Document:

EX-10.2

 Exhibit 10.2 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 

by and among 

AK Steel Corporation 
 AK Steel Holding Corporation 
 and 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Dated as of June 24, 2013 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 24, 2013, by and among AK Steel
Corporation, a Delaware corporation (the “Company”), AK Steel Holding Corporation, a Delaware corporation (the “Guarantor”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as the initial purchaser (the
“Initial Purchaser”), who has agreed to purchase $30,000,000 aggregate principal amount of the Company’s 8.750 % Senior Secured Notes due 2018 (the “Initial Notes”) fully and unconditionally guaranteed under the
Indenture by the Guarantor (the “Guarantee”) pursuant to the Purchase Agreement (as defined below). The Initial Notes and the Guarantee are herein collectively referred to as the “Initial Securities.” 

This Agreement is made pursuant to the Purchase Agreement, dated June 19, 2013 (the “Purchase Agreement”), among the
Company, the Guarantor and the Initial Purchaser (i) for the benefit of the Initial Purchaser and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Initial Purchaser. In order to induce the
Initial Purchaser to purchase the Initial Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchaser set
forth in Section 7(f) of the Purchase Agreement. 
 The parties hereby agree as follows: 

SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings:

 Additional Interest: As defined in Section 5 hereof. 

Additional Interest Payment Date: With respect to the Initial Notes, each Interest Payment Date. 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust
companies located in New York, New York are authorized or obligated to be closed. 
 Closing Date: November 20,
2012. 
 Commission: The Securities and Exchange Commission. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence
of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement
continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of
Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial Notes that were tendered by Holders thereof pursuant to the Exchange Offer. 

 Effectiveness Target Date: As defined in Section 5 hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended. 

Exchange Offer: The registration by the Company under the Securities Act of the Exchange Securities pursuant to a Registration
Statement pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange Securities in an aggregate
principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 
 Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus. 

Exchange Securities: The 8.750% Senior Secured Notes due 2018, of the same series under the Indenture as the Initial Notes, and
the guarantee of such notes by the Guarantor under the Indenture, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement. 
 Exempt Resales: The transactions in which the Initial Purchaser proposes to sell the Initial Securities to certain “qualified institutional buyers,” as such term is defined in Rule 144A
under the Securities Act and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. 
 FINRA:
Financial Industry Regulatory Authority, Inc. 
 Guarantee: As defined in the preamble hereto. 

Guarantor: As defined in the preamble hereto. 
 Holders: As defined in Section 2(b) hereof. 
 Indemnified Holder:
As defined in Section 8(a) hereof. 
 Indenture: The Indenture, dated as of November 20, 2012, by and among
the Company, the Guarantor, U.S. Bank National Association, as trustee (the “Trustee”) and U.S. Bank National Association, as collateral agent, pursuant to which the Initial Securities are to be issued, as such Indenture is amended or
supplemented from time to time in accordance with the terms thereof. 
 Initial Notes: As defined in the preamble hereto.

 Initial Placement: The issuance and sale by the Company and the Guarantor of the Initial Securities to the Initial
Purchaser pursuant to the Purchase Agreement. 

  
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 Initial Purchaser: As defined in the preamble hereto. 

Initial Securities: As defined in the preamble hereto. 
 Interest Payment Date: As defined in the Indenture and the Initial Notes. 

Person: Any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof. 
 Prospectus: The prospectus included in a Registration
Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act), as amended or
supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference into such Prospectus. 

Purchase Agreement: As defined in the preamble hereto. 
 Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Securities pursuant
to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included
therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference or deemed to be incorporated by reference therein. 

Securities Act: The Securities Act of 1933, as amended. 
 Shelf Filing Deadline: As defined in Section 4(b) hereof. 
 Shelf
Registration Statement: As defined in Section 4(b) hereof. 
 Transfer Restricted Securities: Each Initial
Security, until the earliest to occur of (a) the date on which such Initial Security is exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus
delivery requirements of the Securities Act, (b) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement and (c) the date on which
such Initial Security is distributed to the public by a Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein). 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 

Trustee: Pursuant to the Indenture, U.S. Bank National Association. 

  
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 Underwritten Registration or Underwritten Offering: A registration in which
securities of the Company are sold to an underwriter for reoffering to the public. 
 SECTION 2. Securities Subject to
this Agreement. 
 (a) Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are
the Transfer Restricted Securities. 
 (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of
Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities. 

SECTION 3. Registered Exchange Offer. 
 (a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), each of the Company
and the Guarantor shall (i) use commercially reasonable efforts to cause to be filed with the Commission no later than 270 days after the Closing Date (or if such 270th day is not a Business Day, the next succeeding Business Day), the Exchange
Offer Registration Statement, (ii) use commercially reasonable efforts to cause such Registration Statement to become effective by the Commission at the earliest possible time, but in no event later than 360 days after the Closing Date (or if
such 360th day is not a Business Day, the next succeeding Business Day), (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration
Statement to become effective, (B) if applicable, a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the registration and
qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Registration Statement,
commence the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held by
Broker-Dealers as contemplated by Section 3(c) hereof. 
 (b) The Company and the Guarantor shall use commercially
reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to
Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 30 days after the date notice of the Exchange Offer is mailed to the Holders. The Company shall cause the Exchange Offer to comply with all
applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. 
 (c) The Company shall indicate in a “Plan of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds
Initial Securities that are Transfer Restricted Securities and that were acquired for its own account as a result of market-making activities or other trading activities (other than 

  
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Transfer Restricted Securities acquired directly from the Company), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an
“underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the
Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain
all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the
amount of Initial Notes held by any such Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement. 
 Each of the Company and the Guarantor shall use commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the
provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities,
and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the
date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities. 

The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time
during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 

SECTION 4. Shelf Registration. 
 (a) Shelf Registration. If (i) the Company is not required to file an Exchange Offer Registration Statement or to Consummate the Exchange Offer because the Exchange Offer is not permitted by
applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), (ii) for any reason the Exchange Offer is not Consummated within 400 days after the Closing Date (or if such 400th day is
not a Business Day, the next succeeding Business Day), or (iii) with respect to any Holder of Transfer Restricted Securities that notifies the Company (A) such Holder is prohibited by applicable law or Commission policy from participating
in the Exchange Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement
is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from the Company or one of its affiliates, then, upon such Holder’s request, the Company
and the Guarantor shall use commercially reasonable efforts to 
 (x) cause to be filed a shelf registration
statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”) on or prior to the 45th day after the date on

  
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which such filing obligation arises (or if such 45th day is not a Business Day, the next succeeding Business Day) (such date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales of all Transfer
Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 
 (y) cause such Shelf Registration Statement to be declared effective by the Commission on or before the 120th day after the Shelf Filing Deadline (or if such 120th day is not a Business Day, the next
succeeding Business Day). 
 Each of the Company and the Guarantor shall use commercially reasonable efforts to keep such Shelf
Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities by the Holders of
Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from
time to time, for a period of at least two years following the effective date of such Shelf Registration Statement (or shorter period that will terminate when all the Initial Securities covered by such Shelf Registration Statement have been sold
pursuant to such Shelf Registration Statement). 
 (b) Provision by Holders of Certain Information in Connection with the
Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company
in writing, within 20 Business Days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein.
Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not
materially misleading. 
 SECTION 5. Additional Interest. If (i) any of the Registration
Statements required by this Agreement are not filed with the Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such Registration Statements has not been declared effective by the Commission on or prior
to the date specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated within 30 Business Days (or if such 30th day is not a Business Day, the next succeeding Business Day) after
the Effectiveness Target Date with respect to the Exchange Offer Registration Statement or (iv) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease to be effective or fail to be
usable for its intended purpose without being succeeded immediately by a post-effective amendment to such Registration Statement that cures such failure and that is itself immediately declared effective (each such event referred to in clauses
(i) through (iv), a “Registration Default”), the Company hereby agrees that the interest rate borne by the Transfer Restricted Securities shall be increased by 0.25% per annum during the 90-day period immediately following the
occurrence of any Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall such increase exceed 1.00% per annum (“Additional Interest”). Following the cure of
all 

  
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Registration Defaults relating to any particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to the original interest
rate borne by such Transfer Restricted Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall
again be increased pursuant to the foregoing provisions. 
 All obligations of the Company and the Guarantor set forth in the
preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall
have been satisfied in full. 
 SECTION 6. Registration Procedures. 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantor shall comply with
all of the provisions of Section 6(c) hereof, shall use commercially reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution
thereof, and shall comply with all of the following provisions: 
 (i) As a condition to its participation in the
Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained
in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no, and will not have
any, arrangement or understanding with any Person to participate in, the distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. In addition,
all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to
participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and
Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action
letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any such secondary resale
transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K or any successor
provisions under the Securities Act if the resales are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company. 

  
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 (b) Shelf Registration Statement. In connection with the Shelf Registration
Statement, each of the Company and the Guarantor shall comply with all the provisions of Section 6(c) hereof and shall use commercially reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities
being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto each of the Company and the Guarantor will as expeditiously as possible prepare and file with the Commission a Registration Statement relating
to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof. 

(c) General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the
sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by Broker-Dealers), each of the Company and the Guarantor shall:

 (i) use commercially reasonable efforts to keep such Registration Statement continuously effective and provide
all requisite financial statements (including, if required by the Securities Act or any regulation thereunder, financial statements of the Guarantor for the period specified in Section 3 or 4 hereof, as applicable); upon the occurrence of any
event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted Securities during the
period required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B),
use commercially reasonable efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

(ii) prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration
Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by
such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable
provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period
in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iii) advise the underwriter(s), if any, and selling Holders that, in each case, have provided in writing to the Company
and the Guarantor a telephone or facsimile number and address for notices, promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any 

  
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request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by
the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or
sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the
Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements
therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the
qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, each of the Company and the Guarantor shall use commercially reasonable efforts to obtain the withdrawal or lifting of such
order at the earliest possible time; 
 (iv) upon request, furnish without charge to the Initial Purchaser, each
selling Holder named in any Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such
Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Holders and underwriter(s) in
connection with such sale, if any, for a period of at least five Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (including
all such documents incorporated by reference) to which an Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within five Business Days after
the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration
Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 
 (v) promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus, provide copies of such document to the Initial Purchaser, each selling
Holder named in any Registration Statement, and to the underwriter(s), if any, make the Company’s and the Guarantor’s representatives available for discussion of such document and other customary due diligence matters, and include such
information in such document prior to the filing thereof as such selling Holders or underwriter(s), if any, reasonably may request; 
 (vi) make available at reasonable times for inspection by the Initial Purchaser, the managing underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any
attorney or accountant retained by such Initial Purchaser 

  
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or any of the underwriter(s), all relevant financial and other records, pertinent corporate documents and properties of each of the Company and the Guarantor that shall be reasonably available
for such inspection and cause the Company’s and the Guarantor’s officers, directors and employees to supply all relevant information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such
Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness as is customary for similar due diligence exercises and to participate in meetings with investors to the extent requested
by the managing underwriter(s), if any; 
 (vii) if requested by any selling Holders or the underwriter(s), if
any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included
therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to such
underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as
soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
 (viii) use commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the
Holders of a majority in aggregate principal amount of Securities covered thereby or the underwriter(s), if any; 

(ix) furnish to the Initial Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at
least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including (if specifically requested) financial statements and schedules, all documents incorporated by reference therein and all
exhibits (including exhibits incorporated therein by reference); 
 (x) deliver to each selling Holder and each
of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Holders reasonably may request; each of the Company and the Guarantor hereby
consents to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the
Prospectus or any amendment or supplement thereto; 
 (xi) enter into such customary agreements (including, if
requested, an underwriting agreement in customary form), and make such representations and warranties in form, substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings (consistent with the Purchase
Agreement), and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration 

  
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Statement contemplated by this Agreement, all to such extent as may be requested by the Initial Purchaser or by any Holder of Transfer Restricted Securities or underwriter in connection with any
sale or resale pursuant to any Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, each of the Company and the
Guarantor shall: 
 (A) furnish to the Initial Purchaser, each selling Holder and each underwriter, if any, in
such form, substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer or, if applicable, the effectiveness of
the Shelf Registration Statement: 
 (1) a certificate, dated the date of Consummation of the Exchange Offer or
the date of effectiveness of the Shelf Registration Statement, as the case may be, signed by (y) the President or any Vice President and (z) a principal financial or accounting officer of each of the Company and the Guarantor, confirming,
as of the date thereof, the matters set forth in paragraphs (b) and (e) of Section 7 of the Purchase Agreement and such other matters as such parties may reasonably request; 

(2) an opinion, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf
Registration Statement, as the case may be, of counsel for the Company and the Guarantor, covering the matters set forth in Exhibit A to the Purchase Agreement and such other matter as such parties may reasonably request, and in any event including
a statement to the effect that such counsel has participated in conferences with officers and other representatives of the Company and the Guarantor, representatives of the independent public accountants for the Company and the Guarantor,
representatives of the underwriter(s), if any, and counsel to the underwriter(s), if any, in connection with the preparation of such Registration Statement and the related Prospectus and have considered the matters required to be stated therein and
the statements contained therein, although such counsel has not independently verified the accuracy, completeness or fairness of such statements; and that such counsel advises that, on the basis of the foregoing, no facts came to such counsel’s
attention that caused such counsel to believe that the applicable Registration Statement, at the time such Registration Statement or any post-effective amendment thereto became effective, and, in the case of the Exchange Offer Registration
Statement, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or that the Prospectus
contained in such Registration Statement as of its date and, in the case of the opinion dated the date of Consummation of the Exchange Offer, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a
material fact necessary in 

