<SEC-DOCUMENT>0001387131-15-000300.txt : 20150203
<SEC-HEADER>0001387131-15-000300.hdr.sgml : 20150203
<ACCEPTANCE-DATETIME>20150202201034
ACCESSION NUMBER:		0001387131-15-000300
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20150130
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150203
DATE AS OF CHANGE:		20150202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRP HOLDINGS, INC.
		CENTRAL INDEX KEY:			0000844059
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING & COURIER SERVICES (NO AIR) [4210]
		IRS NUMBER:				472449198
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36769
		FILM NUMBER:		15568899

	BUSINESS ADDRESS:	
		STREET 1:		200 W. FORSYTH ST.
		STREET 2:		7TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043965733

	MAIL ADDRESS:	
		STREET 1:		200 W. FORSYTH ST.
		STREET 2:		7TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PATRIOT TRANSPORTATION HOLDING INC
		DATE OF NAME CHANGE:	20010425

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRP PROPERTIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>frph-8k_013015.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14 Times New Roman, Times, Serif"><B>UNITED

STATES</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14 Times New Roman, Times, Serif"><B>SECURITIES

AND EXCHANGE COMMISSION</B></FONT><B><FONT STYLE="font-size: 14">&nbsp;</FONT></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12"><B>WASHINGTON,

D.C. 20549</B></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18"><B>FORM 8-K&nbsp;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT </B>&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) &nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of the Securities Exchange Act of 1934&nbsp;</B></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported):

January 30, 2015 </B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24"><B>FRP HOLDINGS,

INC. </B></FONT></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified in

its charter) </B></P>



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



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    <TD STYLE="width: 34%">&nbsp;</TD>

    <TD STYLE="width: 33%">&nbsp;</TD></TR>

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    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Florida</B></FONT></TD>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>0-17554</B></FONT></TD>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>47-2449198</B></FONT></TD></TR>

<TR>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(State or other jurisdiction</B></FONT></TD>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Commission</B></FONT></TD>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(I.R.S. Employer</B></FONT></TD></TR>

<TR>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>of incorporation)</B></FONT></TD>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>File Number)</B></FONT></TD>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Identification No.)</B></FONT></TD></TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



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<TR>

    <TD STYLE="width: 48%">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>

    <TD STYLE="width: 47%">&nbsp;</TD></TR>

<TR>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>200 W. Forsyth St. 7<SUP>th</SUP> Floor, Jacksonville, FL</B></FONT></TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>32202</B></FONT></TD></TR>

<TR>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Address of principal executive offices)</B></FONT></TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Zip Code)</B></FONT></TD></TR>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including

area code: (904) 396-5733</B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Former name or former address, if changed

since last report)</B></P>



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



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



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



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    <TD STYLE="width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR>

<TR STYLE="height: 12pt">

    <TD><FONT STYLE="font: 10pt Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR>

<TR STYLE="height: 12pt">

    <TD><FONT STYLE="font: 10pt Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR>

<TR STYLE="height: 12pt">

    <TD><FONT STYLE="font: 10pt Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR>

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











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



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    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 1.01</B></FONT></TD>

    <TD STYLE="width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Entry into a Material Definitive Agreement </B></FONT></TD></TR>

</TABLE>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Spin-off of Transportation Group. </I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 30, 2015, FRP Holdings, Inc. (&ldquo;FRP&rdquo;)

completed the tax-free spin-off of its transportation company, Patriot Transportation Holding, Inc. (&ldquo;Patriot&rdquo;) through

the distribution of all the outstanding shares of Patriot to all of the shareholders as of the record date of January 9, 2015.

In connection with the spin-off, FRP entered into the following agreements with Patriot Transportation Holding, Inc. (&ldquo;Patriot&rdquo;):</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>



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<TR>

    <TD STYLE="width: 4%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>

    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Separation and Distribution Agreement; </FONT></TD></TR>

</TABLE>

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



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<TR>

    <TD STYLE="width: 4%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>

    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax Matters Agreement; </FONT></TD></TR>

</TABLE>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

<TR>

    <TD STYLE="width: 4%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>

    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employee Matters Agreement; and </FONT></TD></TR>

</TABLE>

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



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<TR>

    <TD STYLE="width: 4%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>

    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 94%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Transition Services Agreement. </FONT></TD></TR>

</TABLE>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Separation and Distribution Agreement.

</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Separation and Distribution Agreement sets

forth Patriot&rsquo;s agreement with FRP regarding the principal transactions necessary to separate Patriot from FRP.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Transfer of Assets and Assumption of Liabilities.

</I>The Separation and Distribution Agreement provides for certain transfers of assets and assumptions of liabilities that are

necessary so that Patriot and FRP retain the assets of, and the liabilities associated with, their respective businesses. The Separation

and Distribution Agreement requires Patriot and FRP to use reasonable efforts to obtain consents, approvals, and amendments required

to novate or assign the assets and liabilities that are transferred.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>The Distribution.</I> The Separation and

Distribution Agreement governs the rights and obligations of the parties regarding the distribution. The Separation and Distribution

Agreement provides that FRP shall instruct the Distribution Agent to distribute, on or as soon as practicable after the Distribution

Date, to each holder of record of FRP common stock as of the record date, by means of a <I>pro rata</I> dividend, one share of

Patriot common stock for every three shares of FRP common stock held on the record date. Fractional shares will be aggregated and

sold in the market, and the net proceeds will be distributed to the shareholders.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Conditions.</I> The Separation and Distribution

Agreement provides that the distribution is subject to several conditions that must be satisfied or waived by FRP in its sole discretion.

All of the conditions to the distribution have been satisfied.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Insurance Matters. </I>Patriot is responsible

for obtaining and maintaining at its own cost all of its own insurance coverage following the separation. Following the separation,

FRP is permitted to make claims under any applicable liability policies maintained by Patriot for events occurring before the separation

without violating any anti-assignment provisions in the insurance policies. In no event shall either party (or their subsidiaries)

have liability or obligation whatsoever to the other party (or its subsidiaries) in the event that any insurance policy or other

contract or policy of insurance shall be terminated or otherwise cease to be in effect for any reason whatsoever or shall not be

renewed or extended beyond the current expiration date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Releases and Indemnification. </I>Except

as otherwise provided in the Separation and Distribution Agreement, each party releases and forever discharges the other party

and its subsidiaries and affiliates from all liabilities existing or arising from any acts or events occurring or failing to occur

or alleged to have occurred or any conditions existing or alleged to have existed on or before the separation. These releases will

not extend to obligations or liabilities under any agreements between the parties that remain in effect following the separation

pursuant to the Separation and Distribution Agreement, the Tax Matters Agreement, the Employee Matters Agreement or the Transition

Services Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, the Separation and Distribution

Agreement provides for cross-indemnities that, except as otherwise provided in the Separation and Distribution Agreement, are principally

designed to place financial responsibility for the obligations and liabilities of the transportation business with Patriot and

financial responsibilities for the obligations of liabilities of the real estate business with FRP.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Tax Matters Agreement. </I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Tax Matters Agreement governs FRP&rsquo;s

and our respective rights, responsibilities and obligations with respect to taxes (including taxes arising in the ordinary course

of business and taxes, if any, incurred as a result of any failure of the distribution and certain related transactions to qualify

as tax-free for federal income tax purposes), tax attributes, tax returns, tax contests and certain other tax matters.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In general, under the Tax Matters Agreement,

responsibility for taxes for periods prior to the distribution will be allocated in the following manner:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

<TR>

    <TD STYLE="width: 4%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>

    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>

    <TD STYLE="vertical-align: top; width: 93%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with respect to any U.S. federal income taxes of the affiliated group of which FRP is the common parent, Patriot generally will be responsible for such taxes to the extent attributable to the transportation business and all Patriot federal income tax filings and FRP generally will be responsible for all other such taxes; </FONT></TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with respect to U.S. state or local income taxes, Patriot generally will be responsible for such taxes to the extent attributable to the transportation business and all Patriot income and franchise tax filings and FRP generally will be responsible for all other such taxes; </FONT></TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">with respect to any U.S. state or local property taxes, Patriot generally will be responsible for such taxes to the extent attributable to property owned by Patriot or one of its subsidiaries, and FRP generally will be responsible for all other such taxes; and </FONT></TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, the Tax Matters Agreement imposes

certain restrictions on Patriot and its subsidiaries (including restrictions on share issuances, business combinations, sales of

assets and similar transactions) that are designed to preserve the tax-free status of the distribution and certain related transactions.

The Tax Matters Agreement provides special rules allocating tax liabilities in the event the distribution, together with certain

related transactions, is not tax-free. In general, under the Tax Matters Agreement, Patriot is responsible for any taxes imposed

on FRP that arise from the failure of the distribution and certain related transactions to qualify as a tax-free transaction for

federal income tax purposes within the meaning of Sections 355 and 368(a)(1)(D) and certain other relevant provisions of the Code

to the extent that the failure to qualify is attributable to actions, events, or transactions relating to our stock, assets or

business, or a breach of the relevant representations or covenants made by Patriot in the Tax Matters Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Tax Matters Agreement also sets forth the

parties&rsquo; obligations as to the filing of tax returns, the administration of tax contests and assistance and cooperation on

tax matters.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Employee Matters Agreement. </I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Employee Matters Agreement governs the parties&rsquo;

compensation and employee benefit obligations with respect to the current and former employees and non-employee directors of each

company, and generally allocates liabilities and responsibilities relating to employee compensation and benefit plans and programs.

The Employee Matters Agreement provides for the treatment of outstanding FRP equity awards and certain other outstanding annual

and long-term incentive awards. The Employee Matters Agreement will provide that, after the effective date, employees of the transportation

business will continue to participate in Patriot&rsquo;s existing employee benefit program. With respect to stock option plans,

FRP has assumed Patriot&rsquo;s existing stock option plans, and Patriot has adopted a new equity incentive plan.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Employee Matters Agreement will also provide

that (i) the distribution does not constitute a change in control under existing plans, programs, agreements or arrangements and

(ii) the distribution and the assignment, transfer or continuation of the employment of employees with another entity will not

constitute a severance event under the applicable plans, programs, agreements or arrangements.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Transition Services Agreement. </I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Transition Services Agreement sets forth

the terms on which Patriot will provide to FRP, on a temporary basis, certain services or functions that the companies historically

have shared. Transition services will include various corporate services. The Transition Services Agreement has a 12 month term

with renewal options. FRP will compensate Patriot at an agreed rate for the transition services, including an allocable share of

their total compensation and benefit costs.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing descriptions of these agreements

are summaries of the material terms of these agreements; for the complete text of these agreements, please see the agreements filed

with this Current Report on Form 8-K as Exhibits 2.1, 10.1, 10.2 and 10.3, each of which is incorporated herein by reference.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The summary is qualified in its entirety by

reference to the complete terms and conditions of the Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters

Agreement and Transition Services Agreement attached hereto as Exhibits 2.1, 10.1, 10.2 and 10.3, respectively.</P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Debt Arrangements. </I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the spin-off, on January

30, 2015, we entered into a new five year credit agreement with Wells Fargo Bank N.A., that replaces FRP&rsquo;s existing line

of credit with Wells Fargo. The new credit agreement provides a $20 million revolving line of credit with a $10 million sublimit

for stand-by letters of credit. The amounts outstanding under the credit agreement bear interest at a rate of 1.4% over LIBOR,

which rate may change quarterly based on the Company&rsquo;s ratio of consolidated total debt to consolidated total capital. A

commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment, which fee may change quarterly

based on the ratio described above. The credit agreement contains certain conditions and financial covenants, including limitations

on the payment of cash dividends that are based on the Company&rsquo;s consolidated retained earnings. In connection with the new

credit facilities, Patriot assumed and refinanced approximately $5.1 million of indebtedness of the Company that was attributable

to the transportation group.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 2.01</B></FONT></TD>

    <TD STYLE="width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Completion of Acquisition or Disposition of Assets </B></FONT></TD></TR>

</TABLE>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 30, 2015, FRP completed the previously

announced distribution of 100% of the outstanding common stock of Patriot to FRP&rsquo;s shareholders (the &ldquo;Distribution&rdquo;).

Patriot was formed to hold FRP&rsquo;s transportation business and, as a result of the Distribution, is now an independent public

company whose common stock is listed and trading under the symbol &ldquo;PATI&rdquo; on the Nasdaq Global Select Market. The Distribution

was made to FRP&rsquo;s shareholders of record as of the close of business on January 9, 2015 (the &ldquo;Record Date&rdquo;),

and such shareholders received one share of Patriot common stock for every three FRP common shares held as of close of business

on the Record Date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 2.03</B></FONT></TD>

    <TD STYLE="width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></FONT></TD></TR>

</TABLE>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information set forth under the preceding

&ldquo;Debt Arrangements&rdquo; in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 5.02</B></FONT></TD>

    <TD STYLE="width: 88%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers </B></FONT></TD></TR>

</TABLE>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Resignation and Appointment of Officers

</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the Distribution, Robert

E. Sandlin resigned as Vice President of FRP, effective as of immediately prior to the Distribution. Mr. Sandlin will continue

to serve as Vice President of Patriot and President of its subsidiary Florida Rock &amp; Tank Lines, Inc.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Resignation and Appointment of Directors</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As described in the current Report on Form 8-K

filed by FRP on August 22, 2014, in connection with the Distribution, John E. Anderson, Edward L. Baker, Luke E. Fichthorn III

and Robert H. Paul III resigned as directors of FRP, effective as of immediately prior to the Distribution. The board of directors

will reconstitute its board committees following the annual meeting of shareholders to be held on February 4, 2015.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 9.01</B></FONT></TD>

    <TD STYLE="width: 89%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Financial Statements and Exhibits. </B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT><BR>

<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>No.</B></FONT></TD>

    <TD>&nbsp;</TD>

    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit</B></FONT></TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD COLSPAN="4">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.1</FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">S<A HREF="ex2-1.htm">eparation and Distribution Agreement, dated as of January 30, 2015, by and between FRP Holdings, Inc. and Patriot Transportation Holding, Inc.</A></FONT></TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD COLSPAN="4">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex10-1.htm">Tax Matters Agreement, dated as of January 30, 2015, by and among FRP Holdings, Inc. and Patriot Transportation Holding, Inc.</A></FONT></TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD COLSPAN="4">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2</FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex10-2.htm">Employee Matters Agreement, dated as of January 30, 2015, by and between FRP Holdings, Inc. and Patriot Transportation Holding, Inc.</A></FONT></TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD COLSPAN="4">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3</FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex10-3.htm">Transition Services Agreement, dated as of January 30, 2015, by and between FRP Holdings, Inc. and Patriot Transportation Holding, Inc.</A></FONT></TD></TR>

</TABLE>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE </B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR>

    <TD STYLE="width: 41%">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>

    <TD STYLE="width: 2%">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>

    <TD STYLE="width: 4%">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>

    <TD STYLE="width: 48%">&nbsp;</TD></TR>

<TR>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FRP Holdings, Inc.</B></FONT></TD></TR>

<TR>

    <TD>&nbsp;</TD>

    <TD COLSPAN="2">&nbsp;</TD>

    <TD COLSPAN="2">&nbsp;</TD>

    <TD COLSPAN="2">&nbsp;</TD></TR>

<TR>

    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: February 2, 2015</FONT></TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/ John D. Milton, Jr.</I></FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John D. Milton, Jr.</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: top">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President and Chief Financial Officer</FONT></TD></TR>

