Document:

Exhibit 10.3

PLACEMENT AGENCY AGREEMENT

 

November 28, 2021

 

ThinkEquity LLC

17 State Street, 22nd Floor

New York, NY 10004

 

Ladies and Gentlemen:

 

Introductory. This
Placement Agency Agreement the (“Agreement”) sets forth the terms upon which ThinkEquity LLC, (“ThinkEquity”
or the “Placement Agent”) shall be engaged by iSpecimen Inc., a corporation formed under the laws of the State of Delaware
(the “Company”), to act as the exclusive Placement Agent in connection with the private placement (hereinafter referred
to as the “Offering”) of securities of the Company, as more fully described below. Capitalized terms used but not defined
in this Agreement shall have the meaning ascribed to them in the Securities Purchase Agreement (defined below).

 

The Offering will consist
of an aggregate of (i)1,749,999 shares (the “Shares”) of the Company’s common stock, $0.0001 par value per share
(the “Common Stock”) and warrants (the “Warrants” and, together with the Shares, the “Securities”)
to purchase 1,312,500 shares of Common Stock (the “Warrant Shares”), o the basis of one Share and three-quarters of
a Warrant. Each person desiring to purchase Securities in the Offering will be required to (i) execute and deliver to the Company a fully
completed Securities Purchase Agreement; and (ii) transmit the full amount of the purchase price of the Securities subscribed for to the
Company, in accordance with the following instructions: Bridge Bank, Account: 8069873343, Wire Routing No.121143260, unless the Company
and the Investors agree to wire transfer to a separate account specified in writing between the parties.

 

The Securities will be offered
and sold to the Investors (as defined below) in the Offering pursuant to the exemption from the registration requirements of the Securities
Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission (the “Commission”)
thereunder (collectively, the “Securities Act”), in reliance upon Section 4(a)(2) of the Securities Act and Rule 506(b)
of Regulation D promulgated by the Commission under the Securities Act (“Regulation D”).

 

The term of the Placement
Agent’s exclusive engagement will be until the earlier of (i) December1, 2021 and (ii) the completion and consummation of the Offering
(the “Offering Period”). The date on which the engagement terminates as referenced in the prior sentence shall be referred
to as the “Termination Date.” Notwithstanding anything to the contrary contained herein, the provisions concerning
indemnification and contribution contained herein and the Company’s obligations contained in the indemnification provisions will
survive any expiration or termination of this Agreement, and the Company’s obligation to pay fees actually earned and payable and
to reimburse expenses actually incurred and reimbursable pursuant to Section 1 hereof and which are permitted to be reimbursed
under Rule 5110(f)(2)(D) of the Financial Industry Regulatory Authority (“FINRA”), will survive any expiration or termination
of this Agreement. The Company may hold the closing at any time after the conditions to closing have been satisfied or, where legally
permissible, waived (the “Closing”). Nothing in this Agreement shall be construed to limit the ability of the Placement
Agent or its Affiliates to pursue, investigate, analyze, invest in, or engage in investment banking, financial advisory or any other business
relationship with Persons (as defined below) other than the Company. As used herein (i) “Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
company, government (or an agency or subdivision thereof) or other entity of any kind and (ii) “Affiliate” means any
Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a
Person as such terms are used in and construed under Rule 405 under the Act.

 

The Securities shall be
sold to the investors (the “Investors”) named in the securities purchase agreement to be entered into by the
Company and the Investors on the date hereof (the “Securities Purchase Agreement”), pursuant to the terms and
subject to the conditions contained in the Securities Purchase Agreement on the Closing Date. As used in this Agreement, the term
 “Offering Documents” means, collectively, this Agreement, the Securities Purchase Agreement, the Lock-Up
Agreements (as defined in the Securities Purchase Agreement) and each of the other agreements and instruments entered into or
delivered in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

 

     

     

    

 

The Company hereby confirms
its agreement with the Placement Agent as follows:

 

Section 1. Agreement to Act as Placement Agent;
Placement Agent Compensation.

 

(a) On the basis of the representations,
warranties and agreements of the Company herein contained, and subject to all the terms and conditions of this Agreement between the Company
and the Placement Agent, the Placement Agent is appointed as the Company’s exclusive placement agent during the Offering Period.
On the basis of such representations and warranties and subject to such terms and conditions, the Placement Agent hereby accepts such
appointment and agrees to perform the services hereunder diligently and in good faith and in a professional and businesslike manner and
to use its reasonable best efforts to assist the Company in finding subscribers of the Securities who qualify as “accredited investors,”
as such term is defined in Rule 501 of Regulation D, and to complete the Offering. The Placement Agent has no obligation to purchase any
of the Securities. Unless sooner terminated in accordance with this Agreement, the engagement of the Placement Agent hereunder shall continue
until the later of the Termination Date or the Closing.

