Document:

Document

Exhibit 10.1

Execution Version

Cole Office & Industrial REIT (CCIT II), Inc. 
2398 E. Camelback Road, 4th Floor 
Phoenix, Arizona 85016 

October 29, 2020 
Cole Corporate Income Management II, LLC 
2398 E. Camelback Road, 4th Floor 
Phoenix, Arizona 85016 
Attention: President 

						
	Re:	Cole Office & Industrial REIT (CCIT II), Inc. – Advisory Agreement

Ladies and Gentlemen: 
This letter agreement sets forth certain agreements and understandings that each of Cole Corporate Income Management II, LLC, a Delaware limited liability company (the “Advisor”), Cole Office & Industrial REIT (CCIT II), Inc., a Maryland corporation (the “Company”), and Griffin Capital Essential Asset REIT, Inc. (“GCEAR”), has agreed to undertake in connection with the Company’s proposed business combination (the “GCEAR Merger Transactions”) with GCEAR pursuant to the Agreement and Plan of Merger among the Company, GCEAR, Griffin Capital Essential Asset Operating Partnership, L.P., GRT (Cardinal REIT Merger Sub), LLC, GRT OP (Cardinal New GP Sub), LLC, GRT OP (Cardinal LP Merger Sub), LLC, GRT OP (Cardinal OP Merger Sub), LLC, Cole Corporate Income Operating Partnership II, LP and CRI CCIT II LLC, dated as of the date hereof (the “GCEAR Merger Agreement”). Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Advisory Agreement, dated as of August 27, 2013 (as amended, the “Advisory Agreement”), by and between the Company and the Advisor, as amended. This letter agreement constitutes an amendment to the Advisory Agreement in accordance with Section 6.04 thereof. 
1.    Termination. 
a.    Termination Upon Consummation of Mergers.  Effective upon consummation of the GCEAR Merger Transactions in accordance with the GCEAR Merger Agreement, the Advisor and the Company hereby irrevocably terminate the Advisory Agreement, without any further liability or obligation on the part of any party thereto, except as set forth herein. In the event the Advisory Agreement is terminated pursuant to this Section 1, the Company shall pay the SPF Payment and the DF Payment pursuant to Sections 3 and 4, respectively, hereof. 
b.    Early Termination by the Advisor.  Other than a termination because of a material breach of the Advisory Agreement (a “Breach Event”) by the Company, the Advisor shall not take any action to terminate the Advisory Agreement with effect prior to the earlier to occur of the following dates (the “Advisor Outside Date”) (i) the consummation of the GCEAR Merger Transactions and (ii) June 30, 2021. In the event that the Advisory Agreement is terminated by the Advisor for a Breach Event by the Company prior to the Advisor Outside Date, then the Subordinated Performance Fee due shall equal the SPF Payment and the Disposition Fee due shall equal the DF Payment, and the Company shall pay the SPF Payment and the DF Payment pursuant to Sections 3 and 4, respectively, hereof.
c.    Early Termination by the Company.  The Company shall have the right to terminate the Advisory Agreement in accordance with its terms. In the event the Advisory Agreement is terminated by the Company prior to the Advisor Outside Date for any reason other than for a Breach Event by the Advisor, then the Subordinated Performance Fee due shall equal the SPF Payment and the Disposition Fee due shall equal the DF Payment, and the Company shall pay the SPF Payment and the DF Payment pursuant to Sections 3 and 4, respectively, hereof.  
  

 