  
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order to make the statements therein not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes no responsibility for, and has not independently
verified, the accuracy, completeness or fairness of the financial statements, notes and schedules and other financial data included in any Registration Statement contemplated by this Agreement or the related Prospectus; and 

(3) a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the
Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the
matters set forth in the comfort letters delivered pursuant to Section 7(a) of the Purchase Agreement, without exception; 
 (B) set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be
indemnified pursuant to said Section; and 
 (C) deliver such other documents and certificates as may be
reasonably requested by such parties to evidence compliance with Section 6(c)(xi)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company or any of the Guarantor
pursuant to this Section 6(c)(xi), if any. 
 If at any time the representations and warranties of the
Company and the Guarantor contemplated in Section 6(c)(xi)(A)(1) hereof cease to be true and correct, the Company or the Guarantor shall so advise the Initial Purchaser and the underwriter(s), if any, and each selling Holder promptly and, if
requested by such Persons, shall confirm such advice in writing; 
 (xii) prior to any public offering of
Transfer Restricted Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or
blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may reasonably request in writing and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer
Restricted Securities covered by the Shelf Registration Statement; provided, however, that neither the Company nor the Guarantor shall be required to register or qualify as a foreign corporation where it is not then so qualified or to take
any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject; 

(xiii) shall issue, upon the request of any Holder of Initial Securities covered by the Shelf Registration Statement,
Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Initial Notes surrendered to the 

  
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Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be registered in the name of such Holder or in the name of the purchaser(s) of such
Securities, as the case may be; in return, the Initial Securities held by such Holder shall be surrendered to the Company for cancellation; 
 (xiv) cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not
bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may reasonably request (consistent with the provisions of the
Indenture) at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s); 
 (xv) use commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or
authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in Section 6(c)(xii) hereof;

 (xvi) if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred,
prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer
Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading; 

(xvii) provide a CUSIP number for all Securities not later than the effective date of the Registration Statement covering
such Securities and provide the Trustee under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such
Securities are eligible for deposit with the Depository Trust Company; 
 (xviii) cooperate and assist in any
filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and
regulations of FINRA; 
 (xix) otherwise use commercially reasonable efforts to comply with all applicable rules
and regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited) for the twelve-month period
(A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or commercially reasonable efforts Underwritten Offering or (B) if not sold to underwriters in such an
offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement; 

  
 -13-

 (xx) cause the Indenture to be qualified under the Trust Indenture Act not
later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such
Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use commercially reasonable efforts to cause the Trustee to execute all documents that may be required to effect such changes and all other
forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; 
 (xxi) use commercially reasonable efforts to cause all Securities covered by the Registration Statement to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed if requested by the Holders of a majority in aggregate principal amount of Initial Notes or the managing underwriter(s), if any; and 

(xxii) provide promptly to each Holder upon request each document filed with the Commission pursuant to the requirements
of Section 13 and Section 15 of the Exchange Act. 
 Each Holder agrees by acquisition of a Transfer Restricted
Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the
applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is advised in writing (the “Advice”) by the Company that
the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the
Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the
date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus
contemplated by Section 6(c)(xvi) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Additional Interest is due pursuant to Section 5 hereof or the
amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5 hereof. Each Holder
also agrees not to make any offer relating to the Transfer Restricted Securities that would constitute a free writing prospectus as defined in Rule 405 of the Securities Act required to be filed with the Commission. 

  
 -14-

 SECTION 7. Registration Expenses. 

(a) All expenses incident to the Company’s and the Guarantor’s performance of or compliance with this Agreement will be borne by
the Company and the Guarantor, jointly and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by the Initial
Purchaser or any Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of
compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger
and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company, the Guarantor and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; (v) all application and filing fees in
connection with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company and the
Guarantor (including the expenses of any special audit and comfort letters required by or incident to such performance). Each of the Company and the Guarantor will, in any event, bear its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company or the Guarantor. 

(b) In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer
Registration Statement and the Shelf Registration Statement), the Company and the Guarantor, jointly and severally, will reimburse the Initial Purchaser and the Holders of Transfer Restricted Securities being tendered in the Exchange Offer and/or
resold pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one
counsel, who shall be Davis Polk & Wardwell LLP or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared.

 SECTION 8. Indemnification. 
 (a) The Company and the Guarantor, jointly and severally, agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors,
partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent
lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of investigating, settling, compromising, paying or
defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and 

  
 -15-

 
expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement, Prospectus (or any amendment or supplement thereto) or issuer free writing prospectus, or any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is made in
reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Company or
the Guarantor may otherwise have. 
 In case any action or proceeding (including any governmental or regulatory investigation or
proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company or the Guarantor, such Indemnified Holder (or the Indemnified Holder controlled by such controlling
person) shall promptly notify the Company and the Guarantor in writing; provided, however, that the failure to give such notice shall not relieve the Company or the Guarantor of its obligations pursuant to this Agreement except to the extent
that the Company or the Guarantor has been materially prejudiced (through the forefeiture of substantive rights or defenses) by such failure; provided, further, that failure to notify the Company or the Guarantor shall not relieve the Company
or the Guarantor from any liability that it may have to any of the Indemnified Holders otherwise than under this provision. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such
counsel shall be paid, as incurred, by the Company and the Guarantor (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder). The Company and the Guarantor shall not, in connection
with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by the Holders. The Company and the Guarantor shall be liable for any settlement of any such action
or proceeding effected with the Company’s and the Guarantor’ prior written consent, which consent shall not be withheld unreasonably, and each of the Company and the Guarantor agrees to indemnify and hold harmless any Indemnified Holder
from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the written consent of the Company and the Guarantor. The Company and the Guarantor shall not, without the prior written consent
of each Indemnified Holder (which shall not be unreasonably withheld, delayed or conditioned), settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or
proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination includes an unconditional release of each
Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding. 

  
 -16-

 (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to
indemnify and hold harmless the Company, the Guarantor and their respective directors, officers of the Company and the Guarantor who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) the Company or the Guarantor, and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company and
the Guarantor to each of the Indemnified Holders, with respect to losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of investigating,
settling, compromising, paying or defending any claim or action, or any investigation or proceedings by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel), but only with respect to such
losses, claims, damages, liabilities and judgments based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement, Prospectus or issuer free writing prospectus. In case any action or
proceeding shall be brought against the Company, the Guarantor or their respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall
have the rights and duties given the Company and the Guarantor, and the Company, the Guarantor, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph.

 (c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a)
or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits
received by the Company and the Guarantor, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company and the Guarantor shall be deemed to be equal to the total gross proceeds to the Company and
the Guarantor from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities, judgments actions or expenses,
and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company and the Guarantor, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which
resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnified Holder on the other shall be determined by reference
to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Guarantor, on the one hand, or the
Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid or payable by a party as a result of the losses,
claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party
in connection with investigating or defending any action or claim. 

  
 -17-

 The Company, the Guarantor and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such
Holder with respect to the Initial Securities exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to
this Section 8(c) are several in proportion to the respective principal amount of Initial Notes held by each of the Holders hereunder and not joint. 
 SECTION 9. Rule 144A. Each of the Company and the Guarantor hereby agrees with each Holder, for so long as any Transfer Restricted Securities remain outstanding, upon request of such Holder,
to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial owner, the information
required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act. 
 SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s
Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney,
indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 
 SECTION 11. Selection of Underwriters. The Holders of Transfer Restricted Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted
Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the
Transfer Restricted Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company. 

  
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 SECTION 12. Miscellaneous. 

(a) Remedies. Each of the Company and the Guarantor hereby agrees that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. Each of the Company and the Guarantor will not on or after the date of this Agreement enter into
any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither the Company nor the Guarantor has previously entered into any
agreement granting any registration rights with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the
Company’s or the Guarantor’s securities under any agreement in effect on the date hereof. 
 (c) Adjustments
Affecting the Initial Securities. The Company will not take any action, or permit any change within its control to occur, with respect to the Initial Securities that would materially and adversely affect the ability of the Holders to Consummate
any Exchange Offer. 
 (d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the written consent of Holders of all
outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer
Restricted Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant
to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount
of Transfer Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly affects the rights of the Initial Purchaser hereunder, the Company shall obtain the written
consent of the Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 
 (e) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt
requested), fax, or air courier guaranteeing overnight delivery: 
 (i) if to a Holder, at the address set forth
on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture; and 

  
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 (ii) if to the Company: 

AK Steel Corporation 
 9227 Centre Pointe Drive 
 West Chester, OH 45069 

Fax: (513) 425-5580 
 Attention: General Counsel 
 All such notices and communications shall be
deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if faxed; and on the next Business Day, if timely
delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 
 (f)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of
Transfer Restricted Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted
Securities from such Holder. 
 (g) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (j) Severability. In the event that any one or
more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby. 
 (k) Entire Agreement. This Agreement is intended
by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements
and understandings between the parties with respect to such subject matter. 

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

					
	AK STEEL CORPORATION
		
	By:	 	 /s/ Roger K. Newport

		 	Name:	 	Roger K. Newport
		 	Title:	 	Vice President, Finance and Chief Financial Officer
	
	AK STEEL HOLDING CORPORATION
		
	By:	 	 /s/ Roger K. Newport

		 	Name:	 	Roger K. Newport
		 	Title:	 	Vice President, Finance and Chief Financial Officer

 [Signature Page to Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above
written: 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

 

			
	By:	 	/s/ Mark W. Kushemba
		 	Name: Mark W. Kushemba
		 	Title: Director

 [Signature Page to Registration Rights Agreement]EX-10.1

 Exhibit 10.1 
 PURCHASE AND SALE AGREEMENT 
 SELLER: 

US REAL ESTATE LIMITED PARTNERSHIP, 
 a Texas limited partnership 
 PURCHASER: 

GRIFFIN CAPITAL CORPORATION, 
 a California corporation 
 PROPERTY: 

Norterra Campus West 
 25500 and 25600 Norterra Parkway 
 City of Phoenix, Maricopa County, Arizona 85085

 May 22, 2013 
  

 
 Purchase and Sale Agreement 

 PURCHASE AND SALE AGREEMENT 

THIS AGREEMENT, dated as of the 22th day of May, 2013, (the “Effective Date”) is made by and between US REAL
ESTATE LIMITED PARTNERSHIP, a Texas limited partnership (“Seller”), with an office at 9830 Colonnade Boulevard, Suite 600, San Antonio, Texas 78230-2239, and GRIFFIN CAPITAL CORPORATION, a California corporation
(“Purchaser”), with an office at 2121 Rosecrans Avenue, Suite 3321, El Segundo, California 90245. 
 R E
C I T A L S: 
 Seller desires to sell certain improved real property commonly known as NORTERRA CAMPUS WEST located at 25500 and 25600 Norterra
Parkway, in the City of Phoenix, Maricopa County, Arizona 85085, along with certain related personal and intangible property, and Purchaser desires to purchase such real, personal and intangible property. 

NOW, THEREFORE, in consideration of the foregoing, of the covenants, promises and undertakings set forth herein, and for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 
  

	1.	The Property. 

 1.1
Description. Subject to the terms and conditions of this Agreement, and for the consideration herein set forth, Seller agrees to sell and transfer, and Purchaser agrees to purchase and acquire, all of Seller’s right, title, and interest
in and to the following (collectively, the “Property”): 
 1.1.1 Certain land (the
“Land”) located in Maricopa County, Arizona, and more specifically described in Exhibit 1.1.1 attached hereto; 
 1.1.2 The buildings, parking areas, improvements, and fixtures now situated on the Land (the “Improvements”); 

1.1.3 All furniture, personal property, machinery, apparatus, and equipment currently used in the operation, repair and
maintenance of the Land and Improvements and situated thereon including, without limitation, those items listed on the inventory attached hereto as Exhibit 1.1.3 (the “Personal
Property”). The Personal Property to be conveyed is subject to depletions, replacements and additions in the ordinary course of Seller’s business; 

1.1.4 All easements, hereditaments, and appurtenances belonging to or inuring to the benefit of Seller and pertaining to
the Land, if any; 
 1.1.5 The leases or occupancy agreements, including those in effect on the date of this
Agreement as reflected on the rent roll attached as Exhibit 1.1.5 hereto, copies of which leases or occupancy agreements have been provided to Purchaser, and any new leases entered into pursuant to Section 4.4, which as of
the Closing (as hereinafter defined) affect all or any portion of the Land or Improvements (the “Leases”), and any security deposits actually held by Seller with respect to any such Leases; 

1.1.6 Subject to Section 3.3, all contracts and agreements relating to the operation or maintenance of the
Land, Improvements or Personal Property the terms of which extend beyond midnight of the day preceding the date of Closing, such contracts and agreements listed on Exhibit 1.1.6 attached hereto; 

1.1.7 All intangible property owned by Seller and pertaining to the Land, the Improvements, or the Personal Property,
including, without limitation, Seller’s interest, if any, in the name “NORTERRA CAMPUS WEST” (but for purposes of clarity not including any rights to the name “Norterra” or “The Shops at Norterra” or similar names
owned by affiliates of Seller), all plans and specifications for the Improvements, engineering plans and landscape plans; 
 1.1.8 Assignable warranties and guaranties issued in connection with the Improvements or Personal Property; and 
  