</TABLE>

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



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







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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>ex2-1.htm
<DESCRIPTION>SEPARATION AND DISTRIBUTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><A HREF="frph-8k_013015.htm">FRP Holdings, Inc. 8-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 2.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SEPARATION AND DISTRIBUTION AGREEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>by and between </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FRP HOLDINGS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PATRIOT TRANSPORTATION HOLDING, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dated as of January 30, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Page</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE 1. DEFINITIONS</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 17%; padding-left: 20pt">Section 1.1.</TD>
    <TD STYLE="width: 75%">Definitions</TD>
    <TD STYLE="text-align: right; width: 8%">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 30pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE 2. THE SEPARATION</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.1.</TD>
    <TD>Internal Transactions</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.2.</TD>
    <TD>Transfers of Assets.</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.3.</TD>
    <TD>Agreement Relating To Consents Necessary To Transfer Assets and Liabilities</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.4.</TD>
    <TD>Intercompany Accounts</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.5.</TD>
    <TD>Intercompany Agreements</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.6.</TD>
    <TD>Bank Accounts; Cash Balances</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.7.</TD>
    <TD>Novation of Liabilities</TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.8.</TD>
    <TD>Further Assurances and Consents</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.9.</TD>
    <TD>Ancillary Agreements</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.10.</TD>
    <TD>Disclaimer of Representations and Warranties</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.11.</TD>
    <TD>Financial Information Certifications</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE 3. THE DISTRIBUTION</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 3.1.</TD>
    <TD>Sole and Absolute Discretion; Cooperation</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 3.2.</TD>
    <TD>Actions Prior to the Distribution</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 3.3.</TD>
    <TD>Conditions Precedent to Distribution</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 3.4.</TD>
    <TD>The Distribution</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 3.5.</TD>
    <TD>Fractional Shares</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE 4. INSURANCE MATTERS</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.1.</TD>
    <TD>Insurance Matters</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.2.</TD>
    <TD>Treatment of Payments for Tax Purposes</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.3.</TD>
    <TD>Post-Effective Time Conduct</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE 5. ACCESS TO INFORMATION</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 5.1.</TD>
    <TD>Access to Information</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 5.2.</TD>
    <TD>Litigation Cooperation</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 5.3.</TD>
    <TD>Reimbursement</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 5.4.</TD>
    <TD>Ownership of Information</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 5.5.</TD>
    <TD>Retention of Records</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 5.6.</TD>
    <TD>Confidentiality</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 5.7.</TD>
    <TD>Privileged Information</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE 6. RELEASE; INDEMNIFICATION</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 6.1.</TD>
    <TD>Release of Pre-Distribution Claims</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 6.2.</TD>
    <TD>Patriot Indemnification of the Real Estate Group</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 6.3.</TD>
    <TD>FRP Indemnification of Transportation Group</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 6.4.</TD>
    <TD>Procedures</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 6.5.</TD>
    <TD>Calculation of Indemnification Amount</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 6.6.</TD>
    <TD>Contribution</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 6.7.</TD>
    <TD>Non-Exclusivity of Remedies</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 6.8.</TD>
    <TD>Survival of Indemnities</TD>
    <TD STYLE="text-align: right">25</TD></TR>
</TABLE>
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<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE 7. DISPUTE RESOLUTION</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 7.1.</TD>
    <TD>Disputes</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 7.2.</TD>
    <TD>Escalation; Mediation</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">ARTICLE 8. MISCELLANEOUS</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.1.</TD>
    <TD>Counterparts; Entire Agreement; Corporate Power</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.2.</TD>
    <TD>Notices</TD>
    <TD STYLE="text-align: right">27</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.3.</TD>
    <TD>Amendments; No Waivers</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.4.</TD>
    <TD>Expenses</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.5.</TD>
    <TD>Successors and Assigns</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.6.&nbsp;&nbsp;&nbsp;</TD>
    <TD>Governing Law</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.7.</TD>
    <TD>Third-Party Beneficiaries</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.8.</TD>
    <TD>Entire Agreement</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.9.</TD>
    <TD>Tax Matters</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.10.</TD>
    <TD>Jurisdiction</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.11.</TD>
    <TD>WAIVER OF JURY TRIAL</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.12.</TD>
    <TD>Termination</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.13.</TD>
    <TD>Severability</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.14.</TD>
    <TD>Survival</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.15.</TD>
    <TD>Captions</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.16.</TD>
    <TD>Interpretation</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.17.</TD>
    <TD>Specific Performance</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 8.18.</TD>
    <TD>Performance</TD>
    <TD STYLE="text-align: right">30</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%; text-decoration: underline"><B><U>SCHEDULES</U></B></TD>
    <TD STYLE="width: 75%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Schedule&nbsp;1</TD>
    <TD>Internal Transactions</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Schedule&nbsp;2</TD>
    <TD>Real Estate Subsidiaries</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Schedule&nbsp;3.2(c)</TD>
    <TD>Resigning Directors and Officers</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-decoration: underline"><B><U>EXHIBITS</U></B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Exhibit&nbsp;A</TD>
    <TD>Employee Matters Agreement</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Exhibit&nbsp;B</TD>
    <TD>Tax Matters Agreement</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Exhibit&nbsp;C</TD>
    <TD>Transition Services Agreement</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>SEPARATION AND DISTRIBUTION AGREEMENT</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS SEPARATION
AND DISTRIBUTION AGREEMENT (the &ldquo;Agreement&rdquo;) is made the 30<SUP>th</SUP> day of January, 2015, between FRP HOLDINGS,
INC., a Florida corporation (&quot;FRP&quot;), and PATRIOT TRANSPORTATION HOLDING, INC., a&nbsp;Florida corporation formerly known
as New Patriot Transportation Holding, Inc. (&ldquo;Patriot&rdquo;). Capitalized terms used in this Agreement have the meaning
ascribed to such terms in Article 1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RECITALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, FRP, acting
through its direct and indirect subsidiaries, currently owns and conducts the Real Estate Businesses and the Transportation Business;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, the board
of directors of FRP has determined that it is advisable and in the best interest of FRP and its shareholders to separate FRP into
two independent publicly traded companies: (a)&nbsp;FRP which, following consummation of the transactions contemplated in this
Agreement, will own and conduct the Real Estate Businesses; and (b)&nbsp;Patriot which, following consummation of the transactions
contemplated by this Agreement, will own and conduct the Transportation Business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, in order
to facilitate the separation of the Transportation Business from the Real Estate Businesses, FRP, Patriot and Patriot Merger Sub
entered into the Merger Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, on January
30, 2015, FRTL, Inc., a Florida corporation, was merged into Patriot; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, on December
3, 2014, Patriot Merger Sub merged with and into Patriot Transportation, Inc., formerly known as Patriot Transportation Holding,
Inc. (&quot;Existing Patriot&quot;), pursuant to the Merger Agreement and, as a result of such merger, (i)&nbsp;all of the issued
and outstanding shares of Existing Patriot common stock were converted into shares of FRP Common Stock, and (ii)&nbsp;Existing
Patriot became a direct, wholly-owned subsidiary of FRP (the &ldquo;Holding Company Merger&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, on January
30, 2015, Existing Patriot distributed to FRP all of the outstanding capital stock of FRP&nbsp;Development Corp., a Maryland corporation,
FRP&nbsp;Development Corp., a Florida corporation, Florida Rock Properties, Inc., a Florida corporation, and FRP&nbsp;Maryland,
Inc., a Maryland corporation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, on January
30, 2015, FRP contributed all outstanding capital stock of Existing Patriot to Patriot; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, as a result
of the transaction described above, Patriot now owns only the assets and subsidiaries used or engaged in the Transportation Business;
and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant
to the terms of this Agreement, the Parties intend to effect: (a)&nbsp;the Separation, whereby the Real Estate Businesses and the
Transportation Business will be separated; and (b)&nbsp;the Distribution, whereby FRP will distribute to the holders of outstanding
shares of FRP&nbsp;Common Stock, $.10 par value, on a pro rata basis, all of the outstanding shares of Patriot Common Stock, $.10
par value, owned by FRP as of the Distribution Date (which shall represent 100% of the issued and outstanding shares of Patriot
Common Stock) (the &quot;Distribution&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">WHEREAS, FRP has
received an opinion of counsel to the effect that the Separation and Distribution will qualify as a transaction that is a &quot;reorganization&quot;
for U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Internal Revenue Code of 1986, as&nbsp;amended
(the &quot;Code&quot;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the foregoing and the covenants and agreements set forth below and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the&nbsp;Parties agree as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
1.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">DEFINITIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
1.1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Definitions</U>.</FONT> <FONT STYLE="font-size: 10pt">The following terms, as used herein,
have the following meanings: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Action</B>&rdquo;
means any demand, claim, suit, action, arbitration, inquiry, investigation or other proceeding by or before any Governmental Authority
or any arbitration or mediation tribunal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo;
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control
with, such other Person. For the purposes of this definition, &ldquo;<B>control</B>&rdquo; means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise, and the terms &ldquo;<B>controlling</B>&rdquo; and &ldquo;<B>controlled</B>&rdquo; have meanings
correlative to the foregoing. Notwithstanding any provision of this Agreement to the contrary (except where the relevant provision
states explicitly to the contrary), no member of the Real Estate Group, on the one hand, and no member of the Transportation Group,
on the other hand, shall be deemed to be an Affiliate of the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Agreement</B>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Ancillary
Agreements</B>&rdquo; means each of the Merger Agreement, Tax Matters Agreement, the Transition Services Agreement, and the Employee
Matters Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Applicable
Law</B>&rdquo; means, with respect to any Person, any federal, state, local or foreign law (statutory, common or otherwise), constitution,
treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, directive, guidance, instruction,
direction, permission, waiver, notice, condition, limitation, restriction or prohibition or other similar requirement enacted,
adopted, promulgated, imposed, issued or applied by a Governmental Authority that is binding upon or applicable to such Person,
its properties or assets or its Business or operations, as amended unless expressly specified otherwise.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business</B>&rdquo;
means, with respect to FRP, the Real Estate Businesses and, with respect to Patriot, the Transportation Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business
Day</B>&rdquo; means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by Applicable Law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Claim</B>&rdquo;
has the meaning set forth in Section&nbsp;6.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Code</B>&rdquo;
has the meaning set forth in the recitals to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Commission</B>&rdquo;
means the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Confidential
Information</B>&rdquo; means, with respect to a Group, (i)&nbsp;any proprietary information that is competitively sensitive, material
or otherwise of value to the members of such Group and not generally known to the public; (ii)&nbsp;any proprietary or technical
information, design, invention, process, procedure, formula, or improvement that is commercially valuable and secret in the sense
that its confidentiality affords any member of such Group a competitive advantage over its competitors; and (iii)&nbsp;all confidential
or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts,
databases, inventions, information, and trade secrets; in each case, related primarily to such Group&rsquo;s Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Disposing
Party</B>&rdquo; has the meaning set forth in Section&nbsp;5.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Distribution</B>&rdquo;
has the meaning set forth in the recitals to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Distribution
Agent</B>&rdquo; means American Stock Transfer, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Distribution
Date</B>&rdquo; means January 30, 2015, the date on which the Distribution shall be effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Distribution
Documents</B>&rdquo; means this Agreement and the Ancillary Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Effective
Time</B>&rdquo; means the time at which the Distribution is effective on the Distribution Date, which shall be deemed to be 11:59
p.m., Eastern Daylight Time, on the Distribution Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Employee
Matters Agreement</B>&rdquo; means the Employee Matters Agreement between FRP and Patriot, dated as of the date hereof, substantially
in the form of <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Environmental
Law</B>&rdquo; means any Applicable Law relating to pollution, protection or restoration of or prevention of harm to the environment
or natural resources, or the effect on the environment of the use, handling, transportation, treatment, storage, disposal, release
or discharge of, or any human exposure to, any toxic or hazardous materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Form 10</B>&rdquo;
means the registration statement on Form&nbsp;10 filed by Patriot with the Commission to effect the registration of Patriot Common
Stock pursuant to the Exchange Act in connection with the Distribution, as such registration statement may be amended or supplemented
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Former
Business</B>&rdquo; means any corporation, partnership, entity, division, Business unit, Business or set of Business operations
that has been sold, conveyed, assigned, transferred or otherwise disposed of or divested, in whole or in part, or the operations,
activities or production of which has been discontinued, abandoned, completed or otherwise terminated, in whole or in part, in
each case, by either Group prior to the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>FRP</B>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>FRP Common
Stock</B>&rdquo; means the common stock of FRP, par value $.10 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>FRP Indemnitees</B>&rdquo;
has the meaning set forth in Section&nbsp;6.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Governmental
Authority</B>&rdquo; means any multinational, foreign, federal, state, local or other governmental, statutory or administrative
authority, regulatory body or commission or any court, tribunal or judicial or arbitral authority which has any jurisdiction or
control over either Party (or any of their Affiliates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Group</B>&rdquo;
means, as the context requires, the Real Estate Group or the Transportation Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Holding
Company Merger</B>&rdquo; has the meaning set forth in the recitals to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indemnified
Party</B>&rdquo; has the meaning set forth in Section&nbsp;6.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indemnifying
Party</B>&rdquo; has the meaning set forth in Section&nbsp;6.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Indemnitees</B>&rdquo;
means, as the context requires, the FRP Indemnitees or the Patriot Indemnitees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Information
Statement</B>&rdquo; means the Information Statement to be sent to each holder of FRP Common Stock in connection with the Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Intercompany
Accounts</B>&rdquo; has the meaning set forth in Section&nbsp;2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Internal
Transactions</B>&rdquo; means the transactions to be completed before the Effective Time, as described in <U>Schedule 1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Liabilities</B>&rdquo;
means any and all claims, debts, liabilities, losses and obligations, absolute or contingent, matured or not matured, liquidated
or unliquidated, accrued or unaccrued, known or unknown, whenever arising, including all costs and expenses relating thereto, and
including, without limitation, those debts, liabilities and obligations arising under this Agreement, any Applicable Law, any Action
or threatened Action, any order or consent decree of any Governmental Authority or any award of any arbitrator of any kind, and
those arising under any agreement, commitment or undertaking.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Losses</B>&rdquo;
means, with respect to any Person, any and all damages, losses, liabilities and expenses incurred or suffered by such Person (including,
without limitation, reasonable expenses of investigation and reasonable attorneys&rsquo;, accountants&rsquo;, consultants&rsquo;
and other professionals&rsquo; fees and expenses in connection with any and all Actions or threatened Actions and reasonable expenses
in connection with the enforcement of the rights hereunder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Merger
Agreement</B>&rdquo; means the Agreement and Plan of Merger dated <B>[*]</B>,&nbsp;2014, by and among FRP, Patriot and Patriot
Merger Sub.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Nasdaq&rdquo;</B>
means The Nasdaq Stock Market, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>&ldquo;Party&rdquo;
or &quot;Parties&quot;</B> means either FRP or Patriot, or both of them, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Patriot</B>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Patriot
Common Stock</B>&rdquo; means the common stock of Patriot, par value $.10 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Patriot
Indemnitees</B>&rdquo; has the meaning set forth in Section&nbsp;6.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Patriot
Merger Sub</B>&rdquo; means Patriot Merger Sub, Inc., a Florida corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including
a Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Privilege</B>&rdquo;
has the meaning set forth in Section&nbsp;5.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Privileged
Information</B>&rdquo; has the meaning set forth in Section&nbsp;5.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>&ldquo;Real Estate
Accounts&rdquo; </B>has the meaning set forth in Section&nbsp;2.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Real Estate
Businesses</B>&rdquo; means (i)&nbsp;the Business conducted by the Real Estate Group from time to time, whether before, on or after
the Distribution (but excluding the Transportation Business and any Transportation Former Business) and (ii)&nbsp;the Real Estate
Former Businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Real Estate
Former Businesses</B>&rdquo; means the Former Businesses previously owned, in whole or in part, or previously operated, in whole
or in part, primarily by any member of the Real Estate Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Real Estate
Group</B>&rdquo; means Patriot and the Real Estate Subsidiaries, including all predecessors to such Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>&ldquo;Real Estate
Group Assumed Actions&rdquo;</B> has the meaning set forth in Section&nbsp;5.2(b).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Real Estate
Group Liabilities</B>&rdquo; means (i)&nbsp;all Liabilities expressly delegated or allocated to, or assumed by, Patriot or any
member of the Real Estate Group under this Agreement or any Ancillary Agreement, including all Liabilities arising in connection
with the Real Estate Group Assumed Actions and (ii)&nbsp;except as otherwise specifically provided in this Agreement or any Ancillary
Agreement, all Liabilities (whether arising before, on or after the Distribution Date and whether based on facts occurring before,
on or after the Distribution Date) of or to the extent relating to, or arising from or in connection with, the Real Estate Businesses
or the Real Estate Group. No Liability shall be both a Real Estate Group Liability and a Transportation Group Liability, and in
the event of any inconsistency or conflict that may arise in the application or interpretation of this definition or the definition
of &ldquo;Transportation Group Liabilities&rdquo;, for the purpose of determining what is and is not a Real Estate Group Liability,
the explicit delegation or allocation to, or assumption by, FRP or any member of the Real Estate Group under this Agreement or
any Ancillary Agreement shall take priority over any more general textual provision of this Agreement that would otherwise operate
to cause such Liability to be a Transportation Group Liability. For the avoidance of doubt, except as otherwise specifically provided
in this Agreement or any Ancillary Agreement, the designation in this Agreement of Liabilities as &ldquo;Real Estate Group Liabilities&rdquo;
or &ldquo;Transportation Group Liabilities&rdquo; is only for purposes of allocating such Liabilities as between the Parties and
their respective Subsidiaries and shall not affect any obligations to, or give rise to any rights of, any Third Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Real Estate
Subsidiaries</B>&rdquo; means Florida Rock Properties, Inc., a Florida corporation, FRP Development Corp, a Maryland corporation,
and the other Subsidiaries identified in <U>Schedule 2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Receiving
Party</B>&rdquo; has the meaning set forth in Section&nbsp;5.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Record
Date</B>&rdquo; means the close of business on January 9, 2015, the date determined by the board of directors of Patriot as the
record date for the Distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Record
Holders</B>&rdquo; means the holders of FRP Common Stock as of the Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Representatives</B>&rdquo;
has the meaning set forth in Section&nbsp;5.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Securities
Act</B>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Separation</B>&rdquo;
means the transactions contemplated by Article 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo;
means, with respect to any Person, any other entity of which securities or other ownership interests having ordinary voting power
to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly
owned by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Tax Matters
Agreement</B>&rdquo; means the Tax Matters Agreement between FRP and Patriot, dated as of the date hereof, substantially in the
form of <U>Exhibit B</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Third
Party</B>&rdquo; means a Person that is not an Affiliate of the Transportation Group or the Real Estate Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Third-Party
Claim</B>&rdquo; has the meaning set forth in Section&nbsp;6.4(b).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transition
Services Agreement</B>&rdquo; means the Transition Services Agreement between FRP and Patriot, dated as of the date hereof, substantially
in the form of <U>Exhibit C</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transportation
Business</B>&rdquo; means (i)&nbsp;the Business conducted by the Transportation Group from time to time, whether before, on or
after the Distribution (but excluding the Real Estate Businesses and any Real Estate Former Businesses) and (ii)&nbsp;the Transportation
Former Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transportation
Former Business</B>&rdquo; means the Former Businesses previously owned, in whole or in part, or previously operated, in whole
or in part, primarily by any member of the Transportation Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transportation
Group</B>&rdquo; means Patriot and the Transportation Subsidiaries, including all predecessors to such Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transportation
Group Accounts</B>&rdquo; has the meaning set forth in Section&nbsp;2.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transportation
Group Assumed Actions</B>&rdquo; has the meaning set forth in Section&nbsp;5.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transportation
Liabilities</B>&rdquo; means, (i)&nbsp;all Liabilities expressly delegated or allocated to, or assumed by, Patriot or any member
of the Transportation Group under this Agreement or any Ancillary Agreement, and (ii)&nbsp;except as otherwise specifically provided
in this Agreement or any Ancillary Agreement, all Liabilities (whether arising before, on or after the Distribution Date and whether
based on facts occurring before, on or after the Distribution Date) of or to the extent relating to, or arising from or in connection
with,&nbsp;the Transportation Business or the Transportation Group. No Liability shall be both a Transportation Group Liability
and a Real Estate Group Liability, and in the event of any inconsistency or conflict that may arise in the application or interpretation
of this definition or the definition of &ldquo;Real Estate Group Liabilities&rdquo;, for the purpose of determining what is and
is not a Transportation Group Liability, the explicit delegation or allocation to, or assumption by, Patriot or any member of the
Transportation Group under this Agreement or any Ancillary Agreement shall take priority over any more general textual provision
of this Agreement that would otherwise operate to cause such Liability to be a Real Estate Group Liability. For the avoidance of
doubt, except as otherwise specifically provided in this Agreement or any Ancillary Agreement, the designation in this Agreement
of Liabilities as &ldquo;Transportation Group Liabilities&rdquo; or &ldquo;Real Estate Group Liabilities&rdquo; is only for purposes
of allocating such Liabilities as between the Parties and their respective Subsidiaries and shall not affect any obligations to,
or give rise to any rights of, any Third Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transportation
Subsidiaries</B>&rdquo; means Florida Rock &amp; Tank Lines, Inc., a Florida corporation, and STI Holding, Inc., a Florida corporation.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
2.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">THE SEPARATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On or prior to the
Distribution Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Internal Transactions</U>.</FONT> <FONT STYLE="font-size: 10pt">Each of FRP and Patriot
shall take, and shall cause each of its respective Subsidiaries to take, all actions necessary to consummate the Internal Transactions
prior to the Distribution Time. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Transfers of Assets</U>.</FONT> <FONT STYLE="font-size: 10pt">Unless otherwise provided
in this Agreement or in any Ancillary Agreement, prior to the Effective Time: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall cause the Real Estate Group to assign, contribute, convey, transfer and deliver
to Patriot or its designee all of the right, title and interest of the Real Estate Group in and to all assets, if any, held by
any member of the Real Estate Group that relate solely to the Transportation Business (and not to the Real Estate Businesses);
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Patriot shall cause the Transportation Group to assign, contribute, convey, transfer and deliver
to FRP or its designee all of the right, title and interest of the Transportation Group in and to all assets, if any, held by any
member of the Transportation Group that relate solely to the Real Estate Businesses (and not to the Transportation Business);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Patriot shall accept and assume all of the Transportation Group Liabilities; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall accept and assume all of the Real Estate Group Liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the extent any
assignment, contribution, conveyance, transfer, delivery or assumption of any asset or Liability of either Group as of the Effective
Time is not effected in accordance with this Section&nbsp;2.2 prior to the Effective Time for any reason it shall be effected as
promptly thereafter as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Agreement Relating To Consents Necessary To Transfer Assets and Liabilities</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Notwithstanding any provision of this Agreement to the contrary, this Agreement shall not
constitute an agreement to transfer or assign any asset or any Claim or right or any benefit arising thereunder or resulting therefrom,
or to assume any Liability associated therewith, if such transfer, assignment, or assumption without the necessary consent of a
Third Party, would result in a breach, or constitute a default (or an event which, with the giving of notice or lapse of time,
or both, would become a default), under any contract, agreement or other material instrument or would otherwise adversely affect
the rights of a member of the Real Estate Group or Transportation Group thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP and Patriot will use their reasonable efforts to obtain the consent of any Third Party
or any Governmental Authority, if any, required in connection with the transfer or assignment pursuant to Section&nbsp;2.2 of any
such asset or any such Claim or right or benefit arising thereunder and the assumption of any Liability associated therewith. If
and when such consent is obtained, such transfer, assignment and/or assumption shall be effected in accordance with the terms of
this Agreement and/or the applicable Ancillary Agreement;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If such required consent is not obtained, or if a transfer or assignment of such asset or
such Claim or right or benefit arising thereunder or an assumption of such Liability associated therewith would be ineffective
or would adversely affect the rights of the transferor thereunder so that, for example, the intended transferee would not in fact
receive all such rights, FRP and Patriot will cooperate in a mutually agreeable arrangement under which the intended transferee
would obtain the benefits and assume the obligations thereunder in accordance with this Agreement, including by sub-contract, sub-license
or sub-lease to such transferee, or under which the transferor would enforce for the benefit and at the cost of the transferee,
with the transferee assuming the transferor&rsquo;s obligations, any and all rights of the transferor against any Third Party.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Intercompany Accounts</U><I>.</I> The Parties shall use reasonable efforts to settle on
or prior to the Distribution Date, or as soon as practicable thereafter, all intercompany receivables, payables and other balances,
in each case, that arise prior to the Effective Time between members of the Real Estate Group, on the one hand, and members of
the Transportation Group, on the other hand (&ldquo;<B>Intercompany Accounts</B>&rdquo;), by one or more cash payments in satisfaction
of such amounts. From and after the Effective Time, the Parties shall settle as promptly as practicable and in the manner set forth
in the first sentence of this Section&nbsp;2.4 any Intercompany Accounts that are not settled as of the Distribution Time. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Intercompany Agreements</U><I>.</I> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Except as set forth in Section&nbsp;2.5(b), all agreements, arrangements, commitments or understandings,
whether or not in writing, between members of the Real Estate Group, on the one hand, and members of the Transportation Group,
on the other hand, in effect immediately prior to the Distribution shall be terminated, cancelled and of no further force and effect
from and after the Effective Time (including any provision thereof that purports to survive termination). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The provisions of Section&nbsp;2.5(a) shall not apply to any of the following agreements,
arrangements, commitments or understandings: (i)&nbsp;this Agreement and the Ancillary Agreements (and each other agreement or
instrument expressly contemplated by this Agreement or any Ancillary Agreement); (ii)&nbsp;any agreements, arrangements, commitments
or understandings to which any Person other than the Parties hereto and the members of their respective Groups is a Party; (iii)&nbsp;any
Intercompany Accounts to the extent such Intercompany Accounts were not satisfied and/or settled in accordance with the first sentence
of Section&nbsp;2.4. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Bank Accounts; Cash Balances</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP and Patriot each agrees to take, or cause the respective members of their respective Groups
to take, at the Distribution Date (or such earlier date as FRP and Patriot may agree), all actions necessary to amend all contracts
or agreements governing each bank account owned by Patriot or any other member of the Transportation Group (collectively, the &ldquo;<B>Transportation
Group Accounts</B>&rdquo;) so that such Transportation Group Accounts, if currently Linked (whether by automatic withdrawal, automatic
deposit or any other authorization to transfer funds from or to, hereinafter &ldquo;Linked&rdquo;) to any bank account owned by
FRP or any other member of the Real Estate Group (collectively, the &ldquo;<B>Real Estate Accounts</B>&rdquo;), are de-Linked from
the Real Estate Accounts. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP and Patriot each agrees to take, or cause the respective members of their respective Groups
to take, at the Distribution Date (or such earlier date as FRP and Patriot may agree), all actions necessary to amend all contracts
or agreements governing the Real Estate Accounts so that such Real Estate Accounts, if currently Linked to a Transportation Group
Account, are de-Linked from the Transportation Group Accounts. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">It is intended that, following consummation of the actions contemplated by Sections 2.6(a)
and 2.6(b), there will be in place a centralized cash management process pursuant to which (i) the Transportation Group Accounts
will be managed centrally and funds collected will be transferred into one or more centralized accounts maintained by Patriot ,
and (ii) the Real Estate Accounts will be managed centrally and funds collected will be transferred into one or more centralized
accounts maintained by FRP. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">With respect to any outstanding payments initiated by FRP, Patriot or any of their respective
Subsidiaries prior to the Distribution Time, such outstanding payments shall be honored following the Distribution by the Person
or Group owning the account from which the payment was initiated. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">As between FRP and Patriot (and the members of their respective Groups) all payments received
after the Distribution Date by either Party (or member of its Group) that relate to a Business, asset or Liability of the other
Party (or member of its Group), shall be held by such Party for the use and benefit of the Party entitled thereto (at the expense
of the Party entitled thereto). Each Party shall maintain an accounting of any such payments, and the Parties shall have a monthly
reconciliation, whereby all such payments received by each Party are calculated and the net amount owed to FRP or Patriot shall
be paid over with right of set-off. Notwithstanding the foregoing, neither FRP nor Patriot shall act as collection agent for the
other Party, nor shall either Party act as surety or endorser with respect to non-sufficient funds checks or funds to be returned
in a bankruptcy or fraudulent conveyance Action. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.7.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Novation of Liabilities</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each of FRP and Patriot, at the request of the other, shall endeavor, if reasonably practicable,
to obtain, or to cause to be obtained, if reasonably practicable, any consent, substitution, approval or amendment required to
novate or assign all obligations under agreements, leases, licenses and other Liabilities of any nature whatsoever that constitute
Liabilities of the other Party&rsquo;s Group; <I>provided,</I> <I>however,</I> that neither FRP nor Patriot shall be obligated
to contribute any capital or pay any consideration in any form (other than a substitute letter of credit, or substitute guaranty
to any third Person from whom any such consent, substitution, approval, amendment or release is requested). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If FRP or Patriot is unable to obtain, or to cause to be obtained, any such required consent,
substitution, approval, amendment or release and the applicable member of the other Party&rsquo;s Group continues to be bound by
such agreement, lease, license or other Liability (each, an &ldquo;<B>Unreleased Liability</B>&rdquo;), FRP or Patriot, as&nbsp;appropriate,
shall, to the extent not prohibited by Applicable Law, as indemnitor, guarantor, agent or subcontractor for such member of the
Real Estate Group or the Transportation Group, as the case may be, (i)&nbsp;on a timely basis pay, perform and discharge fully
all the Liabilities of their Group that constitute Unreleased Liabilities and (ii)&nbsp;use its commercially reasonable efforts
to effect such payment, performance, or discharge prior to any demand for such payment, performance or discharge is permitted to
be made by the obligee thereunder on any member of the other Party&rsquo;s Group. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.8.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Further Assurances and Consents</U><I>.</I> In addition to the actions specifically provided
for elsewhere in this Agreement, each of the Parties hereto shall use its reasonable efforts to take, or cause to be taken, all
actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable under Applicable Laws and agreements
or otherwise to consummate and make effective the transactions contemplated by this Agreement, including but not limited to using
its reasonable efforts to obtain any consents and approvals and to make any filings and applications necessary or desirable in
order to consummate the transactions contemplated by this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.9.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Ancillary Agreements</U>.</FONT> <FONT STYLE="font-size: 10pt">Effective on or prior to
the Effective Time, each of FRP and Patriot will, or will cause the applicable members of their Groups to, execute and deliver
all Ancillary Agreements to which it is a party. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.10.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Disclaimer of Representations and Warranties</U>.</FONT> <FONT STYLE="font-size: 10pt">EACH
OF FRP (ON&nbsp;BEHALF OF ITSELF AND EACH MEMBER OF THE REAL ESTATE GROUP) AND PATRIOT (ON BEHALF OF ITSELF AND EACH MEMBER OF
THE TRANSPORTATION GROUP) UNDERSTANDS AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN ANY ANCILLARY AGREEMENT, NO PARTY
TO THIS AGREEMENT, ANY ANCILLARY AGREEMENT OR ANY OTHER AGREEMENT OR DOCUMENT CONTEMPLATED BY THIS AGREEMENT, ANY ANCILLARY AGREEMENT
OR OTHERWISE, IS REPRESENTING OR WARRANTING IN ANY WAY AS TO THE ASSETS, BUSINESSES OR LIABILITIES TRANSFERRED OR ASSUMED AS CONTEMPLATED
HEREBY OR THEREBY, AS TO ANY CONSENTS OR APPROVALS REQUIRED IN CONNECTION THEREWITH, AS TO THE VALUE OR FREEDOM FROM ANY SECURITY
INTERESTS OF, OR ANY OTHER MATTER CONCERNING, ANY ASSETS OF SUCH PARTY, OR AS TO THE ABSENCE OF ANY DEFENSES OR RIGHT OF SETOFF
OR FREEDOM FROM COUNTERCLAIM WITH RESPECT TO ANY CLAIM OR OTHER ASSET, INCLUDING ANY ACCOUNTS RECEIVABLE, OF ANY PARTY, OR&nbsp;AS
TO THE LEGAL SUFFICIENCY OF ANY ASSIGNMENT, DOCUMENT OR INSTRUMENT DELIVERED HEREUNDER TO CONVEY TITLE TO ANY ASSET OR THING OF
VALUE UPON THE EXECUTION, DELIVERY AND FILING HEREOF OR THEREOF. EXCEPT AS MAY EXPRESSLY BE SET FORTH HEREIN OR IN ANY ANCILLARY
AGREEMENT, ALL SUCH ASSETS ARE BEING TRANSFERRED ON AN &ldquo;AS IS,&rdquo; &ldquo;WHERE IS&rdquo; BASIS (AND, IN THE CASE OF ANY
REAL PROPERTY, BY&nbsp;MEANS OF A QUITCLAIM OR SIMILAR FORM OF DEED OR CONVEYANCE) AND THE RESPECTIVE TRANSFEREES SHALL BEAR THE
ECONOMIC AND LEGAL RISKS THAT (I)&nbsp;ANY CONVEYANCE WILL PROVE TO BE INSUFFICIENT TO VEST IN THE TRANSFEREE GOOD AND MARKETABLE
TITLE, FREE AND CLEAR OF ANY SECURITY INTEREST, AND (II)&nbsp;ANY NECESSARY APPROVALS OR NOTIFICATIONS ARE NOT OBTAINED OR MADE
OR THAT ANY REQUIREMENTS OF LAWS OR JUDGMENTS ARE NOT COMPLIED WITH.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
2.11.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Financial Information Certifications</U>.</FONT> <FONT STYLE="font-size: 10pt">FRP's disclosure
controls and procedures and internal control over financial reporting (as each is contemplated by the Exchange Act) are currently
applicable to Patriot as its Subsidiary. In order to enable the principal executive officer and principal financial officer of
Patriot to make the certifications required of them under Section&nbsp;302 of the Sarbanes-Oxley Act of 2002, FRP, within thirty-five
(35)&nbsp;days of the end of any fiscal quarter during which Patriot remains FRP's Subsidiary, shall provide Patriot with one or
more certifications with respect to such disclosure controls and procedures, its internal control over financial reporting and
the effectiveness thereof. Such&nbsp;certification(s) shall be provided by FRP (and not by any officer or employee in their individual
capacity).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
3.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">THE DISTRIBUTION </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
3.1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Sole and Absolute Discretion; Cooperation</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall, in its sole and absolute discretion, determine the terms of the Distribution, including
the form, structure and terms of any transaction(s) to effect the Distribution and the timing and conditions to the consummation
of the Distribution. In addition, FRP may, at any time and from time to time until the consummation of the Distribution, modify
or change the terms of the Distribution, including by accelerating or delaying the timing of the consummation of all or part of
the Distribution. Nothing shall in any way limit FRP's right to terminate this Agreement or the Distribution as set forth in Section
8.12 hereof or alter the consequences of any such termination from those specified in Section 8.12 hereof. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Patriot shall cooperate with FRP to accomplish the Distribution and shall, at&nbsp;FRP's direction,
promptly take any and all actions necessary or desirable to effect the Distribution, including in respect of the registration under
the Exchange Act of Patriot Common Stock on the Form 10. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
3.2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Actions Prior to the Distribution</U>.</FONT> <FONT STYLE="font-size: 10pt">Prior to the
Effective Time and subject to the terms and conditions set forth herein, the Parties shall take, or cause to be taken, the&nbsp;following
actions in connection with the Distribution: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall, to the extent possible, give the Nasdaq not less than ten (10)&nbsp;days&rsquo;
advance notice of the Record Date in compliance with Rule 10b-17 under the Exchange Act. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
or prior to the Distribution Date, FRP and Patriot shall take all necessary actions to cause the Internal Transactions to occur.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">On or prior to the Distribution Date, FRP and Patriot shall take all necessary actions so
that as of the Effective Time: (i)&nbsp;the directors and executive officers of Patriot shall be those set forth in the Information
Statement mailed to the Record Holders prior to the Distribution Date; and (ii)&nbsp;each individual referred to in <U>Schedule&nbsp;3.2(c)</U>&nbsp;shall
have resigned from his or her position, if any, as a member of the board of directors or employee of FRP or Patriot, as applicable,
except as otherwise set forth in <U>Schedule&nbsp;3.2(c)</U> to this Agreement. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Patriot shall prepare and file, and shall use its reasonable best efforts to have approved,
an application for the listing of the Patriot Common Stock to be distributed in the Distribution on the Nasdaq Global Select Market,
subject to official notice of distribution. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Patriot shall file any amendments or supplements to the Form 10 as may be necessary or advisable
in order to cause the Form 10 to become and remain effective as required by the SEC or federal, state or other applicable securities
Laws. FRP and Patriot shall cooperate in preparing, filing with the SEC and causing to become effective registration statements
or amendments thereof which are required to reflect the establishment of, or amendments to, any employee benefit and other plans
necessary or advisable in connection with the transactions contemplated by this Agreement and the Ancillary Agreements. FRP and
Patriot will prepare, and Patriot will, to the extent required under applicable Law, file with the SEC any such documentation which
FRP determines are necessary or desirable to effectuate the Distribution, and FRP and Patriot shall each use its reasonable best
efforts to obtain all necessary approvals from the SEC with respect thereto as soon as practicable. FRP and Patriot shall take
all such action as may be necessary or appropriate under the securities or blue sky laws of the United States (and any comparable
Laws under any foreign jurisdiction) in connection with the Distribution. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall, as soon as is reasonably practicable after the Form 10 is declared effective under
the Exchange Act and the board of directors of Patriot has approved the Distribution, cause the Information Statement to be mailed
to the Record Holders. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP and Patriot shall take all actions as may be necessary to approve the grants of adjusted
equity awards by FRP (in respect of FRP Common Stock) and Patriot (in respect of Patriot Common Stock) in connection with the Distribution
in order to satisfy the requirements of Rule 16b-3 under the Exchange Act. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
3.3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Conditions Precedent to Distribution</U><I>.</I> In no event shall the Distribution occur
unless each of the following conditions shall have been satisfied (or waived by FRP in its sole discretion): </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the board of directors of FRP shall have approved the Distribution and shall not have abandoned
the Distribution or terminated this Agreement at any time prior to the Distribution; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the board of directors of FRP shall have received from its financial advisor a&nbsp;solvency
opinion in form and substance satisfactory to the board of directors of FRP confirming that the Distribution will not render Patriot
insolvent; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Internal Transactions shall have been completed; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Form 10 shall have been filed with the Commission and declared effective by the Commission,
no stop order suspending the effectiveness of the Form&nbsp;10 shall be in effect, no proceedings for such purpose shall be pending
before or threatened by the Commission, and the Information Statement shall have been mailed to holders of the FRP Common Stock
as of the Record Date; </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">all actions and filings necessary or appropriate under applicable federal, state or foreign
securities or &ldquo;blue sky&rdquo; laws and the rules and regulations thereunder shall have been taken and, where applicable,
become effective or been accepted; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Patriot Common Stock to be delivered and the Distribution shall have been approved for
listing on the Nasdaq Global Select Market, subject to official notice of issuance; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">each of the Ancillary Agreements shall have been duly executed and delivered by the Parties
thereto; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall have received an opinion of Nelson Mullins Riley &amp; Scarborough LLP (which shall
not have been revoked or modified in any material respect), reasonably satisfactory to FRP, confirming that the Distribution will
be tax free to the shareholders of FRP for United States federal income tax purposes; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">no Applicable Law shall have been adopted, promulgated or issued that prohibits the consummation
of the Distribution or any of the other transactions contemplated hereby; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">any material governmental approvals and consents and any material permits, registrations and
consents from Third Parties, in each case, necessary to effect the Distribution and to permit the operation of the Transportation
Business after the Distribution Date substantially as it is conducted at the date hereof shall have been obtained; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">credit facilities shall have been made available to FRP and Patriot by its lenders on terms
and in an amount satisfactory to FRP; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">no event or development shall have occurred or exist that, in the judgment of the board of
directors of FRP, in its sole discretion, makes it inadvisable to effect the Distribution or the other transactions contemplated
hereby. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of the foregoing
conditions is for the sole benefit of FRP and shall not give rise to or create any duty on the part of FRP or its board of directors
to waive or not to waive any such condition or to effect the Distribution, or in any way limit FRP's rights of termination as set
forth in Section&nbsp;8.12 or alter the consequences of any termination from those specified in Section&nbsp;8.12. Any determination
made by FRP on or prior to the Distribution concerning the satisfaction or waiver of any or all of the conditions set forth in
this Section&nbsp;3.3 shall be conclusive and binding on the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
3.4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>The Distribution</U>.</FONT> <FONT STYLE="font-size: 10pt">Subject to the terms and conditions
set forth in this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">On or prior to the Distribution Date, FRP shall take such steps as are reasonably necessary
or appropriate to permit the Distribution by the Distribution Agent of validly issued, fully paid and nonassessable shares of Patriot
Common Stock, registered in book-entry form through the registration system; </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">the Distribution shall be effective at the Distribution Time; and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall instruct the Distribution Agent to distribute, on or as soon as practicable after
the Distribution Date, to each holder of record of FRP Common Stock as of the Record Date, by means of a <I>pro</I> <I>rata</I>
dividend, one share of Patriot Common Stock for every three shares of FRP Common Stock so held. Following the Distribution Date,
Patriot agrees to provide all book-entry transfer authorizations for shares of Patriot Common Stock that FRP or the Distribution
Agent shall require (after giving effect to Sections 3.5) in order to effect the Distribution. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
3.5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Fractional Shares</U>.</FONT> <FONT STYLE="font-size: 10pt">No fractional shares of Patriot
Common Stock will be distributed in the Distribution. The Distribution Agent will be directed to determine (based on the aggregate
number of shares held by each holder) the number of whole shares and the fractional share of Patriot Common Stock allocable to
each holder of FRP Common Stock as of the Record Date. Upon the determination by the Distribution Agent of such numbers of whole
shares and fractional shares, as soon as practicable on or after the Distribution Date, the Distribution Agent, acting on behalf
of the holders thereof, shall aggregate the fractional shares into whole shares and shall sell the whole shares obtained thereby
for cash on the open market (with the Distribution Agent, in its sole discretion, determining when, how and through which broker-dealer(s)
and at which price(s) to make such sales) and shall thereafter promptly distribute to each such holder entitled thereto (pro rata
based on the fractional share such holder would have been entitled to receive in the Distribution) the resulting aggregate cash
proceeds, after making appropriate deductions of the amounts required to be withheld for United States federal income tax purposes,
if any, and after deducting an amount equal to all brokerage fees and commissions, transfer taxes and other costs attributed to
the sale of shares pursuant to this Section&nbsp;3.5. Neither FRP nor Patriot will be required to guarantee any minimum sale price
for the fractional shares. Recipients of cash in lieu of fractional shares will not be entitled to any interest on the amounts
of payments made in lieu of fractional shares. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
4.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">INSURANCE MATTERS </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
4.1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Insurance Matters</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP and Patriot agree to cooperate in good faith to provide for an orderly transition of insurance
coverage from the date hereof through the Effective Time. In no event shall either Party or any member of their Group have Liability
or obligation whatsoever to any member of the other Group in the event that any insurance policy or other contract or policy of
insurance shall be terminated or otherwise cease to be in effect for any reason, shall be unavailable or inadequate to cover any
Liability of any member of the other Group for any reason whatsoever or shall not be renewed or extended beyond the current expiration
date. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">From and after the Effective Time, with respect to any Losses or Liabilities incurred by any
member of the Real Estate Group prior to the Effective Time, Patriot will provide FRP with access to, and FRP may, upon prior written
notice to Patriot, make claims under, Patriot's third-party insurance policies in place immediately prior to the Effective Time
and Patriot's historical policies of insurance, but solely to the extent that such policies provided coverage for members of the
Real Estate Group prior to the Effective Time; <U>provided</U> that such access to, and the right to make claims under, such insurance
policies, shall be subject to the terms and conditions of such insurance policies, including any limits on coverage or scope, any
deductibles and other fees and expenses, and shall be subject to the following additional conditions: </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall report any Claim to Patriot, as promptly as practicable, and in any event in sufficient
time so that such Claim may be made in accordance with Patriot's Claim reporting procedures; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP and the members of the Real Estate Group shall indemnify, hold harmless and reimburse