2.    Release. Subject to the terms set forth herein, effective upon a termination of the Advisory Agreement (a “Termination”) and acceptance by the Advisor of the SPF Payment and the DF Payment, the Advisor acknowledges and agrees that by accepting the SPF Payment and the DF Payment at such time, the Advisor, on behalf of itself and each of its affiliates, divisions, parents, subsidiaries, predecessors, successors and assigns, and, in their capacity as such, each of their respective officers, directors, trustees, owners, shareholders, members, managing members, agents, employees, partners, principals, attorneys, insurers, and representatives, releases, remises and forever discharges the Company and each of its affiliates, divisions, parents, subsidiaries, predecessors, successors and assigns, and, in their capacity as such, each of their respective officers, directors, trustees, owners, shareholders, members, managing members, agents, employees, partners, principals, attorneys, insurers, and representatives from any and all claims, suits, controversies, actions, causes of action, debts, damages, obligations or liabilities of any kind or nature whatsoever, whether at law or in equity, whether known or unknown, and whether now existing or which may hereafter accrue by reason of any facts or circumstances existing on or before the date of acceptance by the Advisor of the SPF Payment and the DF Payment, which arise out of or are related to or connected with the Advisory Agreement or termination thereof; except in respect of matters arising out of the obligations that survive the Termination as set forth in Section 9 hereof (the “Surviving Matters”), including, for the avoidance of doubt, with respect to the obligation of the Company under Section 4.03(a) of the Advisory Agreement to pay to the Advisor (i) any unpaid reimbursements of expenses incurred by the Advisor consistent with prior practice in connection with the services it provides to the Company pursuant to the Advisory Agreement in accordance with Section 3.02 of the Advisory Agreement, subject to the provisions of Section 3.04 thereof (“Reimbursable Expenses”), (ii) any indemnification to which the Advisor is entitled, and (iii) accrued but unpaid fees payable to the Advisor pursuant to the terms of the Advisory Agreement prior to Termination, in each case, whether billed or claimed prior to or after the Termination, other any Subordinated Performance Fee and any Disposition Fee, which shall be paid in accordance with Section 3 and Section 4 hereof, as applicable (the foregoing clauses (i), (ii) and (iii), the “Remaining 4.03 Obligations”). 
3.    Subordinated Performance Fee. Subject to the terms set forth herein, upon Termination for any reason other than a Breach Event by the Advisor, the Company shall pay to the Advisor a Subordinated Termination Fee, and the Company and the Advisor hereby agree that the Subordinated Performance Fee payable by the Company to the Advisor pursuant to Section 3.01(c) of the Advisory Agreement upon the Termination shall be an amount equal to $26,688,591 (the “SPF Payment”), which amount was arrived at pursuant to the calculations set forth on Exhibit A attached hereto. The Company represents and warrants that the SPF Payment has been determined and approved by a majority of the Independent Directors.  Upon delivery of the SPF Payment by the Company to the Advisor, the Advisor shall be deemed to have accepted the SPF Payment, including for purposes of Section 2 hereof.  
4.    Disposition Fee.  Subject to the terms set forth herein, upon Termination for any reason other than a Breach Event by the Advisor, the Company shall pay to the Advisor a Disposition Fee, and the Company and the Advisor hereby agree that the Disposition Fee payable by the Company to the Advisor pursuant to Section 3.01(d) of the Advisory Agreement upon the Termination shall be an amount equal to $1,750,000 (the “DF Payment”), which amount was arrived at pursuant to the calculations set forth on Exhibit B attached hereto.  The Company represents and warrants that the DF Payment has been determined and approved by a majority of the Independent Directors.  Upon delivery of the DF Payment by the Company to the Advisor, the Advisor shall be deemed to have accepted the DF Payment, including for purposes of Section 2 hereof.  For the avoidance of doubt, the Company also agrees to pay amounts payable in respect of any unpaid Reimbursable Expenses. 
5.    No Other Amounts Due.  After the payments described in Section 3 and Section 4 hereof have been paid, the Advisor hereby acknowledges and agrees that all fees, payments and other amounts owed to the Advisor under the Advisory Agreement have been satisfied in full, other than the Remaining 4.03 Obligations.
6.    Proxy Solicitation.  Prior to the Termination, the Company hereby requests that the Advisor, and the Advisor shall, consistent with its obligations under the Advisory Agreement, use good faith efforts, which efforts shall be consistent with efforts historically taken by the Advisor with respect to stockholder meetings of the Company, to cooperate and provide assistance to the Company and GCEAR in soliciting proxies from stockholders of CCIT II to vote their shares of CCIT II Common Stock (as defined in the GCEAR Merger Agreement) at the Stockholders Meeting (as defined in the GCEAR Merger Agreement).
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7.     Further Duties of the Advisor. The Advisor shall, promptly upon the Termination:     
(a)    deliver to the Company or the REIT Surviving Entity (as defined in the GCEAR Merger Agreement), as applicable, (i) all money collected and held for the account of the Company pursuant to the Advisory Agreement, after deducting any accrued compensation and unpaid Reimbursable Expenses to which it is then entitled and (ii) all assets, including the Assets, and documents of the Company then in the custody of the Advisor; and
(b)    deliver to the Company or GCEAR, as applicable, a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board.
8.    Acknowledged and Agreed.  GCEAR hereby acknowledges the SPF Payment, the DF Payment and the Remaining 4.03 Obligations, and acknowledges and agrees that if any amounts in respect of the SPF Payment, the DF Payment and the Remaining 4.03 Obligations remain outstanding as of the consummation of the REIT Merger (as defined in the GCEAR Merger Agreement), they shall be become obligations of the REIT Surviving Entity (as defined in the GCEAR Merger Agreement).  The Advisor acknowledges and agrees that at the effective time of the REIT Merger, the REIT Surviving Entity shall succeed to the rights and obligations of the Company in respect of the Surviving Matters.
9.    Survival; Amendment. Notwithstanding the Termination, the provisions of Sections 2.05 and 2.06 and Sections 4.03 (other than the Subordinated Performance Fee or the Disposition Fee, which shall be paid in accordance with Section 3 or 4 hereof), 5.01, 5.02, and 6.02 through 6.11 of the Advisory Agreement, as amended by this letter agreement, shall survive the termination of the Advisory Agreement. No amendment or waiver of any provision of this letter agreement shall be effective without the prior written consent of each party hereto.  For the avoidance of doubt, this Section 9 supersedes the last two sentences of Section 4.02 of the Advisory Agreement. For purposes of Section 6.03 of the Advisory Agreement, GCEAR’s notice address (and the REIT Surviving Entity’s notice address upon consummation of the GCEAR Merger Transactions) shall be as follows: 
Griffin Capital Essential Asset REIT, Inc. 
1520 E. Grand Avenue
El Segundo, CA 90245 
Attn: Javier Bitar and Howard Hirsch
E-mail: jbitar@griffincapital.com and hhirsch@griffincapital.com 
with copies (which shall not constitute notice) to: 