 

(b) As compensation for services
rendered, on the Closing Date, the Company shall pay to the Placement Agent a cash fee (the “Cash Fee”) equal to 6.0%
of the aggregate purchase price paid by the Investors in respect of the Securities at the Closing. The Cash Fee shall be paid on the Closing.
The Company also agrees to reimburse the Placement Agent for all reasonable and out-of-pocket expenses incurred in connection with the
Placement Agent’s engagement, including reasonable fees and expenses of the Placement Agent’s legal counsel and due diligence
analysis up to $75,000 which amount shall be paid at the Closing from the gross proceeds of the sales of the Securities.

 

(c) The Company hereby acknowledges
that (i) the Offering, including the determination of the offering price of the Securities any related discounts, commissions and fees,
shall be an arm’s-length commercial transaction between the Company and the Investors, (ii) the Placement Agent will be acting as
an independent contractor and will not be the agent or fiduciary of the Company or its stockholders, creditors, employees, the Investors
or any other party, (iii) the Placement Agent shall not assume an advisory or fiduciary responsibility in favor of the Company (irrespective
of whether the Placement Agent has advised or is currently advising the Company on other matters) and the Placement Agent shall not have
any obligation to the Company with respect to the Offering, except as may be set forth expressly herein, (iv) the Placement Agent and
its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and (v) the
Placement Agent will not provide any legal, accounting, regulatory or tax advice with respect to the Offering, and the Company shall consult
its own legal, accounting, regulatory and tax advisors to the extent it deems appropriate.

 

(d) The Company is and will
be solely responsible for the contents of any and all written or oral communications provided to the Investors regarding the Offering
or the Securities; and the Company recognizes that the Placement Agent, in acting pursuant to this Agreement, will be using information
provided by the Company and its agents and representatives and the Placement Agent assumes no responsibility for, and may rely, without
independent verification, on the accuracy and completeness of any such information.

 

(e) The Company agrees that
any information or advice rendered by the Placement Agent or any of its representatives in connection with this engagement is for the
confidential use of the Board of Directors of the Company only and the Company will not, and will not permit any third party to, disclose
or otherwise refer to such advice or information, or to the Placement Agent, in any manner without the Placement Agent’s prior written
consent.

 

Section 2. Representations, Warranties and
Agreements of the Company.

 

The Company hereby represents,
warrants and covenants to the Placement Agent as of the date hereof, and as of the date of the Closing, as follows, except as otherwise
disclosed in the Securities Purchase Agreement or the schedules or exhibits thereto:

 

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(a) Compliance with Applicable
Regulations. The Offering Documents have been prepared by the Company in conformity with all applicable laws and in compliance with
Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D and the requirements of all other rules and regulations of the Commission
relating to offerings of the type contemplated by the Offering and the applicable securities laws and the rules and regulations of those
jurisdictions wherein the Placement Agent notifies the Company that the Securities are to be offered and sold. The Securities will be
offered and sold to the Investors in the Offering pursuant to the exemption from the registration requirements of the Securities Act in
reliance upon Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D as a transaction not involving a public offering and
the requirements of any other applicable state securities or “Blue Sky” laws and the respective rules and regulations thereunder
in those United States jurisdictions in which the Placement Agent notifies the Company that the Securities are being offered for sale.
None of the Company, its affiliates, or any person acting on its or their behalf (other than the Placement Agent, its affiliates or any
person acting on its behalf, in respect of which no representation is made) has taken nor will it take any action that conflicts with
the conditions and requirements of, or that would make unavailable with respect to the Offering, the exemption(s) from registration available
pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D, or knows of any reason why any such exemption would
be otherwise unavailable to it. None of the Company, its predecessors or affiliates has been subject to any order, judgment or decree
of any court of competent jurisdiction temporarily, preliminarily or permanently enjoining such person for failing to comply with Rule
503 of Regulation D. The Company has not, for a period of six months prior to the commencement of the offer and sale of the Securities
sold, offered for sale or solicited any offer to buy any of its securities in a manner that would cause the exemption from registration
set forth in Rule 506 of Regulation D to become unavailable with respect to the offer and sale of the Securities pursuant to the Offering
Documents.