Patriot and the members of the Transportation Group for any deductibles, self-insured retention, fees and expenses incurred by
Patriot or any members of the Transportation Group to the extent resulting from any access to, any Claims made by FRP or any other
members of the Real Estate Group under, any insurance provided pursuant to this Section&nbsp;4.1(b), including any indemnity payments,
settlements, judgments, legal fees and allocated Claims expenses and Claim handling fees, whether such Claims are made by FRP,
its&nbsp;employees or third Persons; and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP shall exclusively bear (and the Transportation Group shall have no obligation to repay
or reimburse FRP or any member of the Real Estate Group for) and shall be liable for all uninsured, uncovered, unavailable or uncollectible
amounts of all such claims made by FRP or any member of the Real Estate Group under the policies as provided for in this Section&nbsp;4.1(b).
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event that
any member of the Transportation Group incurs any Losses or Liabilities prior to or in respect of the period prior to the Effective
Time for which such member of the Transportation Group is entitled to coverage under FRP&rsquo;s third-party insurance policies,
the&nbsp;same process pursuant to this Section&nbsp;4.1(b) shall apply, substituting &ldquo;FRP&rdquo; for &ldquo;Patriot&rdquo;
and &ldquo;Patriot&rdquo; for &ldquo;FRP.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Except as provided in Section&nbsp;4.1(b), from and after the Effective Time, the Real Estate
Group shall have no rights to or under any of the insurance policies of Patriot or any other member of the Transportation Group.
At the Effective Time, FRP shall have in effect all insurance programs required to comply with FRP&rsquo;s contractual obligations
and Applicable Law. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Patriot shall retain the exclusive right to control its insurance policies and programs, including
the right to exhaust, settle, release, commute, buy-back or otherwise resolve disputes with respect to any of its insurance policies
and programs and to amend, modify or waive any rights under any such insurance policies and programs, notwithstanding whether any
such policies or programs apply to any Real Estate Group Liabilities and/or claims FRP has made or could make in the future, and
no member of the Real Estate Group shall erode, exhaust, settle, release, commute, buyback or otherwise resolve disputes with Patriot's
insurers with respect to any of Patriot&rsquo;s insurance policies and programs, or amend, modify or waive any rights under any
such insurance policies and programs. FRP shall cooperate with Patriot and share such information as is reasonably necessary in
order to permit Patriot to manage and conduct its insurance matters as it deems appropriate. Neither Patriot nor any of the members
of the Transportation Group shall have any obligation to secure extended reporting for any claims under any Liability policies
of Patriot or any member of the Transportation Group for any acts or omissions by any member of the Real Estate Group incurred
prior to the Effective Time. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Agreement shall not be considered as an attempted assignment of any policy of insurance
or as a contract of insurance and shall not be construed to waive any right or remedy of any member of the Transportation Group
in respect of any insurance policy or any other contract or policy of insurance. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP does hereby, for itself and each other member of the Real Estate Group, agree that no
member of the Transportation Group shall have any Liability whatsoever as a result of the insurance policies and practices of Patriot
and the members of the Transportation Group as in effect at any time, including as a result of the level or scope of any such insurance,
the creditworthiness of any insurance carrier, the terms and conditions of any policy, the adequacy or timeliness of any notice
to any insurance carrier with respect to any Claim or potential Claim or otherwise. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
4.2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Treatment of Payments for Tax Purposes</U>.</FONT> <FONT STYLE="font-size: 10pt">For all
tax purposes, the Parties agree to treat (i)&nbsp;any payment required by this Agreement (other than payments with respect to interest
accruing after the Effective Time) as either a contribution by FRP to Patriot or a distribution by Patriot to FRP, as the case
may be, occurring immediately prior to the Effective Time or as a payment of an assumed or retained Liability; and (ii)&nbsp;any
payment of interest as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment
or required under this Agreement to make such payment, in either case except as otherwise required by applicable Law. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
4.3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Post-Effective Time Conduct</U>.</FONT> <FONT STYLE="font-size: 10pt">The Parties acknowledge
that, after the Effective Time, each Party shall be independent of the other Party, with responsibility for its own actions and
inactions and its own Liabilities relating to, arising out of or resulting from the conduct of its Business, operations and activities
following the Effective Time, except as may otherwise be provided in any Ancillary Agreement, and each Party shall (except as otherwise
provided in Section 4) use commercially reasonable efforts to prevent such Liabilities from being inappropriately borne by the
other Party. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
5.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">ACCESS TO INFORMATION </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Access to Information</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">For a period of six years after the Distribution Date, each Group shall afford promptly the
other Group and its agents and, to the extent required by Applicable Law, authorized representatives of any Governmental Authority
of competent jurisdiction, reasonable access (which shall include the right to make copies) during normal business hours to its
books of account, financial and other records (including accountant&rsquo;s work papers, to the extent any required consents have
been obtained), information, employees and auditors to the extent necessary or useful for such other Group in connection with any
audit, investigation, dispute or litigation, complying with their obligations under this Agreement or any Ancillary Agreement,
any regulatory proceeding, any regulatory filings, complying with reporting disclosure requirements or any other requirements imposed
by any Governmental Authority or any other reasonable business purpose of the Group requesting such access; <I>provided</I> that
any such access shall not unreasonably interfere with the conduct of the Business of the Group providing such access; <I>provided</I>
<I>further</I> that in the event any Party reasonably determines that affording any such access to the other Party would be commercially
detrimental in any material respect or violate any Applicable Law or agreement to which such Party or member of its Group is a
party, or waive any attorney-client privilege applicable to such Party or any member of its Group, the Parties shall use reasonable
efforts to permit the compliance with such request in a manner that avoids any such harm or consequence. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Without limiting the generality of the foregoing, until the end of the first full Patriot
fiscal year occurring after the Distribution Date (and for a reasonable period of time afterwards as required for each Party to
prepare consolidated financial statements or complete a financial statement audit for the fiscal year during which the Distribution
Date occurs), each Party shall use reasonable efforts to cooperate with the other Party&rsquo;s information requests to enable
(i) the other Party to meet its timetable for dissemination of its earnings releases and financial statements and management&rsquo;s
assessment of the effectiveness of its disclosure controls and procedures and its internal control over financial reporting in
accordance with Items 307 and 308, respectively, of Regulation S-K promulgated under the Exchange Act, and (ii) the other Party&rsquo;s
accountants to timely complete their review of the quarterly financial statements and audit of the annual financial statements,
including, to the extent applicable to such Party, its auditor's audit of its internal control over financial reporting and management&rsquo;s
assessment thereof in accordance with Section 404 of the Sarbanes-Oxley Act of 2002, the SEC&rsquo;s and Public Company Accounting
Oversight Board&rsquo;s rules and auditing standards thereunder and any other Applicable Laws. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Litigation Cooperation</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Effective as of the Effective Time, the applicable member of the Transportation Group shall
assume and thereafter be responsible for all Liabilities of either Group that may result from the Transportation Group Assumed
Actions and, subject to Section&nbsp;6.4(c), all fees and costs relating to the defense of the Transportation Group Assumed Actions,
including attorneys&rsquo;, accountants&rsquo;, consultants&rsquo; and other professionals&rsquo; fees and expenses that have been
incurred prior to the Effective Time and are unpaid as of the Effective Time, or, that are incurred on or after the Effective Time.
&ldquo;Transportation Group Assumed Actions&rdquo; means those Actions primarily relating to the Transportation Group Business.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Effective as of the Effective Time, the applicable member of the Real Estate Group shall assume
and thereafter be responsible for all Liabilities of either Group that may result from the Real Estate Group Assumed Actions and,
subject to Section&nbsp;6.4(c), all fees and costs relating to the defense of the Real Estate Group Assumed Actions, including
attorneys&rsquo;, accountants&rsquo;, consultants&rsquo; and other professionals&rsquo; fees and expenses that have been incurred
prior to the Effective Time and are unpaid as of or after the Effective Time, or, that are incurred on or after the Effective Time.
&ldquo;Real Estate Group Assumed Actions&rdquo; means those Actions primarily related to the Real Estate Businesses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each Party agrees that at all times from and after the Effective Time if an Action relating
primarily to its Business is commenced by a Third Party naming a member of each Group as defendants thereto, then such Action shall
be deemed to be a Transportation Group Assumed Action (in the case of an Action primarily related to the Transportation Business)
or a Real Estate Group Assumed Action (in the case of an Action primarily related to the Real Estate Businesses) and the Party
as to which the Action primarily relates shall use its reasonable efforts to cause the other Party or member of its Group to be
removed from such Action. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Parties agree that at all times from and after the Effective Time, if an Action which
does not relate primarily to either Party&rsquo;s Business is commenced by a Third Party naming a member of each Group as a defendant
thereto, then the Parties shall cooperate and consult to the extent necessary or advisable with respect to such Action. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each Group shall use reasonable efforts to make available to the other Group and its attorneys,
accountants, consultants and other designated representatives, upon written request, its directors, officers, employees and representatives
as witnesses, and shall otherwise cooperate with the other Group, to the extent reasonably requested in connection with any Action
arising out of either Group&rsquo;s Business prior to the Effective Time in which the requesting Group may from time to time be
involved. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Reimbursement</U>.</FONT> <FONT STYLE="font-size: 10pt">Each Group providing information
or witnesses to the other Group or otherwise incurring any out-of-pocket expense in connection with cooperating under Section&nbsp;5.1
or Section&nbsp;5.2 shall be entitled to receive from the recipient thereof, upon the presentation of invoices therefor, payment
for all out-of-pocket costs and expenses (including attorney&rsquo;s fees but excluding reimbursement for general overhead, salary
and employee benefits) actually incurred in providing such access, information, witnesses or cooperation. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Ownership of Information</U>.</FONT> <FONT STYLE="font-size: 10pt">All information owned
by one Party (or a member of its Group) that is provided to the other Party (or a member of its Group) under Section&nbsp;5.1 or
Section&nbsp;5.2 shall be deemed to remain the property of the providing Party. Unless specifically set forth herein or in any
Ancillary Agreement, nothing contained in this Agreement shall be construed to grant or confer rights of license or otherwise in
any such information. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Retention of Records</U>.</FONT> <FONT STYLE="font-size: 10pt">Except as otherwise required
by Applicable Law or agreed to in writing, each Party shall, and shall cause the members of its Group to, retain, in accordance
with the practice of such Party applicable to the retention of its own information as in effect from time to time, any and all
information in its possession or control relating to the other Group&rsquo;s Business. Neither Party shall destroy, or permit the
destruction, or otherwise dispose, or permit the disposal, of any such information, subject to such retention practice, unless,
prior to such destruction or disposal, the Party proposing (or whose Group member is proposing) such destruction or disposal (the
&ldquo;Disposing Party&rdquo;) provides not less than 30 days&rsquo; prior written notice to the other Party (the &ldquo;Receiving
Party&rdquo;), specifying the information proposed to be destroyed or disposed of and the scheduled date for such destruction or
disposal. If the Receiving Party shall request in writing prior to the scheduled date for such destruction or disposal that any
of the information proposed to be destroyed or disposed of be delivered to the Receiving Party, the Disposing Party shall promptly
arrange for the delivery of such of the information as was requested at the expense of the Receiving Party; <I>provided</I> that
in the event that the Disposing Party reasonably determines that any such provision of information would violate any Applicable
Law or agreement to which such Party or member of its Group is a party, or waive any attorney-client privilege applicable to such
Party or any member of its Group, the Parties shall use reasonable efforts to permit the prompt compliance with such request in
a manner that avoids any such harm or consequence. Any records or documents that were subject to a litigation hold prior to the
Distribution Date must be retained by the applicable Party until such Party or member of its Group is notified by the other Party
that the litigation hold is no longer in effect. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Confidentiality</U>.</FONT> <FONT STYLE="font-size: 10pt">Each Party acknowledges that
it or a member of its Group may have in its possession, and, in connection with this Agreement and the Ancillary Agreements, may
receive, Confidential Information of the other Party or any member of its Group (including information in the possession of such
other Party relating to its clients or customers). Each Party shall hold and shall cause its directors, officers, employees, agents,
consultants and advisors (&ldquo;Representatives&rdquo;) and the members of its Group and their Representatives to hold in strict
confidence and not to use except as permitted by this Agreement or any Ancillary Agreement all such Confidential Information concerning
the other Group unless (a)&nbsp;such Party or any of the members of its Group or its or their Representatives is compelled to disclose
such Confidential Information by judicial or administrative process or by other requirements of Applicable Law or (b)&nbsp;such
Confidential Information can be shown to have been (i)&nbsp;in the public domain through no fault of such Party or any of the members
of its Group or its or their Representatives, (ii)&nbsp;lawfully acquired after the Distribution Date on a non-confidential basis
from other sources not known by such Party to be under any legal obligation to keep such information confidential or (iii)&nbsp;developed
by such Party or any of the members of its Group or its or their Representatives without the use of any Confidential Information
of the other Group. Notwithstanding the foregoing, such Party or member of its Group or its or their Representatives may disclose
such Confidential Information to the members of its Group and its or their Representatives so long as such Persons are informed
by such Party of the confidential nature of such Confidential Information and are directed by such Party to treat such information
confidentially. The&nbsp;obligation of each Party and the members of its Group and its and their Representatives to hold any such
Confidential Information in confidence shall be satisfied if they exercise the same level of care with respect to such Confidential
Information as they would with respect to their own proprietary information. If such Party or any of a member of its Group or any
of its or their Representatives becomes legally compelled to disclose any documents or information subject to this Section&nbsp;5.6,
such Party will promptly notify the other Party and, upon request, use&nbsp;reasonable efforts to cooperate with the other Party&rsquo;s
efforts to seek a protective order or other remedy. If no such protective order or other remedy is obtained or if the other Party
waives in writing such Party&rsquo;s compliance with this Section&nbsp;5.6, such Party or the member of its Group or its or their
Representatives may furnish only that portion of the information which it concludes, after consultation with counsel, is legally
required to be disclosed and will exercise its reasonable efforts to obtain reliable assurance that confidential treatment will
be accorded such information. Each Party agrees to be responsible for any breach of this Section&nbsp;5.6 by it, the&nbsp;members
of its Group and its and their Representatives. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
5.7.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Privileged Information</U><I>.</I> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Parties acknowledge that members of the Real Estate Group, on the one hand, and members
of the Transportation Group, on the other hand, may possess documents or other information regarding the other Group that is or
may be subject to the attorney-client privilege, the work product doctrine or common interest privilege (collectively, &ldquo;Privileges&rdquo;;
and such documents and other information collectively, the &ldquo;Privileged Information&rdquo;). Each Party agrees to use reasonable
efforts to protect and maintain, and to cause their respective Affiliates to protect and maintain, any applicable Claim to Privilege
in order to prevent any of the other Group&rsquo;s Privileged Information from being disclosed or used in a manner inconsistent
with such Privilege without the other Party&rsquo;s consent. Without limiting the generality of the foregoing, a&nbsp;Party and
its Affiliates shall not, without the other Party&rsquo;s prior written consent, (i)&nbsp;waive any Privilege with respect to any
of the other Party&rsquo;s or any member of its Group&rsquo;s Privileged Information, (ii)&nbsp;fail to defend any Privilege with
respect to any such Privileged Information, or&nbsp;(iii)&nbsp;fail to take any other actions reasonably necessary to preserve
any Privilege with respect to any such Privileged Information. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Upon receipt by a Party or any member of such Party&rsquo;s Group of any subpoena, discovery
or other request that calls for the production or disclosure of Privileged Information of the other Party or a member of its Group,
such Party shall promptly notify the other Party of the existence of the request and shall provide the other Party a reasonable
opportunity to review the information and to assert any rights it or a member of its Group may have under this Section&nbsp;5.7
or otherwise to prevent the production or disclosure of such Privileged Information. Each Party agrees that neither it nor any
member of its Group will produce or disclose any information that may be covered by a Privilege of the Party or a member of its
Group under this Section&nbsp;5.7 unless (i)&nbsp;the other Party has provided its written consent to such production or disclosure
(which consent shall not be unreasonably withheld) or (ii)&nbsp;a court of competent jurisdiction has entered an order finding
that the information is not entitled to protection under any applicable Privilege or otherwise requires disclosure of such information.
</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
6.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">RELEASE; INDEMNIFICATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
6.1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Release of Pre-Distribution Claims</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Except (i)&nbsp;as provided in Section&nbsp;6.1(b) and (ii)&nbsp;as otherwise expressly provided
in this Agreement or any Ancillary Agreement, each Party hereto does hereby, on behalf of itself and each member of its Group,
and each of their successors and assigns, release and forever discharge the other Party and the other members of such Party&rsquo;s
Group, and their respective successors and assigns, and all Persons who at any time prior to the Effective Time have been directors,
officers or employees of such other Party or any member of its Group (in each case, in their respective capacities as such), and
their respective heirs, executors, administrators, successors and assigns (collectively, the &ldquo;Released Parties&rdquo;), from
any and all demands, Actions and Liabilities whatsoever, whether at law or in equity (including any right of contribution or any
right pursuant to any Environmental Law whether now or hereinafter in effect), whether arising under any contract or agreement,
by operation of law or otherwise (and including for the avoidance of doubt, those arising as a result of the negligence, strict
liability or any other liability under any theory of law or equity of, or any violation of law by any Released Party), existing
or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any
conditions existing or alleged to have existed on or before the Distribution Date, including in connection with the transactions
and all other activities to implement the Distribution. FRP shall cause each of the other members of the Real Estate Group to,
effective as of the Effective Time, release and forever discharge each of the Patriot Indemnitees (as defined in Section 6.3(a)
of this Agreement) as and to the same extent as the release and discharge provided by FRP pursuant to the foregoing provisions
of this Section&nbsp;6.1(a). Patriot shall cause each of the other members of the FRP Indemnitees (as defined in Section 6.2(a)
of this Agreement) as and to the same extent as the release and discharge provided by Patriot pursuant to the foregoing provisions
of this Section&nbsp;6.1(a). </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Nothing contained in Section&nbsp;6.1(a) shall impair any right of any Person identified in
Section&nbsp;6.1(a) to enforce this Agreement or any Ancillary Agreement. Nothing contained in Section&nbsp;6.1(a) shall release
or discharge any Person from: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">any Liability assumed, transferred, assigned, retained or allocated to that Person in accordance
with, or any other Liability of that Person under, this Agreement or any of the Ancillary Agreements; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">any Liability that is expressly specified in this Agreement or any Ancillary Agreement to
continue after the Effective Time, but subject to any limitation set forth in this Agreement or any Ancillary Agreement relating
specifically to such Liability; or </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">any Liability the release of which would result in the release of any Person other than a
member of the Real Estate Group or the Transportation Group or any related Released Party; <I>provided</I>, <I>however</I>, that
the Parties hereto agree not to bring or allow their respective Subsidiaries to bring suit against the other Party or any related
Released Party with respect to any such Liability. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In addition, nothing contained in Section&nbsp;6.1(a)
shall release any Party or any member of its Group from honoring its existing obligations to indemnify, or advance expenses to,
any Person who was a director, officer or employee of such Party or any member of its Group, at or prior to the Effective Time,
to the extent such Person was entitled to such indemnification or advancement of expenses pursuant to then-existing obligations;
<I>provided</I>, <I>however</I>, that to the extent applicable, Sections&nbsp;6.2 and 6.3 hereof shall determine whether any Party
shall be required to indemnify the other or a member of its Group in respect of such Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">It is the intent of each of the Parties hereto by virtue of the provisions of this Section&nbsp;6.1
to provide for a full and complete release and discharge of all Liabilities existing or arising from all acts and events occurring
or failing to occur or alleged to have occurred or to have failed to occur and all conditions existing or alleged to have existed
on or before the Distribution Date between members of the Real Estate Group, on the one hand, and members of the Transportation
Group, on the other hand (including any contractual agreements or arrangements existing or alleged to exist between the Parties
on or before the Distribution Date), except as expressly set forth in Section&nbsp;6.1(b) or as expressly provided in this Agreement
or any Ancillary Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
6.2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Patriot Indemnification of the Real Estate Group</U><I>.</I> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Effective as of and after the Effective Time, Patriot shall indemnify, defend and hold harmless
the Real Estate Group and the respective directors, officers, employees and Affiliates of each Person in the Real Estate Group
(the &ldquo;FRP Indemnitees&rdquo;) from and against any and all Losses incurred or suffered by any of the FRP Indemnitees arising
out of or in connection with (i)&nbsp;any of the Transportation Liabilities, or the failure of any member of the Transportation
Group to pay, perform or otherwise discharge any of the Transportation Liabilities and (ii)&nbsp;any breach by Patriot or any member
of the Transportation Group of this Agreement or any Ancillary Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Except to the extent set forth in Section&nbsp;6.3(b), effective as of and after the Effective
Time, Patriot shall indemnify, defend and hold harmless each of the FRP Indemnitees and each Person, if any, who controls any FRP
Indemnitee within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act from and against
any and all Losses caused by any untrue statement or alleged untrue statement of a material fact contained in the Form&nbsp;10
or any amendment thereof or the Information Statement (as amended or supplemented if Patriot shall have furnished any amendments
or supplements thereto), or caused by any omission or alleged omission to state therein a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
6.3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>FRP Indemnification of Transportation Group</U><I>.</I> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Effective as of and after the Effective Time, FRP shall indemnify, defend and hold harmless
the Transportation Group and the respective directors, officers, employees and Affiliates of each Person in the Transportation
Group (the &ldquo;Patriot Indemnitees&rdquo;) from and against any and all Losses incurred or suffered by any of the Patriot Indemnitees
and arising out of or in connection with (i)&nbsp;any of the FRP Liabilities, or the failure of any member of the Real Estate Group
to pay, perform or otherwise discharge any of the FRP Liabilities and (ii)&nbsp;any breach by FRP or any member of the Real Estate
Group of this Agreement or any Ancillary Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Effective as of and after the Effective Time, FRP shall indemnify, defend and hold harmless
each of the Patriot Indemnitees and each Person, if any, who controls any Patriot Indemnitee within the meaning of either Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act from and against any and all Losses caused by any untrue statement
or alleged untrue statement of a material fact contained in the Form&nbsp;10 or any amendment thereof or the Information Statement
(as amended or supplemented if Patriot shall have furnished any amendments or supplements thereto), or caused by any omission or
alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, in each case to the extent, but only to the extent, that such Losses are caused by any such
untrue statement or omission or alleged untrue statement or omission arising out of information provided by any member of the Real
Estate Group for inclusion in the Information Statement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
6.4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Procedures</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Party seeking indemnification under Section&nbsp;6.2 or Section&nbsp;6.3 (the &ldquo;Indemnified
Party&rdquo;) agrees to give prompt notice to the Party against whom indemnity is sought (the &ldquo;Indemnifying Party&rdquo;)
of the assertion of any claim, or the commencement of any suit, action or proceeding (each, a &ldquo;Claim&rdquo;) in respect of
which indemnity may be sought hereunder and will provide the Indemnifying Party such information with respect thereto that the
Indemnifying Party may reasonably request. The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party
of its obligations hereunder, except to the extent such failure shall have prejudiced the Indemnifying Party. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">The Indemnifying Party shall be entitled to participate in the defense of any Claim asserted
by any Third Party (&ldquo;Third-Party Claim&rdquo;) and, subject to the limitations set forth in this Section&nbsp;6.4, if it
so notifies the Indemnified Party no later than 30 days after receipt of the notice described in Section&nbsp;6.4(a), shall be
entitled to control and appoint lead counsel for such defense, in each case at its expense. If the Indemnifying Party does not,
the Indemnified Party shall have the right to defend or contest such Third-Party Claim through counsel chosen by the Indemnified
Party reasonably acceptable to the Indemnifying Party, subject to the provisions of this Section&nbsp;6.4. The Indemnified Party
shall provide the Indemnifying Party and such counsel with such information regarding such Third-Party Claim as either of them
may reasonably request. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the Indemnifying Party shall assume the control of the defense of any Third-Party Claim
in accordance with the provisions of this Section&nbsp;6.4, (i)&nbsp;the Indemnifying Party shall obtain the prior written consent
of the Indemnified Party (which shall not be unreasonably withheld) before entering into any settlement of such Third-Party Claim,
if the settlement does not release the Indemnified Party from all Liabilities with respect to such Third-Party Claim or the settlement
imposes injunctive or other equitable relief against the Indemnified Party or any of its related Indemnitees or is otherwise materially
prejudicial to any such Person and (ii)&nbsp;the Indemnified Party shall be entitled to participate in (but not control) the defense
of such Third-Party Claim and, at its own expense, to employ separate counsel of its choice for such purpose; <I>provided</I> that
in the event of a conflict of interest between the Indemnifying Party and the applicable Indemnified Party, the reasonable fees
and expenses of such separate counsel shall be at the Indemnifying Party&rsquo;s expense. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each Party shall cooperate, and cause their respective Affiliates to cooperate, in the defense
or prosecution of any Third-Party Claim and shall furnish or cause to be furnished such records, information and testimony, and
attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each Indemnified Party shall use reasonable efforts to collect any amounts available under
insurance coverage, or from any other Person alleged to be responsible, for any Losses payable under Section&nbsp;6.2 or Section&nbsp;6.3
and the reasonable expenses incurred in connection therewith will be treated as Losses subject to indemnification hereunder. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If any Third-Party Claim shall be brought against a member of each Group, then such Action
shall be deemed to be a Transportation Group Assumed Action or a Real Estate Group Assumed Action in accordance with Sections 5.2(a)
and 5.2(b), to the extent applicable, and the related Party shall be deemed to be the Indemnifying Party for the purposes of this
Article 6. In the event of any Action in which the Indemnifying Party is not also named defendant, at the request of either the
Indemnified Party or the Indemnifying Party, the Parties will use reasonable efforts to substitute the Indemnifying Party or its
applicable Affiliate for the named defendant in the Action. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
6.5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Calculation of Indemnification Amount</U><I>.</I> Any indemnification amount pursuant to
Section&nbsp;6.2 or Section&nbsp;6.3 shall be paid (i)&nbsp;net of any amounts recovered by the Indemnified Party under applicable
Third Party insurance policies or from any other Third Party alleged to be responsible therefor, and (ii)&nbsp;taking into account
any tax benefit actually realized and any tax cost incurred by the Indemnified Party arising from the incurrence or payment of
the relevant Losses. If the Indemnified Party receives any amounts under applicable Third Party insurance policies, or from any
other Third Party alleged to be responsible for any Losses, subsequent to an indemnification payment by the Indemnifying Party
in respect thereof, then such Indemnified Party shall promptly reimburse the Indemnifying Party for any payment made by such Indemnifying
Party in respect thereof up to the amount received by the Indemnified Party from such Third Party insurance policy or Third Party,
as applicable. The Indemnifying Party shall not be liable for any Losses under Section&nbsp;6.2 or Section&nbsp;6.3 to the extent
such Losses are special, indirect, incidental, consequential or punitive damages or lost profits (other than such Losses paid to
Third Parties). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
6.6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Contribution</U>.</FONT> <FONT STYLE="font-size: 10pt">If for any reason the indemnification
provided for in Section&nbsp;6.2 or Section&nbsp;6.3 is unavailable to any Indemnified Party, or insufficient to hold it harmless,
then the Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses
in such proportion as is appropriate to reflect the relative fault of the Real Estate Group, on the one hand, and the Transportation
Group, on the other hand, in connection with the conduct, statement or omission that resulted in such Losses. In case of any Losses
arising out of or related to information contained in the Form 10 or any amendment thereof or the Information Statement (as amended
or supplemented), the relative fault of the Real Estate Group, on the one hand, and the Transportation Group, on the other hand,
shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material
fact or the omission or alleged omission of a material fact relates to information supplied by FRP or Patriot. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
6.7.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Non-Exclusivity of Remedies</U>.</FONT> <FONT STYLE="font-size: 10pt">Subject to Section&nbsp;6.1,
the remedies provided for in this Article 6 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to any Indemnified Party at law or in equity; <I>provided</I> that the procedures set forth in Sections 6.4 and 6.5 shall
be the exclusive procedures governing any indemnity action brought under this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
6.8.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Survival of Indemnities</U><I>.</I> The rights and obligations of any Indemnified Party
or Indemnifying Party under this Article 6 shall survive the sale or other transfer of any Party of any of its assets, Business
or Liabilities. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
7.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">DISPUTE RESOLUTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
7.1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Disputes</U><I>.</I></FONT> <FONT STYLE="font-size: 10pt">Except as otherwise specifically
provided in any Ancillary Agreement, the procedures for discussion, negotiation and mediation set forth in this Article 7 shall
apply to all disputes, controversies or claims (whether arising in contract, tort or otherwise) that may arise out of or relate
to, or arise under or in connection with, this Agreement or any Ancillary Agreement, or the transactions contemplated hereby or
thereby (including all actions taken in furtherance of the transactions contemplated hereby or thereby on or prior to the date
hereof), or the commercial or economic relationship of the Parties relating hereto or thereto, between or among any members of
the Real Estate Group, on the one hand, and any members of the Transportation Group, on the other hand.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
7.2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Escalation; Mediation</U><I>.</I> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">It is the intent of the Parties to use reasonable best efforts to resolve expeditiously any
dispute, controversy or Claim between or among them with respect to the matters covered hereby that may arise from time to time
on a mutually acceptable negotiated basis. In furtherance of the foregoing, a Party involved in a dispute, controversy or Claim
may deliver a notice (an&nbsp;&quot;Escalation Notice&quot;) demanding an in-person meeting involving representatives of the Parties
at a senior level of management. Any agenda, location or procedures for such discussions or negotiations between the Parties may
be established by the Parties from time to time; <U>provided</U>, <U>however</U>, that the Parties shall use reasonable best efforts
to meet within 30 days of the Escalation Notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">If the Parties are not able to resolve the dispute, controversy or Claim, then the matter
shall be referred to mediation. The Parties shall retain a mediator to aid the Parties in their discussions and negotiations by
informally providing advice to the Parties. Any opinion expressed by the mediator shall be strictly advisory and shall not be binding
on the Parties or be admissible in any other proceeding. The mediator may be chosen from a list of mediators previously selected
by the Parties or by other agreement of the Parties. Costs of the mediation shall be borne equally by the Parties involved in the
matter, except that each Party shall be responsible for its own expenses. Mediation shall be a prerequisite to the commencement
of any Action by either Party against the other Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In the event that any resolution of any dispute, controversy or Claim pursuant to the procedures
set forth in Section 7.2(a) or (b) in any way affects an agreement or arrangement between either of the Parties and a Third Party
insurance carrier, the consent of such Third Party insurance carrier to such resolution, to the extent such consent is required,
shall be obtained before such resolution can take effect.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE
8.</B></FONT><BR>
<FONT STYLE="font-size: 10pt">MISCELLANEOUS </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts; Entire Agreement; Corporate Power</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Agreement and each Ancillary Agreement may be executed in one or more counterparts, all
of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed
by each of the Parties and delivered to the other Party. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">This Agreement, the Ancillary Agreements and the Exhibits, Schedules and appendices hereto
and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous
agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter,
and there are no agreements or understandings between the Parties other than those set forth or referred to herein or therein.
</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">FRP represents on behalf of itself and each other member of the Real Estate Group, and Patriot
represents on behalf of itself and each other member of the Transportation Group, as follows: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">each such Person has the requisite corporate or other power and authority and has taken all
corporate or other action necessary in order to execute, deliver and perform this Agreement and each Ancillary Agreement to which
it is a party and to consummate the transactions contemplated hereby and thereby; and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">this Agreement and each Ancillary Agreement to which it is a party has been duly executed
and delivered by it and constitutes a valid and binding agreement of it enforceable in accordance with the terms thereof. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Each Party acknowledges that it and each other Party is executing certain of the Ancillary
Agreements by facsimile, stamp or mechanical signature, and that delivery of an executed counterpart of a signature page&nbsp;to
this Agreement or any Ancillary Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by email
in portable document format (PDF) shall be effective as delivery of such executed counterpart of this Agreement or any Ancillary
Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered
in person, by mail, by courier, by facsimile or by email in portable document format (PDF)) made in its respective name as if it
were a manual signature delivered in person, agrees that it will not assert that any such signature or delivery is not adequate
to bind such Party to the same extent as if it were signed manually and delivered in person and agrees that, at the reasonable
request of the other Party at any time, it will as promptly as reasonably practicable cause each such Ancillary Agreement to be
manually executed (any such execution to be as of the date of the initial date thereof) and delivered in person, by mail or by
courier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U><I>.</I> Any notice, instruction, direction or demand under the terms of this
Agreement required to be in writing shall be duly given upon delivery, if delivered by hand, facsimile transmission, or mail, to
the following addresses: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If to FRP to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRP
Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">200 W. Forsyth Street, 7th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">Jacksonville, Florida 32202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">Attn: President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 2in">Facsimile: 904.353.2207</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel
B. Nunn, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">Nelson Mullins Riley &amp; Scarborough LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">50 N. Laura Street, Suite 2850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">Jacksonville, Florida 32202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 2in">Facsimile: 904.665.3621</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If to Patriot to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot
Transportation Holding, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">200 W. Forsyth Street, 7th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">Jacksonville, Florida 32202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">Attn: President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 2in">Facsimile: 904.353.2207</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">with a copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel
B. Nunn, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">Nelson Mullins Riley &amp; Scarborough LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">50 N. Laura Street, Suite 2850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2in">Jacksonville, Florida 32202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2in">Facsimile: 904.665.3621</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">or such other address or facsimile number
as such Party may hereafter specify for the purpose by notice to the other Party hereto. All such notices, requests and other communications
shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt
and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not
to have been received until the next succeeding Business Day in the place of receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Amendments; No Waivers</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Any provision of this Agreement may be amended or waived if, and only if, such amendment or
waiver is in writing and is signed, in the case of an amendment, by FRP and Patriot, or in the case of a waiver, by the Party against
whom the waiver is to be effective. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">No failure or delay by any Party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by Applicable Law. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Expenses</U>.</FONT> <FONT STYLE="font-size: 10pt">Except as specifically provided otherwise
in this Agreement or any Ancillary Agreement, all costs and expenses incurred by the Real Estate Group in connection with the Distribution
and related transactions shall be paid by FRP , and all costs and expenses incurred by the Transportation Group in connection with
the Distribution and related transactions shall be paid by Patriot. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Successors and Assigns</U>.</FONT> <FONT STYLE="font-size: 10pt">The provisions of this
Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns;
<I>provided</I> that neither Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement
without the consent of the other Party hereto. If any Party or any of its successors or permitted assigns (i)&nbsp;shall consolidate
with or merge into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or
merger or (ii)&nbsp;shall transfer all or substantially all of its properties and assets to any Person, then, and in each such
case, proper provisions shall be made so that the successors and assigns of such Party shall assume all of the obligations of such
Party under the Distribution Documents. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Governing Law</U>.</FONT> <FONT STYLE="font-size: 10pt">This Agreement shall be governed
by and construed in accordance with the law of the State of Florida, without regard to the conflicts of law rules of such state.
</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.7.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Third-Party Beneficiaries</U>. Except for the indemnification rights under this Agreement
of any FRP Indemnitee or Patriot Indemnitee in their respective capacities as such, (a)&nbsp;the provisions of this Agreement and
each Ancillary Agreement are solely for the benefit of the Parties and are not intended to confer upon any Person except the Parties
any rights or remedies hereunder, and (b)&nbsp;there are no Third-Party beneficiaries of this Agreement or any Ancillary Agreement
and neither this Agreement nor any Ancillary Agreement shall provide any third person with any remedy, Claim, Liability, reimbursement,
Claim of Action or other right in excess of those existing without reference to this Agreement or any Ancillary Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.8.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Entire Agreement</U>.</FONT> <FONT STYLE="font-size: 10pt">This Agreement and the other
Distribution Documents constitute the entire understanding of the Parties with respect to the subject matter hereof and thereof
and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect to
the subject matter hereof and thereof. No representation, inducement, promise, understanding, condition or warranty not set forth
herein or in the other Distribution Documents has been made or relied upon by any Party hereto or any member of their Group with
respect to the transactions contemplated by the Distribution Documents. To the extent that the provisions of this Agreement are
inconsistent with the provisions of any other Distribution Document, the provisions of such other Distribution Document shall prevail.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.9.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Tax Matters</U>.</FONT> <FONT STYLE="font-size: 10pt">Except as otherwise expressly provided
herein, this Agreement shall not govern tax matters, which shall be exclusively governed by the Tax Matters Agreement and the Employee
Matters Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.10.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Jurisdiction</U>.</FONT> <FONT STYLE="font-size: 10pt">The Parties hereto agree that Action
seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby shall be brought in the United States District Court for the Middle District of Florida, or any Florida state
court sitting in Duval County, Florida, so long as one of such courts shall have subject matter jurisdiction over such Action,
and that any cause of action arising out of this Agreement shall be deemed to have arisen from the transaction of business in the
State of Florida, and each of the Parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such Action and irrevocably waives, to the fullest extent permitted by law, any
objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court
or that any Action brought in any such court has been brought in an inconvenient forum. Process in any Action may be served on
any Party anywhere in the world, whether within or outside of the jurisdiction of any such court.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.11.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>WAIVER OF JURY TRIAL</U>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.12.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Termination</U>.</FONT> <FONT STYLE="font-size: 10pt">Notwithstanding any provision of
this Agreement to the contrary, the board of directors of FRP may, in its sole discretion and without the approval of Patriot or
any other Person, at any time prior to the Distribution terminate this Agreement and/or abandon the Distribution, whether or not
it has theretofore approved this Agreement and/or the Distribution. In the event this Agreement is terminated pursuant to the preceding
sentence, this Agreement shall forthwith become void and neither Party nor any of its directors or officers shall have any liability
or further obligation to the other Party or any other Person by reason of this Agreement. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.13.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Severability</U>.</FONT> <FONT STYLE="font-size: 10pt">If any one or more of the provisions
contained in this Agreement should be declared invalid, illegal or unenforceable in any respect, the validity, legality and enforceability
of the remaining provisions contained in this Agreement shall not in any way be affected or impaired thereby so long as the economic
or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon
such a declaration, the Parties shall modify this Agreement so as to effect the original intent of the Parties as closely as possible
in an acceptable manner so that the transactions contemplated hereby are consummated as originally contemplated to the fullest
extent possible. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.14.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Survival</U>.</FONT> <FONT STYLE="font-size: 10pt">All covenants and agreements of the
Parties contained in this Agreement shall survive the Distribution Date indefinitely, unless a specific survival or other applicable
period is expressly set forth herein. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.15.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Captions</U>.</FONT> <FONT STYLE="font-size: 10pt">The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.16.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Interpretation</U><I>.</I></FONT> <FONT STYLE="font-size: 10pt">In the event an ambiguity
or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no
presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of its authorship of any of the provisions
of this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.17.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Specific Performance</U>.</FONT> <FONT STYLE="font-size: 10pt">Each Party to this Agreement
acknowledges and agrees that damages for a breach or threatened breach of any of the provisions of this Agreement would be inadequate
and irreparable harm would occur. In recognition of this fact, each Party agrees that, if there is a breach or threatened breach,
in addition to any damages, the other nonbreaching Party to this Agreement, without posting any bond, shall be entitled to seek
and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction,
attachment, or any other equitable remedy which may then be available to obligate the breaching Party (i)&nbsp;to perform its obligations
under this Agreement or (ii)&nbsp;if the breaching Party is unable, for whatever reason, to perform those obligations, to take
any other actions as are necessary, advisable or appropriate to give the other Party to this Agreement the economic effect which
comes as close as possible to the performance of those obligations (including, but not limited to, transferring, or granting liens
on, the assets of the breaching Party to secure the performance by the breaching Party of those obligations). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
8.18.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Performance</U>.</FONT> <FONT STYLE="font-size: 10pt">Each Party shall cause to be performed
all actions, agreements and obligations set forth herein to be performed by any member of such Party&rsquo;s Group. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF
the Parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date first
above written.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FRP HOLDINGS, INC.</B>, a Florida corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PATRIOT TRANSPORTATION HOLDING, INC.<FONT STYLE="font: 10pt/107% Times New Roman, Times, Serif">, </FONT></B><FONT STYLE="font: 10pt/107% Times New Roman, Times, Serif">a Florida corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><I>[Signature Page to
Separation and Distribution Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>SCHEDULE 1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>INTERNAL TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On or prior to the
Distribution Date, the Parties shall cause the following corporate actions to be taken:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I><U>Amended</U></I><U> <I>and</I> <I>Restated</I> <I>Articles</I> <I>of</I> <I>Incorporation</I></U><I>.</I>
Prior to the Form 10 being declared effective, FRP shall cause the Amended and Restated Articles of Incorporation of FRP, in the
form to be set forth as exhibit to the Form 10, to be approved and filed with the Florida Secretary of State.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I><U>Amended</U></I><U> <I>and</I> <I>Restated</I> <I>Bylaws</I></U><I>.</I> Prior to the
Form 10 being declared effective, FRP shall cause the Amended and Restated Bylaws of FRP, in the form to be set forth as an exhibit
to the Form 10, to be adopted and approved and in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I><U>Antecedent Transactions</U></I>. Prior to the Holding Company Merger, FRTL, Inc., a
Florida corporation, shall merge into Existing Patriot. After the Holding Company Merger, (i) Existing Patriot shall distribute
to FRP all of the outstanding capital stock of FRP&nbsp;Development Corp., a Maryland corporation, FRP&nbsp;Development Corp.,
a Florida corporation, Florida Rock Properties, Inc., a Florida corporation, and FRP&nbsp;Maryland, Inc., a Maryland corporation,
and (ii) FRP shall distribute all shares of Existing Patriot to Patriot.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I><U>Merger Agreement</U></I>. The Merger Agreement in the form filed as an exhibit to the
Form&nbsp;10 shall have been executed and the Holding Company Merger shall have been consummated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I><U>Other Ancillary Agreements</U></I>. The parties shall have executed the Tax Matters
Agreement, the Employee Matters Agreements, and the Transition Services Agreement in the forms filed as exhibits to the Form&nbsp;10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I><U>Share</U></I><U> <I>Issuance</I></U><I>. </I>Prior to the Distribution Date, Patriot
shall take all actions necessary to issue to FRP, by stock dividend or by recapitalization, such number of shares of Patriot Common
Stock such that, immediately prior to the Distribution Date, Patriot will have an aggregate number of outstanding shares of Patriot
Common Stock equal to the number of shares of Patriot Common Stock to be distributed to the holders of FRP Common Stock in the
Distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I><U>Stock</U></I><U> <I>Incentive</I> <I>Plan</I></U><I>. </I>As of the Effective Time,
Patriot shall (i) adopt an equity incentive plan in a form to be set forth as an exhibit to the Form 10 and (ii) issue stock options
as described in the Form 10 pursuant to the equity incentive plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><I><U>Directors</U></I><U> <I>and</I> <I>Officers</I> <I>of</I> <I>Transportation</I> <I>Group</I></U><I>.
</I>As of the Effective Time, Patriot shall cause the appropriate persons listed in the Form 10 as directors and executive officers
of Patriot to be elected and/or appointed as directors or officers of Patriot and shall cause all persons not so named to resign
or to be removed.</FONT></P>