 
 Purchase and Sale Agreement 

  
 1 

 1.1.9 All transferable consents, authorizations, variances or waivers,
licenses, permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality solely with respect to the Land or Improvements (collectively, the
“Approvals”). 
 1.2 “As-Is” Purchase. THE PROPERTY IS BEING SOLD IN AN “AS IS,
WHERE IS” CONDITION AND “WITH ALL FAULTS” AS OF THE DATE OF THIS AGREEMENT AND OF CLOSING, SUBJECT TO THE DAMAGE, DESTRUCTION OR CONDEMNATION PROVISION SET FORTH IN SECTION 7 BELOW. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND
THE DOCUMENTS DELIVERED AT CLOSING, NO REPRESENTATIONS OR WARRANTIES HAVE BEEN MADE OR ARE MADE AND NO RESPONSIBILITY HAS BEEN OR IS ASSUMED BY SELLER OR BY ANY PARTNER, OFFICER, PERSON, FIRM, AGENT OR REPRESENTATIVE ACTING OR PURPORTING TO ACT ON
BEHALF OF SELLER AS TO (I) THE CONDITION OR STATE OF REPAIR OF THE PROPERTY; (II) THE COMPLIANCE OR NON-COMPLIANCE OF THE PROPERTY WITH ANY APPLICABLE LAWS, REGULATIONS OR ORDINANCES (INCLUDING, WITHOUT LIMITATION, ANY APPLICABLE ZONING,
BUILDING OR DEVELOPMENT CODES); (III) THE VALUE, EXPENSE OF OPERATION, OR INCOME POTENTIAL OF THE PROPERTY; (IV) THE CREDIT-WORTHINESS OF ANY TENANT, VENDOR OR OTHER PERSON OR ENTITY; (V) ANY OTHER FACT OR CONDITION WHICH HAS OR MIGHT
AFFECT THE PROPERTY OR THE CONDITION, STATE OF REPAIR, COMPLIANCE, VALUE, EXPENSE OF OPERATION OR INCOME POTENTIAL OF THE PROPERTY OR ANY PORTION THEREOF; OR (VI) WHETHER THE PROPERTY CONTAINS ASBESTOS OR HARMFUL OR TOXIC SUBSTANCES OR PERTAINING TO
THE EXTENT, LOCATION OR NATURE OF SAME. THE PARTIES AGREE THAT ALL UNDERSTANDINGS AND AGREEMENTS HERETOFORE MADE BETWEEN THEM OR THEIR RESPECTIVE AGENTS OR REPRESENTATIVES ARE MERGED IN THIS AGREEMENT AND THE EXHIBITS HERETO ANNEXED, WHICH ALONE
FULLY AND COMPLETELY EXPRESS THEIR AGREEMENT, AND THAT THIS AGREEMENT HAS BEEN ENTERED INTO AFTER FULL INVESTIGATION, OR WITH THE PARTIES SATISFIED WITH THE OPPORTUNITY AFFORDED FOR FULL INVESTIGATION, NEITHER PARTY RELYING UPON ANY STATEMENT OR
REPRESENTATION BY THE OTHER UNLESS SUCH STATEMENT OR REPRESENTATION IS SPECIFICALLY EMBODIED IN THIS AGREEMENT, THE EXHIBITS ANNEXED HERETO OR THE DOCUMENTS DELIVERED AT CLOSING. TO THE EXTENT THAT SELLER HAS PROVIDED TO PURCHASER ANY SURVEYS, TITLE
COMMITMENTS, INSPECTION, ENGINEERING OR ENVIRONMENTAL REPORTS (INCLUDING REPORTS CONCERNING ASBESTOS OR HARMFUL OR TOXIC SUBSTANCES, OR ANY OTHER MATERIALS, INFORMATION OR DATA IN CONNECTION WITH PURCHASER’S INSPECTION OF THE PROPERTY), SELLER
MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS, METHODOLOGY OF PREPARATION OR OTHERWISE CONCERNING THE CONTENTS OF SUCH REPORTS, MATERIALS, INFORMATION AND DATA EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT.
PURCHASER ACKNOWLEDGES THAT ANY SUCH REPORTS, MATERIALS, INFORMATION AND DATA MADE AVAILABLE TO PURCHASER ARE MADE AVAILABLE AS A CONVENIENCE AND AN ACCOMMODATION ONLY, AND THAT SELLER HAS REQUESTED PURCHASER TO INSPECT FULLY THE PROPERTY AND
INVESTIGATE ALL MATTERS RELEVANT THERETO AND TO RELY SOLELY UPON THE RESULTS OF PURCHASER’S OWN INSPECTIONS OR OTHER INFORMATION OBTAINED OR OTHERWISE AVAILABLE TO PURCHASER, RATHER THAN ANY INFORMATION THAT MAY HAVE BEEN PROVIDED BY SELLER TO
PURCHASER, SUBJECT TO THE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS AGREEMENT AND IN THE DOCUMENTS DELIVERED AT CLOSING. 
 EXCEPT FOR THOSE REPRESENTATIONS AND WARRANTIES SET FORTH IN SUBSECTION 5.1 AND IN THE DOCUMENTS DELIVERED AT CLOSING, PURCHASER WAIVES AND RELEASES SELLER FROM ANY PRESENT OR FUTURE CLAIMS ARISING
FROM OR RELATING TO THE CONDITION, OPERATION OR ECONOMIC PERFORMANCE OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE PRESENCE OR ALLEGED PRESENCE OF 
  

 
 Purchase and Sale Agreement 

  
 2 

 
ASBESTOS OR HARMFUL OR TOXIC SUBSTANCES IN, ON, UNDER OR ABOUT THE PROPERTY INCLUDING, WITHOUT LIMITATION, ANY CLAIMS UNDER OR ON ACCOUNT OF (I) THE COMPREHENSIVE ENVIRONMENTAL RESPONSE,
COMPENSATION AND LIABILITY ACT OF 1980, AS THE SAME MAY HAVE BEEN OR MAY BE AMENDED FROM TIME TO TIME, AND SIMILAR STATE STATUTES, AND ANY REGULATIONS PROMULGATED THEREUNDER; (II) ANY OTHER FEDERAL, STATE OR LOCAL LAW, ORDINANCE, RULE OR REGULATION,
NOW OR HEREAFTER IN EFFECT, THAT DEALS WITH OR OTHERWISE IN ANY MANNER RELATES TO, ENVIRONMENTAL MATTERS OF ANY KIND; OR (III) THE COMMON LAW. 
 THE TERMS AND PROVISIONS OF THIS SECTION SHALL SURVIVE CLOSING HEREUNDER. 
  

									
		 	  
 Purchaser’s
Initials
	  		  	  
 Seller’s
Initials
	  	

 1.3 Agreement to Convey. Seller agrees to convey, and Purchaser agrees to accept, title to the
Land and Improvements by special warranty deed in the condition described in Section 3.4 and title to the Personal Property, by bill of sale, without warranty as to the condition of such personalty. 

 

	2.	Price and Payment. 

 2.1
Purchase Price. The purchase price for the Property (the “Purchase Price”) is FIFTY-FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($54,500,000.00) U.S. All references in this Agreement to dollars means United
States Dollars. 
 2.2 Payment. Payment of the Purchase Price is to be made in cash as follows: 

2.2.1(a) Within two (2) business days after the Effective Date of this Agreement, Purchaser shall deposit earnest money with the
Title Company (as hereinafter defined) in the amount of TWO MILLION AND NO/100 DOLLARS ($2,000,000.00) (the “Deposit”). In the event that Purchaser elects to deliver to Seller the “Closing Notice” in accordance with
Section 3.6 hereof on or before the Approval Date, then the Deposit shall be non-refundable (except as otherwise specified herein). The Deposit shall be in good funds, either by cashier’s check or by federal wire transfer and shall
be delivered to and held by the Title Company pursuant to the terms, covenants and conditions of this Agreement. If Purchaser fails to make the Deposit as and when required herewith, Seller may terminate this Agreement by written notice to
Purchaser, in which case the parties shall have no further obligation to each other except for any provisions that expressly survive the termination of this Agreement. 

(b) The Deposit will be placed with and held in escrow by Chicago Title Insurance Company (Los Angeles), 700 South Flower
Street, Suite 3305, Los Angeles, California 90017 Attention: Amy Musselman (Title Officer) and Amy Hiraheta (Escrow Officer) (the “Title Company”, who is working in conjunction with Commonwealth Title of Dallas, 2651 N.
Harwood Street, Suite 260, Dallas, TX 75201 on the Title Commitment and title policy), in immediately available funds in an interest bearing account at a mutually acceptable banking institution. Any interest earned by the Deposit shall be considered
as part of the Deposit. Except as otherwise provided in this Agreement, the Deposit will be applied to the Purchase Price at Closing. 
 (c) Prior to or contemporaneous with the execution hereof by Purchaser and Seller, Purchaser has paid to Seller ONE HUNDRED AND NO/100 DOLLARS ($100.00) (“Independent Contract
Consideration”), which amount Seller and Purchaser bargained for and agreed to as consideration for Seller’s execution and delivery of this Agreement. The Independent Contract Consideration is non-refundable and in addition to any
other payment or deposit required by this Agreement, and Seller shall retain the Independent Contract Consideration notwithstanding any other provision of this Agreement to the contrary. 

2.2.2 Payment. At Closing, Purchaser shall pay Seller the Purchase Price, subject to adjustment for the prorations as provided
herein, by wire transfer of immediately 
  
  

Purchase and Sale Agreement 

  
 3 

 
available funds to the Title Company on the Closing Date in accordance with wire transfer instructions to be provided by the Title Company. 

2.3 Closing. Payment of the Purchase Price and the closing hereunder (the “Closing”) will take place
pursuant to an escrow closing on the later to occur of (i) June 6, 2013, or (ii) the fifth
(5th) business day after the Approval Date (as
defined in the Term Sheet attached hereto) (the “Closing Date”) at the offices of the Title Company at a time to be mutually agreed upon by the parties or at such other time and place as may be agreed upon in writing by
Seller and Purchaser. 
  

	3.	Inspections and Approvals. 

3.1 Inspections. 
 3.1.1 Seller agrees to allow Purchaser and Purchaser’s engineers, architects, employees, agents and representatives reasonable access during normal business hours to the Property and to the records,
if any, maintained by or for Seller by Seller or Seller’s property management company or otherwise within the possession or control of Seller or its representatives. Such access shall be solely for the purposes of (i) reviewing Leases and
any records relating thereto; (ii) reviewing records relating to operating expenses; and (iii) inspecting the physical condition of the Property and conducting non-intrusive physical and environmental tests and inspections of the Property.
PURCHASER SHALL NOT CONDUCT OR ALLOW ANY PHYSICALLY INTRUSIVE TESTING OF, ON OR UNDER THE LAND OR THE IMPROVEMENTS WITHOUT FIRST OBTAINING SELLER’S WRITTEN CONSENT AS TO THE TIMING AND SCOPE OF WORK TO BE PERFORMED, WHICH CONSENT MAY BE
WITHHELD IN SELLER’S SOLE AND ABSOLUTE DISCRETION. Seller shall arrange and have its representative attend, during normal business hours and at a reasonable time, an interview to occur prior to the Approval Date (hereinafter defined)
between Purchaser and a representative of Connecticut General Life Insurance Company (“Connecticut General”), the tenant at the Property, with specific knowledge of the operations of Connecticut General at the Property and
the strategic importance of the location to the overall operations of Connecticut General. 
 3.1.2 Purchaser
agrees that, in making any inspections of, or conducting any testing of, on or under, the Property, Purchaser shall carry, and shall cause its representatives to carry (a) not less than $2,000,000 comprehensive general liability insurance (with
a lower amount of $1,000,000 required for Purchaser’s contractors or consultants entering the property) and (b) Umbrella liability insurance in excess of the comprehensive general liability insurance with limits of not less than $4,000,000
per occurrence/$4,000,000 aggregate (with no such requirement being imposed for Purchaser’s contractors or consultants entering the property), insuring all activity and conduct of Purchaser and such representatives while exercising such right
of access. Purchaser represents and warrants that it carries not less than the coverage set forth in paragraphs (a) and (b) of this Section 3.1.2 with contractual liability endorsement which insures Purchaser’s indemnity
obligations hereunder, and, upon request of Seller, will provide Seller with written evidence of same. 
 3.1.3
Purchaser agrees that in exercising its right of access hereunder, Purchaser will use (and cause its representatives to use) commercially reasonable efforts not to interfere with the activity of tenants or any persons occupying or providing service
at the Property; provided that Purchaser acknowledges and agrees that it shall comply with the security, access and other requirements imposed by Connecticut General as the sole tenant at the Property. Purchaser shall give Seller reasonable prior
notice of its intention to conduct any inspections or tests, so that Seller shall have a reasonable opportunity to have a representative present during any such inspection or test, and Seller expressly reserves the right to have such a
representative present. Purchaser agrees to cooperate with any reasonable request by Seller or Connecticut General in connection with the timing of any such inspection or test. Purchaser agrees to provide Seller with a copy of any third party
written inspection or test report or summary upon Seller’s request therefor, without representation or warranty. 
 3.1.4 Unless Seller specifically and expressly otherwise agrees in writing, Purchaser agrees that, prior to Closing (a) the results of all inspections, tests, analyses, studies and similar reports
relating to the Property prepared by or for Purchaser utilizing any information acquired in whole or in part through the exercise of Purchaser’s inspection rights; and (b) all information (the “Proprietary
Information”) regarding 
  
  

Purchase and Sale Agreement 

  
 4 

 
the Property of whatsoever nature made available to Purchaser by Seller or Seller’s agents or representatives is confidential and shall not be disclosed. Notwithstanding the foregoing,
(i) Purchaser shall be entitled to make disclosures concerning this Agreement and materials provided hereunder, including, without limitation, Proprietary Information, to its lenders, investors, attorneys, accountants, employees, agents and
other service professionals as may be reasonably necessary in furtherance of the transactions contemplated hereby provided that such parties acknowledge and agree to the nondisclosure obligation of Purchaser, (ii) Purchaser shall be entitled to
make disclosures concerning this transaction and materials provided hereunder, including, without limitation, Proprietary Information, to its potential debt and equity sources, (iii) Purchaser shall be entitled to make such disclosures
concerning this Agreement and materials provided hereunder, including, without limitation, Proprietary Information, as may be necessary to comply with any court order or directive of any applicable governmental authority, and (iv) Purchaser and
its affiliates may make any disclosures regarding the transactions contemplated hereby in an effort to comply with federal or state laws applicable to any such entity, including, but not limited to, federal and state securities laws and applicable
rules and regulations of the United States Securities and Exchange Commission (“SEC”). Further, if the purchase and sale contemplated hereby fails to close for any reason whatsoever, Purchaser agrees to return to Seller, or cause to be
returned to Seller, all Proprietary Information. Notwithstanding any other term of this Agreement, the provisions of this Section 3.1.4 shall survive termination of this Agreement, but shall terminate at Closing. 

