

(b)            Any

payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from

service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A,

each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement

upon a termination of Employee’s employment shall only be made if such termination of employment constitutes a “separation

from service” under Section 409A.

the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified

deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by the Company

no later than the last day of Employee’s taxable year following the taxable year in which such expense was incurred by Employee,

(ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the

amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible

for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be

violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such

expenses are subject to a limit related to the period in which the arrangement is in effect.

(d)            Notwithstanding

any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and

interest under Section 409A if Employee’s receipt of such payment or benefit is not delayed until the earlier of (i) the

date of Employee’s death or (ii) the date that is six (6) months after the Termination Date (such date, the “Section 409A

Payment Date”), then such payment or benefit shall not be provided to Employee (or Employee’s estate, if applicable)

until the Section 409A Payment Date. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits

provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall any member of the Company Group

be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance

with Section 409A.

24.            Certain

Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if Employee is a “disqualified individual”

(as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any

other payments and benefits which Employee has the right to receive from the Company or any of its affiliates, would constitute a “parachute

payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement

shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Employee

from the Company or any of its affiliates shall be one dollar ($1.00) less than three times Employee’s “base amount”

(as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Employee shall

be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax

position to Employee (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes).

The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in

cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would

be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and,

then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination as to whether any such reduction in

the amount of the payments and benefits provided hereunder is necessary (or whether Employee would be subject to such excise tax) shall

be made at the expense of the Company by a firm of independent accountants, a law firm or other valuation specialist selected by the Board

in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated

with other payments and benefits from the Company or any of its affiliates used in determining if a “parachute payment” exists,

exceeds one dollar ($1.00) less than three times Employee’s base amount, then Employee shall immediately repay such excess to the

Company upon notification that an overpayment has been made. Nothing in this Section 24 shall require the Company to provide

a gross-up payment to Employee with respect to Employee’s excise tax liabilities under Section 4999 of the Code.

25.            Clawback.

To the extent required by applicable law, government regulation or any applicable securities exchange listing standards, amounts paid

or payable under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company,

XRN or any other applicable member of the Company Group pursuant to applicable law, government regulation or applicable securities exchange

listing requirements, which clawback policies or procedures may provide for forfeiture and/or recoupment of amounts paid or payable under

this Agreement to the extent there is a material financial restatement that affects the Company, XRN or such other applicable member of

the Company Group; provided, however, that such forfeiture and/or recoupment shall be limited to the difference between the amounts

paid or payable prior to such material financial restatement and the amounts paid or payable after giving effect to the material financial

restatement. The Company, XRN and each member of the Company Group reserve the right, without the consent of Employee, to adopt any such

clawback policies and procedures that are consistent with the preceding sentence, including such policies and procedures applicable to

this Agreement with retroactive effect.

26.            Effect

of Termination. The provisions of Sections 7, 9-14, 22, 23, 24, 25, 27,

28 and 29 and those provisions necessary to interpret and enforce them, shall survive any termination of this Agreement

and any termination of the employment relationship between Employee and the Company.

27.            Third-Party

Beneficiaries. Each member of the Company Group that is not a signatory to this Agreement shall be a third-party beneficiary of

Employee’s representations, covenants, and obligations under Sections 2, 8, 9, 10, 11, 12,

13, and 22 and shall be entitled to enforce such obligations as if a party hereto.

28.            Indemnification.

The Company and Employee shall enter into an indemnification agreement (the “Indemnification Agreement”) using

the form of indemnification agreement the Company has entered into with other senior officers of the Company. In addition, the Company

agrees that Employee shall be covered by the Company’s director and officer liability insurance policy to the extent the Company

provides such coverage to its other senior officers and directors.

29.            Severability.

If an arbitrator or court of competent jurisdiction determines that any provision of this Agreement (or portion thereof) is invalid or

unenforceable, then the invalidity or unenforceability of that provision (or portion thereof) shall not affect the validity or enforceability

of any other provision of this Agreement, and all other provisions shall remain in full force and effect.