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</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>SCHEDULE 2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>REAL ESTATE SUBSIDIARIES</B></P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">34 Loveton LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">1502 Quarry LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">Brooksville Quarry LLC, a Florida Limited Liability
Company (50% ownership interest)</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">Florida Rock Properties, Inc., a Florida Corporation</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Azalea LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Bird River LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Development Corp., a Florida Corporation</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Development Corp., a Maryland Corporation</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Dorsey LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Hampstead LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Hillside LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Hillside LLC #2, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Hillside LLC #3, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Hillside LLC #4, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Interchange LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Lakeside LLC #1, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Lakeside LLC #2, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Lakeside LLC #3, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Lakeside LLC #4, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Lakeside LLC #5, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Manassas LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Maryland, Inc., a Maryland Corporation</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Transit Business Park, LLC, a Maryland Limited Liability
Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Windsor LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">FRP Hollander 95 LLC, a Maryland Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">Hillside Business Park Property Owners Association,
Inc., a Maryland Corporation</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">Lake Louisa, LLC, a Florida Limited Liability Company</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">Lakeside Business Park Property Owners Association,
Inc., a Maryland Corporation</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">Riverfront Investment Partners I LLC, a Delaware Limited
Liability Company (77% ownership interest)</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt">OZ LLC, a Maryland Limited Liability Company</P>

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<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B><U>SCHEDULE 3.2(c)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>RESIGNING DIRECTORS AND OFFICERS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 45%; text-align: left; border-bottom: Black 1pt solid">Directors resigning from Patriot</TD>
    <TD STYLE="width: 11%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: left; border-bottom: Black 1pt solid">Officers Resigning from Patriot</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">John D. Baker II</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Charles E. Commander III&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 20pt">David H. deVilliers</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">H.W. Shad III</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Martin E. Stein, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">James H. Winston</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 45%; text-align: left; border-bottom: Black 1pt solid">Directors resigning from FRP</TD>
    <TD STYLE="width: 11%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: left; border-bottom: Black 1pt solid">Officers Resigning from FRP</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">John E. Anderson</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Edward L. Baker</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 20pt">Robert E. Sandlin</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Luke E. Fichthorn III</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Robert H. Paul III</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">Schedule 3.2(c)</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex10-1.htm
<DESCRIPTION>TAX MATTERS AGREEMENT
<TEXT>
<HTML>

<HEAD>

     <TITLE></TITLE>

</HEAD>

<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<P STYLE="margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: right"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: left"><A HREF="frph-8k_013015.htm">FRP Holdings, Inc. 8-K</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: right"><B>EXHIBIT 10.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TAX

MATTERS AGREEMENT</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>by

and between </B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FRP

HOLDINGS, INC. </B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>and</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PATRIOT

TRANSPORTATION HOLDING, INC. </B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Dated

as of January 30, 2014</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>TABLE
OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: left"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

<TR>

    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 79%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-decoration: underline; line-height: 107%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Page</U></FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 1.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitions</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 2.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sole Tax Sharing Agreement</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 3.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Federal Income Taxes</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 4.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">State and Local Income Taxes</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 5.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign Income Tax</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 6.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated Tax Payments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 7.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Settlement; Certain Other Tax Sharing Provisions</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%">9</TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 8.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Taxes</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 9.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Representations and Covenants</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 10.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indemnities</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 11.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guarantees</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 12.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Communication and Cooperation</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 13.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audits and Contest</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 14.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 15.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notices</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 16.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Costs and Expenses</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 17.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effectiveness; Termination and Survival</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 18.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section Headings</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 19.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Entire Agreement; Amendments and Waivers</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 20.</B> </FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Governing Law and Interpretation</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 21. </B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dispute Resolution</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 22. </B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Counterparts</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 23.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Assignments; Third Party Beneficiaries</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>

<TR>

    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section 24.</B></FONT></TD>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Authorization, Etc</FONT></TD>
    <TD STYLE="text-align: right; line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD></TR>

</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"></P>





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



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



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TAX

MATTERS AGREEMENT</B></FONT></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THIS

TAX MATTERS AGREEMENT is entered into as of the 30<SUP>th</SUP> day of January, 2015, between FRP HOLDINGS, INC. (&ldquo;FRP&rdquo;),

a Florida corporation, on behalf of itself and the members of the FRP Group, as defined below, and PATRIOT TRANSPORTATION HOLDING,

INC. (&ldquo;Patriot&rdquo;), a Florida corporation, on behalf of itself and the members of the Patriot Group, as defined below.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RECITALS</FONT></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,

pursuant to the tax laws of various jurisdictions, certain members of the Patriot Group presently file certain tax returns on

an affiliated, consolidated, combined, unitary, fiscal unity or other, group basis (including as permitted by Section&nbsp;1501

of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;)) with certain members of the FRP Group;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,

FRP and Patriot have entered into a Separation and Distribution Agreement, dated as of January 30, 2015 (the &ldquo;Separation

Agreement&rdquo;), providing for the separation of the Real Estate Businesses from the Transportation Business, pursuant to which

(a) FRP will own, directly and through its subsidiaries, the Real Estate Business, and Patriot will own, directly and through

its subsidiaries, the Transportation Business (the &ldquo;Restructuring&rdquo;), and (b) FRP will distribute to its shareholders

of all of the common stock of Patriot that is held by FRP (the &ldquo;Distribution&rdquo;) and certain other matters;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,

for U.S. federal income Tax purposes, it is intended that the Restructuring and the Distribution, taken together, shall qualify

as a tax-free transaction under Sections 355(a) and 368(a)(1)(D) of the Code;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,

FRP and Patriot desire to set forth their agreement on the rights and obligations of FRP, Patriot and the members of the FRP Group

and the Patriot Group, respectively, with respect to (A)&nbsp;the allocation between the parties of liabilities for Taxes, as

defined below, incurred in taxable periods beginning prior to, as a result of, and subsequent to the Distribution Date, as defined

below, and (B) provide for and agree upon&nbsp;various other tax matters;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOW,

THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Definitions</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&#9;As

used in this Agreement:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Active

Business</B>&rdquo; shall mean an active trade or business relied upon to satisfy the requirements of Section&nbsp;355 of the

Code as set forth in the opinion being delivered by counsel in connection with the Distribution.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>After-Tax

Amount</B>&rdquo; shall mean an additional amount necessary to reflect the hypothetical Tax consequences of the receipt or accrual

of any payment, using the maximum statutory rate (or rates, in the case of an item that affects more than one Tax) applicable

to the recipient of such payment for the relevant Taxable year, reflecting, for example, the effect of the deductions available

for interest paid or accrued and for Taxes, such as state and local income Taxes.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>AMT</B>&rdquo;

shall mean the alternative minimum tax, within the meaning of Section&nbsp;55 of the Code.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Closing

of the Books Method</B>&rdquo; shall mean the apportionment of items between portions of a Taxable period based on a closing of

the books and records on the Distribution Date (as if the Distribution Date were the end of the Taxable period), provided that

any items not susceptible to such apportionment shall be apportioned on the basis of elapsed days during the relevant portion

of the Taxable period.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Code</B>&rdquo;

shall have the meaning ascribed thereto in the recitals.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Combined

Apportionment Factor</B>&rdquo; shall mean the apportionment factor reflected on the applicable consolidated, combined or unitary

state or local income Tax return and utilized in computing the combined, consolidated or unitary state or local income Tax liability.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Consolidated

Federal Return</B>&rdquo; shall mean a Pre-Deconsolidation Period Return filed in respect of federal income Taxes by a Consolidated

Group.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Consolidated

Group</B>&rdquo; shall mean any group consisting of (i)&nbsp;at least one member of the FRP Group that filed (or will file) any

Pre-Deconsolidation Period Return that reflects the income, assets or operations of any member of the Patriot Group or (ii)&nbsp;at

least one member of the Patriot Group that filed (or will file) any Pre-Deconsolidation Period Return that reflects the income,

assets or operations of any member of the FRP Group.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Consolidated

State Return</B>&rdquo; shall mean a Pre-Deconsolidation Period Return filed in respect of state or local income Taxes by a Consolidated

Group, including, for the avoidance of doubt, any combined state income tax return.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Deconsolidation

Date</B>&rdquo; shall mean with respect to a Return the date on which any member of the Patriot Group is no longer consolidated,

combined or in a unitary relationship (as the case may be) with any member of the FRP Group in filing such Return.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Distribution</B>&rdquo;

shall have the meaning ascribed thereto in the recitals.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Distribution

Date</B>&rdquo; shall mean the date on which the Distribution occurs.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Equity

Securities</B>&rdquo; shall mean any stock or other securities treated as equity for tax purposes, options, warrants, rights,

convertible debt, or any other instrument or security that affords

any Person the right, whether conditional or otherwise, to acquire stock or to be paid an amount determined by reference to the

value of stock.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&ldquo;<B>Final

Determination</B>&rdquo; shall mean (i)&nbsp;with respect to federal income Taxes, (A)&nbsp;a &ldquo;determination&rdquo; as defined

in Section&nbsp;1313(a) of the Code, or (B)&nbsp;execution of an IRS Form 870-AD (or any successor form thereto), as a final resolution

of Tax liability for any Taxable period, except that a Form 870-AD (or successor form thereto) that reserves the right of the

taxpayer to file a claim for Refund or the right of the IRS to assert a further deficiency shall not constitute a Final Determination

with respect to the item or items so reserved; (ii)&nbsp;with respect to Taxes other than federal income Taxes, any final determination

of liability in respect of a Tax that, under applicable law, is not subject to further appeal, review or modification through

proceedings or otherwise; (iii)&nbsp;with respect to any Tax, any final disposition by reason of the expiration of the applicable

statute of limitations; or (iv)&nbsp;with respect to any Tax, the payment of Tax by any member of the FRP Group or the Patriot

Group, whichever is responsible for payment of such Tax under applicable law, with respect to any item disallowed or adjusted

by a Taxing Authority, provided that the provisions of Section&nbsp;13 hereof have been complied with, or, if such section is

inapplicable, that the party responsible under the terms of this Agreement for such Tax is notified by the party paying such Tax

that it has determined that no action should be taken to recoup such disallowed item, and the other party agrees with such determination.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>FRP</B>&rdquo;

shall have the meaning ascribed thereto in the recital.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>FRP

Assumed Liability Payment</B>&rdquo; means a payment by any member of the FRP Group in respect of a FRP Liability, as defined

in the Separation Agreement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>FRP

Group</B>&rdquo; shall mean FRP and each of its direct and indirect Subsidiaries other than those entities comprising the Patriot

Group.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Group</B>&rdquo;

shall mean the Patriot Group or the FRP Group, as appropriate.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>IRS</B>&rdquo;

shall mean the Internal Revenue Service.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Patriot</B>&rdquo;

shall have the meaning ascribed thereto in the recitals.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Patriot

Group</B>&rdquo; shall mean shall mean Patriot and each of its direct and indirect Subsidiaries immediately after the Distribution,

including any predecessors thereto.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Person</B>&rdquo;

shall have the meaning ascribed to it in Section&nbsp;7701(a)(1) of the Code.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Post-Deconsolidation

Period</B>&rdquo; shall mean any Taxable period (or portion thereof) beginning after the Deconsolidation Date.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Pre-Deconsolidation

Period</B>&rdquo; shall mean any Taxable period (or portion thereof) ending on or before the Deconsolidation Date.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Refund</B>&rdquo;

shall mean any refund of Taxes, including any reduction in Taxes by means of a credit, offset or otherwise.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Return</B>&rdquo;

shall mean any Tax return, statement, report, form, election, claim or surrender (including estimated Tax returns and reports,

extension requests and forms, and information returns and reports) required to be filed with any Taxing Authority.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Separate

Group Tax Liability</B>&rdquo; shall mean (i)&nbsp;with respect to federal income Taxes, the product of a Group&rsquo;s Separate

Group Taxable Income, computed for federal income Tax purposes, and the highest federal income Tax rate imposed under the Code

on the Taxable income of a corporation for the relevant Taxable period (or portion thereof), reduced by any Tax credits that the