 

(b) No Material Misstatements
or Omissions. The SEC Documents (as defined below) do not and will not contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. None of the statements, documents, certificates or other items made, prepared or supplied by the Company with respect
to the Offering and the other transactions contemplated by the Offering Documents contains an untrue statement of a material fact or omits
to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made,
not misleading. There is no fact which the Company has not disclosed in the SEC Documents or the Offering Documents and of which the Company
is aware that materially adversely affects or that could reasonably be expected to have a material adverse effect on the ability of the
Company to fully and timely perform its obligations under this Agreement and the other Offering Documents (a “Material Adverse
Effect”).

 

(c) Offering Materials.
The Company made available to the Placement Agent copies of its most recent Annual Report on Form 10-K filed with the SEC and any other
SEC Documents filed subsequent to the end of the fiscal period covered thereby and the Offering Documents (collectively, the “Disclosure
Package”). The Company has not distributed and will not distribute, prior to the Closing, any materials in connection with the
Offering other than the Disclosure Package.

 

(d) Incorporation and SEC
Filings. The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the State
of Delaware. From June 16, 2021, the Company has timely filed all reports, schedules, forms, proxy statements, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission thereunder (the “Exchange Act”) (all of the foregoing filed prior to the
date hereof, including without limitation, Current Reports on Form 8-K filed by the Company with the Commission whether required to be
filed or not (but excluding Item 7.01 thereunder), and all exhibits and appendices included therein (other than Exhibits 99.1 to any Current
Reports on Form 8-K disclosing matters exclusively under Item 7.01) and financial statements, notes and schedules thereto and documents
incorporated by reference therein being hereinafter referred to as the “SEC Documents”). All such SEC Documents, as
at their respective filing dates, complied in all material respects with the requirements of the Exchange Act. There has been no action
instigated or, to our knowledge, threatened or otherwise commenced by any applicable regulatory body alleging that, the SEC Documents
failed to so comply.

 

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(e) Corporate
Authority. The Company has all requisite corporate power and authority to conduct its business as presently conducted and as
proposed to be conducted as described in the Disclosure Package, has all the necessary and requisite documents and approvals from
any applicable governmental authorities, has all requisite corporate power and authority to enter into and perform its obligations
under this Agreement and the other Offering Documents, to issue, sell and deliver the Securities, and to make the representations in
this Agreement and the other Offering Documents accurate and not misleading. Prior to the Closing, this Agreement and each of the
other Offering Documents will have been duly authorized by all necessary action of the Company. This Agreement has been duly
authorized, executed and delivered and constitutes and each of the other Offering Documents, upon due execution and delivery, will
constitute, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms
(i) except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect related to laws affecting creditors’ rights generally, including the effect of statutory and other
laws regarding fraudulent conveyances and preferential transfers, and except that no representation is made herein regarding the
enforceability of the Company’s obligations to provide indemnification and contribution remedies under the securities laws and
(ii) subject to the limitations imposed by general equitable principles (regardless of whether such enforceability is considered in
a proceeding at law or in equity).

 

(f) Authorization of Securities.
The Securities will be duly authorized, validly issued, fully paid and non-assessable upon payment of the purchase price therefor to the
Company in accordance with the terms of the Securities Purchase Agreement, and will have the rights, preferences and priorities set forth
in the Company’s Certificate of Incorporation. The Warrants have been duly authorized and constitute the valid and binding obligations
of the Company to issue the Warrant Shares upon payment of the exercise price therefor and are enforceable against the Company in accordance
with their terms. The Warrant Shares have been duly reserved for issuance and, when issued will be duly authorized, validly issued, fully
paid and non-assessable upon payment of the purchase price therefor to the Company in accordance with the terms of the Warrants. The holders
of Securities will not be subject to personal liability solely by reason of being such holders.

 

(g) No Conflicts. None
of the execution and delivery of or performance by the Company under this Agreement or any of the other Offering Documents or the consummation
of the transactions herein or therein contemplated conflicts with or violates, or will result in the creation or imposition of, any lien,
charge or other encumbrance upon any of the assets of the Company under (i) any agreement or other instrument to which the Company is
a party or by which the Company or its assets may be bound, (ii) any term of the Certificate of Incorporation or Bylaws of the Company,
or (iii) any license, permit, judgment, decree, order, statute, rule or regulation applicable to the Company or any of its assets, except
in the case of (i) or (iii) above, as disclosed in the Securities Purchase Agreement or that would not, or could not reasonably
be expected to, have a Material Adverse Effect.