3.1.5 Purchaser shall, at its sole cost and expense, promptly restore any physical damage or alteration of the physical
condition of the Property which results from any inspections or testing conducted by or on behalf of Purchaser. All inspections and testing shall be conducted at Purchaser’s sole cost and expense and in strict accordance with all requirements
of applicable law. 
 3.1.6 Except as set forth in this Agreement, Seller makes no representations or warranties
as to the truth, accuracy or completeness of any materials, data or other information supplied to Purchaser in connection with Purchaser’s inspection of the Property (e.g., that such materials are complete, accurate or the final version
thereof, or that such materials are all of such materials as are in Seller’s possession). It is the parties’ express understanding and agreement that such materials are provided only for Purchaser’s convenience in making its own
examination and determination prior to the Approval Date as to whether it wishes to purchase the Property, and, in doing so, Purchaser shall rely exclusively on its own independent investigation and evaluation of every aspect of the Property and not
on any materials supplied by Seller. Except as to representations and warranties expressly set forth in this Agreement, Purchaser expressly disclaims any intent to rely on any such materials provided to it by Seller in connection with its inspection
and agrees that it shall rely solely on its own independently developed or verified information. 
 3.1.7
PURCHASER AGREES (WHICH AGREEMENT SHALL SURVIVE CLOSING OR TERMINATION OF THIS AGREEMENT) TO INDEMNIFY, DEFEND, AND HOLD SELLER FREE AND HARMLESS FROM ANY LOSS, INJURY, DAMAGE, CLAIM, LIEN, COST OR EXPENSE, INCLUDING REASONABLE ATTORNEYS’
FEES AND COSTS, ARISING OUT OF PURCHASER’S EXERCISE OF ITS RIGHTS OF INSPECTION OR ARISING OUT OF A BREACH OF THE FOREGOING AGREEMENTS BY PURCHASER IN CONNECTION WITH THE INSPECTION AND TESTING OF THE PROPERTY. THE TERMS AND PROVISIONS OF THIS
SECTION SHALL SURVIVE CLOSING HEREUNDER. 
 3.2 Title and Survey. Seller has delivered to Purchaser an ALTA/ASCM Land
Title Survey of the Land (the “Existing Survey”) prepared by Wood/Patel Civil Engineers in Phoenix, AZ. Purchaser shall obtain, at its sole cost and expense, a current, as-built survey of the Property prepared by a registered
surveyor acceptable to Purchaser (the “Survey”), which may be an update of the Existing Survey delivered by Seller to Purchaser. Within five (5) days following the Effective Date, Seller shall obtain, at its sole cost
and expense, and deliver to Purchaser a current title commitment for a standard ALTA Owner’s Title Insurance Policy with respect to Seller’s interest in the Land, appurtenances and Improvements (the “Title
Commitment”), together with legible copies of all documents and instruments referred to as exceptions to title in the Title Commitment. Purchaser shall have ten (10) business days from its receipt of the Title Commitment, legible
copies of all documents and instruments referred to as exceptions listed therein and the Survey to provide written notice to Seller of any matters shown by the Title Commitment or Survey which are not satisfactory to Purchaser, which 

 
  
 Purchase and Sale Agreement 

  
 5 

 
notice (the “Title Notice”) must specify the reason such matter(s) are not satisfactory and the curative steps necessary to remove the basis for Purchaser’s
disapproval. The parties shall then have until the Approval Date specified in Section 3.6 to make such arrangements or take such steps as they shall mutually agree to satisfy Purchaser’s objection(s); provided, however, except as
otherwise provided herein, Seller shall have no obligation whatsoever to expend or agree to expend any funds, to undertake or agree to undertake any obligations or otherwise to cure or agree to cure any title or survey objections, and Seller shall
not be deemed to have any obligation to cure unless Seller expressly undertakes such an obligation by a written notice to or written agreement with Purchaser given or entered into on or prior to the Approval Date and which recites that it is in
response to a Title Notice. Notwithstanding the foregoing, all exceptions to title shown on the Title Commitment or otherwise arising prior to the Closing which evidence (i) mortgages or deeds of trust encumbering Seller’s fee interest in
the Property; (ii) judgment liens evidencing non-appealable judgments rendered against Seller and encumbering Seller’s fee interest in the Property; or (iii) mechanic’s or materialmen’s liens encumbering Seller’s fee
interest in the Property and arising from any work performed or materials furnished for or on behalf of Seller (items i, ii, and iii above collectively referred to as “Lien Exceptions”), shall, in each instance, be deemed
objected to without any notice by Purchaser and cured by Seller (which, in the case of a mechanic’s or materialmen’s lien shall include, at Seller’s option, bonding around or insuring-over the mechanic’s or materialmen’s
lien) at or prior to Closing. Except as otherwise provided with respect to Lien Exceptions, Purchaser’s sole right with respect to any Title Commitment or Survey matter to which it objects in a Title Notice given in a timely manner shall be to
elect on or before the Approval Date to terminate this Agreement pursuant to Section 3.6 hereof. All matters of record pertaining to the Property shown on Schedule B – Section II of the Title Commitment and/or matters shown on the
Survey with respect to which Purchaser fails to give a Title Notice on or before the last date for so doing, or with respect to which a timely Title Notice is given but Seller fails to undertake an express obligation to cure as provided above, shall
be deemed to be approved by Purchaser and “Permitted Encumbrances” as provided in Section 3.4 hereof, subject, however, to Purchaser’s termination right provided in Section 3.6 hereof. 

3.3 Contracts. On or before the Approval Date, Purchaser shall notify Seller in writing if Purchaser elects not to assume at
Closing any of the contracts listed in Exhibit 1.1.6 relating to the operation of the Property (the “Contracts”), copies of which Contracts have been provided to Purchaser. If Purchaser does not notify Seller
prior to the Approval Date, it shall be conclusively presumed that Purchaser accepts and agrees to assume all of the Contracts. If Purchaser exercises its right not to assume one or more Contracts at Closing, Seller shall give notice of termination
of such disapproved contract(s) at Closing; provided, if by the terms of the disapproved contract Seller has no right to terminate same on or prior to Closing, or if any fee or other compensation is due thereunder as a result of such termination,
Purchaser shall be required at Closing to assume all obligations thereunder until the effective date of the termination and to assume the obligation to pay or to reimburse Seller for the payment of the termination charge. Any Contracts which are not
assignable shall be the sole responsibility of Seller, shall be cancelled by Seller on or before Closing, and Seller shall and hereby agrees to indemnify Purchaser for, from and against any and all liability relating thereto, which indemnification
obligation expressly shall survive Closing. 
 3.4 Permitted Encumbrances. Unless Purchaser terminates this Agreement
pursuant to Section 3.6 hereof following its opportunity fully to inspect the Property, the state of title thereto and all other matters relating to the Property, including its feasibility for Purchaser’s intended use and its
suitability as an investment, Purchaser shall be deemed to have approved and to have agreed to purchase the Property subject to the following: 
 3.4.1 All matters of record pertaining to the Property shown on Schedule B – Section II of the Title Commitment or matters shown on the Survey which Purchaser has approved or is deemed to have
approved pursuant to Section 3.2 hereof; 
 3.4.2 All contracts and leases which Purchaser has
approved or is deemed to have approved pursuant to Sections 3.3, 4.3 and 4.4 hereof; and 
 3.4.3 The lien
of non-delinquent real and personal property taxes and assessments. 
 All of the foregoing are referred to
herein collectively as “Permitted Encumbrances.” 
 3.5 Miscellaneous Property Information.
Seller has provided Purchaser with the information listed in Exhibit 3.5 (“Miscellaneous Property  
  

 
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 6 

 
Information”) or otherwise made such information available to Purchaser for Purchaser’s review, to the extent such information exists and is within the possession or
control of Seller or its representatives. 
 3.6 Purchaser’s Right to Terminate. Purchaser shall have the right, for
any reason or no reason, by giving Seller written notice (the “Termination Notice”) on or before 5:00 p.m. Central Time on the Approval Date (as defined in the Term Sheet attached hereto) to terminate its obligation to
purchase the Property; provided, however, that if the Approval Date is extended from May 30, 2013 to June 13, 2013, as provided in the Term Sheet, then, notwithstanding the foregoing, from and after 5:00 p.m. Central Time on May 30,
2013 through 5:00 p.m. Central Time on June 13, 2013 (the “Extension Period”), Purchaser’s sole right under this Section 3.6 to terminate its obligation to purchase the Property during the Extension Period
shall be for Seller’s failure to deliver a subordination, non-disturbance and attornment agreement executed by each tenant in favor of Purchaser’s lender in the form attached hereto as Exhibit 9.2.15. If the Termination
Notice is timely given, the Title Company shall return the Deposit to Purchaser without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller and neither party shall have any
further liability hereunder except for the obligations of Purchaser pursuant to the provisions of Section 3.1.4 and Section 3.1.7 hereof. If, in Purchaser’s sole and absolute discretion, Purchaser determines that it desires to
consummate the purchase of the Property contemplated hereby, then Purchaser will give written notice thereof (the “Closing Notice”) to Seller, prior to 5:00 p.m. Central Time on the expiration Approval Date. In the event that
Purchaser provides Seller with the Closing Notice, then Purchaser will be deemed to have waived its termination rights under this Section 3.6, and the parties will proceed to Closing, subject to all other terms and conditions of this
Agreement. If Purchaser does not give Seller the Closing Notice prior to 5:00 p.m. Central Time on the Approval Date and has not previously terminated this Agreement by written notice to Seller, then this Agreement automatically shall terminate at
5:00 p.m. Central Time on the Approval Date, and, in such event, neither party shall have any further obligation hereunder except for the obligations of Purchaser pursuant to the provisions of Section 3.1.4 and Section 3.1.7 hereof.
In either of such events terminating this Agreement, immediately following written request from Purchaser to the Title Company, the Title Company shall return all of the Deposit to Purchaser, without the consent or joinder of Seller being required
and notwithstanding any contrary instructions which might be provided by Seller. 
  

	 	3.7	Estoppels. 

  

	 	(a)	Seller shall endeavor to secure and deliver to Purchaser, no later than two (2) business days prior to the Closing Date, an estoppel certificate from each tenant
of the Property in the form of Exhibit 9.2.10 attached hereto (collectively, the “Tenant Estoppel”). Seller shall provide Purchaser with copies of the Tenant Estoppel for Purchaser’s review and comment
before delivering the Tenant Estoppel to the tenant. Purchaser shall only have the right to comment upon the completed portions of the Tenant Estoppel form not the form itself, and the form Tenant Estoppel will be deemed approved by Purchaser for
all purposes if Purchaser fails to provide Seller with written objections thereto within three (3) business days following the date Seller delivers same to Purchaser. In no event shall Seller be obligated to deliver updates to the Tenant
Estoppel. Seller will deliver Purchaser a copy of the signed Tenant Estoppel promptly following Seller’s receipt thereof. If the Tenant Estoppel is not in the form required by this Section 3.7(a) and Purchaser fails to furnish
Seller with a written notice of disapproval (which notice, in order to be effective, must include Purchaser’s specific objections), within three (3) business days from the date of Seller’s delivery thereof, such Tenant Estoppel will
be deemed approved by Purchaser. Notwithstanding the foregoing, Purchaser’s obligation to close this transaction is subject to the condition that, as of Closing, Purchaser shall have received the Tenant Estoppel from tenant, without
modification to the form of Tenant Estoppel approved by Purchaser. In the event Seller has not provided the Tenant Estoppel on or before two (2) business days prior to the initially scheduled Closing Date, either party hereto shall have a one
time right to delay the Closing for up to thirty (30) days upon written notice to the other party hereto delivered not less than two (2) business days prior to the scheduled Closing Date. If the foregoing Tenant Estoppel is not delivered
to Purchaser on or before the Closing Date, as may have been delayed as provided above, then Purchaser’s sole right with respect thereto shall be to elect to terminate this Agreement upon written notice thereof delivered to Seller on or before
the Closing Date. If such termination notice is given, the Title Company shall immediately return the Deposit to Purchaser without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided
by Seller and neither party shall have any further liability hereunder except for the obligations of Purchaser pursuant to the 

  

 
 Purchase and Sale Agreement 

  
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indemnification provisions of Section 3.1.4 and Section 3.1.7 hereof. If Purchaser fails, for any or no reason, to timely deliver any such termination notice, Purchaser
will be deemed to have elected to waive Purchaser’s right to terminate under this Section 3.7(a). 