Group would be able to use if it were calculating its federal income Tax liability on a stand-alone basis and (ii)&nbsp;with respect

to the Taxes of a particular state or locality, the product of the Group&rsquo;s Separate Group Taxable Income and the Combined

Apportionment Factor and the State Tax Rate, reduced by any applicable Tax credits that the Group would be able to use if it were

calculating its Tax liability on a stand-alone basis.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Separate

Group Taxable Income</B>&rdquo; shall mean, with respect to a Group, such Group&rsquo;s Taxable income computed as if such Group

were a separate consolidated, combined or unitary group, and applying the Tax principles, including limitations and carryovers

(excluding limits for charitable contributions and dividends received deduction, and accounting for deferred intercompany transactions

consistent with the deferral and recognition rules of Treasury Regulations Section&nbsp;1.1502-13 (or any successor rule) or analogous

state or local rule), that would have been applicable to such Group had such Group never been part of the Consolidated Group or

any other consolidated, combined or unitary group. In the context of state and local Tax, Separate Group Taxable Income shall

be computed prior to the application of any apportionment formula.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Separate

Group Taxable Loss</B>&rdquo; shall mean, with respect to a Group, such Group&rsquo;s Taxable loss computed as if such Group were

a separate consolidated, combined or unitary group, and applying the Tax principles, including limitations and carryovers (excluding

limits for charitable contributions and dividends received deduction, and accounting for deferred intercompany transactions consistent

with the deferral and recognition rules of Treasury Regulations Section&nbsp;1.1502-13 (or any successor rule) or analogous state

or local rule), that would have been applicable to such Group had such Group never been part of the Consolidated Group or any

other consolidated, combined or unitary group. In the context of state and local Tax, Separate Group Taxable Loss shall be computed

prior to the application of any apportionment formula.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Separation

Agreement</B>&rdquo; shall have the meaning ascribed thereto in the recitals.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>State

Tax Rate</B>&rdquo; shall mean, with respect to a particular state or locality, the highest applicable Tax rate imposed under

applicable law on the Separate Group Taxable Income of the Group for the relevant Taxable period (or portion thereof).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Subsidiary</B>&rdquo;

of any Person shall mean any corporation, partnership or other entity directly or indirectly owned more than 50 percent (by vote

or value) by such Person.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Tax</B>&rdquo;

(and the correlative meaning, &ldquo;<B>Taxes,</B>&rdquo; &ldquo;<B>Taxing</B>&rdquo; and &ldquo;<B>Taxable</B>&rdquo;) shall

mean (A)&nbsp;any tax imposed under Subtitle A of the Code, or any net income, gross income, gross receipts, alternative or add-on

minimum, sales, use, business and occupation, value-added, trade, goods and services, ad valorem, franchise, profits, license,

business royalty, withholding, payroll, employment, capital, excise, transfer, recording, severance, stamp, occupation, premium,

property, asset, real estate acquisition, environmental, custom duty, or other tax, governmental fee or other like assessment

or charge of any kind whatsoever, together with any interest and any penalty, addition to tax or additional amount imposed by

a Taxing Authority; or (B)&nbsp;any liability of a member of the FRP Group or the Patriot Group for the payment of any amounts

described in clause (A)&nbsp;as a result of any express or implied obligation to indemnify any other Person.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Tax

Proceeding</B>&rdquo; shall mean any Tax audit, dispute or proceeding (whether administrative, judicial or contractual).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Taxing

Authority</B>&rdquo; shall mean any governmental authority (domestic or foreign), including, without limitation, any state, municipality,

political subdivision or governmental agency, responsible for the imposition of any Tax.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;All

capitalized terms used but not defined herein shall have the same meanings as in the Separation Agreement. Any term used in this

Agreement which is not defined in this Agreement or the Separation Agreement shall, to the extent the context requires, have the

meaning assigned to it in the Code or the applicable Treasury regulations thereunder (as interpreted in administrative pronouncements

and judicial decisions), or in comparable provisions of applicable law.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Sole
Tax Sharing Agreement</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any

and all existing Tax sharing agreements or arrangements, written or unwritten, between any member of the FRP Group, on the one

hand, and any member of the Patriot Group, on the other hand, shall be or shall have been terminated on or before the Distribution

Date. Following the Distribution, neither the members of the Patriot Group nor the members of the FRP Group shall have any further

rights or liabilities thereunder, and this Agreement shall be the sole Tax sharing agreements between the members of the Patriot

Group, on the one hand, and the members of the FRP Group, on the other hand. FRP and Patriot shall act in good faith in the performance

of this Agreement.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Federal Income Taxes</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&#9;<U>Return

Filing</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;FRP

shall have the exclusive obligation and right to prepare and file, or cause to be prepared and filed, Consolidated Federal Returns

for which the Consolidated Group is required or permitted to file a Consolidated Federal Return for any Pre-Deconsolidation Period,

using, inter alia, information previously provided by Patriot. Patriot

shall maintain all necessary information to file a Consolidated Federal Return and shall provide FRP with all such necessary information

in accordance with past practice and in no event later than 45 days before such return is due. Each member of the Consolidated

Group shall execute and file such consents, elections and other documents as may be required or appropriate for the filing of

such Consolidated Federal Returns.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;To

the extent that Patriot or any member of the Patriot Group is included in any Consolidated Federal Return for a Taxable period

that includes the Distribution Date, FRP shall include in such Consolidated Federal Return the results of Patriot or of the member

of the Patriot Group on the basis of the Closing of the Books Method.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&#9;Subject

to the provisions of Sections 3(b), 6 and 7, FRP shall pay, or cause to be paid, any and all federal income Taxes due or required

to be paid with respect to, or required to be reported on, any such Consolidated Federal Return filed in accordance with Section&nbsp;3(a)(i).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;<U>Allocated

Tax Charge</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;FRP

shall be responsible for calculating the Separate Group Taxable Income or Separate Group Taxable Loss, as the case may be, for

each Group included in a Consolidated Federal Return. Each Group included in a Consolidated Federal Return shall bear its Separate

Group Tax Liability, if any. For purposes of such calculation, the deduction for state and local Taxes to which each Group is

entitled will be determined in a manner consistent with Section&nbsp;4 of this Agreement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;If

the Patriot Group included in the Consolidated Federal Return incurs a Separate Group Taxable Loss, FRP shall pay to the Patriot

Group (A)&nbsp;the amount, if any, by which the federal income Taxes payable with respect to the Consolidated Federal Return are

reduced by reason of the Patriot Group&rsquo;s Separate Group Taxable Loss and (B)&nbsp;any Refund of federal income Taxes or

other federal income Tax benefit attributable to such Separate Group Taxable Loss that is actually realized, in each case as determined

by FRP in its sole discretion. To the extent the Patriot Group receives a payment from FRP in respect of a Separate Company Taxable

Loss pursuant to this Section&nbsp;3(b)(ii), such loss shall not be carried forward or carried back by the Patriot Group for purposes

of determining Separate Group Taxable Income or Separate Group Taxable Loss in any other Taxable period (or portion thereof).

To the extent the Patriot Group does not receive a payment from FRP in respect of a Separate Group Taxable Loss pursuant to this

Section&nbsp;3(b)(ii), such loss may be carried forward or carried back, subject to any applicable limitation with respect to

carry forward or carry back losses, by the Patriot Group for purposes of determining Separate Group Taxable Income or Separate

Group Taxable Loss in another Taxable period (or portion thereof).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&#9;In

the event a Consolidated Group incurs an AMT liability with respect to any Taxable period (or portion thereof), FRP shall be solely

responsible for such liability. Any Tax benefit arising from the utilization of a consolidated federal AMT credit shall be for

the sole benefit of FRP.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>State and Local Income Taxes</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&#9;<U>Return

Filing</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;FRP

shall prepare and file, or cause to be prepared and filed, Consolidated State Returns for which the Consolidated Group is required

or permitted to file a Consolidated State Return using, inter alia, information previously provided by Patriot. Patriot shall

maintain all necessary information to file a Consolidated State Return and shall provide FRP with all such necessary information

in accordance with past practice and in no event later than 45 days before such return is due. Each member of the Consolidated

Group shall execute and file such consents, elections and other documents as may be required or appropriate for the filing of

such Consolidated State Returns.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;To

the extent that Patriot or any member of the Patriot Group is included in any Consolidated State Return for a Taxable period that

includes the Distribution Date, FRP shall include in such Consolidated State Return the results of Patriot or of the member of

the Patriot Group on the basis of the Closing of the Books Method.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&#9;Subject

to the provisions of Sections 4(b), 6 and 7, FRP shall pay, or cause to be paid, any and all income Taxes due or required to be

paid with respect to, or required to be reported on, any such Consolidated State Return filed in accordance with Section&nbsp;4(a)(i).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)&#9;In

the event a Consolidated State Return is not filed, each relevant member of the FRP Group and Patriot Group shall be responsible

for (A)&nbsp;filing its own Return as a separate entity in respect of state and local income Taxes, or its own Return in respect

of state and local income Taxes relating to a group consisting solely of members of the FRP Group or members of the Patriot Group,

as the case may be, on behalf of the separate group, in each case including requests for extension, as if this Agreement were

not in effect and (B)&nbsp;making Tax payments (including estimated Tax payments, if necessary). Each such member filing a Return

as a separate entity pursuant to this Section&nbsp;4(a)(iv) shall be entitled to any Tax benefit and shall be liable for any Tax

burden resulting from the filing of such separate Return.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;<U>Allocated

Tax Charge</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;FRP

shall be responsible for calculating the Separate Group Taxable Income or Separate Group Taxable Loss, as the case may be, for

each Group included in a Consolidated State Return. Each Group included in a Consolidated State Return shall bear its Separate

Group Tax Liability, if any.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;If
the Patriot Group included in a Consolidated State Return incurs a Separate Group Taxable Loss, FRP shall pay, or shall
cause to be paid, to the Patriot Group (A)&nbsp;the amount, if any, by which the state or local income Taxes reflected on
such Return are reduced by reason of the Patriot Group&rsquo;s Separate Group Taxable Loss and (B)&nbsp;any Refund of state
or local income Taxes or other state or local income Tax benefit </FONT>attributable to such Separate Group Taxable Loss that
is actually realized, in each case as determined by FRP in its sole discretion. To the extent the Patriot Group receives a
payment from FRP in respect of a Separate Group Taxable Loss pursuant to this Section&nbsp;4(b)(ii), such loss shall not be
carried forward or carried back by the Patriot Group for purposes of determining Separate Group Taxable Income or Separate
Group Taxable Loss in any other Taxable period (or portion thereof). To the extent the Patriot Group does not receive a
payment from FRP in respect of a Separate Group Taxable Loss pursuant to this Section&nbsp;4(b)(ii), such loss may be carried
forward or carried back, subject to any applicable limitation with respect to carry forward or carry back losses, by the
Patriot Group for purposes of determining Separate Group Taxable Income or Separate Group Taxable Loss in another Taxable
period (or portion thereof).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Foreign Income Tax</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With

respect to the calculation of each Group&rsquo;s Tax liability for foreign Taxes, the principles set forth in Section&nbsp;4 shall

apply mutatis mutandis.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Estimated Tax Payments</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&#9;If

estimated Tax payments are required with respect to a Consolidated Group for a Pre-Deconsolidation Period, FRP shall pay, or cause

to be paid, to the IRS, and/or to each relevant state, local and foreign Taxing Authority, on behalf of the members of such Consolidated

Group, those estimated Tax payments that are due on the relevant dates prescribed by applicable law. On December&nbsp;15 (or the

proper due date under applicable law) of the year following the current Tax year, FRP shall pay to the IRS, and to each relevant

state, local and foreign Taxing Authority, on behalf of the members of any Consolidated Group, the payment, if any, required to

be made with a request for an extension of time in which to file a Consolidated Federal Return or a Consolidated State Return,

as the case may be. Each Group&rsquo;s share of such estimated Tax payments, and payments required to be made with a request for

an extension of time in which to file a Consolidated Federal Return or a Consolidated State Return, shall be determined in a manner

consistent with the methods set forth in Sections 3, 4 and 5 of this Agreement. Reimbursement to FRP of the Patriot Group&rsquo;s

share of any quarterly estimated tax payments or any payment made with a request for an extension of time in which to file a Consolidated

Federal Return or a Consolidated State Return, shall be made in immediately available funds within 20 business days after receiving

notice of such liability from FRP.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;Notwithstanding

the provisions of Section&nbsp;6(a), if FRP requests in writing an advance reimbursement from the Patriot Group of the Patriot

Group&rsquo;s share of a quarterly estimated Tax payment or any payment required to be made with a request for an extension of

time in which to file a Consolidated Federal Return or a Consolidated State Return, which request shall be not more than 10 business

days and not less than 5 business days prior to the due date of such payment, the Patriot Group shall reimburse FRP not later

than the due date of such estimated Tax payment.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Settlement; Certain Other Tax Sharing Provisions</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&#9;FRP

shall calculate settlement of the final federal, state, local and foreign Tax liability for all Pre-Deconsolidation Periods, and

notify the Patriot Group of such settlement. Subject to Section&nbsp;21 of this Agreement (relating to dispute resolution procedures),

the Patriot Group shall pay to FRP its share of such Tax liability, as determined under Sections 3, 4 and 5 of this Agreement,

within 20 business days after receiving notice of such Tax liability from FRP. Any amounts paid by any member of the Patriot Group

pursuant to Section&nbsp;6 and any amounts receivable by the Patriot Group in respect of a Separate Group Taxable Loss or Tax

credit shall be included in determining the payments due from the Patriot Group. If the sum of any payments by the Patriot Group

pursuant to Section&nbsp;6, and any amounts receivable by the Patriot Group in respect of a Separate Group Taxable Loss or Tax

credit exceed its Tax liability, such excess shall be refunded to the Patriot Group. Interest will be due on any underpayment

or overpayment of Tax, computed from the date on which a final Return is filed at the rate equal to the &ldquo;prime&rdquo; rate

as published in the Wall Street Journal, Eastern Edition on such date.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;If

a portion or all of an unused loss or Tax credit is allocated to a member of the Consolidated Group, pursuant to Treasury Regulations

Section&nbsp;1.1502-21(b) or Treasury Regulations Section&nbsp;1.1502-79, and is carried back or forward to a Taxable year in

which such member filed a separate Return or consolidated, combined or unitary Return with an affiliated group that is not a Consolidated

Group, any Refund or reduction in Tax liability arising from such carry back or carryover shall be retained by such member, subject

to future audit adjustments. Notwithstanding the foregoing, FRP, in its sole discretion, (i)&nbsp;shall determine whether an election

shall be made to relinquish the entire carry back period with respect to part or all of a consolidated net operating loss for

any Pre-Deconsolidation Period in accordance with Treasury Regulations Section&nbsp;1.1502-21(b)(3) and (ii)&nbsp;may require

Patriot to make an election to relinquish the entire carry back period with respect to all net operating losses and consolidated

net operating losses attributable to Patriot in accordance with Proposed Treasury Regulations Section&nbsp;1.1502-72(e)(1) (or

any final, amended or successor version thereof that is substantively comparable).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&#9;Notwithstanding

Section&nbsp;7(b) above, no member of the Patriot Group shall make any election to carry back any Tax item from a Post-Deconsolidation

Period to a Pre-Deconsolidation Period without FRP&rsquo;s consent. In the event that FRP consents to the carry back of any Tax

item by a member of the Patriot Group from a Post-Deconsolidation Period to a Pre-Deconsolidation Period or in the event that

a member of the Patriot Group is required by applicable law to carry back a Tax item from a Post-Deconsolidation Period to a Pre-Deconsolidation

Period, FRP shall currently compensate the Patriot Group only for a Tax item that is carried back which does not result in the

loss or deferral of any Tax attribute of any member of the FRP Group. In the event that such item of a member of the FRP Group

is only deferred, FRP shall make a payment to the Patriot Group in respect of such deferred item at the time the FRP Group actually

realizes the deferred Tax attribute. To the extent the FRP Group suffers a permanent loss of such Tax attribute, no payment shall

be made to the Patriot Group.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&#9;In

the event that the Patriot Group is entitled to a Tax benefit by reason of a FRP Assumed Liability Payment, Patriot shall pay

to FRP (A)&nbsp;the amount, if any, by which any Taxes payable by the Patriot Group are reduced by reason of the FRP Assumed Liability

Payment and (B)&nbsp;any Refund of Taxes or other Tax benefit attributable thereto that is actually realized, in each case as

determined by Patriot in consultation with FRP.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(e)&#9;Patriot

and FRP hereby acknowledge and agree that Sections 6 and 7(a) are applicable only with respect to Pre-Deconsolidation Periods

for which a final Return is filed after the date hereof.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&#9;<U>Deductions

and Reporting for Certain Equity-Based Awards</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)

The entity issuing the equity awards and other incentive compensation described in Section 3.3 of the Employee Matters Agreement

shall be entitled to claim any Tax deduction in respect of such equity awards and other incentive compensation on its respective

Tax Return associated with such event.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)

If, by reason of a subsequent Final Determination as to the treatment of any Tax deduction related to the equity awards and other

incentive compensation referred to in subsection (f)(i) above, a Taxing Authority determines that (A) FRP or a member of the FRP

Group is entitled to a deduction to which Patriot or a member of the Patriot Group is entitled pursuant to subsection (f)(i),

then FRP shall, and shall cause the FRP Group to, pay to Patriot the amount of any resulting Tax benefits within 30 days of demand

therefor, or (B) Patriot or a member of the Patriot Group is entitled to a deduction to which FRP or a member of the FRP Group

is entitled pursuant to subsection (f)(i), then Patriot shall, and shall cause the Patriot Group to, pay to FRP the amount of

any resulting Tax benefits within 30 days of demand therefor.<I> &nbsp;</I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&#9;Except

as specifically provided herein, with respect to any Tax Return that FRP has the obligation and right to file for any Pre-Deconsolidation

Periods, such Tax Return shall be prepared in accordance with past practices, accounting methods, elections, or conventions (&ldquo;Past

Practices&rdquo;) used by the Consolidated Group with respect to the Tax Return in question (unless there is no reasonable basis

for the use of such Past Practices), and to the extent any items are not covered by Past Practices (or in the event that there

is no reasonable basis for the use of such Past Practices), in accordance with reasonable Tax accounting practices. Neither FRP

nor Patriot shall take a position on any Tax Return that is reasonably expected to cause a Tax Detriment to the other party without

the written consent of such party, such consent not to be unreasonably withheld or delayed.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Other Taxes</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 31.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All

federal, state, local, foreign and other Taxes that are (i)&nbsp;not otherwise expressly dealt with herein or (ii)&nbsp;determined

on a single-entity basis (including any federal excise Taxes and any franchise Taxes), and the filing of any Returns with respect

to such Taxes, shall be the responsibility of the Person who is liable for such Taxes or is responsible for filing such Returns

under applicable law.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Certain Representations and Covenants</U>.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&#9;<U>Patriot

Representations</U>. Patriot and each member of the Patriot Group represents that as of the date hereof, and covenants that on

the Distribution Date, there is no plan or intention:</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;to

liquidate Patriot or to merge or consolidate Patriot, or any member of the Patriot Group, with any other Person subsequent to

the Distribution;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;to

sell or otherwise dispose of any material asset of Patriot or any member of the Patriot Group subsequent to the Distribution,

except in the ordinary course of business;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(iii)&#9;to

take any action inconsistent with the written information and representations furnished to counsel in connection with any opinion

being delivered by counsel with respect to the Distribution, regardless of whether such information and representations were included

in the opinion of counsel;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(iv)&#9;to

repurchase stock of Patriot other than in a manner that satisfies the requirements of IRS Revenue Procedure 96-30, as modified

by IRS Revenue Procedure 2003-48;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(v)&#9;to

take any action that management of Patriot knows, or should have known, is reasonably likely to contravene any agreement with

a Taxing Authority entered into prior to the Distribution Date to which any member of the Patriot Group or the FRP Group is a

party; or</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(vi)&#9;to

enter into any negotiations, agreements, or arrangements with respect to transactions or events (including stock issuances, pursuant

to the exercise of options or otherwise, option grants, the adoption of, or authorization of shares under, a stock option plan,

capital contributions, or acquisitions, but not including the Distribution) that could reasonably be expected to cause the Distribution

to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly Patriot stock representing

a &ldquo;50-percent or greater interest&rdquo; within the meaning of Section&nbsp;355(d)(4) of the Code.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;<U>Patriot

Covenants</U>. Patriot covenants to FRP that, without the prior written consent of FRP,</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;during

the two-year period following the Distribution Date, (A) neither Patriot, nor any member of the Patriot Group conducting an Active

Business, will, or will agree to, discontinue such business or dissolve, liquidate or engage in any transaction involving a merger,

consolidation or other reorganization, and (B) none of Patriot or any other member of the Patriot Group will, or will agree to,

sell, exchange, distribute or otherwise dispose of any asset of any member of the Patriot Group, except in the ordinary course

of business or as set forth on Schedule 9(b)(i);</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;Patriot

will not, nor will it permit any member of the Patriot Group to, take any action inconsistent with the information and representations

furnished to counsel in connection with any opinion being delivered by counsel with respect to the Distribution, regardless of

whether such information and representations were included in the opinion of counsel;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&#9;Patriot

will not, nor will it permit any member of the Patriot Group to, take any action that management of Patriot knows, or should have

known, is reasonably likely to contravene any agreement with a Taxing Authority entered into prior to the Distribution Date to

which any member of the Patriot Group or the FRP Group is a party;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(iv)&#9;during

the two-year period following the Distribution Date, Patriot will not repurchase stock of Patriot in a manner contrary to the

requirements of IRS Revenue Procedure 96-30, as modified by IRS Revenue Procedure 2003-48, or in a manner contrary to the representations

made to counsel in connection with the opinion of counsel;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(v)&#9;on

or after the Distribution Date, Patriot will not, nor will it permit any member of the Patriot Group to, make or change any accounting

method, amend any Return or take any Tax position on any Return, take any other action or enter into any transaction that results

in any increased Tax liability or reduction of any Tax asset of the FRP Group or any member thereof in respect of any Pre-Deconsolidation

Period;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(vi)&#9;during

the two-year period following the Distribution Date, none of Patriot or any other member of the Patriot Group will, or will agree

to, sell or otherwise issue to any Person, or redeem or otherwise acquire from any Person, any Equity Securities of Patriot or

any other member of the Patriot Group; provided, however, that Patriot may repurchase stock of Patriot as permitted by Section&nbsp;9(b)(iv)

hereof and may issue such Equity Securities to the extent such issuances satisfy Safe Harbor VIII (relating to acquisitions in

connection with a person&rsquo;s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of

an employer) of Treasury Regulation Section&nbsp;1.355-7(d); and</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(vii)&#9;during

the two-year period following the Distribution Date, none of Patriot or any other member of the Patriot Group will (A) solicit

any Person to make a tender offer for, or otherwise acquire or sell, the Equity Securities of Patriot, (B) participate in or support

any unsolicited tender offer for, or other acquisition, issuance or disposition of, the Equity Securities of Patriot or (C) approve

or otherwise permit any proposed business combination or any transaction which, in the case of clauses (A) or (B), individually

or in the aggregate, together with any transaction occurring within the four-year period beginning on the date which is two years

before the Distribution Date and any other transaction which is part of a plan or series of related transactions (within the meaning

of Section&nbsp;355(e) of the Code) that includes the Distribution, could result in one or more Persons acquiring (except for

acquisitions that otherwise satisfy Safe Harbor VIII (relating to acquisitions in connection with a person&rsquo;s performance

of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section&nbsp;1.355&ndash;7(d))

directly or indirectly stock representing a 40% or greater interest, by vote or value, in Patriot (or any successor thereto).&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&#9;<U>Patriot

Covenants Exceptions</U>. Notwithstanding the foregoing, Patriot and the members of Patriot Group may take actions inconsistent

with the covenants contained in Section 9(b) above, if:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;In

the case of any disposition of assets that could otherwise be subject to Section&nbsp;9(b)(i) or (ii), the aggregate book value

of such assets does not exceed 5 percent of total assets; or</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;In

the case of any other action: (A)&nbsp;Patriot notifies FRP of its proposal to take such action and Patriot and FRP obtain a ruling

from the IRS to the effect that such actions will not result in the Distribution being taxable to FRP or its shareholders, provided

that Patriot agrees in writing to bear any expenses associated with obtaining such a ruling and, provided further, that Patriot

shall not be relieved of any liability under Section&nbsp;10(a) of this Agreement by reason of seeking or having obtained such

a ruling; or (B)&nbsp;Patriot notifies FRP of its proposal to take such action and obtains an opinion of counsel recognized as

an expert in federal income tax matters and acceptable to FRP to the same effect as in Section&nbsp;9(c)(ii)(A) , provided that

such opinion is acceptable to FRP in its sole discretion; provided further, that Patriot shall not be relieved of any liability

under Section&nbsp;10(a) of this Agreement by reason of having obtained such an opinion.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section

10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Indemnities</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(a)&#9;<U>Patriot

Indemnity</U>. Patriot and each member of the Patriot Group will jointly and severally indemnify FRP and the members of the FRP

Group against, and hold them harmless from:&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;any

Tax liability of the Patriot Group as determined in accordance with this Agreement;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;any

liability or damage resulting from a breach by Patriot or any member of the Patriot Group of any representation or covenant made

by Patriot herein;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&#9;any

Tax liability of FRP that is attributable to any action of Patriot or any member of the Patriot Group, other than any action required

by the Separation Agreement without regard to whether FRP has consented to such action; and</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)&#9;all

liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys&rsquo; fees and

expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or

assertion of any Tax liability or damage described in (i), (ii), or (iii), including those incurred in the contest in good faith

in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage.</FONT></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;<U>FRP

Indemnity</U>. FRP and each member of the FRP Group will jointly and severally indemnify Patriot and the members of the Patriot

Group against, and hold them harmless from:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;any

Tax liability of the Consolidated Group, other than any such liabilities described in Section&nbsp;10(a);</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;any

Taxes imposed on Patriot or any member of the Patriot Group under Treasury Regulation 1.1502-6 (or similar provision of state,

local or foreign law) solely as a result of Patriot or any such member being or having been a member of a Consolidated Group;

and</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&#9;all

liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys&rsquo; fees and

expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or

assertion of any income Tax liability or damage described in (i)&nbsp;or (ii)&nbsp;including those incurred in the contest in

good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such income Tax, liability or

damage.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&#9;<U>Discharge

of Indemnity</U>. Patriot, FRP and the members of the Patriot Group and FRP Group, respectively, shall discharge their obligations

under Sections 10(a) and 10(b) hereof, respectively, by paying the relevant amount within 30 days of demand therefor. Any such

demand shall include a statement showing the amount due under Section&nbsp;10(a) or 10(b), as the case may be. Items described

in Sections 10(a)(i) and 10(b)(i) shall be calculated as set forth in Sections 3, 4 and 5. Notwithstanding the foregoing, if either

Patriot, FRP or any member of the Patriot Group or FRP Group disputes in good faith the fact or the amount of its obligation under

Section&nbsp;10(a) or Section&nbsp;10(b), then no payment of the amount in dispute shall be required until any such good faith

dispute is resolved in accordance with Section&nbsp;21 hereof; provided, however, that any amount not paid within 30 days of demand

therefor shall bear interest as provided in Section&nbsp;14.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&#9;<U>Tax

Benefits</U>. If an indemnification obligation of any member of the FRP Group or any member of the Patriot Group, as the case

may be, under this Section&nbsp;10 with respect to a Consolidated Group arises in respect of an adjustment that makes allowable

to a member of the Patriot Group or a member of the FRP Group, respectively, any Tax benefit which would not, but for such adjustment,

be allowable, then any payment by any member of the FRP Group or any member of the Patriot Group, respectively, pursuant to this

Section&nbsp;10 shall be an amount equal to (x)&nbsp;the amount otherwise due but for this subsection (d), minus (y)&nbsp;the

present value of the product of the Tax benefit multiplied (i)&nbsp;by the maximum applicable federal, foreign, state or local,

as the case may be, corporate Tax rate in effect at the time such Tax benefit becomes allowable to a member of the Patriot Group

or a member of the FRP Group (as the case may be) or (ii)&nbsp;in the case of a credit, by 100 percent. The present value of such

product shall be determined by discounting such product from the time the Tax benefit becomes allowable at the rate equal to the

&ldquo;prime&rdquo; rate as published in the Wall Street Journal, Eastern Edition on the date of such determination.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Guarantees.</U></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FRP

or Patriot, as the case may be, shall guarantee or otherwise perform the obligations of each member of the FRP Group or the Patriot

Group, respectively, under this Agreement</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Communication and Cooperation</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)

<U>Consult and Cooperate</U>. Patriot and FRP shall consult and cooperate (and shall cause each member of the Patriot Group or

the FRP Group, respectively, to cooperate) fully at such time and to the extent reasonably requested by the other party in connection

with all matters subject to this Agreement. Such cooperation shall include, without limitation,</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&#9;the

retention, and provision on reasonable request, of any and all information including all books, records, documentation or other

information pertaining to Tax matters relating to the FRP Group and the Patriot Group, any necessary explanations of information,

and access to personnel, until one year after the expiration of the applicable statute of limitation (giving effect to any extension,

waiver, or mitigation thereof);</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&#9;the

execution of any document that may be necessary (including to give effect to Section&nbsp;13) or helpful in connection with any

required Return or in connection with any audit, proceeding, suit or action; and</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)&#9;the

use of the parties&rsquo; best efforts to obtain any documentation from a governmental authority or a third party that may be

necessary or helpful in connection with the foregoing.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;<U>Provide

Information</U>. FRP and Patriot shall keep each other fully informed with respect to any material development relating to the

matters subject to this Agreement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&#9;<U>Tax

Attribute Matters</U>. FRP and Patriot shall promptly advise each other with respect to any proposed Tax adjustments relating

to a Consolidated Group, which are the subject of an audit or investigation, or are the subject of any proceeding or litigation,

and which may affect any Tax liability or any Tax attribute of FRP, Patriot, the FRP Group, the Patriot Group or any member of

the Patriot Group or the FRP Group (including, but not limited to, basis in an asset or the amount of earnings and profits).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Audits and Contest</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&#9;<U>Notice</U>.