 

(h) Consents. The Company
is not required to obtain any consent from, authorization or order of, or make any filing or registration with (other than (i) a Form
D with the SEC and any other filings as may be required by any state securities agencies, (ii) such as may be required under applicable
state securities or “Blue Sky” laws, and (iii) a Listing of Additional Shares filing with the Nasdaq Stock Market, Inc.),
any court, governmental agency or any regulatory or self-regulatory agency or any other person in order for it to execute, deliver or
perform any of its obligations under, or contemplated by, this Agreement or any of the other Offering Documents, in each case, in accordance
with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations which the Company is required to obtain
at or prior to the Closing shall have been obtained or effected on or prior to the Closing, and the Company is not aware of any facts
or circumstances which might prevent the Company from obtaining or effecting any of the registration, application or filings contemplated
by this Agreement, or the other Offering Documents.

 

(i) Litigation. Except
as set forth in the Securities Purchase Agreement, there is no action, suit, claim, proceeding, hearing, inquiry or investigation before
or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened
against or affecting the Company, any securities of the Company or any of the Company’s officers or directors (in their capacity
as such) which is outside of the ordinary course of business or individually or in the aggregate material to the Company or, if determined
adversely to the Company or such officer or director, could reasonably be expected to adversely affect the Offering or the enforceability
of this Agreement or the other Offering Documents.

 

(j) Brokers. Except
for the Placement Agent, there is no broker, finder or other party that is entitled to receive from the Company any brokerage or finder’s
fee or other fee or commission as a result of the Offering.

 

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(k) No Registration Required
Under the Securities Act. Assuming the accuracy of the representations and warranties of the Investors contained in the Securities
Purchase Agreement and the compliance of such parties with the agreements set forth therein, it is not necessary, in connection with the
issuance and sale of the Securities under the Offering Documents, to register the such offerings, issuances and sales under the Securities
Act or any state securities or “Blue Sky” laws.

 

(l) No Transfer Taxes or
Other Fees. There are no transfer taxes or other similar fees or charges under United States law or the laws of any state or any political
subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement and the other Offering Documents
or the issuance and sale by the Company of the Securities.

 

(m) No General Solicitation.
Neither the Company nor any of its affiliates have engaged, or will engage, directly or indirectly in any form of “general solicitation”
or “general advertising” in connection with the Offering of the Securities (as those terms are used in Regulation D) under
the Securities Act or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and the Company
has not entered, and will not enter, into any arrangement or agreement with respect to the distribution of the Securities, except for
the Offering Documents.

 

(n) No Integration. Neither
the Company nor any of its affiliates has directly or indirectly sold, offered for sale, solicited offers to buy or otherwise negotiated
in respect of any “security” (as defined in the Securities Act) that is, or would be, integrated with the sale of any of the
Securities in a manner that would require the registration of the offering, issuance or sale of any of the Securities under the Securities
Act.

 

(o) Patriot Act Compliance.
Neither the issuance and sale of the Securities by the Company nor the Company’s use of the proceeds thereof will violate the Trading
with the Enemy Act, as amended, or any of the foreign assets 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. The Company is in compliance, in all material
respects, with the USA Patriot Act of 2001 (signed into law October 26, 2001).

 

(p) No Third Parties.
The Company represents to the Placement Agent that the Company has not engaged and is not working with any third party finder in connection
with the Offering or the introduction of the Company to the Placement Agent and the Company agrees not to engage, work with or pay fees
to any third party finder in connection with the Offering or the introduction of the Company to the Placement Agent. The Company represents
and warrants to the Placement Agent that the entry into this Agreement or any other action of the Company in connection with the Offering
will not violate any agreement between the Company and any other broker-dealer.

 

(q) No Disqualification
Events. Neither the Company nor any Company Related Persons (as defined below) are subject to any of the disqualifications set forth
in Rule 506(d) of Regulation D (each, a “Disqualification Event”). The Company has exercised reasonable care to determine
whether any Company Related Person is subject to a Disqualification Event. The Disclosure Package contains a true and complete description
of the matters required to be disclosed with respect to the Company and the Company Related Persons pursuant to the disclosure requirements
of Rule 506(e) of Regulation D, to the extent applicable. As used herein, “Company Related Persons” means any predecessor
of the Company, any affiliated issuer, any director, executive officer, other officer of the Company participating in the Offering, any
general partner or managing member of the Company, any beneficial owner of 20% or more of the Company’s outstanding voting equity
securities, calculated on the basis of voting power, and any “promoter” (as defined in Rule 405 under the Securities Act)
connected with the Company in any capacity. The Company will promptly notify the Placement Agent in writing of (1) any Disqualification
Event relating to any Company Related Person and (2) any event that would, with the passage of time, become a Disqualification Event relating
to any Company Related Person.