  

	 	(b)	Seller shall endeavor to secure and deliver to Purchaser, no later than two (2) business days prior to the Closing Date, an estoppel certificate from the declarant
or other responsible party, or their successors in interest, to those covenants, conditions and restrictions affecting the Property described on Exhibit 3.7(b) (the “CC&Rs”) in such form as is reasonably
acceptable to Purchaser including a statement that the Property is in compliance with the CC&Rs and the existence of no defaults under the CC&Rs or the occurrence of any events which with the passage of time would constitute a default
thereunder (collectively, the “CC&R Estoppels”). Purchaser shall prepare and deliver to Seller forms of the CC&R Estoppels within five (5) business days of the Effective Date. In no event shall Seller be
obligated to deliver updates to the CC&R Estoppels. Seller will deliver to Purchaser the signed CC&R Estoppels promptly following Seller’s receipt thereof. If the signed CC&R Estoppels are not in the form prepared by Purchaser and
Purchaser fails to furnish Seller with a written notice of disapproval (which notice, in order to be effective, must include Purchaser’s specific objections), within three (3) business days from the date of Seller’s delivery thereof,
such CC&R Estoppels will be deemed approved by Purchaser. Notwithstanding the foregoing, Purchaser’s obligation to close this transaction is subject to the condition that, as of Closing, Purchaser shall have received the fully executed
CC&R Estoppels indicating that the Property is in compliance with the CC&Rs and the existence of no defaults under the CC&Rs or the occurrence of any events which with the passage of time would constitute a default thereunder and
otherwise without modification to the form of CC&R Estoppels prepared by Purchaser. In the event Seller has not provided the CC&R Estoppels in the proper form on or before two (2) business days prior to the initially scheduled Closing
Date, either party hereto shall have a one time right to delay the Closing for up to thirty (30) days upon written notice to the other party hereto delivered not less than two (2) business days prior to the scheduled Closing Date. If the
foregoing CC&R Estoppels are not delivered to Purchaser in the proper form on or before the Closing Date, as may have been delayed as provided above, then Purchaser’s sole right with respect thereto shall be to elect to terminate this
Agreement upon written notice thereof delivered to Seller on or before the Closing Date. If such termination notice is given, the Title Company shall immediately return the Deposit to Purchaser without the consent or joinder of Seller being required
and notwithstanding any contrary instructions which might be provided by Seller and neither party shall have any further liability hereunder except for the obligations of Purchaser pursuant to the indemnification provisions of
Section 3.1.4 and Section 3.1.7 hereof. If Purchaser fails, for any or no reason, to timely deliver any such termination notice, Purchaser will be deemed to have elected to waive Purchaser’s right to terminate under this
Section 3.7(b). 

  

	4.	Prior to Closing. 

 Until
Closing, Seller or Seller’s agent shall: 
 4.1 Insurance. Keep the Property insured for its full replacement cost
under its current policies against fire and other hazards covered by an extended coverage endorsement and against claims for bodily injury, death and property damage occurring in, on or about the Property covered by comprehensive public liability
insurance and pay all premiums for such insurance prior to the applicable due dates. 
 4.2 Operation. Operate and
maintain the Property in a businesslike manner and substantially in accordance with Seller’s past practices with respect to the Property, normal wear and tear and casualty and condemnation governed by the provisions of Section 7
excepted. 
 4.3 New Contracts. Enter into only those third-party contracts which are necessary to carry out its
obligations under Section 4.2 and which shall be cancelable on thirty (30) days’ written notice without payment of any fee or penalty. If Seller enters into any such contract, it shall promptly provide written notice thereof to
Purchaser and unless Purchaser, within seven (7) days thereafter, notifies Seller in writing of its intention to assume such contract, it shall be treated as a contract disapproved by Purchaser under Section 3.3 hereof. 

 
  
 Purchase and Sale Agreement 

  
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 4.4 New Leases. Continue its present rental program and efforts at the Property to
rent vacant space, provided that Seller will not execute any new leases or amend, terminate or accept the surrender of any existing tenancies or approve any subleases without the prior written consent of Purchaser, which consent may be withheld in
Purchaser’s sole discretion Failure of Purchaser to consent or expressly withhold its consent stating with specificity the basis of its objection within two (2) business days after written request for such consent shall be deemed to
constitute consent. 
 4.5 Build-out Costs and Commissions. If (i) any lease is identified on Exhibit
4.5 or (ii) after the Effective Date Seller executes any new lease (or renewal or expansion of any existing lease), and in either event such lease requires the construction of tenant fixtures or improvements or the payment of leasing or
brokerage commission(s) (“Build-out Costs and Commissions”) at the expense of the landlord, Seller agrees to pay and/or at Closing to provide a credit against the Purchase Price for any unpaid portion of the cost of such
improvements and leasing or brokerage commission(s) and any other costs associated with such lease. 
 4.6 Obligation to
Provide Notices. Seller agrees to promptly provide Purchaser with copies of any and all notices which Seller receives from and after the Effective Date concerning (i) any proposed or threatened condemnation of the Property, (ii) any
alleged violations of the Property with respect to applicable governmental laws or requirements, (iii) any litigation filed or threatened against Seller or the Property, or (iv) any other matter that adversely affects, or potentially could
adversely affect, the Property. 
 4.7 Listing of Property for Sale. From the Effective Date through and including the
Closing Date, Seller agrees to not list (other than the current listing agreement with Cushman & Wakefield of Arizona, Inc.), verbally or in writing, the Property with any broker or otherwise solicit or make or accept any offers to sell the
Property or enter into any contracts or agreements, including back-up contracts, regarding any disposition of the Property. 
  

	5.	Representations and Warranties. 

 5.1 By Seller. Seller represents and warrants to Purchaser that: 
 5.1.1 Seller is a Texas limited partnership duly organized validly existing, in good standing, and is authorized to do business in the State in which the Property is located; 

5.1.2 Seller is not a “foreign person” within the meaning of Section 1445 of the Internal Revenue Code of
1986, as amended; 
 5.1.3 To Seller’s knowledge, except as otherwise indicated on the Disclosure Statement
attached hereto as Exhibit 5.1.3: 
 (i) Litigation. There is no action, suit, litigation or
proceeding to which Seller is a party the outcome of which could adversely affect the Property pending or being prosecuted in any court or before any federal, state, county or municipal department, commission, bureau, agency or other governmental
instrumentality, other than tax contests, if any; 
 (ii) Environmental. Neither the Property nor Seller
(as to the Property) is in violation of any existing, applicable Environmental Law, or subject to any existing or pending investigation or inquiry by any governmental authority or any remedial action or remedial obligations under any Environmental
Law. The term “Environmental Laws” shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. Sections 9601 et seq., the Resource Conservation and Recovery Act of 1976, 42 U.S.C.
Sections 6901, et seq., the Toxic Substances Control Act, 15 U.S.C. Sections 2601 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. 1801 et seq., the Clean Water Act, 33 U.S.C. Sections 1251 et seq., Arizona Environmental Quality Act
(Title 49, Arizona Revised Statutes), as said laws have been supplemented or amended to date, the regulations promulgated pursuant to said laws and any other administrative, federal, state or local law, statute, rule, regulation or ordinance which
regulates or proscribes the use, storage, disposal, presence, cleanup, transportation or release or threatened release into the environment of Hazardous Materials. The term “Hazardous Materials” shall 

 
  
 Purchase and Sale Agreement 

  
 9 

 
mean any substance, chemical, waste or other material which is listed, defined or otherwise identified as “hazardous” or “toxic” under any of the Environmental Laws,
including, without limitation, any “hazardous substance” as now or hereafter defined in the Arizona Environmental Quality Act (Title 49, Arizona Revised Statutes), formaldehyde, urea, polychlorinated biphenyls, petroleum, petroleum product
or by-product, crude oil, natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel or mixture thereof, radon, asbestos and any by-product of same; 

(iii) Leases. A true, correct and complete copy of all Leases (and all amendments thereto) in effect as of the
Effective Date has been provided to Purchaser. As of the Effective Date, no portion of the Property is subject to a lease to which Seller is a party other than the Leases. Except for those tenants in possession of the Property under the Leases,
there are no parties in possession of, or claiming any possession to, any portion of the Property. Neither Seller nor Tenant is in default under, or in breach of, the Leases, and no event has occurred which, with the giving of notice or the passage
of time or both, would constitute a default under the Leases; 
 (iv) Contracts. True and complete copies
of all Contracts (and all amendments thereto), in effect as of the Effective Date have been provided to Purchaser. Neither Seller nor its vendors are in default under, or in breach of, the Contracts, and no event has occurred which, with the giving
of notice or the passage of time or both, would constitute a default under any Contract; 
 (v)
Condemnation. No condemnation proceedings have been instituted against the Property and Seller has not received any written notice and has no knowledge that any such proceedings or suits are contemplated; 

(vi) Proceedings. Seller has received no correspondence or other written information to indicate that there is any
pending or threatened (a) violation of law, (b) environmental, zoning or other land use regulation proceeding, or (c) tax levy or special assessment proceedings against the Property or any portion thereof; 

(vii) Reports. Seller has delivered or, if too extensive, made available to Purchaser for review, to the extent in
existence and in Seller’s possession, true and complete copies of all environmental, asbestos, soil and geotechnical reports regarding the Property; 
 (viii) Authority. Seller has the full right, power, and authority, without the joinder of any other person or entity, to enter into, execute and deliver this Agreement, and to perform all duties
and obligations imposed on Seller under this Agreement; 
 (ix) Conflicts of Law. Neither the execution
nor the delivery of this Agreement, nor the consummation of the purchase and sale contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the breach of any of the
terms, conditions, or provisions of any agreement or instrument to which Seller is a party or by which Seller or any of Seller’s assets is bound; 
 (x) Financial Statements. The financial statements delivered by Seller to Purchaser pursuant to Section 3.5 hereof, are true, correct and complete in all material respects; 

(xi) Employment Agreements. There are no employment agreements of any kind to which Seller is a party, including
union or collective bargaining agreements, which will be binding on Purchaser after the Closing; 
 (xii)
Defects. Seller has not receive notice of any defects in the drainage systems, foundations, roofs, walls, superstructures, plumbing, air conditioning and heating equipment, electrical wiring, boilers, hot water heaters or other portions of
the Property; and 
 (xiii) Sales Taxes. All sales or transactional privilege taxes from each applicable
sales taxing authority (state, county, and city) with respect to the Property are paid current and there are no delinquencies with respect to the payment of said taxes. 

 
  
 Purchase and Sale Agreement 

  
 10 

 5.1.4 Each of the representations and warranties of Seller contained in
Section 5.1: (i) is made as of the Effective Date; (ii) will be deemed to be remade by Seller, and to be true, correct and complete as of Closing, subject to other matters expressly permitted in this Agreement or otherwise
specifically approved in writing by Purchaser, in its sole discretion; and (iii) will survive for a period of six (6) months after the Closing (“Claims Period”). Any claim that Purchaser may have at any time against
Seller for a breach of any such representation or warranty, whether known or unknown, which is not specifically asserted by the commencement and service of a lawsuit in a court of competent jurisdiction before the expiration of the Claims Period
will not be valid or effective, and Seller will have no liability with respect thereto. Additionally, any Claim actually known by Purchaser on or prior to Closing shall be deemed waived by Purchaser if Purchaser does not terminate this Agreement on
account thereof, but proceeds to Closing despite such breach. Notwithstanding anything to the contrary contained herein, with respect to any lawsuit filed after Closing but before the end of the Claims Period (1) in no event will Seller have
any liability to Purchaser for a breach of any covenant, representation or warranty under this Agreement in excess of One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00) (“Claims Ceiling”), and (2) no
claim by Purchaser alleging a breach by Seller of any covenant, representation or warranty contained herein or in any of the Closing Documents may be made, and Seller shall not be liable for any judgment in any action based upon any such claim,
unless and until such claim, either alone or together with any other claims by Purchaser alleging a breach by Seller of any such representation or warranty is for an aggregate amount in excess of Fifty Thousand and No/100 Dollars ($50,000.00) (the
“Claims Floor”), in which event Seller’s liability respecting any final judgment concerning such claim or claims shall be for the entire amount thereof, subject to the limitation set forth in clause (1) above;
provided, however, that if any such final judgment is for an amount that is less than or equal to the Claims Floor, then Seller shall have no liability with respect thereto. The provisions of this Section 5.1.4 shall survive Closing.