Griffin Capital Essential Asset REIT, Inc.
c/o Griffin Capital Real Estate Company, LLC 
150 N. Riverside Plaza, Suite 1950 
Chicago, IL 60606
Attn: Nina Momtazee Sitzer 
E-mail: nsitzer@griffincapital.com

10.    Successors and Assigns. Subject to Section 8 hereof, neither the Company nor the Advisor shall assign (voluntarily, by operation of law or otherwise) the Advisory Agreement, as amended by this letter agreement, or any right, interest or benefit under the Advisory Agreement, as amended by this letter agreement, without the prior written consent of the other; provided, however, that upon consummation of the GCEAR Merger Transactions, the Advisory Agreement, as amended by this letter agreement, shall be deemed assigned to the REIT Surviving Entity (as defined in the GCEAR Merger Agreement) by operation of law; provided further, however, that following consummation of the GCEAR Merger Transactions, the REIT Surviving Entity may assign the Advisory Agreement, as amended by this letter agreement, to GCEAR. Subject to the foregoing, this letter agreement shall be fully binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns. For the avoidance of doubt, this Section 10 supersedes Section 6.01 of the Advisory Agreement.  
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11.    Severability. The provisions of this letter agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
12.    Choice of Law; Venue. The provisions of this letter agreement shall be construed and interpreted in accordance with the laws of the State of Arizona (without giving effect to its conflicts of laws principles), and venue for any action brought with respect to any claims arising out of this letter agreement shall be brought exclusively in Maricopa County, Arizona. 
13.    Termination of GCEAR Merger Agreement. In the event that the GCEAR Merger Agreement is terminated in accordance with its terms, then this letter agreement will be automatically terminated effective upon the termination of the GCEAR Merger Agreement and will be null and void. 
14.    Waiver. Neither the failure nor any delay on the part of a party hereto to exercise any right, remedy, power or privilege under this letter agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party hereto asserted to have granted such waiver. 
15.    Parties in Interest.  Nothing in this Agreement shall create or be deemed to create any third-party beneficiary rights in any other person not a party to this Agreement.  
16.    Entire Agreement. The Advisory Agreement, as amended by this letter agreement, contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. This letter agreement may not be amended or supplemented other than by an agreement in writing signed by the parties hereto. 
17.    Counterparts. This letter agreement may be executed (including by e-mail transmission) with counterpart signature pages or in counterpart copies, each of which shall be deemed an original but all of which together shall constitute one and the same instrument comprising this letter agreement. 
[Signatures Follow] 

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 If the foregoing accurately sets forth your understanding of our agreement, please sign and return the enclosed copy of this letter agreement. 
 
												
				
		Very truly yours,
		
		Cole Office & Industrial REIT (CCIT II), Inc.
			