FRP or Patriot shall promptly notify the other in writing upon the receipt of any notice of Tax Proceeding from the relevant Taxing

Authority; provided, that a party&rsquo;s right to indemnification under this Agreement shall not be limited in any way by a failure

to so notify, except to the extent that the indemnifying party is materially prejudiced by such failure.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;<U>FRP

Control</U>. Notwithstanding anything in this Agreement to the contrary, except to the extent provided in paragraphs (c), (d)&nbsp;and

(e)&nbsp;below, FRP shall have the right to control all matters relating to any Tax Return or any Tax Proceeding with respect

to any Tax matters of a Consolidated Group or any member of a Consolidated Group. FRP shall have absolute discretion with respect

to any decisions to be made, or the nature of any action to be taken, with respect to any Tax matter described in the preceding

sentence; provided, however, that FRP shall keep Patriot informed of all material developments and events relating to such matters

to the extent they affect the Separate Group Tax Liability of the Patriot Group or may give rise to a claim for indemnity by FRP

against Patriot under Section&nbsp;10(a) of this Agreement; and at its own cost and expense, Patriot shall have the right to participate

in (but not to control) the defense of any such tax claim.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&#9;<U>Patriot

Assumption of Control; Non-Section&nbsp;355 Matters</U>. If FRP determines that the resolution of any matter relating to a Tax

Return or Tax Proceeding (other than a Tax Proceeding relating to the qualification of the Distribution under Sections 355 and

368(a)(1)(D) of the Code) is reasonably likely to have an adverse effect on Patriot Group with respect to any Post-Deconsolidation

Period, FRP may permit Patriot to elect to assume control over disposition of such matter at Patriot&rsquo;s sole cost and expense;

provided, however, that if Patriot so elects, it will (i)&nbsp;be responsible for the payment of any liability arising from the

disposition of such matter notwithstanding any other provision of this Agreement to the contrary and (ii)&nbsp;indemnify the FRP

Group for any increase in a liability and any reduction of a Tax asset of the FRP Group arising from such matter.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&#9;<U>Patriot

Assumption of Control; Section&nbsp;355 Matters</U>. In the event of a Tax Proceeding relating to the qualification of the Distribution

under Sections 355 and 368(a)(1)(D) of the Code, FRP shall have the right to control the defense of the matter in all proceedings

before the IRS, provided that FRP shall keep Patriot fully informed of all material developments and shall permit Patriot a reasonable

opportunity to participate in the defense of the matter.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&#9;<U>Patriot

Control</U>. Patriot shall have full control over all matters relating to any Tax Proceeding with respect to Returns of Patriot

Group relating to any Post-Deconsolidation Period.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Payments</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&#9;<U>Timing,

After-Tax Amounts</U>. All payments to be made hereunder shall be made in immediately available funds. Except as otherwise provided,

all payments required to be made pursuant to this Agreement will be due 30 days after the receipt of notice of such payment or,

where no notice is required, 30 days after the fixing of liability or the resolution of a dispute. Payments shall be deemed made

when received. Any payment that is not made when due shall bear interest at the rate equal to the &ldquo;prime&rdquo; rate as

published on such date in the Wall Street Journal, Eastern Edition. If, pursuant to a Final Determination, any amount paid by

FRP or the members of the FRP Group or Patriot or the members of the Patriot Group, as the case may be, pursuant to this Agreement

results in any increased Tax liability or reduction of any Tax asset of Patriot or any member of the Patriot Group or FRP or any

member of the FRP Group, respectively, then FRP or Patriot, as appropriate, shall indemnify the other party and hold it harmless

from any interest or penalty attributable to such increased Tax liability or the reduction of such Tax asset and shall pay to

the other party, in addition to amounts otherwise owed, the After-Tax Amount. With respect to any payment required to be made

or received under this Agreement, FRP has the right to designate, by written notice to Patriot, which member of the FRP Group

will make or receive such payment.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;<U>Netting

of Payments</U>. If, on the day payment is due under this Agreement, each of FRP and Patriot (each, a &ldquo;Party&rdquo;) owes

an amount to the other Party pursuant to this Agreement and any other agreement between the Parties, including, without limitation,

the Separation Agreement and any Ancillary Agreement, as defined in the Separation Agreement, the Parties shall satisfy their

respective obligations to each other by netting the aggregate amounts due to one Party against the aggregate amounts due to the

other Party, with the Party, if any, owning the greater aggregate amount paying the other Party the difference between the amounts

owed. Such net payment shall be made pursuant to the provision of Section&nbsp;14(a).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Notices</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any

notice, demand, claim, or other communication under this Agreement shall be in writing and shall be deemed to have been given

upon the delivery or mailing, thereof, as the case may be, if delivered personally or sent by certified mail, return receipt requested,

postage prepaid, to the parties at the following addresses (or at such other address as a party may specify by notice to the other):&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If

to FRP or the FRP Group, to:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FRP

Holdings, Inc.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attn:

President</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">200

W. Forsyth Street, 7<SUP>th</SUP> Floor</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jacksonville,

Florida 32202</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If

to Patriot or the Patriot Group, to:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Patriot

Transportation Holding, Inc.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attn:

President&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">200

W. Forsyth Street, 7<SUP>th</SUP> Floor&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jacksonville,

Florida 32202</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt -40pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>Section

16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Costs and Expenses</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(a)&#9;Except

as expressly set forth in this Agreement, each party shall bear its own costs and expenses incurred pursuant to this Agreement.

For purposes of this Agreement, costs and expenses shall include, but not be limited to, reasonable attorneys&rsquo; fees, accountant

fees and other related professional fees and disbursements. Notwithstanding anything to the contrary in this Agreement, each of

the Patriot Group and the FRP Group will be responsible for its allocable portion, as determined by FRP, of (i)&nbsp;all costs

and expenses attributable to filing any Return that reflects the income, assets or operations of the Patriot Group or the FRP

Group, respectively and (ii)&nbsp;all costs and expenses incurred by FRP or Patriot, respectively, in complying with the provisions

of Section&nbsp;12 of this Agreement.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(b)&#9;With

respect to all Tax Proceedings, including any pending litigation with any Taxing Authority, costs shall be allocated in good faith

by FRP. Each party hereto shall be liable for its allocable portion of such costs as provided in Section&nbsp;10.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Section 17.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Effectiveness; Termination and Survival</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;This

Agreement shall become effective upon the consummation of the Distribution. All rights and obligations arising hereunder shall

survive until they are fully effectuated or performed; provided, further, that notwithstanding anything in this Agreement to the

contrary, this Agreement shall remain in effect and its provisions shall survive for one year after the full period of all applicable

statutes of limitation (giving effect to any extension, waiver or mitigation thereof) and, with respect to any claim hereunder

initiated prior to the end of such period, until such claim has been satisfied or otherwise resolved.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Section Headings</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The

headings contained in this Agreement are inserted for convenience only and shall not constitute a part hereof or in any way affect

the meaning or interpretation of this Agreement.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Entire Agreement; Amendments and Waivers</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(a)&#9;<U>Entire

Agreement</U>. This Agreement contains the entire understanding of the parties hereto with respect to the subject matter contained

herein. No alteration, amendment, modification, or waiver of any of the terms of this Agreement shall be valid unless made by

an instrument signed by an authorized officer of each of FRP and Patriot, or in the case of a waiver, by the party against whom

the waiver is to be effective.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&#9;<U>Amendments

and Waivers</U>. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver

hereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any

right, power or privilege. This Agreement shall not be waived, amended or otherwise modified except in writing, duly executed

by all of the parties hereto.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Governing Law and Interpretation</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This

Agreement shall be construed and enforced in accordance with the laws of the State of Florida without giving, effect to laws and

principles relating to conflicts of law.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Dispute Resolution</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In

the event of any dispute relating to this Agreement, including but not limited to whether a Tax liability is a liability of the

FRP Group or the Patriot Group, the parties shall work together in good faith to resolve such dispute within 30 days. If the parties

are unable to resolve such dispute within 30 days, such dispute shall be resolved by an accounting firm whose selection shall

be reasonably satisfactory to both parties and whose fees and costs shall be shared equally by FRP and Patriot.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Counterparts</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This

Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together

shall constitute one and the same Agreement.&nbsp;</FONT></P>



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    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10 Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Assignments; Third Party Beneficiaries</U>.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except

as provided below, this Agreement shall be binding upon and shall inure only to the benefit of the parties hereto and their respective

successors and assigns, by merger, acquisition of assets or otherwise (including but not limited to any successor of a party hereto

succeeding to the Tax attributes of such party under applicable law). This Agreement is not intended to benefit any person other

than the parties hereto and such successors and assigns, and no such other person shall be a third party beneficiary hereof.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section
24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Authorization, Etc.&nbsp;</U></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each

of the parties hereto hereby represents and warrants that it has the power and authority to execute, deliver and perform this

Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such party, that this

Agreement constitutes a legal, valid and binding obligation of each such party, and that the execution, delivery and performance

of this Agreement by such party does not contravene or conflict with any provision or law or of its charter or bylaws or any agreement,

instrument or order binding on such party.&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IN

WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the day and year first written above.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&#9;</TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: bold 10pt Times New Roman, Times, Serif">FRP

    HOLDINGS,     INC.<FONT STYLE="font-weight: normal">, a Florida corporation, on&nbsp;its behalf and on behalf of the members

    of the FRP Group</FONT></FONT></TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">By</FONT>:  ___________________________________________</TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Name: _________________________________________</TH></TR>

<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: -20pt">Title: __________________________________________</TD></TR>



</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&#9;</TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: bold 10pt Times New Roman, Times, Serif">PATRIOT

    TRANSPORTATION HOLDING, INC.<FONT STYLE="font-weight: normal">, a Florida corporation, on its behalf and on behalf of the

    members of the Patriot Group</FONT></FONT></TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">By</FONT>:  ___________________________________________</TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Name: _________________________________________</TH></TR>

<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 36%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: -20pt">Title: __________________________________________</TD></TR>



</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

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<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>ex10-2.htm
<DESCRIPTION>EMPLOYEE MATTERS AGREEMENT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="frph-8k_013015.htm">FRP Holdings, Inc. 8-K</A></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXHIBIT

10.2</B></FONT></P>







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



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



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>by and between </B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FRP HOLDINGS, INC. </B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and</B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PATRIOT TRANSPORTATION HOLDING, INC. </B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dated as of January 30, 2015</B></P>

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

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



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









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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>



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

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    <TD STYLE="width: 90%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; border-bottom: Black 1pt solid">Page</TD></TR>
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<tr style="vertical-align: top">

    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE
    1 DEFINITIONS</FONT></TD>
    <TD STYLE="font-size: 11pt; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-transform: uppercase; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 1.1</FONT></td>

    <TD STYLE="width: 75%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitions</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE
    2 GENERAL ALLOCATION OF LIABILITIES</FONT></TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.1 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Allocation of Liabilities Generally</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.2 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Method of Settlement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.3 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further Assurances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 2.4</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Assignment of Certain Rights; Non-Solicitation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE
    3 EMPLOYEES; ASSUMPTION AND/OR ADOPTION OF PLANS; OPTION ADJUSTMENTS</FONT></TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.1</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Employees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.2 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adoption of Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.3 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Existing Equity-Based Plan Retention; Option Adjustments; Bonus
    Payments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE
    4 PROFIT SHARING PLAN</FONT></TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE
    5 HEALTH AND WELFARE PLANS</FONT></TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.1</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Assumption of Health and Welfare Plan Liabilities; General Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.2 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Post-retirement Health Insurance Benefits</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.3</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effect of Change in Rates</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.4 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COBRA and HIPPA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.5</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leave of Absence Programs and FMLA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.6 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Patriot Workers&rsquo; Compensation Program</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.7 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Flexible Benefit Plans</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.8 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Application of Article 5 to the Real Estate Group</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE
    6 INDEMNIFICATION</FONT></TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE
    7 GENERAL PROVISIONS</FONT></TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></td></tr>

<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-transform: uppercase; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.1 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.2</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendments; No Waivers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.3</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Successors and Assigns</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.4</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Governing Law</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.5</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Counterparts; Effectiveness</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.6</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Entire Agreement; No Change in Control or Severance Event</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.7 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dispute Resolution</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.8 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No Third Party Beneficiaries</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.9</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Headings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.10 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Severability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.11</FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Schedules</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.12 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cooperation and Coordination</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></td></tr>

<tr style="vertical-align: top">

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.13 </FONT></td>

    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Withholdings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></td></tr>

</table>





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

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

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

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









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



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



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS EMPLOYEE MATTERS AGREEMENT

(the &ldquo;<B>Agreement</B>&rdquo;) is made as of January&nbsp;30, 2015, between FRP Holdings, Inc., a Florida corporation (&ldquo;<B>FRP</B>&rdquo;)

and Patriot Transportation Holding, Inc., a Florida corporation (&ldquo;<B>Patriot</B>&rdquo;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



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



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, FRP has decided

to distribute the common stock of Patriot to the holders of FRP Common Stock, $.10 par value, (the &ldquo;<B>Distribution</B>&rdquo;);

and</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, in furtherance

of the foregoing, FRP and Patriot have entered into the Separation Agreement (as defined below) and certain other agreements that

will govern certain matters relating to the Distribution and the relationship of FRP and Patriot and their respective Subsidiaries

following the Distribution; and</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to the

Separation Agreement, FRP and Patriot have agreed to enter into this Agreement for the purpose of allocating between them assets,

liabilities, and responsibilities with respect to certain employee compensation and benefit plans and programs;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, FRP and Patriot

have agreed that, except as otherwise specifically provided herein, the general approach and philosophy underlying this Agreement

is to allocate assets, liabilities and responsibilities between FRP and Patriot on the basis of the employment relationships in

effect at the time of the Distribution;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration

of the mutual promises contained herein and in the Separation Agreement, the parties agree as follows:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE 1<BR>

DEFINITIONS</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;The following

terms, as used herein, shall have the meanings set forth below, <I>provided, however,</I> that capitalized terms used and not defined

<FONT STYLE="color: windowtext">herein shall have the meanings set forth in the Separation Agreement</FONT>:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Applicable

Law</B>&rdquo; shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Close

of the Distribution Date</B>&rdquo; means 11:59:59 P.M., Eastern Standard Time or Eastern Daylight Time (whichever shall then be

in effect), on the Distribution Date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>COBRA</B>&rdquo;

means the continuation coverage requirements for &ldquo;group health plans&rdquo; under Title X of the Consolidated Omnibus Budget

Reconciliation Act of 1985, as amended, and as codified in Code &sect; 4980B and ERISA &sect;&sect; 601 through 608.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Code</B>&rdquo;

shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Distribution

Date</B>&rdquo; shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Distribution</B>&rdquo;

has the meaning set forth in the recitals to this Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>ERISA</B>&rdquo;

means the Employee Retirement Income Security Act of 1974, as amended, or any successor federal labor or employment law. Reference

to a specific ERISA provision also includes any proposed, temporary, or final regulation in force under that provision.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Existing

Equity-Based Plans</B>&rdquo; means the Patriot Transportation Holding, Inc. 2000 Stock Option Plan and the 2006 Stock Incentive

Plan.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>FMLA</B>&rdquo;

means the Family Leave and Medical Act of 1993, as amended.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>FRP

Common Stock</B>&rdquo; shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>FRP

Employee</B>&rdquo; means each Person who, on the Distribution Date, is means each Person who, on the Distribution Date (a)&nbsp;is

actively employed in the Real Estate Business who is listed on the payroll records of any member of the Real Estate Group, (b)&nbsp;is

on short-term disability leave, authorized leave of absence, military service or lay-off with recall rights and who was last actively

employed by any member of the Real Estate Group, or (c)&nbsp;is an inactive or former employee and who was last actively employed

by any member of the Real Estate Group, including any former employee who has been on long-term disability leave or unauthorized

leave of absence or who has terminated his or her employment, retired or died on or before the Distribution Date, and, in each

case, their respective beneficiaries and dependents.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Immediately

after the Distribution Date</B>&rdquo; means 12:00 A.M., Eastern Standard Time or Eastern Daylight Time (whichever shall then be

in effect), on the day after the Distribution Date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Liabilities</B>&rdquo;

shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>New

FRP Plans</B>&rdquo; means new, duplicate or mirror plans, policies or programs, as applicable, adopted or to be adopted by FRP

that correspond to the Patriot Plans, with such changes therein as are necessary or appropriate to effectuate the terms of this

Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Patriot

Employee</B>&rdquo; means each Person who, on the Distribution Date (a)&nbsp;is actively employed in the Transportation Business

who is listed on the payroll records of any member of the Transportation Group, (b)&nbsp;is on short-term disability leave, authorized

leave of absence, military service or lay-off with recall rights and who was last actively employed in the Transportation Business

by any member of the Transportation Group, (c)&nbsp;is an inactive or former employee and who was last actively employed in the

Transportation Business by any member of the Transportation Group, including any former employee who has been on long-term disability

leave or unauthorized leave of absence or who has terminated his or her employment, retired or died on or before the Distribution

Date, and, in each case, their respective beneficiaries and dependents or (d)&nbsp;is an individual set forth on Schedule 1.1(a)-1.

Patriot Employees shall not include the individuals set forth on Schedule 1.1(a)-2.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&ldquo;<B>Patriot

MIC Plan</B>&rdquo; shall mean the Patriot Transportation Holding, Inc. Management Incentive Compensation Plan.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Patriot

Plans</B>&rdquo; means the plans described in <U>Schedule 1.1(a)-3</U> attached hereto.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Profit

Sharing Plan</B>&rdquo; means the Patriot Transportation Holding, Inc. Profit Sharing and Deferred Earnings Plan.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Real

Estate Businesses</B>&rdquo; shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Real

Estate Group</B>&rdquo; shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Separation

Agreement</B>&rdquo; means the Separation and Distribution Agreement by and between FRP and Patriot, dated as of January 30, 2015.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Specified

FRP Rights</B>&rdquo; means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants including, without

limitation covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or trade secrets, applicable

or related, in whole or in part, to the Real Estate Businesses that are provided for, contained or set forth in the FRP Equity-Based

Plans or any stock option or other award agreement issued thereunder, or pursuant to any non-competition, consulting, employment,

termination, separation or severance agreement or arrangement with any Patriot Employee or FRP Employee and to which any member

of the Transportation Group or the Real Estate Group is a party.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Specified

Patriot Rights</B>&rdquo; means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants including,

without limitation covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or trade secrets, applicable

or related, in whole or in part, to the Patriot Business that are provided for, contained or set forth in the FRP Equity-Based

Plans or any stock option or other award agreement issued thereunder, or pursuant to any non-competition, consulting, employment,

termination, separation or severance agreement or arrangement with any Patriot Employee or FRP Employee and to which any member

of the Transportation Group or Real Estate Group is a party.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Tax

Matters Agreement</B>&rdquo; shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>&ldquo;Transportation

Business</B>&rdquo; shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Transportation

Group</B>&rdquo; shall have the meaning set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;Each of

the following terms is defined in the Article or Section set forth opposite such term:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt">

<TR>

    <TD STYLE="vertical-align: top; width: 67%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>TERMS</B></FONT></TD>

    <TD STYLE="vertical-align: bottom; width: 33%; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ARTICLE/SECTION</B></FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Employee Withholding Documents</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Section 7.13</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FRP Bonus Liabilities</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 3.3</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FRP Profit Sharing Plan Liabilities </FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Article 4</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FRP Health and Welfare Liabilities</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.1</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">FRP WCP Liabilities</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.6</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">New FRP Health and Welfare Plans</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.1</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Patriot HCSAP</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.7</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Patriot Health and Welfare Liabilities</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.1</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Patriot Health and Welfare Plans</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.1</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Patriot WCP Liabilities</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 5.6</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Retained Profit Sharing Plan Liabilities</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 4.1</FONT></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Standard Procedure</FONT></TD>

    <TD STYLE="vertical-align: bottom; font-family: Garamond, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 7.13</FONT></TD></TR>

</TABLE>

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



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE 2<BR>

GENERAL ALLOCATION OF LIABILITIES</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation
of Liabilities Generally</U><I>. </I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;Subject

to the terms and conditions of this <FONT STYLE="color: windowtext">Agreement</FONT>, effective as of the <FONT STYLE="color: windowtext">Close

of the Distribution Date</FONT>, <FONT STYLE="color: windowtext">FRP </FONT>hereby assumes and agrees to pay when due, honor and

discharge, the following Liabilities, whether incurred before, on or after the <FONT STYLE="color: windowtext">Distribution </FONT>Date:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&#9;all Liabilities

arising under any employment, separation, change-in-control or retirement agreement or arrangement to the extent applicable to

any Real Estate Employee;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&#9;the New

FRP Plans, FRP Bonus Liabilities, FRP WCP Liabilities, FRP Health and Welfare Liabilities, FRP Profit Sharing Plan Liabilities

and all Liabilities arising under the Existing Equity-Based Plans;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iii)&#9;all Liabilities

arising under any other employee benefit plan or arrangement maintained at any time after the Distribution Date by any member of

the Real Estate Group;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iv)&#9;all Liabilities

arising under any federal, state, local or foreign law, order or regulation (including, without limitation, ERISA and the Code)

to the extent they relate to participation by any FRP Employee in any employee benefit plan sponsored or maintained by any member

of the Real Estate Group, whether relating to events occurring on, prior to or after the Close of the Distribution Date or arising

by reason of the transactions contemplated by this Agreement or otherwise;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(v)&#9;all statutory

Liabilities to any FRP Employee, which arise, directly or indirectly, by reason of the transactions contemplated by this Agreement;

and</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(vi)&#9;all other

Liabilities attributable to actions specified to be taken by FRP under this Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;Subject

to the terms and conditions of this <FONT STYLE="color: windowtext">Agreement</FONT>, effective as of <FONT STYLE="color: windowtext">Immediately

after the Distribution Date</FONT>, <FONT STYLE="color: windowtext">Patriot </FONT>hereby assumes and agrees to pay when due, honor

and discharge, the following Liabilities, whether incurred before, on or after the Distribution Date:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(i)&#9;all Liabilities

arising under any employment, separation, change-in-control or retirement agreement or arrangement to the extent applicable to

any Patriot Employee;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(ii)&#9;Patriot

Bonus Liabilities, Retained Profit Sharing Liabilities, Patriot Health and Welfare Liabilities, Patriot WCP Liabilities, and any

other Liabilities arising the Liabilities under the Patriot Plans;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iii)&#9;all Liabilities

arising under any other employee benefit plan or arrangement maintained at any time after the Distribution Date by any member of

the Transportation Group;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(iv)&#9;all Liabilities

arising under any federal, state, local or foreign law, order or regulation (including, without limitation, ERISA and the Code)

to the extent they relate to participation by any Patriot Employee in any Patriot Plan, relating to events occurring on or after

the time Immediately after the Distribution Date;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(v)&#9;all statutory

Liabilities to any Patriot Employee which arise, directly or indirectly, by reason of the transactions contemplated by this Agreement;

and</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">(vi)&#9;all other

Liabilities attributable to actions specified to be taken by Patriot under this Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Method of Settlement</U><I>.</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything

herein to the contrary, to the extent possible, any transfer or assumption of Liabilities pursuant to this Article 2 shall be effected,

prior to the Distribution Date or as soon thereafter as is reasonably practicable, through a corresponding adjustment in the relevant

intercompany account balances of the parties hereto.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On and after the date hereof,

each of the parties will, at the reasonable request of the other party, execute, acknowledge and deliver all such endorsements,

assurances, consents, assignments, transfers, conveyances, powers of attorney and other instruments and documents, and take such

other actions necessary (i)&nbsp;to assign, transfer, convey and deliver to the other party, acting in its fiduciary capacity,

all assets to be transferred to the other party pursuant to this Agreement and (ii)&nbsp;to assist the other party in obtaining

the consent and approval of all Governmental Authorities and other Persons required to be obtained to effect the transfer thereof

and the assumption of any Liabilities by the other party or otherwise appropriate to carry out the transactions contemplated hereby.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment
of Certain Rights; Non-Solicitation</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;To the

extent permitted by applicable law, <FONT STYLE="color: windowtext">FRP </FONT>hereby assigns, to the maximum extent possible,

on behalf of itself and the <FONT STYLE="color: windowtext">Real Estate Group</FONT>, the <FONT STYLE="color: windowtext">Specified

Patriot Rights</FONT>, to <FONT STYLE="color: windowtext">Patriot </FONT>and <FONT STYLE="color: windowtext">FRP </FONT>shall take

such actions to effect such assignment pursuant to Section&nbsp;<FONT STYLE="color: windowtext">2.3 </FONT>as <FONT STYLE="color: windowtext">Patriot

</FONT>may reasonably request.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;To the

extent permitted by applicable law, <FONT STYLE="color: windowtext">Patriot </FONT>hereby assigns, to the maximum extent possible,

on behalf of itself and each of the Transportation Group, the <FONT STYLE="color: windowtext">Specified FRP Rights</FONT>, to <FONT STYLE="color: windowtext">FRP

</FONT>and <FONT STYLE="color: windowtext">Patriot </FONT>shall take such actions to effect such assignment pursuant to Section&nbsp;<FONT STYLE="color: windowtext">2.3

</FONT>as <FONT STYLE="color: windowtext">FRP </FONT>may reasonably request.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;<FONT STYLE="color: windowtext">FRP

</FONT>and <FONT STYLE="color: windowtext">Patriot </FONT>agree that neither party shall, without the prior written approval of

the other, directly or indirectly for 12 months after the <FONT STYLE="color: windowtext">Distribution </FONT>Date, solicit any

employee of the other party to terminate his or her relationship <FONT STYLE="color: windowtext">with any member of the Transportation

Group </FONT>or <FONT STYLE="color: windowtext">Real Estate Group</FONT>, respectively, provided that the foregoing shall not apply

(i) to&nbsp;the use of an independent employment agency (so long as the agency was not directed to solicit such person) or (ii)&nbsp;as

a result of the use of a general solicitation (such as an advertisement) not specifically directed to employees of the other party.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE 3<BR>

EMPLOYEES; ASSUMPTION AND/OR<BR>

ADOPTION OF PLANS; OPTION ADJUSTMENTS</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employees</U><I>.
</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No provision of this Agreement

shall require FRP or Patriot or any of their respective Subsidiaries to continue the employment of any of their respective employees

following the Distribution Date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adoption
of Plans</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;Effective

as of not later than <FONT STYLE="color: windowtext">Immediately after the Distribution Date</FONT>, <FONT STYLE="color: windowtext">FRP

</FONT>shall adopt the <FONT STYLE="color: windowtext">New FRP Plans</FONT>, provided that nothing shall prevent <FONT STYLE="color: windowtext">FRP

</FONT>from terminating or amending such plans except to the extent precluded by Applicable Law, as would result in the loss of

grandfathered status under the <FONT STYLE="color: windowtext">Patient Protection and Affordable Care Act </FONT>or as otherwise

provided herein.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;The <FONT STYLE="color: windowtext">New

FRP Plans </FONT>shall be, with respect to all <FONT STYLE="color: windowtext">FRP Employees</FONT>, in all respects the successors

in interest to any corresponding <FONT STYLE="color: windowtext">Patriot Plans</FONT>. With respect to <FONT STYLE="color: windowtext">FRP