 5.1.5 The continued accuracy of the aforesaid representations and warranties is a condition precedent to
Purchaser’s obligation to close. If any of said representations and warranties is not correct at the time the same is made or as of Closing, and Seller had no knowledge of such inaccuracy when the representation or warranty was made, or when
remade at Closing, or if such warranty or representation becomes inaccurate on or prior to Closing other than by reason of Seller’s default hereunder, Purchaser may, upon being notified of such occurrence on or prior to Closing and after the
expiration of the cure period provided under Section 11.6 hereof, either (a) terminate this Agreement and receive a refund of the Deposit and Seller shall thereafter promptly reimburse Purchaser for its out-of-pocket due diligence
expenses incurred in connection with this Agreement and the Property, including, but not limited to, the cost of a survey, third party inspections, Phase I Assessment, appraisals, application and loan fees and attorneys’ fees and costs, up to a
maximum of $100,000.00, without further liability on the part of Seller or Purchaser, subject to its obligations under Section 3.1.4 and Section 3.1.7, or (b) waive such matter and proceed to Closing, by notice to Seller given
within ten (10) days after the expiration of the cure period provided under Section 11.6 hereof, in which event Seller shall have no liability with respect to any such inaccuracy. If Purchaser fails to give any notice within the
required time period, Purchaser will be deemed to have elected to waive such matter and to proceed to Closing. If any of said representations and warranties are not correct at the time the same is made or as of Closing, and Seller had actual
knowledge of such inaccuracy when the representation or warranty was made, or, by its default hereunder caused the representation or warranty to be inaccurate when remade at Closing, Purchaser may, after the expiration of the cure period, if any,
provided under Section 11.6 hereof, either (a) exercise its remedies under Section 10.2, or (b) terminate this Agreement, subject to its obligations under Section 3.1.4 and Section 3.1.7, receive a
return of the Deposit and Seller shall thereafter promptly reimburse Purchaser for its out-of-pocket due diligence expenses incurred in connection with this Agreement and the Property, including, but not limited to, the cost of a survey, third party
inspections, Phase I Assessment, appraisals, application and loan fees and attorneys’ fees and costs, up to a maximum of $100,000.00, (c) sue for damages, or (d) waive the breach and its rights under clauses (a), (b) and
(c) and proceed to Closing, by notice to Seller given within ten (10) days after expiration of the cure period, but in no event later than Closing, in which event Seller shall have no liability with respect to any such inaccuracy. If
Purchaser fails to give any notice within the required time period, Purchaser will be deemed to have elected to waive such matter and to proceed to Closing. 
  

 
 Purchase and Sale Agreement 

  
 11 

 5.1.6 As used in this Section 5.1 and elsewhere in this
Agreement, the phrase “to Seller’s knowledge” or phrases of similar import mean and are limited to the actual current knowledge of Seller’s asset manager for the Property (Todd Olson), and Seller’s property
manager having ongoing management responsibility with respect to the Property (Josh Hendricks, RED Asset Management, Inc.), without any independent investigation or inquiry having been made, and not to any constructive knowledge of the foregoing
individuals or of Seller or any investment advisor to Seller, any entity that is a partner in such investment advisor, or any affiliates of any thereof, or to any officer, agent, representative, or employee of Seller or such investment advisor, any
such constituent partner, or any such affiliate. Seller represents that each of the individuals named in the foregoing sentence have specific knowledge of the operations of Seller and the Property and to the representations and warranties of Seller
contained herein. Seller, during the term of this Agreement, agrees to notify Purchaser in writing promptly in the event Seller obtains actual knowledge of any change affecting any such representations or warranties. 

5.2 By Purchaser. Purchaser represents and warrants to Seller that: 

5.2.1 Purchaser is duly organized, validly existing and in good standing under the laws of the State of its organization,
and is, or at Closing will be, authorized to do business in the State in which the Property is located, has duly authorized the execution and performance of this Agreement, and such execution and performance will not violate any material term of its
certificate of incorporation or bylaws; or result in a breach of or default under any document, instrument, order or agreement to which Purchaser is a party or by which Purchaser is bound; 

5.2.2 Purchaser is acting as principal in this transaction with authority to close the transaction; 

5.2.3 No petition in bankruptcy (voluntary or otherwise), assignment for the benefit of creditors, or petition seeking
reorganization or arrangement or other action under federal or state bankruptcy laws is pending against or contemplated by Purchaser; 
 5.2.4 Intentionally Deleted; 
 5.2.5 Intentionally Deleted;

 5.2.6 Unless otherwise disclosed to Seller in writing, Purchaser is not other than a citizen of, or
partnership, corporation or other form of legal person domesticated in, the United States of America; 
 5.2.7
ERISA 
 (a) (i) the Property is not being acquired by or on behalf of an “employee benefit plan”
within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a “plan” within the meaning of Section 4975(e)(1) of the Code, which is subject to ERISA or section
4975 of the Code, respectively (hereinafter referred to collectively as the “Plan”); and (ii) the assets being used to acquire the Property or to otherwise discharge Purchaser’s obligations hereunder are not “plan
assets” within the meaning of Department of Labor Regulation section 2510.3-101; 
 (b) Purchaser is not a
party in interest, as described in section 3(14) of ERISA, nor disqualified persons, as described in section 4975(e)(2) of the Code with respect to any Plan (other than a Plan maintained exclusively for the benefit of the employees of Purchaser or
Purchaser’s affiliates), which is an investor in or related to Seller; 
 (c) The transaction described in
this Agreement does not constitute a “prohibited transaction” within the meaning of either section 406 of ERISA or section 4975 of the Code, other than a transaction which is exempt from section 406 of ERISA and section 4975 of the Code by
virtue of (i) a statutory or regulatory exemption granted pursuant to section 408 of ERISA or (ii) the fact that the transaction described in this Agreement complies with all conditions for exemptive relief contained in Prohibited
Transaction Exemption 84-14 granted by the U.S. Department of Labor (“PTE 84-14”); 
 (d) Purchaser
shall not assign its interest hereunder to any person or entity which would cause Purchaser to be in breach of this Section 5.2.7. 
  

 
 Purchase and Sale Agreement 

  
 12 

 5.2.8 Neither Purchaser nor, to Purchaser’s actual
knowledge, any brokers or other agents of same, have engaged in any dealings or transactions, directly or indirectly (i) in contravention of any U.S. international or other money laundering regulations or conventions, including, without
limitation, the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, Trading with the Enemy Act (50 U.S.C.
Section 1 et seq., as amended), or any foreign asset control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. Purchaser represents
and warrants to, and covenants with Seller that (i) neither Purchaser nor any of its owners or affiliates currently are, or shall be at any time during the term hereof, in violation of any laws relating to terrorism or money laundering
(collectively, the “Anti-Terrorism Laws”), including without limitation Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and regulations of the U.S. Treasury Department’s Office of
Foreign Assets Control (OFAC) related to Specially Designated Nationals and Blocked Persons (SDN’s (OFAC Regulations), and/or the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (Public Law 107-56) (the “USA Patriot Act”); and (ii) neither Purchaser nor any of its owners, affiliates, investors, officers, directors, employees, or agents is or shall be during the term hereof a “Prohibited
Person” which is defined as follows: (1) a person or entity owned or controlled by, affiliated with, or acting for or on behalf of, any person or entity that is identified as an SDN on the then-most current list published by OFAC at
its official website, http://www.treas.gov/offices/eotffc/ofac/sdn/t11sdn.pdf or at any replacement website or other replacement official publication of such list, and (2) a person or entity who is identified as or affiliated with a person or
entity designated as a terrorist, or associated with terrorism or money laundering pursuant to regulations promulgated in connection with the USA Patriot Act. At any time and from time-to-time during the term, Purchaser shall deliver to Seller
within ten (10) days after receipt of a written request therefor, a written certification or such other evidence reasonably acceptable to Seller evidencing and confirming Purchaser’s compliance with this Section 5.2.8.
If at any time this representation becomes false then it shall be considered a default under this Agreement and Seller shall have the right to exercise all of the remedies set forth in this Agreement in the event of a default or to terminate this
Agreement immediately. 
 5.3 Broker. Seller and Purchaser each represents to the other that it has had no dealings,
negotiations, or consultations with any broker, representative, employee, agent or other intermediary in connection with the Agreement or the sale of the Property except Cushman & Wakefield of Arizona, Inc.
(“Broker”). Seller and Purchaser agree that each will indemnify, defend and hold the other free and harmless for, from and against the claims of any broker(s), representative(s), employee(s), agent(s) or other
intermediary(ies) claiming to have represented Seller or Purchaser, respectively, or otherwise to be entitled to compensation in connection with this Agreement or in connection with the sale of the Property other than Broker. Broker will be
compensated by Seller pursuant to the terms of a separate agreement between Seller and Broker, and Seller hereby agrees to indemnify, defend and hold Purchaser free and harmless for, from and against the claims of Broker. The terms and provisions
of this paragraph shall survive termination of this Agreement or Closing hereunder. 
  

	6.	Costs and Prorations. 

6.1 Seller’s Costs. Seller will pay the following costs of closing this transaction: 

6.1.1 The fees and disbursements of Seller’s counsel; 

6.1.2 The cost of a standard coverage ALTA owner’s title insurance policy, without endorsement or amendment, in the
amount of the Purchase Price, issued in connection with this transaction, whether pursuant to the Title Commitment or otherwise; 
 6.1.3 All State, County and local transfer taxes, real estate transfer, stamp or documentary tax(es ) payable upon the transfer of the Land and the improvements to Purchaser; 

6.1.4 All sales or use taxes relating to the transfer of personal property to Purchaser; and 

6.1.5 One-half of all escrow fees and recording fees. 

 
  
 Purchase and Sale Agreement 

  
 13 

 6.2 Purchaser’s Costs. Purchaser will pay the following costs of closing this
transaction: 
 6.2.1 The fees and disbursements of its counsel, inspecting architect and engineer, if any;

 6.2.2 One-half of all escrow fees and recording fees; 

6.2.3 Intentionally Deleted; 
 6.2.4 The cost of any title insurance in excess of the cost of a standard coverage ALTA owner’s title insurance policy, without endorsement or amendment, in the amount of the Purchase Price, issued
in connection with this transaction, whether pursuant to the Title Commitment or otherwise; 
 6.2.5 The cost of
the Survey; 
 6.2.6 The cost of recordation of the deed; 

6.2.7 Any other expense(s) incurred by Purchaser or its representative(s) in inspecting or evaluating the Property or
closing this transaction. 
 6.3 Prorations. Rents and any other amounts payable by tenants, personal property
taxes, installment payments of special assessment liens, vault charges, sewer charges, utility charges and normally prorated operating expenses actually collected, billed or paid as of the date of Closing shall be prorated as of the date of Closing
and be adjusted against the Purchase Price due at the Closing, provided that within sixty (60) days after the Closing, Purchaser and Seller will make a further adjustment for such rents, taxes or charges which may have accrued or been incurred
prior to the date of Closing, but not collected or paid at that date. All prorations shall be made on the actual number of days in the month and calendar year of Closing. Seller shall be responsible for all leasing commissions and other leasing
costs due and payable with respect to leases, renewals, or expansions executed prior to the Effective Date Purchaser shall receive a credit at Closing for all security deposits made by tenants under the Leases and for any prepaid rents and other
amounts related to months following the month in which Closing occurs. The terms and provisions of this section shall survive Closing hereunder. 
 6.4 Taxes. General real estate taxes and special assessments relating to the Property payable during the year in which Closing occurs shall be prorated as of the Closing Date. If Closing shall
occur before the actual taxes and special assessments payable during such year are known, the apportionment of taxes shall be upon the basis of taxes for the Property payable during the immediately preceding year, provided that, if the taxes and
special assessments payable during the year in which Closing occurs are thereafter determined to be more or less than the taxes payable during the preceding year (after any appeal of the assessed valuation thereof is concluded), Seller and Purchaser
promptly (but no later than June 30 of the year following the Closing Date, except in the case of an ongoing tax protest) shall adjust the proration of such taxes and special assessments, and Seller or Purchaser, as the case may be, shall pay
to the other any amount required as a result of such adjustment and this covenant shall not merge with the deed delivered hereunder but shall survive the Closing. 
 6.5 In General. Any other costs or charges of closing this transaction not specifically mentioned in this Agreement shall be paid by the parties in accordance with customary allocations in the
jurisdiction where the Property is located. 
 6.6 Purpose and Intent. Except as expressly provided herein, the purpose
and intent as to the provisions of prorations and apportionments set forth in this Section 6 and elsewhere in this Agreement is that Seller shall bear all expenses of ownership and operation of the Property and shall receive all income
therefrom accruing through midnight at the end of the day preceding the Closing and Purchaser shall bear all such expenses and receive all such income accruing thereafter. 

 

	7.	Damage, Destruction or Condemnation. 

 7.1 Condemnation. If, prior to the Closing, action is initiated to take all or any portion of the Property, by eminent domain proceedings or by deed in lieu thereof, Purchaser may either at or
prior to Closing (a) terminate this Agreement, in which event the Deposit shall be refunded to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller,
and neither party shall have any further right or obligation hereunder, other than the obligations 
  

 
 Purchase and Sale Agreement 

  
 14 

 
of Purchaser pursuant to Section 3.1.4 and Section 3.1.7 hereof, or (b) consummate the Closing, in which latter event all of Seller’s assignable right, title and
interest in and to the award of the condemning authority shall be assigned to Purchaser at the Closing and there shall be no reduction in the Purchase Price. 
 7.2 Casualty. Seller assumes all risks and liability for damage to or injury occurring to the Property by fire, storm, accident, or any other casualty or cause until the Closing has been
consummated. If the Property suffers any damage equal to or in excess of One Million Five Hundred Thousand and no/100 Dollars ($1,500,000.00), or which would allow any tenant to terminate its lease or abate rent, prior to the Closing from fire or
other casualty, Purchaser may either at or prior to Closing (a) terminate this Agreement, in which event the Deposit shall be refunded to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary
instructions which might be provided by Seller, and neither party shall have any further right or obligation hereunder, other than the obligations of Purchaser pursuant to Section 3.1.4 and Section 3.1.7 hereof, or
(b) consummate the Closing, in which latter event all of Seller’s right, title and interest in and to the proceeds of any insurance covering such damage, and including any and all rent loss insurance proceeds relating to the period from
and after the Closing Date, shall be assigned to Purchaser at the Closing and Purchaser shall receive a credit against the Purchase Price at Closing in an amount equal to the sum of (i) Seller’s deductible under its insurance policy and
(ii) the amount of any uninsured or underinsured loss. If the Property suffers any damage less than One Million Five Hundred Thousand and no/100 Dollars ($1,500,000.00), and no tenant has the right to terminate its lease or abate rent, prior to
the Closing, Purchaser agrees that it will consummate the Closing and accept the assignment of the proceeds of any insurance covering such damage, including any and all rent loss insurance proceeds relating to the period from and after the Closing
Date, plus receive a credit against the Purchase Price in an amount equal to the sum of (i) Seller’s deductible under its insurance policy and (ii) the amount of any uninsured or underinsured loss. 