 

(r) Certificates. Any
certificate signed by an officer of the Company and delivered to the Placement Agent in connection herewith or in connection with any
Offering shall be deemed to be a representation and warranty by the Company to the Placement Agent as to the matters set forth therein.

 

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(s) Disclosure. The
representations and warranties of the Company in Section 3.1 of the Securities Purchase Agreement are true and correct as of the date
of the Closing. For the benefit of the Placement Agent, the Company hereby incorporates by reference all of its representations and warranties
as set forth in Section 3.1 of the Securities Purchase Agreement with the same force and effect as if specifically set forth herein.

 

In addition, for the benefit
of the Placement Agent, each of the representations and warranties (together with any related disclosure schedules thereto) made by the
Company to the Investors in the Transaction Documents, is hereby incorporated in this Section 2 by reference as though fully restated
herein, and each is hereby made to, and in favor of, the Placement Agent.

 

Section 3. Representations, Warranties and
Agreements of Placement Agent. 

 

The Placement Agent hereby
represents, warrants and covenants to the Company as of the date hereof, and as of the date of the Closing, as follows:

 

(a) Authority. This
Agreement has been duly authorized, executed and delivered by the Placement Agent, and upon due execution and delivery by the Company,
this Agreement will be a valid and binding agreement of the Placement Agent enforceable against it in accordance with its terms, except
as may be limited by principles of public policy and, as to enforceability, subject to applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws relating to or affecting creditor’s rights from time to time in effect and subject to general equity
principles.

 

(b) No Conflict. None
of the execution or delivery of or performance by the Placement Agent under this Agreement or any other agreement or document entered
into by the Placement Agent in connection herewith or the consummation of the transactions herein or therein contemplated conflicts with
or violates, any agreement or other instrument to which the Placement Agent is a party or by which its assets may be bound, or its limited
liability company agreement, or any license, permit, judgment, decree, order, statute, rule or regulation applicable to the Placement
Agent or any of its assets, except in each case as would not have a material adverse effect on the transactions contemplated hereby.

 

(c) Compliance with FINRA;
Regulation D. The Placement Agent is a member in good standing of FINRA and is registered as a broker-dealer under the Exchange Act,
and under the securities acts of each state into which it is making offers or sales of the Securities. The Placement Agent is in compliance
with all applicable rules and regulations of the Commission and FINRA, except to the extent that such noncompliance would not have a material
adverse effect on the transactions contemplated hereby. None of the Placement Agent or its affiliates, or any person acting on behalf
of the foregoing (other than the Company or its affiliates or any person acting on its or their behalf, in respect of which no representation
is made) has taken nor will take any action that conflicts with the conditions and requirements of, or that would make unavailable with
respect to the Offering, the exemption(s) from registration available pursuant to Rule 506(b) of Regulation D or Section 4(a)(2) of the
Securities Act, or knows of any reason why any such exemption would be otherwise unavailable to it.

 

(d) No Disqualification
Event. Neither the Placement Agent nor any of the Placement Agents Related Persons (as defined below) are subject to any Disqualification
Event as of the date hereof. The Placement Agent has exercised reasonable care to determine whether any Placement Agent Related Person
is subject to such a Disqualification Event. As used herein, “Placement Agent Related Persons” means any predecessor
of the relevant Placement Agent, any affiliated issuer, any director, executive officer, other officer of the Placement Agent participating
in the Offering, any general partner or managing member of the Placement Agent, any beneficial owner of 20% or more of the Placement Agent’s
outstanding voting equity securities, calculated on the basis of voting power, and any “promoter” (as defined in Rule 405
under the Securities Act) connected with the Placement Agent in any capacity. The Placement Agent agrees to promptly notify the Company
in writing of (1) any Disqualification Event relating to any Placement Agent Related Person and (2) any event that would, with the passage
of time, become a Disqualification Event relating to any Placement Agent Related Person.

 

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Section 4. Reserved.