[Remainder of Page Intentionally Blank; Signature

Page Follows]

WITNESS WHEREOF, Employee and the Company each have caused this Agreement to be executed and effective as of the Effective

Date.

EMPLOYEE

/s/

Matthew Whitlock

INTER-AMERICAN MANAGEMENT LLC

By:

/s/ Mark Decker, Jr.

Name: Mark Decker, Jr.

Title: Authorized Signatory

Signature

Page to Employment Agreement

Exhibit I

GENERAL

RELEASE OF CLAIMS

This GENERAL RELEASE

OF CLAIMS (this “Release”) is entered into by Matthew Whitlock (“Employee”)

and Inter-American Management LLC, a Delaware limited liability company (the “Company”) and is that

certain Release referred to in Section 7(f) of the Employment Agreement effective as of August 3, 2026, by and between

the Company and Employee. Capitalized terms not defined herein have the meaning given to them in the Employment Agreement.

1.            Termination

Benefits. Employee acknowledges and agrees that the last day of Employee’s employment with the Company was ___________,

2___ (the “Separation Date”). If (a) Employee executes this Release on or after the Separation Date and

returns it to the Company, care of [NAME] [ADDRESS] [E-MAIL] so that it is received by [NAME] no later than 11:59 p.m., Bethesda, Maryland

time on [DATE THAT IS 21 OR 45 DAYS (AS APPLICABLE) FOLLOWING THE SEPARATION DATE OR DATE EMPLOYEE IS GIVEN EXECUTION VERSION OF RELEASE,

WHICHEVER IS LATER] and (b) does not exercise his revocation right pursuant to Section 8 below, then the Company will

provide Employee the [applicable Termination Benefits pursuant to Section 7 of the Employment Agreement] (the “Termination

Benefits”).

2.            Satisfaction

of All Leaves and Payment Amounts; Prior Rights and Obligations. In entering into this Agreement, Employee expressly acknowledges

and agrees that Employee has received all leaves (paid and unpaid) to which Employee was entitled during Employee’s employment,

and Employee has received all wages and been paid all sums that Employee is owed or ever could be owed by the Company and the other Company

Parties (other than the Termination Benefits and, if not paid at the time Employee signs this Agreement, Employee’s regular pay

for the pay period in which the Separation Date occurred). For the avoidance of doubt, Employee acknowledges and agrees that Employee

had no right to the Termination Benefits (or any portion thereof) but for Employee’s entry into (and non-revocation of) this Agreement

and compliance with the terms herein.

Exhibit I-1

3.            Release

of Liability for Claims.

(a)            In

consideration of Employee’s receipt of the [applicable Termination Benefits (and any portion thereof)], Employee hereby releases,

discharges and acquits the Company, Chiron Real Estate Inc. and its direct and indirect subsidiaries, and each of the foregoing entities’

respective past, present and future subsidiaries, affiliates, stockholders, members, partners, directors, officers, managers, employees,

agents, attorneys, heirs, predecessors, successors and representatives in their personal and representative capacities, as well as all

employee benefit plans maintained by the Company or any of its subsidiaries or other affiliates and all fiduciaries and administrators

of any such plans, in their personal and representative capacities (collectively, the “Company Parties”), from

liability for, and Employee hereby waives, any claims, damages, or causes of action related to Employee’s employment with any Company

Party, the termination of such employment, and any other acts or omissions related to any matter existing on or prior to the date on which

Employee signs this Release (the “Signing Date”), including (i) any alleged violation through such date

of: (A) any federal, state or local anti-discrimination or anti-retaliation law, including the Age Discrimination in Employment Act

of 1967 (including as amended by the Older Workers Benefit Protection Act), Title VII of the Civil Rights Act of 1964, the Civil Rights

Act of 1991, Sections 1981 through 1988 of Title 42 of the United States Code, and the Americans with Disabilities Act of 1990; (B) the