 

	8.	Notices. 

 All notices or
other communications hereunder shall be in writing and shall be deemed duly given if addressed and delivered to the respective parties’ addresses, as set forth below: (i) in person; (ii) by Federal Express or similar overnight carrier
service; (iii) mailed by certified or registered mail, return receipt requested, postage prepaid; or (iv) by facsimile to the respective numbers specified below, provided confirmation of facsimile is received and further provided any such
facsimile notice shall be sent by one of the other permitted methods of providing notice on the next succeeding business day. Such notices shall be deemed received upon the earlier of receipt or, if mailed by certified or registered mail, three
(3) days after such mailing. Seller and Purchaser may from time to time by written notice to the other designate another address for receipt of future notices. 
  

			
	If to Seller:	  	US Real Estate Limited Partnership
		  	c/o USAA REAL ESTATE COMPANY
		  	9830 Colonnade Boulevard, Suite 600
		  	San Antonio, Texas 78230-2239
		  	Attention: John Post
		  	Phone: (210) 641-8456
		  	Fax: (210) 641-8463
		  	Email: john.post@usrealco.com
		
		  	with a copy to:
		
		  	US Real Estate Limited Partnership
		  	c/o USAA REAL ESTATE COMPANY
		  	9830 Colonnade Boulevard, Suite 600
		  	San Antonio, Texas 78230-2239
		  	Attention: Jim Hardin, Esq.
		  	Telephone: (210) 641-8468
		  	Fax: (210) 641-8463
		  	Email: jim.hardin@usrealco.com
		
	If to Purchaser:	  	Griffin Capital Corporation
		  	2121 Rosecrans Avenue, Suite 3321
		  	El Segundo, California 90245

  
  

Purchase and Sale Agreement 

  
 15 

			
		  	Attn: Michael J. Escalante
		  	Louis K. Sohn
		  	Mary P. Higgins
		  	Telephone: (310) 469-6143 and (310) 606-5910
		  	Fax: (847) 267-1237
		  	Email:    mescalante@griffincapital.com
		  	     lsohn@griffincapital.com

		  	     mhiggins@griffincapital.com

		
	With a copy to:	  	Mastrogiovanni Schorsch & Mersky, P.C.
		  	2001 Bryan Street, Suite 1250
		  	Dallas, Texas 75201
		  	Attn: Scott Flynn, Esq.
		  	Tel: (214) 922-8800
		  	Fax: (214) 922-8801
		  	Email: sflynn@msandm.com

 Telephone, and email addresses are for informational purposes only. Effective notice will be deemed given only as
provided above. 
  

	9.	Closing and Escrow. 

 9.1
Escrow Instructions. Upon execution of this Agreement, the parties shall deliver an executed counterpart of this Agreement to the Title Company to serve as the instructions to the Title Company as the escrow holder for consummation of the
transaction contemplated herein. Seller and Purchaser agree to execute such additional and supplementary escrow instructions as may be appropriate to enable the Title Company to comply with the terms of this Agreement; provided, however, that in the
event of any conflict between the provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall prevail. 
 9.2 Seller’s Deliveries. Unless otherwise specified, Seller shall deliver either at the Closing or by making available at the Property, as appropriate, the following original documents, each
executed and, if required, acknowledged: 
 9.2.1 A deed to the Property, in the form attached hereto as
Exhibit 9.2.1, subject to the matters set out in Section 3.4 and other matters subsequently approved by Purchaser or Purchaser’s counsel in writing; 

9.2.2 A bill of sale in the form attached hereto as Exhibit 9.2.2 conveying the Personal Property;

 9.2.3(i) The Leases described in Section 1.1.5 which are still in effect as of Closing and any new
leases entered into pursuant to Section 4.4; (ii) a current listing of any tenant security deposits and prepaid rents held by Seller with respect to the Property; and (iii) an assignment and assumption agreement in the form
attached hereto as Exhibit 9.2.3; 
 9.2.4(i) Copies of all contracts relating to the Property
which Purchaser has elected to assume or which are not terminable by Seller on or before the date of Closing; and (ii) an assignment of such contracts to Purchaser by way of an assignment and assumption agreement, in the form attached hereto as
Exhibit 9.2.4; 
 9.2.5 “Tax clearance” letters, dated no more than thirty (30) days
prior to closing and for such tax periods as set forth in the tax clearance letters, confirming the payment of any sales or transaction privilege tax from each applicable sales taxing authority (state, county and city) with respect to the Property;

 9.2.6 An assignment of intangible property and all transferable warranties and guarantees then in effect, if
any, with respect to the improvements located on the Property or any repairs or renovations to 
  

 
 Purchase and Sale Agreement 

  
 16 

 
such improvements and Personal Property being conveyed hereunder, which assignment is in the form attached hereto as Exhibit 9.2.6; 

9.2.7 All books and records of the Property held by or for the account of Seller, including, without limitation, plans and
specifications, as available; 
 9.2.8 An affidavit pursuant to the Foreign Investment and Real Property Tax Act
in the form attached hereto as Exhibit 9.2.8; 
 9.2.9 An incumbency affidavit in the form
attached hereto as Exhibit 9.2.9; 
 9.2.10 Tenant Estoppels, to the extent obtained by Seller, in
accordance with the terms of Section 3.7(a); 
 9.2.11 A tenant notice letter in the form attached
hereto as Exhibit 9.2.11; 
 9.2.12 An Affidavit of Property Value with respect to the deed, in the
form required by Arizona Revised Statute 11-1133, which shall be recorded at Closing together with such Deed (the “Affidavit of Value”); 
 9.2.13 Evidence of the termination of any and all management agreements affecting the Property, effective as of the Closing Date, and duly executed by Seller and the property manager; 

9.2.14 A reaffirmation certificate recertifying all of Seller’s representations and warranties set forth in
Section 5 to Purchaser as of the Closing Date; 
 9.2.15 If obtained by Seller (which Seller shall make
commercially reasonable efforts to obtain prior to the Approval Date in accordance with Article XXI of the Lease described in paragraph 1 of Exhibit 1.1.5 attached hereto), a subordination, non-disturbance and attornment agreement executed by each
tenant in favor of Purchaser’s lender in the form attached hereto as Exhibit 9.2.15; 
 9.2.16
CC&R Estoppels, to the extent obtained by Seller, in accordance with the terms of Section 3.7(a); 
 9.2.17 Such organizational and authorizing documents of Seller as shall be reasonably required by the Title Company to evidence Seller’s authority to consummate the transactions contemplated by this
Agreement; 
 9.2.18 An affidavit in the form required by the Escrow Agent to remove any standard exceptions,
including mechanics’ liens, parties in possession and similar matters, together with a GAP Indemnity; and 

9.2.19 The Title Policy, issued by the Title Company, in the form required by this Agreement; provided that in the event
the Title Policy is not available at Closing, then the Title Company shall provide Purchaser at Closing, at Purchaser’s option, with either (i) a “marked title commitment”, committing to issue the Title Policy in the form
required by this Agreement, or (ii) a proforma owner’s title policy, with the Title Policy to be delivered to Purchaser as promptly after Closing as reasonably possible. 

9.3 Purchaser’s Deliveries. At the Closing, Purchaser shall (i) pay Seller the Purchase Price by wire transfer of
immediately available funds to the Title Company on the Closing Date in accordance with wire transfer instructions to be provided by the Title Company; (ii) execute the agreements referred to in Sections 9.2.3(iii), 9.2.4(ii), and
9.2.6; and (iii) execute a counterpart original of the Affidavit of Value. 
 9.4 Possession. Seller shall
deliver possession of the Property to Purchaser at Closing. 
 9.5 Insurance. Seller shall terminate its policies of
insurance as of noon on the date of Closing, and Purchaser shall be responsible for obtaining its own insurance thereafter. 

9.6 Utility Service and Deposits. Seller shall be entitled to the return of any deposit(s) posted by it with any utility company,
and Seller shall notify each utility company 
  
  

Purchase and Sale Agreement 

  
 17 

 
serving the Property to terminate Seller’s account, effective at noon on the date of Closing, such notice to be in the form attached hereto as Exhibit 9.6. 

9.7 Post-Closing Collections. Purchaser shall apply rents or other amounts actually received by Purchaser subsequent to Closing,
first for the account of Purchaser for amounts currently due to Purchaser; second, to Seller for any and all amounts due to Seller for periods prior to Closing; and the balance to be retained by Purchaser. If, subsequent to the Closing, any rents or
other income are actually received by Seller, Seller shall immediately remit the same to Purchaser. 
  

	10.	Default; Failure of Condition. 

 10.1 PURCHASER DEFAULT. IF PURCHASER SHALL BECOME IN BREACH OF OR DEFAULT UNDER THIS AGREEMENT AND THE BREACH OR DEFAULT CONTINUES BEYOND THE EXPIRATION OF THE CURE PERIOD, IF ANY,
PROVIDED IN SECTION 11.6 HEREOF, SELLER SHALL ELECT AS ITS SOLE REMEDY HEREUNDER TO (A) TERMINATE THIS AGREEMENT WHEREIN THE DEPOSIT SHALL BE RETAINED BY SELLER AS LIQUIDATED DAMAGES, AND BOTH PARTIES SHALL BE RELIEVED OF AND RELEASED FROM ANY
FURTHER LIABILITY HEREUNDER EXCEPT FOR THE INDEMNIFICATION OBLIGATIONS OF PURCHASER PURSUANT TO SECTION 3.1.4 AND SECTION 3.1.7 HEREOF AND THE PAYMENT OF LEGAL FEES IN CONNECTION WITH ANY ENFORCEMENT OF SUCH INDEMNIFICATION OBLIGATIONS PURSUANT TO
SECTION 11.9 HEREOF; OR (B) WAIVE THE DEFAULT, PRIOR TO OR AT THE CLOSING, AND PROCEED TO CLOSE THE TRANSACTION CONTEMPLATED HEREBY IN ACCORDANCE WITH THE REMAINING TERMS HEREOF. SELLER AND PURCHASER AGREE THAT THE DEPOSIT IS A FAIR AND
REASONABLE AMOUNT TO BE RETAINED BY SELLER AS AGREED AND LIQUIDATED DAMAGES IN LIGHT OF SELLER’S REMOVAL OF THE PROPERTY FROM THE MARKET AND THE COSTS INCURRED BY SELLER AND SHALL NOT CONSTITUTE A PENALTY OR A FORFEITURE. NOTWITHSTANDING THE
FOREGOING, ANY CONFLICT BETWEEN THE PROVISIONS OF THIS SECTION AND SECTION 5.1.5 WITH REGARD TO A BREACH OF SELLER’S REPRESENTATIONS OR WARRANTIES SHALL BE RESOLVED BY THE PROVISIONS OF SECTION 5.1.5. 