Employees</FONT>, each <FONT STYLE="color: windowtext">New FRP Plan </FONT>and any other benefit plan, arrangement or policy applicable

after the Distribution Date for <FONT STYLE="color: windowtext">FRP Employees </FONT>shall provide that all service, compensation,

and other benefit-affecting determinations, as of the <FONT STYLE="color: windowtext">Close of the Distribution Date</FONT>, that

were otherwise recognized under the corresponding <FONT STYLE="color: windowtext">Patriot Plan </FONT>(for periods ending on the

Distribution Date) shall, as of <FONT STYLE="color: windowtext">Immediately after the Distribution Date</FONT>, receive full recognition

and credit to the extent the recognition or credit can validly be taken into account under the <FONT STYLE="color: windowtext">New

FRP Plan </FONT>to the same extent as if those items occurred under the <FONT STYLE="color: windowtext">Patriot Plans</FONT>, except

to the extent that duplication of benefits would result. <FONT STYLE="color: windowtext">Patriot </FONT>shall provide appropriate

data to <FONT STYLE="color: windowtext">FRP </FONT>about such past service.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Existing
Equity-Based Plan Retention; Option Adjustments; Bonus Payments</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;In connection

with the <FONT STYLE="color: windowtext">Distribution</FONT>, <FONT STYLE="color: windowtext">FRP </FONT>shall adopt the <FONT STYLE="color: windowtext">Existing

Equity-Based Plans </FONT>and <FONT STYLE="color: windowtext">Patriot </FONT>will adopt an equity incentive plan that permits the

issuance of stock options as contemplated below. <FONT STYLE="color: windowtext">FRP </FONT>and <FONT STYLE="color: windowtext">Patriot

</FONT>shall cause such actions to be taken under such <FONT STYLE="color: windowtext">Plans as are necessary or appropriate </FONT>to

reflect the <FONT STYLE="color: windowtext">Distribution </FONT>as provided in this Section&nbsp;<FONT STYLE="color: windowtext">3.3.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;In connection

with the <FONT STYLE="color: windowtext">Distribution </FONT>and effective as of the <FONT STYLE="color: windowtext">Distribution

</FONT>Date, all outstanding options to purchase shares of <FONT STYLE="color: windowtext">FRP Common Stock</FONT>, whether held

by a current or a former <FONT STYLE="color: windowtext">FRP Employee</FONT>, a current or a former <FONT STYLE="color: windowtext">Patriot

Employee </FONT>or a current or former non-employee director of <FONT STYLE="color: windowtext">FRP </FONT>will be adjusted pursuant

to the terms of the applicable existing <FONT STYLE="color: windowtext">Equity-Based Plan </FONT>and Applicable Law by replacing

such options with <FONT STYLE="color: windowtext">an option to purchase FRP Common Stock </FONT>and <FONT STYLE="color: windowtext">an

option to purchase Patriot </FONT>Common Stock which, in the aggregate, have the same intrinsic value of the original option grant

and the same ratio of the exercise price to the <FONT STYLE="color: windowtext">fair market value </FONT>of <FONT STYLE="color: windowtext">FRP

</FONT>Common Stock on the Distribution Date. The manner in which the terms of such replacement options shall be calculated are

set forth in <U>Schedule&nbsp;<FONT STYLE="color: windowtext">3.3(b)</FONT>,</U> attached hereto.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;<FONT STYLE="color: windowtext">FRP

</FONT>hereby assumes <FONT STYLE="color: windowtext">Liability </FONT>for all annual bonus payments to Real Estate Employees under

the <FONT STYLE="color: windowtext">Patriot MIC Plan </FONT>(all such Liabilities, the &ldquo;<FONT STYLE="color: windowtext"><B>FRP

Bonus Liabilities</B></FONT>&rdquo;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE 4<BR>

<FONT STYLE="color: windowtext">PROFIT SHARING PLAN</FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">FRP and Patriot shall take

all such actions as are necessary or appropriate for FRP to adopt the Profit Sharing Plan so that it shall thereafter be treated

as a &ldquo;multiple employer plan&rdquo; for the benefit of FRP Employees and Patriot Employees. FRP shall assume all Liabilities

and obligations in respect of benefits accrued by each FRP Employee under the Profit Sharing Plan (the <B>&ldquo;FRP Profit Sharing

Plan Liabilities&rdquo;). </B>Any Profit Sharing Plan fund relating to FRP Common Stock shall be administered so as to permit transfers

out of, but not additions to, such fund. After the Distribution Date, Patriot shall retain all Liabilities and obligations under

the Profit Sharing Plan in respect of benefits accrued by each Patriot Employee under the Profit Sharing Plan.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE 5<BR>

<FONT STYLE="color: windowtext">HEALTH AND WELFARE PLANS</FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assumption
of Health and Welfare Plan Liabilities; General Provisions</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;Effective

as of <FONT STYLE="color: windowtext">Immediately after the Distribution Date </FONT>and except to the extent provided in this

Article <FONT STYLE="color: windowtext">5</FONT>, all Liabilities relating to claims incurred prior to, on or after the <FONT STYLE="color: windowtext">Distribution

</FONT>Date by each <FONT STYLE="color: windowtext">FRP Employee </FONT>under the &ldquo;<FONT STYLE="color: windowtext"><B>Patriot

Health and Welfare Plans</B></FONT>&rdquo; (designated as such on Schedule <FONT STYLE="color: windowtext">3 </FONT>hereto) shall

cease to be Liabilities of the Patriot Health and Welfare Plans and shall be transferred to and assumed by <FONT STYLE="color: windowtext">FRP

</FONT>as of <FONT STYLE="color: windowtext">Immediately after the Distribution Date </FONT>(&ldquo;<FONT STYLE="color: windowtext"><B>FRP

Health and Welfare Liabilities</B></FONT>&rdquo;) under the New <FONT STYLE="color: windowtext">FRP </FONT>Plans that correspond

to the <FONT STYLE="color: windowtext">Patriot Health and Welfare Plans </FONT>(the &ldquo;<FONT STYLE="color: windowtext"><B>New

FRP Health and Welfare Plans</B></FONT>&rdquo;). <FONT STYLE="color: windowtext">Patriot </FONT>shall retain all other Liabilities

under the <FONT STYLE="color: windowtext">Patriot Health and Welfare Plans </FONT>(&ldquo;<FONT STYLE="color: windowtext"><B>Patriot

Health and Welfare Liabilities</B></FONT>&rdquo;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;<FONT STYLE="color: windowtext">FRP

</FONT>shall cause the <FONT STYLE="color: windowtext">New FRP Health and Welfare Plans </FONT>to recognize and maintain all coverage

and contribution elections made by <FONT STYLE="color: windowtext">FRP Employees </FONT>under the <FONT STYLE="color: windowtext">Patriot

Health </FONT>and Welfare Plans as of the Distribution Date and apply such elections under the <FONT STYLE="color: windowtext">New

FRP Health and Welfare Plans </FONT>for the remainder of the period or periods for which such elections are by their terms applicable.

The transfer or other movement of employment from <FONT STYLE="color: windowtext">Patriot </FONT>to <FONT STYLE="color: windowtext">FRP

</FONT>at any time before the <FONT STYLE="color: windowtext">Close of the Distribution Date </FONT>shall neither constitute nor

be treated as a &ldquo;<FONT STYLE="color: windowtext">status change</FONT>&rdquo; under the <FONT STYLE="color: windowtext">New

FRP Health and Welfare Plans </FONT>or the Patriot Health and Welfare Plans.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;<FONT STYLE="color: windowtext">FRP

</FONT>shall cause the <FONT STYLE="color: windowtext">New FRP Health and Welfare Plans </FONT>to recognize and give credit for

all amounts applied to deductibles, out-of-pocket maximums, and other applicable benefit coverage limits with respect to which

such expenses have been incurred by <FONT STYLE="color: windowtext">FRP Employees </FONT>under the <FONT STYLE="color: windowtext">Patriot

Health and Welfare Plans </FONT>for the remainder of the year in which the <FONT STYLE="color: windowtext">Distribution Date </FONT>occurs

to the extent recognized under the comparable <FONT STYLE="color: windowtext">Patriot Health and Welfare Plans</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(d)&#9;<FONT STYLE="color: windowtext">FRP

</FONT>shall provide coverage to <FONT STYLE="color: windowtext">FRP Employees </FONT>under the <FONT STYLE="color: windowtext">New

FRP Health and Welfare Plans </FONT>without the need to undergo a physical examination or otherwise provide evidence of insurability

to the extent provided under the comparable <FONT STYLE="color: windowtext">Patriot Health and Welfare Plans</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(e)&#9;<FONT STYLE="color: windowtext">FRP

</FONT>shall cause the <FONT STYLE="color: windowtext">New FRP Health and Welfare Plans </FONT>to recognize and credit all service

of each <FONT STYLE="color: windowtext">FRP Employee </FONT>recognized by the corresponding <FONT STYLE="color: windowtext">Patriot

Health and Welfare Plans </FONT>before the <FONT STYLE="color: windowtext">Close of the Distribution Date </FONT>for all purposes,

including, but not limited to, severance, disability, vacation and paid time off purposes. On or as soon as reasonably practicable

after the <FONT STYLE="color: windowtext">Distribution Date</FONT>, <FONT STYLE="color: windowtext">Patriot </FONT>shall deliver

to <FONT STYLE="color: windowtext">FRP </FONT>a schedule setting forth the accrued and unused vacation and paid time off for each

<FONT STYLE="color: windowtext">FRP Employee </FONT>as of the <FONT STYLE="color: windowtext">Distribution Date</FONT>, and <FONT STYLE="color: windowtext">FRP

</FONT>shall assume and be responsible for all <FONT STYLE="color: windowtext">Liabilities </FONT>therefor which, for the avoidance

of doubt, shall be included in <FONT STYLE="color: windowtext">FRP Health and Welfare Liabilities</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Post-retirement

Health Insurance Benefits</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Patriot shall be responsible

for providing to Patriot Employees who are eligible to receive post-retirement medical insurance coverage under the Patriot Health

and Welfare Plans and retire prior to the Close of the Distribution Date, in each case pursuant to the terms of the applicable

Patriot Health and Welfare Plans.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of
Change in Rates</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Patriot and FRP shall use

their reasonable efforts to cause each of the insurance companies, HMOs, point-of-service vendors and third-party administrators

providing services and benefits under the New FRP Health and Welfare Plans and the Patriot Health and Welfare Plans to maintain

the premium and/or administrative rates based on the aggregate number of participants in both the New FRP Health and Welfare Plans

and the Patriot Health and Welfare Plans through the expiration of the financial fee or rate guarantees in effect as of the Close

of the Distribution Date under the respective contracts, policies, and agreements separately rated or adjusted for the demographics,

experience or other relevant factors related to the covered participants of Patriot and FRP, respectively. To the extent they are

not successful in such efforts, Patriot and FRP shall each bear the revised premium or administrative rates attributable to the

individuals covered by their respective health and welfare plans.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext"><U>COBRA
</U></FONT><U>and HIPPA</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;<FONT STYLE="color: windowtext">Patriot

shall be responsible for administering compliance </FONT>with the <FONT STYLE="color: windowtext">health care continuation coverage

</FONT>requirements of <FONT STYLE="color: windowtext">COBRA </FONT>and the <FONT STYLE="color: windowtext">Patriot Health and

Welfare Plans </FONT>(i)&nbsp;with respect to <FONT STYLE="color: windowtext">Patriot Employees </FONT>and, (ii)&nbsp;with respect

to <FONT STYLE="color: windowtext">FRP Employees </FONT>and their dependents who incur a <FONT STYLE="color: windowtext">COBRA

</FONT>qualifying event other than under an <FONT STYLE="color: windowtext">FRP Assumed Plan </FONT>prior to the Distribution Date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;Effective

as of <FONT STYLE="color: windowtext">Immediately after the Distribution Date</FONT>, <FONT STYLE="color: windowtext">FRP shall

solely be responsible for administering compliance </FONT>with the <FONT STYLE="color: windowtext">health care continuation coverage

</FONT>requirements of <FONT STYLE="color: windowtext">COBRA </FONT>and the <FONT STYLE="color: windowtext">New FRP Health </FONT>and

<FONT STYLE="color: windowtext">Welfare </FONT>plans with respect to <FONT STYLE="color: windowtext">FRP&nbsp;Employees </FONT>and

their dependents who incur a <FONT STYLE="color: windowtext">COBRA </FONT>qualifying event (i)&nbsp;under an <FONT STYLE="color: windowtext">FRP

</FONT>Assumed Plan prior to the Distribution Date, and (ii)&nbsp;in all cases on or after the Distribution Date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;For periods

before the <FONT STYLE="color: windowtext">Distribution </FONT>Date, <FONT STYLE="color: windowtext">Patriot shall be responsible

for administering compliance </FONT>with the portability requirements under the <FONT STYLE="color: windowtext">Health Insurance

Portability and Accountability Act of 1996 </FONT>with respect to <FONT STYLE="color: windowtext">FRP Employees </FONT>and beginning

not later than <FONT STYLE="color: windowtext">Immediately after the Distribution Date FRP shall be responsible for filing </FONT>all

necessary employee change notices with respect to <FONT STYLE="color: windowtext">FRP Employees </FONT>in accordance with applicable

<FONT STYLE="color: windowtext">FRP </FONT>policies and procedures. Effective <FONT STYLE="color: windowtext">Immediately after

the Distribution Date</FONT>, <FONT STYLE="color: windowtext">FRP shall be solely responsible for administering compliance </FONT>with

such <FONT STYLE="color: windowtext">health care continuation coverage </FONT>and portability requirements with respect to <FONT STYLE="color: windowtext">FRP

Employees</FONT>, and <FONT STYLE="color: windowtext">Patriot shall be solely responsible for administering compliance </FONT>with

such requirements with respect to <FONT STYLE="color: windowtext">Patriot Employees</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext"><U>Leave
of Absence Programs </U></FONT><U>and <FONT STYLE="color: windowtext">FMLA</FONT></U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;<FONT STYLE="color: windowtext">Patriot

shall be responsible for administering compliance </FONT>with the <FONT STYLE="color: windowtext">Patriot leave of absence programs

</FONT>and <FONT STYLE="color: windowtext">FMLA </FONT>with respect to <FONT STYLE="color: windowtext">Patriot Employees</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;Effective

as of <FONT STYLE="color: windowtext">Immediately after the Distribution Date</FONT>: (i)&nbsp;<FONT STYLE="color: windowtext">FRP

</FONT>shall adopt, and shall cause <FONT STYLE="color: windowtext">each member of the Real Estate Group </FONT>to adopt, <FONT STYLE="color: windowtext">leave

of absence programs</FONT>; (ii)&nbsp;<FONT STYLE="color: windowtext">FRP </FONT>shall honor, and shall cause <FONT STYLE="color: windowtext">each

member of the Real Estate Group </FONT>to honor, all&nbsp;terms and conditions of leaves of absence which have been granted to

any <FONT STYLE="color: windowtext">FRP Employee </FONT>under an <FONT STYLE="color: windowtext">FRP </FONT>leave of absence program

or <FONT STYLE="color: windowtext">FMLA </FONT>before the Distribution Date, including such leaves that are to commence after the

Distribution Date; (iii)&nbsp;<FONT STYLE="color: windowtext">Patriot </FONT>and <FONT STYLE="color: windowtext">each member of

the Transportation Group </FONT>shall <FONT STYLE="color: windowtext">be solely responsible for administering </FONT>leaves of

absence and compliance with <FONT STYLE="color: windowtext">FMLA </FONT>with respect to their employees; and (iv)&nbsp;<FONT STYLE="color: windowtext">FRP

</FONT>and <FONT STYLE="color: windowtext">each member of the Real Estate Group </FONT>shall recognize all periods of service of

each <FONT STYLE="color: windowtext">FRP Employee </FONT>with the <FONT STYLE="color: windowtext">Real Estate Group </FONT>to the

extent such service is recognized by <FONT STYLE="color: windowtext">Patriot </FONT>for the purpose of eligibility for leave entitlement

under the <FONT STYLE="color: windowtext">Patriot leave of absence programs </FONT>and <FONT STYLE="color: windowtext">FMLA</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;As soon

as administratively possible and not later than the <FONT STYLE="color: windowtext">Close of the Distribution Date</FONT>, <FONT STYLE="color: windowtext">Patriot

</FONT>shall provide to <FONT STYLE="color: windowtext">FRP </FONT>copies of all records pertaining to the <FONT STYLE="color: windowtext">Patriot

leave of absence programs </FONT>and <FONT STYLE="color: windowtext">FMLA </FONT>with respect to all <FONT STYLE="color: windowtext">FRP

Employees </FONT>to the extent such records have not been provided previously to <FONT STYLE="color: windowtext">FRP </FONT>or

<FONT STYLE="color: windowtext">a member of the Real Estate Group</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext"><U>Patriot

</U></FONT><U>Workers&rsquo; Compensation Program</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;Effective

<FONT STYLE="color: windowtext">Immediately after the Distribution Date</FONT>,</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in">(ii)&#9;Patriot

shall assume, retain and be responsible for all workers&rsquo; compensation Liabilities relating to Patriot Employees (the &ldquo;<B>Patriot

WCP Liabilities</B>&rdquo;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in">(iii)&#9;FRP shall

assume, retain and be responsible for all workers compensation Liabilities relating to FRP&nbsp;Employees (&ldquo;<B>FRP WCP Liabilities</B>&rdquo;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;For the

avoidance of doubt, workers&rsquo; compensation Liabilities in respect of any current or former employee shall be the responsibility

of such employee&rsquo;s employer on the Distribution Date or, in the case of former employees, any such former employee&rsquo;s

last employer prior to the Distribution Date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;<FONT STYLE="color: windowtext">FRP

</FONT>and <FONT STYLE="color: windowtext">Patriot </FONT>shall cooperate with respect to the issuance of new, or transfer of,

existing workers&rsquo; compensation policies and licenses.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 5.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Flexible
Benefit Plans</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent any FRP Employee

contributed to an account under the Patriot Health Care Spending Account Plan (&ldquo;<B>Patriot HCSAP</B>&rdquo;) during the calendar

year that includes the Distribution Date, effective as of Immediately after the Distribution Date, Patriot shall transfer to the

corresponding New FRP Health and Welfare Plan the account balances of such FRP Employees for such calendar year under the Patriot

HCSAP, regardless of whether the account balance is positive or negative.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application
of Article <FONT STYLE="color: windowtext">5 </FONT>to the <FONT STYLE="color: windowtext">Real Estate Group</FONT></U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any reference in this Article

5 to &ldquo;FRP&rdquo; shall include a reference to the Real Estate Group when and to the extent FRP has caused a member of the

Real Estate Group to (a)&nbsp;become a party to a vendor contract, group insurance contract, or HMO letter agreement associated

with a New FRP&nbsp;Health and Welfare Plan, (b)&nbsp;become a self-insured entity for the purposes of one or more New FRP Health

and Welfare Plans, (c)&nbsp;assume all or a portion of the liabilities or administrative responsibilities for benefits which arose

before the Distribution Date under a Patriot Health and Welfare Plan and which were expressly assumed by FRP pursuant to the terms

of this Agreement, or&nbsp;(d)&nbsp;take any other action, extend any coverage, assume any other liability or fulfill any other

responsibility that FRP would otherwise be required to take under the terms of this Article 5, unless it is clear from the context

that the particular reference is not intended to include a member of the Real Estate Group. In all such instances in which a reference

in this Article 5 to &ldquo;FRP&rdquo; includes a reference to a member of the Real Estate Group, FRP shall be responsible to Patriot

for ensuring that the member of the Real Estate Group complies with the applicable terms of this Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE 6<BR>

INDEMNIFICATION</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to indemnification, the parties

hereto agree as set forth in the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE 7<BR>

GENERAL PROVISIONS</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any notice, instruction,

direction or demand under the terms of this Agreement required to be in writing shall be duly given upon delivery, if delivered

by hand, facsimile transmission, or mail, to the following addresses:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">

<tr>

    <td nowrap style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">If to FRP, to:</font></td>

    <td nowrap style="width: 73%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/107% Calibri, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">FRP Holdings, Inc. </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">200 W. Forsyth Street </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">7<sup>th</sup> Floor </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Jacksonville, Florida 32202 </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Attn: President</font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Facsimile: 904.353.2207</font></td></tr>

<tr>

    <td nowrap style="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>

<tr>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">With a copy to:</font></td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Nelson Mullins Riley &amp; Scarborough LLP </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">50 N. Laura Street, Suite 2850 </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Jacksonville, Florida 32202 </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Attn: Daniel B. Nunn, Jr.</font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Facsimile: 904-665-3621</font></td></tr>

<tr>

    <td nowrap style="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>

<tr>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">If to Patriot, to:</font></td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Patriot Transportation Holding, Inc. </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">200 W. Forsyth Street, 7th Floor</font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Jacksonville, Florida 32202 </font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Attn: President</font></td></tr>

<tr>

    <td nowrap style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>

    <td nowrap style="font: 10pt/107% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Facsimile: 904.353.2207</font></td></tr>

</table>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">or to such other addresses or telecopy numbers

as may be specified by like notice to the other party. All such notices, requests and other communications shall be deemed given,

(a)&nbsp;when delivered in person or by courier or a courier services, (b)&nbsp;if sent by facsimile transmission (receipt confirmed)

on a business day prior to 5 p.m. in the place of receipt, on the date of transmission (or, if sent after&nbsp;5 p.m. or on a day

other than a business day, on the following business day) or (c)&nbsp;if mailed by certified mail (return receipt requested), on

the date specified on the return receipt.</P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments;
No Waivers</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;Any provision

of this <FONT STYLE="color: windowtext">Agreement </FONT>may be amended or waived if, and only if, such amendment or waiver is

in writing and signed, in the case of an amendment, by <FONT STYLE="color: windowtext">FRP </FONT>and <FONT STYLE="color: windowtext">Patriot</FONT>,

or in the case of a waiver, by the party against whom the waiver is to be effective.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;No failure

or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single

or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The provisions of this

Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; <I>provided</I>

that neither party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the

consent of the other parties hereto.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Agreement shall be

construed in accordance with and governed by the law of the State of Florida, without regard to the conflicts of laws rules thereof.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts;
Effectiveness</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Agreement may be signed

in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto

were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof

signed by the other party hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto,

this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral

or written agreement or other communication).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: black"><U>Entire
Agreement; No Change in Control or Severance </U></FONT><U><FONT STYLE="color: windowtext">Event</FONT></U><FONT STYLE="color: black">.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;This <FONT STYLE="color: windowtext">Agreement

</FONT>constitutes the entire understanding of the parties with respect to the subject matter hereof and thereof and supersedes

all prior agreements, understandings and negotiations, both written and oral, between the parties with respect to the subject matter

hereof and thereof. No representation, inducement, promise, understanding, condition or warranty not set forth herein has been

made or relied upon by any party hereto or any member of their Group with respect to the transactions contemplated by this <FONT STYLE="color: windowtext">Agreement</FONT>.

To the extent that the provisions of this <FONT STYLE="color: windowtext">Agreement </FONT>are inconsistent with the provisions

of the Tax Matters Agreement, the provisions of the Tax Matters Agreement shall prevail.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;Neither

the <FONT STYLE="color: windowtext">Distribution </FONT>nor the consummation of the transactions contemplated herein or under the

<FONT STYLE="color: windowtext">Separation Agreement </FONT>shall constitute a change in control for purposes of, or trigger or

otherwise give rise to any severance obligations or entitlements under, any <FONT STYLE="color: windowtext">FRP </FONT>or <FONT STYLE="color: windowtext">Patriot

</FONT>plan, program, <FONT STYLE="color: windowtext">agreement </FONT>or arrangement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispute

Resolution</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any dispute hereunder or

with respect to the rights, duties and Liabilities of the parties hereto shall be resolved pursuant to the applicable provisions,

including Article 8, of the Separation Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Third

Party Beneficiaries</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nothing contained in this

Agreement is intended to constitute an amendment to any plan or arrangement governed by ERISA, or to confer upon any person or

entity other than the parties hereto and their respective successors and permitted assigns, any benefit, right or remedies under

or by reason of this Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The section and other headings

contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this

Agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any one or more of the

provisions contained in this Agreement should be declared invalid, illegal or unenforceable in any respect, the validity, legality

and enforceability of the remaining provisions contained in this Agreement shall not in any way be affected or impaired thereby

so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse

to any party. Upon such a declaration, the parties shall modify this Agreement so as to effect the original intent of the parties

as closely as possible in an acceptable manner so that the transactions contemplated hereby are consummated as originally contemplated

to the fullest extent possible.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedules</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">FRP and Patriot shall cooperate

and mutually agree on each of the schedules to this Agreement. FRP and Patriot shall have the right to amend or supplement the

information set forth in any schedule hereto from time to time until two business days prior to the Distribution Date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation
and Coordination</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The parties agree to share,

and furnish each other with, such information concerning employees and employee benefit plans, and to take all such other action,

as is necessary and appropriate to effect the transactions contemplated hereby, and to coordinate, in advance, the time, form and

content of communications to current and former employees of the parties relating to such transactions.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 7.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholdings</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;To the

extent consistent with the terms of the Tax Matters Agreement, the party that is responsible for making a payment hereunder shall

be responsible for making the appropriate withholdings, if any, attributable to such payments.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;To the

extent applicable, <FONT STYLE="color: windowtext">FRP </FONT>and <FONT STYLE="color: windowtext">Patriot </FONT>agree to comply

with the <FONT STYLE="color: windowtext">Standard Procedure </FONT>described in Section&nbsp;4 of Revenue Procedure 2004-53, 2004-2

C.B. 320 (the&nbsp;&rdquo;<FONT STYLE="color: windowtext"><B>Standard Procedure</B></FONT>&rdquo;). With respect to each <FONT STYLE="color: windowtext">Patriot

Employee</FONT>, <FONT STYLE="color: windowtext">FRP </FONT>shall, in&nbsp;accordance with <FONT STYLE="color: windowtext">Revenue

Procedure </FONT>2004-53, assume all responsibility for preparing and filing Form W-2, <FONT STYLE="color: windowtext">Wage and

Tax Statements</FONT>; Form W-3, <FONT STYLE="color: windowtext">Transmittal of Income and Tax Statements</FONT>; Form 941, <FONT STYLE="color: windowtext">Employer</FONT>&rsquo;s

<FONT STYLE="color: windowtext">Quarterly Federal Tax Returns</FONT>; Form W-4, <FONT STYLE="color: windowtext">Employee&rsquo;s

Withholding Allowance Certificates</FONT>; and Form W-5, <FONT STYLE="color: windowtext">Earned Income Credit Advance Payment Certificates

</FONT>(collectively, the &ldquo;<FONT STYLE="color: windowtext"><B>Employee Withholding Documents</B></FONT>&rdquo;) with regard

to wages paid during the period through the <FONT STYLE="color: windowtext">Close of the Distribution Date</FONT>. <FONT STYLE="color: windowtext">Patriot

</FONT>shall assume all responsibility for preparing and filing the <FONT STYLE="color: windowtext">Employee Withholding Documents

</FONT>with regard to wages paid to each <FONT STYLE="color: windowtext">Patriot Employee </FONT>after the <FONT STYLE="color: windowtext">Close

of the Distribution Date</FONT>. <FONT STYLE="color: windowtext">Patriot </FONT>and <FONT STYLE="color: windowtext">FRP </FONT>shall

cooperate in good faith to the extent necessary to permit each of them to comply with the <FONT STYLE="color: windowtext">Standard

Procedure</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Signature Page Follows]</P>

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

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



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









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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF the

parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date first above

written.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&#9;</TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FRP

HOLDINGS, INC.</B><FONT STYLE="font-weight: normal">,</FONT></FONT><BR>

<FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">a Florida corporation</FONT></TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">By</FONT>:  <U>____________________________________________</U></TH></TR>



<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Name</FONT>:  <U>__________________________________________</U></TH></TR>



<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 13%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 37%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Title</FONT>:  <U>___________________________________________</U></TD></TR>



</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&#9;</TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PATRIOT

TRANSPORTATION HOLDING, INC</B><FONT STYLE="font-weight: normal">,</FONT></FONT><BR>

<FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">a Florida corporation</FONT></TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH></TR>

<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">By</FONT>:  <U>____________________________________________</U></TH></TR>



<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TH>

    <TH STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Name</FONT>:  <U>__________________________________________</U></TH></TR>



<TR STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif">

    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 13%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>

    <TD STYLE="width: 37%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Title</FONT>:  <U>___________________________________________</U></TD></TR>



</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Signature Page to Employee Matters Agreement]</P>