Employee Retirement Income Security Act of 1974 (“ERISA”); (C) the Immigration Reform Control Act; (D) the

National Labor Relations Act; (E) the Occupational Safety and Health Act; (F) the Family and Medical Leave Act of 1993; (G) any

federal, state or local wage and hour law; (H) the Maryland Equal Pay Act or Title 20 of the State Government Article of the

Maryland Annotated Code;1 (I) any other local, state or federal law, regulation,

ordinance or orders which may have afforded any legal or equitable causes of action of any nature; or (J) any public policy, contract,

tort, or common law claim or claim for defamation, emotional distress, fraud or misrepresentation of any kind; (ii) any allegation

for costs, fees, or other expenses including attorneys’ fees incurred in, or with respect to, a Released Claim; (iii) any and

all rights, benefits, or claims Employee may have under any employment contract (including the Employment Agreement), incentive or compensation

plan or agreement or under any other benefit plan, program or practice; and (iv) any claim for compensation, damages or benefits

of any kind not expressly set forth in this Agreement (collectively, the “Released Claims”). THIS RELEASE

INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY,

OF ANY OF THE COMPANY PARTIES. Notwithstanding the foregoing or any other term of this Release, in no event shall the Released Claims

include (1) any claims for Base Salary earned in the pay period in which the Separation Date occurred, (2) any claim for employee

benefits that Employee may be entitled to under the Company’s employee benefit plans as of the Separation Date, (3) any claim

for reimbursement for expenses that remain unreimbursed as of the Separation Date (subject to the Company’s expense reimbursement

policies as then in effect), (4) any claim for the applicable Termination Benefits, (5) any claim based on facts that first

occur after the Signing Date, including any claim with respect to the LTIP or under any award agreement relating Employee’s equity

ownership in the Company or any other Company Party that survives the Separation Date, (6) any claim to vested benefits under an

employee benefit plan governed by ERISA; or (7) any claim to indemnification and/or D&O coverage to which Employee is entitled

under the Indemnification Agreement between the Company and Employee or the Company’s D&O insurance policy.

NTD: To be updated to reflect any applicable state law as of time of termination.

Exhibit I-2

(b)            Further

notwithstanding this release of liability, nothing in this Agreement prevents Employee from filing any non-legally waivable claim (including

a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or

other federal, state or local governmental agency, commission, or regulatory authority (collectively, “Governmental Agencies”)

or participating in any investigation or proceeding conducted by the EEOC or other Governmental Agency or cooperating with such a Governmental

Agency or providing documents or other information to a Governmental Agency; however, Employee understands and agrees that, to the extent

permitted by law, Employee is waiving any and all rights to recover any monetary or personal relief from a Company Party as a result of

such EEOC or other Governmental Agency proceeding or subsequent legal actions. Nothing in this Agreement prevents Employee from making

any report to or communication with a Governmental Agency that is protected by any applicable whistleblower law, and further notwithstanding

this release of liability, nothing in this Agreement limits Employee’s right to receive an award for information provided to a Governmental

Agency (including, for the avoidance of doubt, any monetary award or bounty from any governmental agency or regulatory or law enforcement

authority in connection with any protected “whistleblower” activity).

4.            Representation

About Claims. Employee represents and warrants that, as of the Signing Date, Employee has not filed lawsuits against any of the

Company Parties with any state or federal court or arbitrator for or with respect to a matter, claim, or incident that occurred or arose

out of one or more occurrences that took place on or prior to the Signing Date. Employee further represents and warrants that Employee

has made no assignment, sale, delivery, transfer or conveyance of any rights Employee has asserted or may have against any of the Company

Parties with respect to any Released Claim.