		By:	 	/s/ Avraham Shemesh
		Name:	 	Avraham Shemesh
		Title:	 	President and Chief Executive Officer

 
									
			
	Acknowledged and Agreed to
as of the date first written above:

	
	Cole Corporate Income Management II, LLC
		
	By:	 	/s/ Nathan D. DeBacker
	Name:	 	Nathan D. DeBacker
	Title:	 	Vice President
	
	Griffin Capital Essential Asset REIT, Inc.
		
	By:	 	/s/ Michael J. Escalante
	Name:	 	Michael J. Escalante
	Title:	 	Chief Executive Officer and President

[Signature Page to Termination Agreement]Document

EXECUTION VERSION

STOCK PURCHASE AGREEMENT
This Stock Purchase Agreement (the “Agreement”) is made and entered into by and between each of the parties identified on Exhibit A hereto (each, a “Seller” and collectively, the “Sellers”), and Rimini Street, Inc., a Delaware corporation (the “Purchaser”), effective as of October 30, 2020 (hereinafter called the “Effective Date”). The Sellers and the Purchaser are hereinafter collectively called the “Parties.” All amounts herein denoted by ($) are in United States dollars.
RECITALS
A.WHEREAS, the Sellers own shares of the 13.00% Series A Redeemable Convertible Preferred Stock, par value $0.0001, of the Purchaser (“Preferred Stock”); and 
B.WHEREAS, the term “Preferred Stock” shall mean and include all of the Sellers’ right, title, and interest in and to the shares of Preferred Stock set forth on Exhibit A and the associated rights and obligations arising under such Preferred Stock (collectively, the “Transferred Shares”), including the associated rights and obligations in respect of such Preferred Stock pursuant to the Purchaser’s outstanding Convertible Secured Promissory Notes issued July 2018 (the “Note Obligations”); provided, however, that the rights and obligations transferring subject to this Agreement shall only include the rights and obligations arising under such Transferred Shares and shall not include any Preferred Stock or Note Obligations not transferred pursuant to this Agreement that remain owned by the Sellers following the Effective Date; and 
C.WHEREAS, the Sellers have made an offer to Purchaser to sell, assign, transfer, and convey the Transferred Shares to the Purchaser and the Purchaser has agreed to purchase the Transferred Shares from the Sellers on the terms  hereinafter set forth; 
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged, the Sellers and the Purchaser agree as follows:
1.Recitals. The foregoing recitals are correct and complete and constitute the basis for this Agreement and they are incorporated into this Agreement for all purposes.
2.Purchase Price. The purchase price (less any applicable withholding taxes) to be paid by the Purchaser to each Seller for the Transferred Shares shall be as specified on Exhibit A for an aggregate total of Four Million, Five Hundred Fifty-Four Thousand, One Hundred and Sixty-Six Dollars and Sixty-Seven Cent ($4,554,166.67) for a total of 5,000 shares of Series A Preferred Stock. The amounts set forth in this Section ‎2 (including Exhibit A) shall collectively hereinafter be called the “Purchase Price.”
3.Seller Warranties and Representations. Each Seller warrants and represents to the Purchaser as follows:
(a)The Seller is the registered owner of the Transferred Shares set forth on Exhibit A opposite the name of the Seller with full good and valid title thereto free and clear of any and all mortgages, pledges, encumbrances, liens, security interests, options, charges, claims, deeds of trust, deeds to secure debt, title retention agreements, rights of first refusal or offer, limitations on voting rights, proxies, voting agreements, limitations on transfer or other agreements or claims of any kind or nature whatsoever (collectively, “Liens”), and at the Closing, upon the sale and delivery of, and payment for, such Shares as provided herein, such Seller shall convey to the Purchaser good and valid title to such Shares, free and clear of all Liens. The Seller is the lawful owner in every respect, legal and equitable, direct and indirect, of the Transferred Shares. The undersigned is authorized to execute this Agreement on behalf of and as the act of the Seller.