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

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



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









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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SCHEDULE 1.1(a)-1</U></B></P>



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



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



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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Thompson S. Baker II</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>John D. Milton, Jr.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>John D. Klopfenstein</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Robert E. Sandlin</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule 1.1(a)-1&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B></B>&nbsp;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SCHEDULE 1.1(a)-2</U></B></P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Non-Patriot Employees</U></B></P>



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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>David H. deVilliers, Jr.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule 1.1(a)-2&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>









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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SCHEDULE 1.1(a)-3</U></B></P>



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



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



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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Patriot Health and Welfare Plans:</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Basic Life Insurance Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Supplemental Life Insurance Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Accidental Death and Dismemberment Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Travel Accident Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Short-Term Disability Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Long Term Disability Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Medical Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Dental Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Vision Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Express Scripts Prescription Drug Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot Employee Assistance Program</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Patriot TASC Plan (flex spending accounts)</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Patriot Management Incentive Compensation Plan (&ldquo;MIC Plan&rdquo;)</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Management and Security Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Profit Sharing Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>2000 Stock Option Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>2006 Stock Incentive Plan</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule 1.1(a)-3&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>



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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SCHEDULE 3.3(b)</U></B></P>



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



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



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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Each existing FRP stock option will be replaced with an option to purchase FRP common stock and

a separate option to purchase Patriot common stock with a combined intrinsic (in-the-money) value equal to the intrinsic value

of the existing option.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>



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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Each option will retain its existing vesting schedule and expiration date.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">Each replacement option will preserve the same ratio of the option exercise price to fair market

value.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>



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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">The intrinsic value of the replacement options will be allocated between FRP and Patriot based

on the relative total market capitalization of FRP and Patriot.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">The intrinsic value of the existing options will be determined based on the closing price of Patriot

stock on the date of the spin-off (the spin-off occurs after market close). If&nbsp;FRP stock is being traded &ldquo;ex-dividend&rdquo;

and Patriot stock is being traded &ldquo;when issued,&rdquo; the&nbsp;combined values will be used.</TD></TR></TABLE>



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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">The relative values of FRP and Patriot stock will be determined based on the market capitalization

of each company, using &ldquo;ex-dividend&rdquo; and &ldquo;when issued&rdquo; prices on the date of the spin-off, if so traded,

or&nbsp;based on the relative closing prices on the next trading day, if&nbsp;there is no &ldquo;when issued&rdquo; and &ldquo;ex-dividend&rdquo;

trading.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">If the stock trades &ldquo;when issued&rdquo; and &ldquo;ex-dividend,&rdquo; the intrinsic value

of the replacement options will be determined using the closing prices on the date of the spin-off.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">If there is no &ldquo;when issued&rdquo; and &ldquo;ex-dividend&rdquo; trading, the intrinsic value

of the replacement options will be determined using the closing prices on the day after the spin-off.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Note:</TD><TD STYLE="text-align: justify">The outstanding FRP stock options held by David H. deVilliers, Jr. will be replaced with options

to purchase FRP common stock with the same intrinsic value as the existing FRP stock options, and the outstanding FRP stock options

held by Robert E. Sandlin will be replaced with options to purchase Patriot common stock with the same intrinsic value as the existing

Patriot stock options.</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Schedule 3.3(b)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>ex10-3.htm
<DESCRIPTION>TRANSITION SERVICES AGREEMENT
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><A HREF="frph-8k_013015.htm">FRP Holdings, Inc. 8-K</A><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.1pt"><B>EXHIBIT
10.3&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>TRANSITION
SERVICES AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>by and
between</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>FRP
HOLDINGS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>and</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>PATRIOT
TRANSPORTATION HOLDING, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Dated
as of January 30, 2015</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">TABLE
OF CONTENTS</FONT></P>

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 90%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">Page</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<TR STYLE="vertical-align: bottom; text-align: center">
    <TH COLSPAN="2" STYLE="text-align: left"></TH>
    <TH STYLE="text-align: right"></TH></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH COLSPAN="2" STYLE="text-align: left">ARTICLE 1. TRANSITION
SERVICES</TH>
    <TH STYLE="text-align: right">1</TH></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
    <TH STYLE="text-align: left; padding-left: 20pt">&nbsp;</TH>
    <TH STYLE="text-align: left">&nbsp;</TH>
    <TH STYLE="text-align: right"></TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 1.1</TD>
    <TD STYLE="text-align: left">Patriot Obligations</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 15%; text-align: left;padding-left: 20pt">Section 1.2</TD>
    <TD STYLE="width: 75%; text-align: left">Term.</TD>
    <TD STYLE="width: 10%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 1.3</TD>
    <TD STYLE="text-align: left">Modification/Termination
of Transition Services.</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 1.4</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Employee Cooperation.</FONT></TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 1.5</TD>
    <TD STYLE="text-align: left">Scope of Services.</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 1.6</TD>
    <TD STYLE="text-align: left"><Font STYLE="letter-spacing: -0.1pt">Standard
of Performance; Standard of Care.</FONT></TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 1.7</TD>
    <TD STYLE="text-align: left">Confidentiality.</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: left"><B>ARTICLE 2. CONSIDERATION</B></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.1</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Service
Fees.</FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.2</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt"></FONT><FONT STYLE="letter-spacing: -0.1pt">Out-of-Pocket
Expenses.</FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 2.3</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Payment</FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt"><B>ARTICLE 3. TERMINATION</B></FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="letter-spacing: -0.1pt">Section 3.1</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Term and Termination.</FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: left"><B>ARTICLE 4. MISCELLANEOUS</B></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="letter-spacing: -0.1pt">Section 4.1</FONT></TD>
    <TD STYLE="text-align: left">Warranty Disclaimer.</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.2</TD>
    <TD STYLE="text-align: left">Indemnification</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt"></TD>
    <TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.3</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Relationship
of Parties.</FONT></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.4</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Interpretation.</FONT></TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="letter-spacing: -0.1pt">Section 4.5</FONT>&#9;<FONT STYLE="letter-spacing: -0.1pt"></FONT></TD>
    <TD STYLE="text-align: left">Amendment.</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="letter-spacing: -0.1pt">Section 4.6</FONT></TD>
    <TD STYLE="text-align: left">Waiver of Compliance.</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.7</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Notices.</FONT></TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.8</TD>
    <TD STYLE="text-align: left">Third
Party Beneficiaries.</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.9</TD>
    <TD STYLE="text-align: left">Successors and
Assigns.</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.10</TD>
    <TD STYLE="text-align: left">Severability.</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.11</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Governing
Law.</FONT></TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.12</TD>
    <TD STYLE="text-align: left">Submission
to Jurisdiction; Waivers.</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.13</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Force
Majeure.</FONT></TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="letter-spacing: -0.1pt">Section 4.14</FONT></TD>
    <TD STYLE="text-align: left">Counterparts.</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; padding-left: 20pt">Section 4.15</TD>
    <TD STYLE="text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Entire
Agreement.</FONT></TD>
    <TD STYLE="text-align: right">6</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>TRANSITION SERVICES AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="letter-spacing: -0.1pt">THIS
TRANSITION SERVICES AGREEMENT (this &ldquo;Agreement&rdquo;), dated as of January&nbsp;30, 2015, is hereby entered into by and
between FRP HOLDINGS, INC., a&nbsp;Florida corporation (&ldquo;FRP&rdquo;) and PATRIOT TRANSPORTATION HOLDING, INC., a&nbsp;Florida
corporation (&ldquo;Patriot&rdquo;) All capitalized terms used but not defined herein shall have their respective meanings as set
forth in the Separation Agreement (as&nbsp;defined herein).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="letter-spacing: -0.1pt"><B>RECITALS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">A.&#9;Patriot
and FRP have entered into a Separation and Distribution Agreement, dated&nbsp;as of January&nbsp;30, 2015 (the &ldquo;Separation
Agreement&rdquo;), pursuant to which FRP will distribute all of the outstanding shares of capital stock of Patriot to FRP&rsquo;s
shareholders (the &ldquo;Distribution&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">B.&#9;In
order to facilitate the separation of Patriot from FRP and its Subsidiaries (as&nbsp;defined below) pursuant to the Separation
Agreement, FRP desires, and Patriot is willing to provide or cause its Subsidiaries to provide, certain transition services upon
the terms and conditions set forth in this Agreement. For purposes of this Agreement, a &ldquo;Subsidiary&rdquo; of FRP or Patriot
means any Person in which FRP or Patriot has a fifty percent (50%) or greater ownership interest in such Person. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="letter-spacing: -0.1pt">Accordingly,
the parties agree as follows:</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">ARTICLE
1.<BR>
<FONT STYLE="color: windowtext">TRANSITION SERVICES</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left; margin-left: 35pt"><FONT STYLE="letter-spacing: -0.1pt">Section
1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt; color: windowtext"><U>Patriot </U></FONT></FONT><U><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Obligations</FONT></U><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">.
</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Subject
to the terms and conditions of this Agreement, during the Transition Period (as&nbsp;defined below), Patriot will, or will cause
one of its Subsidiaries to, provide to FRP and/or a designated Subsidiary of FRP the transitional services and assistance (each
service, a &ldquo;Transition Service,&rdquo; and together, the &ldquo;Transition Services&rdquo;) at the cost set forth on <U>Schedule
A</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Term</U>. </FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">The
obligations of Patriot to provide each respective Transition Service or cause such Transition Service to be provided hereunder
will begin on February&nbsp;1, 2015 (the&nbsp;&rdquo;Effective Date&rdquo;), and will remain in effect for one (1) year after the
Effective Date (the&nbsp;&rdquo;Initial Termination Date&rdquo;); provided, however, that with respect to any Transition Service,
FRP may, upon written notice to Patriot not less than 30 days prior to the Initial Termination Date, extend the term of such Transition
Services for a subsequent transition period; provided, however, that such extension shall not be for a period of more than six
(6)&nbsp;months unless the other party consents, in writing, to a period beyond six (6)&nbsp;months (the &ldquo;Subsequent Transition
Period&rdquo;). For the purposes of this Agreement, the&nbsp;(a)&nbsp;term &ldquo;Initial Transition Period&rdquo; for each Transition
Service means the period beginning on the date on which the Distribution occurs (the&nbsp;&rdquo;Closing Date&rdquo;) and ending
on the Initial Termination Date, and (b) the terms Initial Transition Period and Subsequent Transition Period are collectively
referred to herein as the &ldquo;Transition Period.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Modification/Termination of Transition Services</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">During
the Transition Period, any or all of the Transition Services (i)&nbsp;may be modified in any respect upon mutual written agreement
of Patriot and FRP, and (ii)&nbsp;may be terminated by FRP upon ninety (90) days&rsquo; written notice to Patriot. Any such written
modification or termination of the Transition Services shall be deemed to supplement and amend this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Employee Cooperation</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Patriot
will cause its or its Subsidiaries&rsquo; employees providing the Transition Services (together, the &ldquo;Patriot Employees&rdquo;)
to cooperate with the employees of FRP and/or its Subsidiaries (the &ldquo;FRP Employees&rdquo;) during the Transition Period,
but neither Patriot nor its Subsidiaries will have any other duty or obligation with respect to such FRP Employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Scope of Services</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Patriot
will not be obligated to perform, or to cause to be performed, any Transition Services in a volume or quantity that unreasonably
interferes with the operation of its business in the ordinary course provided, however, that Patriot will be required to provide
Transition Services consistent with historical volume or quantity during the two years preceding the Distribution and such level
of services will not be deemed to unreasonably interfere with the operation of the business of the party supplying such Transition
Service. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Standard of Performance; Standard of Care</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Patriot
will perform, or will cause to be performed, the Transition Services (a) in such manner as is substantially similar in nature,
quality and timeliness to the services provided by Patriot or its Subsidiaries, as applicable, prior to the date hereof and (b)
in accordance with all Applicable Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left; background-color: white"><FONT STYLE="color: windowtext; letter-spacing: -0.1pt">Section
1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><U>Confidentiality</U>. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">The
parties hereto shall keep strictly confidential any and all proprietary, technical, business, marketing, sales and other information
disclosed to another party hereto in connection with the performance of this Agreement (the &ldquo;Confidential Information&rdquo;),
and shall not disclose the same or any part thereof to any third party, or use the same for their own benefit or for the benefit
of any third party. The obligations of secrecy and nonuse as set forth herein shall survive the termination of this Agreement for
a period of five years. Excluded from this provision is any information available in the public domain and any information disclosed
to any of the parties by a third party who is not in breach of confidential obligations owed to another person or entity. Notwithstanding
the foregoing, each party hereto may disclose Confidential Information (a) to its bankers, attorneys, accountants and other advisors
subject to the same confidentiality obligations imposed herein and (b) as may be required by Law from time to time provided that
the party required to disclose provide the other party, to the extent permitted, reasonable notice in order for such party an opportunity
to oppose such disclosure. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">ARTICLE
2.<BR>
CONSIDERATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: center; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Service Fees</U>.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">In
consideration for the Transition Services provided by or on behalf of Patriot under this Agreement during the Transition Period,
FRP agrees to pay Patriot or a specified Subsidiary the monthly fees set forth in <U>Schedule A</U> attached hereto or such other
amount as may be agreed by the parties in writing (the &ldquo;FRP Fees&rdquo;). Neither FRP nor any of its Subsidiaries will be
responsible for any fees or expenses incurred by Patriot or any of its Subsidiaries in connection with its or their provision of
the Transition Services hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt; color: windowtext"><U>Out-of-Pocket Expenses</U></FONT></FONT><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">All
(a) reasonable, documented out-of-pocket expenses (including travel expenses) that arise directly out of the provision of Transition
Services pursuant to this Agreement and are incurred by Patriot or its Subsidiaries (the &ldquo;Out-of-Pocket Expenses&rdquo;)
and (b) sales or similar non-income taxes incurred by Patriot or its Subsidiaries in connection with the provision of Transition
Services pursuant to this Agreement (together with the Out-of-Pocket Expenses, &ldquo;Expenses&rdquo;) will be reimbursed by FRP;
provided, however, that for any Expense described in clause (a) in excess of $10,000 per occurrence or event, Patriot will be required
to obtain prior approval thereof from the party receiving the services, which approval will not be unreasonably withheld; provided,
further, that such consent will not be required for any Expense in excess of $10,000 if such Expense does not exceed the historical
cost of such Expense by more than 5%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Payment</U>. </FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">FRP
will pay or cause to be paid to Patriot (i) the estimated monthly FRP Fees for the current month of the Transition Period, plus
or minus the difference between the prior month&rsquo;s estimated and actual fees and (ii) Expenses by ACH payment within ten (10)
days following receipt of an invoice therefor, which invoice shall contain customary and reasonable substantiation of the entitlement
to payment of such FRP Fees and reimbursement of Expenses, as well as a reconciliation of the prior month&rsquo;s difference in
estimated and actual fees. If FRP fails to pay the invoiced amount when due, interest will accrue on the amount payable at a rate
equal to the rate of interest publicly announced by Citibank, N.A., from&nbsp;time to time, in The City of New York, as such bank&rsquo;s
base rate (the &ldquo;Citibank Base Rate&rdquo;) plus 2.50% per month, compounded monthly; provided, however, that if any such
failure to pay is due to a good faith dispute, any amounts ultimately determined to be payable by the disputing party will instead
include interest compounded at a rate equal to the Citibank Base Rate plus 2.00% per month.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">ARTICLE
3.<BR>
TERMINATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: center; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Term and Termination</U>.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">(a)&#9;This
<FONT STYLE="color: windowtext">Agreement </FONT>will remain in effect with respect to each Transition Service from the <FONT STYLE="color: windowtext">Closing
Date </FONT>until the expiration of the <FONT STYLE="color: windowtext">Transition Period </FONT>for such <FONT STYLE="color: windowtext">Transition
Service </FONT>unless earlier modified <FONT STYLE="color: windowtext">or </FONT>terminated in accordance with Section <FONT STYLE="color: windowtext">1.3
or </FONT>this Section <FONT STYLE="color: windowtext">4.1.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">(b)&#9;An
authorized officer of either <FONT STYLE="color: windowtext">Patriot or FRP </FONT>may terminate this <FONT STYLE="color: windowtext">Agreement
</FONT>upon written notice to the other party if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">(i)&#9;the
other party has violated any material provision of this Agreement and such violation has not been remedied within 30 days after
written notice thereof; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">(ii)&#9;the
other party has filed, or has had filed against it, a petition seeking relief under any bankruptcy, insolvency, reorganization,
moratorium or similar Law affecting creditors&rsquo; rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">(c)&#9;Authorized
officers of <FONT STYLE="color: windowtext">Patriot </FONT>and <FONT STYLE="color: windowtext">FRP </FONT>may terminate this <FONT STYLE="color: windowtext">Agreement
or </FONT>the <FONT STYLE="color: windowtext">Transition Period </FONT>with respect to any <FONT STYLE="color: windowtext">Transition
Service </FONT>by mutual written <FONT STYLE="color: windowtext">agreement</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">(d)&#9;The
parties&rsquo; obligations pursuant to Sections <FONT STYLE="color: windowtext">1.7</FONT>, 2.3 and 4.2 will survive the expiration
<FONT STYLE="color: windowtext">or </FONT>any termination of this <FONT STYLE="color: windowtext">Agreement </FONT>in accordance
with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">ARTICLE
4.<BR>
MISCELLANEOUS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: center; text-indent: 0in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Warranty Disclaimer</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">EXCEPT
AS PROVIDED IN SECTION 1.6, NONE OF THE PARTIES MAKES ANY WARRANTY CONCERNING THE TRANSITION SERVICES AND THE WARRANTY IN SUCH
SECTION 1.6 IS IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY THAT THE SERVICES PROVIDED UNDER THIS
AGREEMENT WILL BE SUFFICIENT TO ALLOW FRP OR PATRIOT TO SUCCESSFULLY TRANSITION, MANAGE OR OPERATE ITS BUSINESS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Indemnification</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">With
respect to indemnification, the parties agree as set forth in the Separation Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Relationship of Parties</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Each
of FRP, Patriot and their respective Subsidiaries will for all purposes be deemed to be an independent contractor with respect
to the provision of Transition Services hereunder, will&nbsp;not be considered (nor will any of their directors, officers, employees,
contractors or agents be considered) an agent, employee, commercial representative, partner, franchisee or joint venturer of any
other party and will have no duties or obligations beyond those expressly provided in this Agreement and the Separation Agreement
with respect to the provision of Transition Services. No&nbsp;party will have any authority, absent express written permission
from the other party, to enter into any agreement, assume or create any obligations or liabilities, or make representations on
behalf of any other party. The provision of the Transition Services shall not alter the classification of, or the compensation
and employee benefits provided to the Patriot Employees or the FRP Employees. The Patriot Employees shall be employed solely by
Patriot or its Subsidiaries, and the FRP Employees shall be employed solely by FRP or its Subsidiaries. Neither the Patriot Employees
nor the FRP Employees shall be entitled to any additional compensation for the provision of the Transition Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Interpretation</U>.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">(a)&#9;When
a reference is made in this <FONT STYLE="color: windowtext">Agreement </FONT>to Sections <FONT STYLE="color: windowtext">or Schedules</FONT>,
such&nbsp;reference will be to a Section of <FONT STYLE="color: windowtext">or </FONT>Schedule to this <FONT STYLE="color: windowtext">Agreement
</FONT>unless otherwise indicated. The headings contained in this <FONT STYLE="color: windowtext">Agreement </FONT>are for reference
purposes only and will not affect in any way the meaning <FONT STYLE="color: windowtext">or </FONT>interpretation of this <FONT STYLE="color: windowtext">Agreement</FONT>.
Whenever the words &ldquo;<FONT STYLE="color: windowtext">include</FONT>,&rdquo; &ldquo;<FONT STYLE="color: windowtext">includes</FONT>&rdquo;
<FONT STYLE="color: windowtext">or </FONT>&ldquo;<FONT STYLE="color: windowtext">including</FONT>&rdquo; are used in this <FONT STYLE="color: windowtext">Agreement</FONT>,
they will be deemed to be followed by the words &ldquo;without limitation.&rdquo; Unless the context otherwise requires, (i) &ldquo;<FONT STYLE="color: windowtext">or</FONT>&rdquo;
is disjunctive but not necessarily exclusive, (ii) words in the singular <FONT STYLE="color: windowtext">include </FONT>the plural
and vice versa, (iii) the use in this <FONT STYLE="color: windowtext">Agreement </FONT>of a pronoun in reference to a party hereto
<FONT STYLE="color: windowtext">includes </FONT>the masculine, feminine <FONT STYLE="color: windowtext">or </FONT>neuter, as the
context may require, and (iv) terms used herein which are defined in GAAP have the meanings ascribed to them therein. All Schedules
hereto will be deemed part of this <FONT STYLE="color: windowtext">Agreement </FONT>and included in any reference to this <FONT STYLE="color: windowtext">Agreement</FONT>.
This <FONT STYLE="color: windowtext">Agreement </FONT>will not be interpreted <FONT STYLE="color: windowtext">or </FONT>construed
to require any party to take any action, <FONT STYLE="color: windowtext">or </FONT>fail to take any action, if to do so would violate
any Applicable Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">(b)&#9;All
parties have participated in negotiating and drafting this <FONT STYLE="color: windowtext">Agreement</FONT>. In&nbsp;the event
that an ambiguity <FONT STYLE="color: windowtext">or </FONT>a question of intent <FONT STYLE="color: windowtext">or </FONT>interpretation
arises, this <FONT STYLE="color: windowtext">Agreement </FONT>will be construed as if drafted jointly by all parties, and no presumption
<FONT STYLE="color: windowtext">or </FONT>burden of proof will arise favoring <FONT STYLE="color: windowtext">or </FONT>disfavoring
any party by virtue of the authorship of any provision of this <FONT STYLE="color: windowtext">Agreement</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendment</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">This
Agreement may be amended, modified or supplemented only by the written agreement of the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Waiver of Compliance</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Except
as otherwise provided in this Agreement, the failure by any party to comply with any obligation, covenant, agreement or condition
under this Agreement may be waived by the party entitled to the benefit thereof only by a written instrument signed by the party
granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or
condition will not operate as a waiver of, or estoppel with respect to, any&nbsp;subsequent or other failure. The failure of any
party to enforce at any time any of the provisions of this Agreement will in no way be construed to be a waiver of any such provision,
or in any way to affect the validity of this Agreement or any part hereof or the right of any party hereafter to enforce each and
every such provision. No waiver of any breach of such provisions will be held to be a waiver of any other or subsequent breach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">All
notices required or permitted pursuant to this Agreement must be given as set forth in the Separation Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Third Party Beneficiaries</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Except
as otherwise provided in this Agreement, nothing in this Agreement, expressed or implied, is intended to confer on any person or
entity other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities
under or by reason of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Successors and Assigns</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">This
Agreement will be binding upon and will inure to the benefit of the signatories hereto and their respective successors and permitted
assigns. No party may assign this Agreement, or any of its rights or liabilities hereunder, without the prior written consent of
the other party hereto, and&nbsp;any attempt to make any such assignment without such consent will be null and void. Any&nbsp;such
assignment will not relieve the party making the assignment from any liability under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Severability</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">The
illegality or partial illegality of any or all of this Agreement, or any provision hereof, will not affect the validity of the
remainder of this Agreement, or any provision hereof, and the illegality or partial illegality of this Agreement will not affect
the validity of this Agreement in any jurisdiction in which such determination of illegality or partial illegality has not been
made, except in either case to the extent such illegality or partial illegality causes this Agreement to no longer contain all
of the material provisions reasonably expected by the parties to be contained herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing Law</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">This
Agreement will be governed by and construed in accordance with the Applicable Laws of the State of Florida applicable to contracts
made and wholly performed within such state, without regard to any applicable conflict of Applicable Laws principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Submission to Jurisdiction; Waivers</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Each
party irrevocably agrees that any legal action or proceeding with respect to this Agreement, the transactions contemplated hereby,
any provision hereof, the breach, performance, validity or invalidity hereof or for recognition and enforcement of any judgment
in respect hereof brought by another party hereto or its successors or permitted assigns may be brought and determined in any federal
or state court located in the State of Florida, and each party hereby irrevocably submits with regard to any such action or proceeding
for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts.
Each&nbsp;party hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise,
in any action or proceeding with respect to this Agreement, the&nbsp;transactions contemplated hereby, any provision hereof or
the breach, performance, enforcement, validity or invalidity hereof, (a) any claim that it is not personally subject to the jurisdiction
of the above-named courts for any reason other than the failure to lawfully serve process, (b) that it or its property is exempt
or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice,
attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and&nbsp;(c) to
the fullest extent permitted by Applicable Laws, that (i) the suit, action or proceeding in any such court is brought in an inconvenient
forum, (ii) the venue of such suit, action or proceeding is improper, or (iii) this Agreement, or the subject matter hereof, may
not be enforced in or by such courts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Force Majeure</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">None
of the parties will be liable to any other party for failure to perform or delays in performing any part of the Transition Services
if such failure or delay results from an act of God, war, terrorism, revolt, revolution, sabotage, actions of a Governmental Authority,
Applicable Laws, regulations, embargo, fire, strike, other labor trouble or any other cause or circumstance beyond the control
of such party other than financial difficulties of the other party. Upon the occurrence of any such event which results in, or
will result in, delay or failure to perform according to the terms of this Agreement, each party will promptly give notice to the
other parties of such occurrence and the effect and/or anticipated effect of such occurrence. All parties will use their reasonable
efforts to minimize disruptions in their performance, to resume performance of their obligations under this Agreement as soon as
practicable and to assist the other parties in obtaining, at their sole expense, an alternative source for the affected Transition
Services and the receiving party will be released from any payment obligation to the performing party with respect to the affected
Transition Services during the period of such force majeure; provided, however, the resolution of any strike or labor trouble will
be within the sole discretion of the performing party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">This
Agreement may be executed in two or more counterparts, all of which will be considered one and the same agreement and will become
effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that
each party need not sign the same counterpart.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: left"><FONT STYLE="letter-spacing: -0.1pt">Section
4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>E ntire <FONT STYLE="color: windowtext">Agreement</FONT></U>. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 229.5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">This
Agreement (including the documents and the instruments referred to in this Agreement) and the Separation Agreement, constitute
the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties with respect
to the subject matter of this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="letter-spacing: -0.1pt">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="letter-spacing: -0.1pt">IN
WITNESS WHEREOF, each of the signatories hereto has caused this Agreement to be signed by its duly authorized officer as of the
date first above written.</FONT></P>

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    <TD COLSPAN="2"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>PATRIOT TRANSPORTATION HOLDING,
                    INC.,</B> a Florida corporation</P>



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    <TD STYLE="padding-bottom: 1pt">By</TD>
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    <TD STYLE="padding-bottom: 1pt">Name:</TD>
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    <TD STYLE="padding-bottom: 1pt">Title:</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><P STYLE="margin: 0"><B>FRP HOLDINGS, INC.,</B><FONT STYLE="letter-spacing: -0.1pt">a Florida corporation</FONT></P>


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    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name:</TD>
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    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"></FONT><B><U>Schedule
A</U></B></P>

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    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><U>Transition Services</U></FONT></TD>
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><U>FRP Fees</U></FONT></TD>
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Transition Service</FONT><BR>
<FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><U>Termination Date</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Executive Employment &ndash;</FONT><BR>
<FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Thompson S. Baker II</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">50% of base salary, benefits and related occupancy and other costs of personnel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Executive Employment &ndash;</FONT><BR>
<FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">John D. Milton, Jr.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">50% of base salary, benefits and related occupancy and other costs of personnel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Executive Employment &ndash;</FONT><BR>
<FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">John Klopfenstein</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">50% of base salary, benefits and related occupancy and other costs of personnel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Executive Employment &ndash;</FONT><BR>
<FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Matt McNulty</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">50% of base salary, benefits and related occupancy and other costs of personnel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Executive Employment &ndash;</FONT><BR>
<FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Betty Strickland</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">50% of base salary, benefits and related occupancy and other costs of personnel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Executive Employment &ndash;</FONT><BR>
<FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">John D. Baker II</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">50% of base salary, benefits and related occupancy and other costs of personnel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Administrative Assistants</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">50% of base salary, benefits and related occupancy and other costs of personnel</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">IT Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">Minimum fee of $84,000/year.
        Additional basic services over 1,200 hours, direct FRP related T&amp;E and extraordinary projects to be billed at a flat rate of
        $80/hour.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(Minimum fee of $84,000 is
        calculated as $80/hour * 1200 hours -$12,000 credit for office space and equipment storage at 34 Loveton)</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Payroll</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">2% of total Payroll costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">Accounting Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">1/3 of Financial Reporting Manager costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">HR Services</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">2% of total HR Department costs</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule A</P>



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