5.            Employee’s

Acknowledgments. This Agreement is an important legal document, and Employee is hereby advised to consult with an attorney

of Employee’s choosing before entering into this Agreement. By executing and delivering this Release, Employee expressly acknowledges

that:

(a)            Employee

has carefully read this Release and has had sufficient time (and at least [21] [45] days) to consider this Release before signing it and

delivering it to the Company;

(b)            Employee

has been advised, and hereby is advised in writing, to discuss this Release with an attorney of Employee’s choice and Employee has

had adequate opportunity to do so prior to executing this Release;

fully understands the final and binding effect of this Release; the only promises made to Employee to sign this Release are those stated

herein; and Employee is signing this Release knowingly, voluntarily and of Employee’s own free will, and understands and agrees

to each of the terms of this Release;

(d)            The

only matters relied upon by Employee and causing Employee to sign this Release are the provisions set forth in writing within the Employment

Agreement and this Release; and

(e)            Employee

would not otherwise have been entitled to the Termination Benefits but for Employee’s agreement to be bound by the terms of this

Release.

6.            Severability.

Any term or provision of this Release (or part thereof) that renders such term or provision (or part thereof) or any other term or provision

hereof (or part thereof) invalid or unenforceable in any respect shall be severable and shall be modified or severed to the extent necessary

to avoid rendering such term or provision (or part thereof) invalid or unenforceable, and such modification or severance shall be accomplished

in the manner that most nearly preserves the benefit of the bargain set forth in the Employment Agreement and hereunder.

7.            Withholding

of Taxes and Other Deductions. Employee acknowledges that the Company may withhold from the Termination Benefits all federal,

state, local, and other taxes and withholdings as may be required by any law or governmental regulation or ruling.

Exhibit I-3

8.            Revocation

Right. Employee may revoke the delivery (and therefore the effectiveness) of this Release within the seven-day period beginning

on the date Employee executes this Release (such seven day period being referred to herein as the “Release Revocation Period”).

To be effective, such revocation must be in writing signed by Employee and must be received by [NAME] [ADDRESS] [E-MAIL] before 11:59

p.m., Bethesda, Maryland time, on the last day of the Release Revocation Period. If an effective revocation is delivered in the foregoing

manner and timeframe, no Termination Benefits shall be provided and this Release shall be null and void. Provided that Employee does not

revoke his signature on this Agreement during the Release Revocation Period, this Agreement shall become effective on the eighth (8th)

day after Employee executes the Agreement.

9.            Interpretation.

Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect

the provisions hereof. All references herein to a statute, agreement, instrument or other document shall be deemed to refer to such statute,

agreement, instrument or other document as amended, supplemented, modified and restated from time to time. The word “or” as

used herein is not exclusive and is deemed to have the meaning “and/or.” The words “herein”, “hereof”,

“hereunder” and other compounds of the word “here” shall refer to the entire Release and not to any particular

provision hereof. The use herein of the word “including” following any general statement, term or matter shall not be construed

to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items

or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words

of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably

fall within the broadest possible scope of such general statement, term or matter.

WITNESS WHEREOF, the Company and Employee have executed this Release as of the dates set forth below, effective for all purposes

as provided above.

Matthew Whitlock

Date:

INTER-AMERICAN MANAGEMENT LLC

By:

Name:

Title:

Date:

Exhibit I-4

EX-10.2 — EXHIBIT 10.2

EX-10.2

Filename: tm2622020d1_ex10-2.htm · Sequence: 3

Exhibit 10.2

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

This Second Amendment to Employment Agreement

(this “Second Amendment”) is entered into by and between Inter-American Management LLC, a Delaware limited liability company

(the “Company”), and Alfonzo Leon (“Employee”), effective as of August 3, 2026 (the “Amendment Effective

Date”).

Background

A.           The

Company and Employee are parties to that certain Employment Agreement effective as of July 9, 2020, as amended by that certain First

Amendment to Employment Agreement dated January 27, 2021 (as amended, the “Agreement”). Capitalized terms used but not

defined in this Second Amendment have the meanings given to them in the Agreement.

B.            The

Company and Employee wish to provide for a transition period during which Employee will serve in a modified role, on the terms set forth

in this Second Amendment.