(b)Such Seller has full power and authority to tender, sell, assign and transfer full legal ownership of the Transferred Shares set forth next to such Seller’s name on Exhibit A hereto to the Purchaser and is not required to obtain the approval of any person or governmental entity to effect the sale and transfer of such Transferred Shares.  Such Seller has all requisite competence, power and authority to execute and deliver this Agreement, to perform its obligations hereunder and thereunder and to consummate the transaction contemplated hereby and have taken all necessary action to authorize the execution, delivery and performance of this Agreement. 
(c)The undersigned signatory is authorized to execute this Agreement on behalf of and as the act of the Seller. This Agreement has been duly and validly authorized, executed and delivered by such Seller.
(d)Seller has been duly organized and is legally existing and in good standing under the laws of its jurisdiction of incorporation or organization.
(e)The Transferred Share are not certificated and transfer thereto will be effected by delivery of duly executed stock powers accompanying this Agreement.
(f)The Seller will, upon request, execute and deliver any additional documents or take such acts necessary or reasonably desirable to complete the sale, assignment, and transfer of such Transferred Shares and delivery of all related rights and waivers tendered hereby.
(g)The Seller initiated this transaction with the Company on a voluntary basis, has adequate information from its own sources notwithstanding any non-disclosure of material non-public information by the Company and was given adequate time and information to consider this transaction. No representative or agent of the Purchaser exerted pressure of any kind on the Seller to participate in this transaction.
(h)The Seller is a sophisticated institutional investor with knowledge and experience in financial and business matters so that it is capable of evaluating the merits and risks of the transaction under this Agreement, and the Seller is well acquainted with the operations of the Purchaser. The Seller confirms and acknowledges that it is relying exclusively on its own investigation and sources of information, and is not relying on and is not intending to rely on any communication (written or oral) of Purchaser, as investment advice or as a recommendation to sell the Transferred Shares, including any information about recent quarterly updates about the business of the Purchaser or otherwise. 
4.Purchaser Warranties and Representations. The Purchaser warrants and represents to the Sellers as follows: 
(a)The Purchaser has been duly organized and is legally existing and in good standing under the laws of the State of Delaware.

(b)The Purchaser has all necessary Board authorization to enter into this Agreement and carry out its obligations, including its payment obligations hereunder. The undersigned signatory is authorized to execute this Agreement on behalf of and as the act of the Purchaser. This Agreement has been duly and validly authorized, executed and delivered by the Purchaser.

(c)The Purchaser will, upon request, execute and deliver any additional documents necessary or reasonably desirable to complete the sale of the Transferred Shares and delivery of all related rights and waivers pursuant to the terms of this Agreement.

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5.Transfer of the Transferred Shares. For and in consideration of the payment of the Purchase Price (less any applicable withholding taxes), the Sellers shall sell, assign, transfer, and convey all  right, title, and interest in and to the Transferred Shares to the Purchaser effective as of the Closing Date (as defined below). This Agreement does not constitute not a redemption as set forth by the Certificate of Designation of the Transferred Shares, but is a privately negotiated agreement between the Parties. 
The Sellers tender to the Purchaser the associated rights of such Transferred Shares, including, but not limited to, the Note Obligations, the conversion right, liquidation preference, and all dividends in arrears. Without limiting the generality of the foregoing, no dividends shall be paid or other payments made for any period, including any period prior to the Effective Date, in respect of the Transferred Shares.
6.Closing. The closing of the transaction contemplated by this Agreement is contingent on the submission and accurate completion of all deliverables listed below except as may be waived (together, the “Deliverables”). The “Closing” or “Closing Date” as used in this Agreement shall be the date upon which the each of the Sellers shall have delivered to the Purchaser the following Deliverables:
(a)A fully executed stock power representing the transfer and assignment of the Transferred Shares to Purchaser, together with an originally-executed medallion signature guarantee representing the transfer of the Transferred Shares to Purchaser; and

(b)Such other instruments and certificates as may be reasonably requested by Purchaser.

On the Closing Date, the Purchaser shall pay to the Sellers, against delivery of the Transferred Shares by the documents listed above, the Purchase Price in cash by wire transfer of immediately available funds in accordance with wire transfer instructions provided by the Sellers to the Purchaser prior to the Closing Date.