 

									
		 	  
 Purchaser’s
Initials
	 		  	  
 Seller’s
Initials
	  	

 10.2 SELLER DEFAULT. IF SELLER SHALL REFUSE OR FAIL TO CONVEY THE PROPERTY AS HEREIN PROVIDED
FOR ANY REASON OTHER THAN (I) A DEFAULT BY PURCHASER AND THE EXPIRATION OF THE CURE PERIOD, IF ANY, PROVIDED UNDER SECTION 11.6 HEREOF, (II) THE EXISTENCE OF A PENDING DEFAULT (AS DEFINED IN AND CONTEMPLATED BY SECTION 11.6), (III) THE FAILURE
OF A TITLE CONDITION AS PROVIDED IN SECTION 10.3 OR (IV) ANY OTHER PROVISION OF THIS AGREEMENT WHICH PERMITS SELLER TO TERMINATE THIS AGREEMENT OR OTHERWISE RELIEVES SELLER OF THE OBLIGATION TO CONVEY THE PROPERTY, PURCHASER SHALL ELECT AS ITS SOLE
REMEDY HEREUNDER TO (A) TERMINATE THE AGREEMENT AND RECOVER THE DEPOSIT; (B) SEEK SPECIFIC PERFORMANCE OF THIS AGREEMENT, OR, IF SPECIFIC PERFORMANCE IS NOT AVAILABLE, SUE FOR DAMAGES; OR (C) WAIVE THE DEFAULT, PRIOR TO OR AT THE
CLOSING, AND PROCEED TO CLOSE THE TRANSACTION CONTEMPLATED HEREBY IN ACCORDANCE WITH THE REMAINING TERMS HEREOF. NOTWITHSTANDING THE FOREGOING, ANY CONFLICT BETWEEN THE PROVISIONS OF THIS SECTION AND SECTION 5.1.5 WITH REGARD TO A BREACH OF
SELLER’S REPRESENTATIONS OR WARRANTIES SHALL BE RESOLVED BY THE PROVISIONS OF SECTION 5.1.5. 
 10.3 Failure of
Title Condition. If, prior to Closing, Seller discloses to Purchaser or Purchaser discovers that title to the Property is subject to defects, limitations or encumbrances other than (i) the Permitted Encumbrances; or (ii) any matter
caused by Purchaser or any person or entity claiming by, through or under Purchaser, then Purchaser shall promptly give Seller written notice of its objection thereto. Such written notice shall specify such title defect in reasonable detail and
notify Seller that the Agreement may be terminated if such title defect is not removed, bonded or insured-over in a 
  

 
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commercially reasonable manner prior to the Closing Date. In such event, Seller may elect to postpone the Closing for thirty (30) days and attempt to cure such objection. The parties
acknowledge and agree that Seller shall have no obligation to cure any such objection, unless such objection constitutes a Lien Exception as set out in Section 3.4 or a defect, limitation or encumbrance that arises by, through or under
Seller. If Purchaser fails to waive any such objection within ten (10) days after notice from Seller that Seller will not cure the objection, this Agreement will terminate automatically, Purchaser shall receive a refund of the Deposit and
Seller shall thereafter promptly reimburse Purchaser for its out-of-pocket due diligence expenses incurred in connection with this Agreement and the Property, including, but not limited to, the cost of a survey, third party inspections, Phase I
Assessment, appraisals, application and loan fees and attorneys’ fees and costs, up to a maximum of $100,000.00 and Purchaser and Seller shall not be deemed to be in default hereunder, and neither party shall have any liability to the other
except for the obligations of Purchaser set out in Section 3.1.4, Section 3.1.7 hereof, and this Section 10.3. For the purposes of this Agreement, any title defect, limitation or encumbrance, other than those enumerated
in (i) – (ii) above, shall be deemed cured if the Title Company or another title company reasonably acceptable to Purchaser and authorized to do business in the State in which the Property is located will agree to issue a standard
ALTA owner’s title insurance policy to Purchaser for the Purchase Price, which policy takes no exception for such defect, limitation or encumbrance and is issued for no additional premium or for an additional premium if Seller agrees to pay
such additional premium upon Closing. 
 10.4 Intentionally Deleted. 

10.5 Waiver of Trial by Jury. The respective parties hereto shall and hereby do waive trial by jury in any action, proceeding or
counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Agreement, or for the enforcement of any remedy under any statute, emergency or otherwise. 

 

	11.	Miscellaneous. 

 11.1
Entire Agreement. This Agreement, together with the Exhibits attached hereto, all of which are incorporated by reference, is the entire agreement between the parties with respect to the subject matter hereof, and no alteration, modification
or interpretation hereof shall be binding unless in writing and signed by both parties. 
 11.2 Severability. If any
provision of this Agreement or application to any party or circumstances shall be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application of such provision
to such person or circumstances, other than those as to which it is so determined invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be valid and shall be enforced to the fullest extent permitted by law.

 11.3 Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of the State in which
the Property is located. 
 11.4 Assignability. Purchaser may not assign this Agreement without first obtaining
Seller’s written consent, which consent may be withheld in Seller’s sole and absolute discretion. Any assignment in contravention of this provision shall be void. If Purchaser requests Seller’s written consent to any assignment,
Purchaser shall (1) notify Seller in writing of the proposed assignment; (2) provide Seller with the name and address of the proposed assignee; (3) provide Seller with financial information including financial statements of the
proposed assignee; and (4) provide Seller with a copy of the proposed assignment. Notwithstanding any of the foregoing, Purchaser may assign this Agreement without Seller’s consent to an Affiliate (as hereinafter defined). For the purposes
of this paragraph, the term “Affiliate” means any entity that directly or indirectly controls, is controlled by, or is under common control with Purchaser, and the term “control” means the power to direct the management of such
entity through voting rights, ownership or contractual obligations. If Purchaser assigns this Agreement to an Affiliate, Purchaser shall (i) notify Seller in writing of the proposed assignment; (ii) provide Seller with the name and address
of the proposed assignee; and (iii) provide Seller with a copy of the proposed assignment. No assignment shall release the Purchaser herein named from any obligation or liability under this Agreement. Any assignee shall be deemed to have made
any and all representations and warranties made by Purchaser hereunder, as if the assignee were the original signatory hereto. 
  

 
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 11.5 Successors Bound. This Agreement shall be binding upon and inure to the benefit
of Purchaser and Seller and their respective successors and permitted assigns. 
 11.6 Breach. Should either party be in
breach of or default under or otherwise fail to comply with any of the terms of this Agreement, the complying party shall have the option to cancel this Agreement upon twenty (20) days written notice to the other party and such other
party’s failure to cure such breach within such twenty (20) day period. The date of Closing shall be extended to the extent necessary to afford the defaulting party the full twenty (20)-day period within which to cure such breach, default
or failure; provided, however, that the failure or refusal by a party to perform on the scheduled date of Closing (except in respect of a Pending Default by the other party) shall be deemed to be an immediate default without the necessity of notice
or opportunity to cure; and provided further, that if the date of Closing shall have been once extended as a result of default by a party, such party shall not be entitled to any further notice or cure rights with respect to that or any other
default. For purposes of this Section 11.6, a “Pending Default” shall be a default for which (i) written notice was given by the non-defaulting party prior to the Closing, and (ii) the cure period
extends beyond the scheduled date of Closing. 
 11.7 No Public Disclosure. Prior to Closing neither Seller nor Purchaser
will release or cause or permit to be released any press notices, or publicity (oral or written) or advertising promotion relating to, or otherwise announce or disclose or cause or permit to be announced or disclosed, in any manner whatsoever, the
terms, conditions or substance of this Agreement without first obtaining the written consent of the other party. The foregoing shall not preclude either party from disclosures concerning this Agreement and materials provided hereunder in accordance
with Section 3.1.3 to its attorneys, accountants, employees, agents, professional consultants, lenders, partners, investors, or any prospective lender, partner or investor, as the case may be, or prevent either party hereto from
complying with laws, rules, regulations and court orders, including without limitation, governmental regulatory, disclosure, tax and reporting requirements or from Purchaser and its affiliates making disclosures regarding the transactions
contemplated hereby in an effort to comply with federal or state laws applicable to any such entity, including, but not limited to, federal and state securities laws and applicable rules and regulations of the United States Securities and Exchange
Commission. Purchaser and Seller may disclose this transaction or any aspect or information related to this transaction or disclosure or other notice as its attorneys deem is reasonably necessary to comply with applicable law. In addition to any
other remedies available to a party, each party shall have the right to seek equitable relief, including without limitation, injunctive relief or specific performance, against the other party in order to enforce the provisions of this
Section 11.7. 
 11.8 Captions. The captions in this Agreement are inserted only as a matter of convenience
and for reference and in no way define, limit or describe the scope of this Agreement or the scope or content of any of its provisions. 
 11.9 Attorneys’ Fees. In the event of any litigation arising out of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees and costs. 

11.10 No Partnership. Nothing contained in this Agreement shall be construed to create a partnership or joint venture between the
parties or their successors in interest. 
 11.11 Time of Essence. Time is of the essence in this Agreement; provided,
however, if the final date of any period which is set out in any provision of this Agreement falls on a Saturday, Sunday or legal holiday under the laws of the United States or the State of Arizona, then, in such event, the time of such period shall
be extended to the next day which is not a Saturday, Sunday or legal holiday. 
 11.12 Counterparts. This Agreement may
be executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed to be an original and all of which shall constitute one and the same instrument. Signatures hereon sent by facsimile or electronic mail
may be treated as original signatures, and any party so executing this Agreement agrees to deliver to the other party “paper” originals of said signatures within two (2) business days after such transmission by facsimile or electronic
mail. 
 11.13 Recordation. Purchaser and Seller agree not to record this Agreement or any memorandum hereof. 

 
  
 Purchase and Sale Agreement 

  
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 11.14 Proper Execution. The submission by Seller to Purchaser of this Agreement in
unsigned form shall be deemed to be a submission solely for Purchaser’s consideration and not for acceptance and execution. Such submission shall have no binding force and effect, shall not constitute an option, and shall not confer any rights
upon Purchaser or impose any obligations upon Seller irrespective of any reliance thereon, change of position or partial performance. The submission by Seller of this Agreement for execution by Purchaser and the actual execution and delivery thereof
by Purchaser to Seller shall, together with the Deposit, similarly have no binding force and effect on Seller unless and until Seller shall have executed this Agreement and a fully executed counterpart thereof, together with the Deposit, shall have
been delivered to the Title Company. 
 11.15 Tax Protest. If, as a result of any tax protest or otherwise, any
refund is paid or reduction of any real property or other tax or assessment is made available relating to the Property with respect to any period for which, under the terms of this Agreement, Seller is responsible, then, subject to the terms of the
Leases, Seller shall be entitled to receive or retain such refund or the benefit of such reduction, less the equitable prorated costs of collection. Such refund shall be delivered to Seller within ten (10) days of receipt. The terms and
provisions of this section shall survive closing hereunder. 
 11.16 Committee Approval. Seller agrees to use its
best efforts to obtain expeditious approval by Seller’s Investment Committee of the transaction contemplated by this Agreement on or before May 22, 2013; provided, however, that if Seller’s Investment Committee does not, or due to a
rescheduling of such meeting fails to, approve the transaction contemplated by this Agreement by May 22, 2013, then Seller may terminate this Agreement by (i) delivering written notice of termination to Purchaser (the “Seller
Termination Notice”) on or before May 29, 2013, and (ii) contemporaneous with delivery of the Seller Termination Notice, reimburse Purchaser for its out-of-pocket due diligence expenses incurred in connection with this Agreement and
the Property, including, but not limited to, the cost of a survey, third party inspections, Phase I Assessment, appraisals, application and loan fees and attorneys’ fees and costs, up to a maximum of $100,000.00 in cash by wire transfer of
immediately available funds to an account designated by Purchaser in writing. If the Seller Termination Notice is timely given, the Title Company shall immediately return the Deposit to Purchaser without the consent or joinder of Seller being
required and notwithstanding any contrary instructions which might be provided by Seller and neither party shall have any further liability hereunder, except as provided in this Section 11.16. If Seller fails to timely deliver the Seller
Termination Notice, this Agreement shall be deemed approved by Seller’s Investment Committee and Seller shall be deemed to have waived its termination rights under this Section11.16. 

11.17 Effective Date Conditioned Upon Deposit. This Agreement shall become effective only upon, and all time periods not otherwise
expressly set forth shall commence to run, from the Effective Date, only if the Deposit has been made. 
 11.18 Time to
Execute and Deliver. This Agreement shall be void if one fully executed copy is not received by Seller, along with confirmation that the Deposit has been received by the Title Company, on or before 5:00 p.m. C.S.T. on May 24, 2013.

 11.19 Term Sheet. The Term Sheet attached to this Agreement and incorporated by reference herein sets forth the basic
terms of the transaction for the benefit and convenience of the parties. Notwithstanding the foregoing, to the extent of any conflict between the terms and provisions of this Term Sheet and the Agreement, the terms and provisions of the Agreement
shall govern and control. 
 11.20 No Recording. Neither this Agreement nor any memorandum or short form hereof shall be
recorded or filed in any public land or other public records of any jurisdiction, by either party and any attempt to do so may be treated by the other party as a breach of this Agreement. 

11.21 Audit Cooperation with S-X 30-14. Seller acknowledges that Purchaser is a publicly owned real estate investment trust. As
such, Purchaser is obligated to, among other things, make certain filings with the Securities and Exchange Commission (“SEC”), including, without limitation, an audit of the Property’s financial records that relate to the most recent
pre-acquisition fiscal year (the “Audit Year”). To assist Purchaser in preparing the SEC filings, Seller agrees to provide 
  

 
 Purchase and Sale Agreement 

  
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the assignee, at no cost or expense to Seller and without otherwise increasing Seller’s obligations or liability to Purchaser hereunder, with the following: 

 

	 	a.	access to bank statements for the Audit Year; 

  

	 	b.	rent roll as of the end of the Audit Year; 

  

	 	c.	operating statements for the Audit Year, together with invoices, checks and other backup information related thereto; 

 

	 	d.	access to the general ledger for the Audit Year; 

  

	 	e.	cash receipts schedule for each month in the Audit Year, to the extent such schedule exists as of the Effective Date; and 

 

	 	f.	copies of accounts receivable aging reports as of the end of the Audit Year. 

 The terms of this Section 11.21 shall survive Closing. 
  

 
 Purchase and Sale Agreement 

  
 22 

 IN WITNESS WHEREOF, Purchaser and Seller have executed this Agreement on the date set forth
below, effective as of the date set forth above. 
  

									
	SELLER:	 		 	 US REAL ESTATE LIMITED PARTNERSHIP,
 a Texas limited partnership

				
		 		 	By:	 	USAA Real Estate Company,
		 		 		 	a Delaware corporation,
		 		 		 	its general partner

											
						
		 		 		 	By:	 	 /s/ John Post
	 	
		 		 		 	Name:	 	John Post	 	
	Date: 5/22/2013	 		 		 	Title:	 	Managing Director	 	

									
				
	PURCHASER:	 		 	Griffin Capital Corporation,	 	
		 		 	      a California corporation	 	

											
						
		 		 		 	By:	 	 /s/ Michael J. Escalante
	 	
		 		 		 	Name:	 	Michael J. Escalante	 	
	Date: 5/22/2013	 		 		 	Title:	 	Chief Investment Officer	 	

  
  

Purchase and Sale Agreement 

  
 23

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