NOW, THEREFORE, in consideration

of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby

acknowledged, the Company and Employee agree as follows:

1.            Transition

Role. Effective as of August 3, 2026 and continuing until the earlier of (i) the date Employee begins employment with any

company or other employer outside of the Company Group and (ii) December 31, 2026 (the “Transition Period”), Employee

shall remain employed by the Company and shall serve with the title of Strategic Advisor rather than as Chief Investment Officer. Employee's

title during the Transition Period shall be as described in this Section 1 in lieu of the title set forth in Section 1 and Section 2

of the Agreement, and the parties agree that the modification of Employee's role as set forth in this Second Amendment shall not constitute

“Good Reason” under Section 7(c) of the Agreement or otherwise give rise to any claim by Employee against the Company

or any other member of the Company Group.

2.            Remote

Work Arrangement. During the Transition Period, Employee's role shall be performed remotely beginning on August 18, 2026, and

Employee shall not report to or otherwise access any Company office or other Company worksite unless specifically invited or authorized

in advance by the Company.

3.            Compensation

and Benefits. During the Transition Period, Employee shall continue to receive Employee's Base Salary at the rate in effect immediately

prior to the Amendment Effective Date, payable in accordance with Section 3(a) of the Agreement, and shall remain eligible to

participate in the Company's benefit plans and programs on the same basis as similarly situated employees, in accordance with Section 6

of the Agreement.

4.            End

of Transition Period; Termination Date; Termination Benefits. Upon expiration of the Transition Period, Employee's employment with

the Company shall terminate, and the date on which Employee is no longer employed by the Company shall be Employee's termination date

for all purposes under the Agreement and this Second Amendment. Such termination upon expiration of the Transition Period, or any termination

during the Transition Period other than if Employee is terminated for Cause, shall be treated as a termination by the Company without

Cause under Section 7(b) of the Agreement, and not as a resignation by Employee, entitling Employee to the Termination Benefits

described in Section 7(f) of the Agreement, subject to Employee's timely execution and non-revocation of the Release described

therein and Employee's continued compliance with Sections 9, 10 and 11 of the Agreement, except as expressly provided in Section 5

of this Second Amendment. For the avoidance of doubt, during the Transition Period, the Company may not terminate the Employee Without

Cause unless Company pays Employee all compensation and other amounts to which Employee would have been entitled during the Transition

Period, payable as a lump sum within thirty (30) days following termination. Company retains the right to terminate Employee's employment

for Cause in accordance with the Agreement, and any such termination shall be treated as a termination for Cause under the Agreement and

shall not entitle Employee to the Termination Benefits. Employee shall receive the Termination Benefits at the time and in the manner

provided in Section 7(f) of the Agreement.

5.            Non-Compete

Waiver. If Employee begins employment with any company or other employer outside of the Company Group during the Transition Period,

or any time following termination during the Prohibited Period Employee shall promptly provide written notice to the Company. Upon the

Company's receipt of such notice, the Company shall waive the non-competition provisions of the Agreement with respect to such employment

and any additional employment thereafter.

6.            No

Other Changes. Except as expressly set forth in this Second Amendment, all other terms and conditions of the Agreement remain unchanged

and in full force and effect. In the event of any conflict between the terms of this Second Amendment and the Agreement, the terms of

this Second Amendment shall control.

7.            Counterparts.

This Second Amendment may be executed in any number of counterparts, including by electronic signature, each of which shall be deemed

an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties

have executed this Second Amendment as of the Amendment Effective Date.

EMPLOYEE

/s/ Alfonzo Leon

Alfonzo Leon

CHIRON REAL ESTATE INC.

By:

/s/ Mark Decker, Jr.

Name:

Mark Decker, Jr.

Title:

Chief Executive Officer and President

INTER-AMERICAN MANAGEMENT LLC

By:

/s/ Mark Decker, Jr.

Name:

Mark Decker, Jr.

Title:

Authorized Signatory

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