7.Taxes. The US federal income tax, transfer tax and any other tax or stamp duty consequences to the Sellers of the sale, assignment, transfer, and conveyance of the Transferred Shares shall be the sole responsibility and liability of the Sellers. The Purchaser urges the Sellers to consult its tax advisor to determine its particular local, state, federal, and foreign tax consequences of participating in this transaction. 
8.Mutual Waiver and Release. Each Seller, on behalf of itself and its Representatives (as defined below), hereby releases and forever discharges the Purchaser and its Representatives from any and all claims and demands of every kind and nature, at law, in equity or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, threatened, not threatened or that could have been threatened, whether arising prior to or on the date of this Agreement and regardless of subject matter arising out of or relating to the Transferred Shares, this Agreement and the transactions contemplated hereby. The Purchaser, on behalf of itself and its Representatives, hereby releases and forever discharges the Sellers and their Representatives from any and all claims and demands of every kind and nature, at law, in equity or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, threatened, not threatened or that could have been threatened, whether arising prior to or on the date of this Agreement and regardless of subject matter arising out of or relating to the Transferred Shares, this Agreement and the transactions contemplated hereby, other than the representations and agreements explicitly set forth in this Agreement. Each Party to this Agreement acknowledges and agrees that the foregoing mutual releases will include any and all shareholder or derivative actions relating to or arising out of the ownership of the Transferred Shares. Each Party to this Agreement agrees to defend, indemnify and hold harmless the Company and its Representatives from and against any and all damages, losses, costs, expenses (including reasonably legal fees and expenses) and other 
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liabilities arising out of or resulting from any claim, action, suit or proceeding by or on behalf of the Company or its Representatives that relates to any matter within the scope of the foregoing mutual releases. The foregoing mutual releases will not limit or restrict the right of either party to pursue actions to enforce the provisions of this Agreement.  “Representatives” shall mean as to any person, such person’s affiliates and its and their respective directors, officers, trustees, beneficiaries, employees, agents, advisors (including financial and legal advisors, consultants, accountants and financing sources) and controlling persons.

For the purpose of implementing a full and complete release and discharge of the claims and demands that are within the respective scopes of the releases provided in this Agreement, each Party to this Agreement acknowledges and agrees that such releases are intended to include in their effect claims that the parties do not know or suspect to exist in their favor at the time of the execution of this Agreement, and this Agreement contemplates the extinguishment of all such claims and demands. 
ACCORDINGLY, EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHTS OR BENEFITS UNDER SECTION 1542 OF THE CIVIL CODE OF THE STATE OF CALIFORNIA OR ANY EQUIVALENT STATUTE OF ANY OTHER JURISDICTION. CALIFORNIA CIVIL CODE SECTION 1542 PROVIDES AS FOLLOWS:
“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”
9.Entire Agreement. This Agreement, along with any exhibits hereto, supersedes any and all other understandings and agreements, either oral or in writing, between the Parties with respect to the sale, assignment, transfer, and conveyance of the Transferred Shares and constitutes the sole and only agreement between the Parties with respect to the sale, assignment, transfer, and conveyance of the Transferred Shares. Each Party acknowledges that no representations, inducements, promises or agreements, orally or otherwise, have been made by any Party or by anyone acting on behalf of any Party with respect to the sale, assignment, transfer, and conveyance of the Transferred Shares, which are not embodied in this Agreement and that no agreement, statement or promise with respect to the sale, assignment, transfer, and conveyance of the Transferred Shares that is not contained in this Agreement shall be valid or binding or of any force or effect. 
10.Modification and Assignment. No change or modification of this Agreement shall be valid or binding upon the Parties unless the change or modification is in writing and signed by the Parties. This Agreement may not be assigned by either Party.
11.Headings. The headings used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement.
12.Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (EXCLUDING ANY CONFLICTS-OF-LAW RULE OR PRINCIPLE OF DELAWARE LAW THAT MIGHT REFER THE GOVERNANCE, CONSTRUCTION OR INTERPRETATION OF THIS AGREEMENT TO THE LAWS OF ANOTHER STATE). 
13.Legal Construction. In the event that any one or more of the provisions contained in this Agreement shall be held by a Court of competent jurisdiction to be invalid, illegal or unenforceable in any respect for any reason, the invalid, illegal or unenforceable provision shall not affect any other provision of this Agreement and this Agreement shall be construed as if the invalid, illegal or unenforceable provision had never been contained herein.  The Parties acknowledge that each Party and its counsel have reviewed this Agreement and that the normal 
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rule of construction to the effect that any ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation of this Agreement.  No provision of this Agreement shall be deemed to have been waived by either party unless the waiver is in writing and signed by the Parties. 
14.Notice. Any notice that is required or permitted to be given or delivered hereunder shall be deemed to be given or delivered only when actually received by the Party to whom the notice is addressed or when actually delivered to the address of that Party, as evidenced by a receipt signed by a person at the appropriate address, at the addresses set forth below, or at any other addresses that they have theretofore specified by written notice delivered in accordance herewith: 
(a)    Notice to a Seller shall be delivered to the address set forth on such Seller’s signature page hereto.
(b)    Notice to the Purchaser shall be delivered as follows:
Rimini Street, Inc.
3993 Howard Hughes Parkway, Suite 500
Las Vegas, Nevada 89169
Attention: Chief Legal Officer
Email: dwinslow@riministreet.com
with a copy to:
Rimini Street, Inc.
3993 Howard Hughes Parkway, Suite 500
Las Vegas, NV 89169
Attention: Andrew Terry, Group Vice President and Associate General Counsel, Corporate
Email: aterry@riministreet.com
15.Venue. Any legal suit, action, or proceeding arising out of or related to this Agreement or the matters contemplated hereunder shall be instituted in the state and federal courts of the United States located in the Delaware and each Party irrevocably submits to the jurisdiction of such courts in any such suit, action, or proceeding and waives any objection based on improper venue or forum non conveniens.
16.Parties Bound. The terms, provisions, warranties, representations, covenants, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the Parties and their respective heirs, executors, administrators, legal representatives, successors, and permitted assigns. 
17.Counterparts. This Agreement may be executed in two counterparts, as if the signatures to each counterpart were upon a single instrument, and both such counterparts together shall be deemed an original of this Agreement. Facsimile signatures or signatures received as a pdf attachment electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes, except where original signatures are herein specified.
18.Costs and Expenses. Each Party shall each pay their own respective costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement.
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19.Interpretation. The Parties acknowledge and agree that this Agreement has been negotiated at arm’s length and among parties equally sophisticated and knowledgeable in the matters covered hereby. Accordingly, any rule of law or legal decision that would require interpretation of any ambiguities in this Agreement against the Party that has drafted it is not applicable and is hereby waived.
[Signature Page Follows]

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EXECUTION
IN WITNESS WHEREOF, the Purchaser has executed this Stock Purchase Agreement effective as of the Effective Date.

												
				
				By:  /s/ Seth A. Ravin                                  

				Name:  Seth A. Ravin
				Title:  Chairman and Chief Executive Officer
				
				
				
				

(Signature Page to Stock Purchase Agreement)

EXECUTION

Please note that the Seller’s signature must correspond with the title on the Transferred Shares without alteration. It may be necessary to copy and submit as many Seller Signature Pages as there are different registrations of the Preferred Stock representing the Transferred Shares. If this Seller Signature Page is signed by persons acting in a fiduciary or representative capacity, such persons should so indicate when signing, and proper evidence of their authority to so act must be submitted to the Purchaser. 
IN WITNESS WHEREOF, the Seller has executed this Stock Purchase Agreement effective as of the Effective Date. 

						
	Seller:
	Kingstown Partners II L.P.
	By (Sign Name):	/s/ Michael Blitzer                                       
	Print Name:	Michael Blitzer
	Title (if applicable):	Managing Partner
	Address:	34 East 51st Street, 5th Floor
New York, NY 10022 

	Telephone Number:	(212) 476 6908 
	Tax Identification or Social Security Number:	[Redacted]

(Signature Page to Stock Purchase Agreement)

EXECUTION

Please note that the Seller’s signature must correspond with the title on the Transferred Shares without alteration. It may be necessary to copy and submit as many Seller Signature Pages as there are different registrations of the Preferred Stock representing the Transferred Shares. If this Seller Signature Page is signed by persons acting in a fiduciary or representative capacity, such persons should so indicate when signing, and proper evidence of their authority to so act must be submitted to the Purchaser. 
IN WITNESS WHEREOF, the Seller has executed this Stock Purchase Agreement effective as of the Effective Date. 

						
	Seller:
	Ktown L.P.

	By (Sign Name):	/s/ Michael Blitzer                                   
	Print Name:	Michael Blitzer
	Title (if applicable):	Managing Partner
	Address:	34 East 51st Street, 5th Floor
New York, NY 10022 
	Telephone Number:	(212) 476 6908
	Tax Identification or Social Security Number:	[Redacted]

(Signature Page to Stock Purchase Agreement)

Exhibit A
Schedule of Sellers
									
	Seller Name	Number of Transferred Shares	Total Purchase Price for Transferred Shares
	Kingstown Partners II, L.P.	631	$574,735.83
	Ktown, L.P.	4,369	$3,979,430.84

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