 

Section 5. Offering and Closing Procedures

 

(a) The Company shall cause
to be delivered to the Placement Agent copies of the Offering Documents and has consented, and hereby consents, to the use of such copies
for the purposes permitted by the Securities Act and applicable securities laws and in accordance with the terms and conditions of this
Agreement, and hereby authorizes the Placement Agent and its agents and employees to use the Offering Documents in connection with the
offering of the Securities until the earlier of (i) the Termination Date or (ii) the Closing, and no person or entity is or will be authorized
to give any information or make any representations other than those contained in the Disclosure Package and the Offering Documents or
to use any offering materials other than those contained in the Disclosure Package in connection with the issuance and sale of the Securities,
unless the Company first provides the Placement Agent with notification of such information, representations or offering materials.

 

(b) The Company shall make
available to the Placement Agent and its representatives such information, including, but not limited to, financial information, and other
information regarding the Company (the “Information”), as may be reasonably requested in making a reasonable investigation
of the Company and its affairs. The Company shall provide access to the officers, directors, employees, independent accountants, legal
counsel and other advisors and consultants of the Placement Agent as shall be reasonably requested by the Placement Agent. The Company
recognizes and agrees that the Placement Agent (i) will use and rely primarily on the Information and generally available information
from recognized public sources in performing the services contemplated by this Agreement without independently verifying the Information
or such other information, (ii) does not assume responsibility for the accuracy of the Information or such other information, and (iii)
will not make an appraisal of any assets or liabilities owned or controlled by the Company or its market competitors.

 

(c) Each of the Company and
the Investors will be required to complete and execute an original signature page for each of the Transaction Documents to which it is
a party, which will be forwarded or delivered to the Placement Agent at the Placement Agent’s offices at the address set forth in
Section 10.

 

(d) If all of the conditions
set forth elsewhere in this Agreement and in the Securities Purchase Agreement are fulfilled or, where legally permissible, waived by
the applicable party, a Closing shall be held promptly with respect to the Securities sold in the Offering. Delivery of payment for
the Securities will be made at the Closing against delivery of the Securities sold by the Company. 

 

Section 6. Further Covenants of the Company.

 

The Company further covenants
to and agrees with the Placement Agent as follows:

 

(a) Representations and
Warranties True and Correct. Except upon prior written notice to the Placement Agent, the Company shall not, at any time prior to
the Closing, knowingly take any action that would cause any of the representations and warranties made by it in this Agreement not to
be complete and correct in all material respects on and as of the date of the Closing (the “Closing Date”) with the
same force and effect as if such representations and warranties had been made on and as of the Closing Date (except to the extent any
such representation or warranty expressly speaks of an earlier date or time, in which case such representation or warranty shall be true
and correct in all material respects as of such earlier date or time, as applicable).

 

(b) Blue Sky
Compliance. The Company will cooperate with the Placement Agent and the Investors in endeavoring to qualify the Securities for
sale under the securities or “Blue Sky” laws of such jurisdictions (United States and foreign) as the Placement Agent
and the Investors may reasonably request and will make such applications, file such documents, pay such fees and furnish such
information as may be reasonably required for that purpose, provided the Company shall not be required to qualify as a foreign
corporation or to file a general consent to service of process in any jurisdiction where it is not now so qualified or required to
file such a consent. The Company will, from time to time, prepare and file such statements, reports and other documents as are or
may be required to continue such qualifications in effect for so long a period as the Placement Agent may reasonably request with
respect to the Offering. All such filings under applicable state securities or “Blue Sky” laws related to this Offering
shall be prepared by the Company’s counsel at the Company’s expense, with copies of all filings to be promptly forwarded
to the Placement Agent and its counsel. The Company shall comply with the Securities Act, all applicable state securities or
 “Blue Sky” laws and the rules and regulations thereunder in the states in which the Placement Agent may reasonably
request with respect to the Offering so as to permit the continuance of the sales of the Securities, and will file or cause to be
filed with the Commission no later than 15 days after the commencement of the sale of Securities, and shall promptly thereafter
forward or cause to be forwarded to the Placement Agent, any and all Notice of Sales of Securities on Form D and shall file all
amendments thereto with the Commission as may be required. Copies of all Form D and all amendments thereto shall be provided to the
Placement Agent.

 

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(c) Amendments and Supplements
to the Disclosure Package. If, at any time prior to the Closing, any event shall occur or condition exist as a result of which it
is necessary to amend or supplement the information or documents, or other information in the Disclosure Package in order to make the
statements therein, in the light of the circumstances when the Disclosure Package is delivered to an Investor, not misleading, or if it
is otherwise necessary to amend or supplement any portion of the Disclosure Package to comply with the Securities Act or any other applicable
law, then the Company agrees to promptly prepare and furnish at its own expense to the Placement Agent, amendments or supplements to the
Disclosure Package so that the statements therein as so amended or supplemented will not, in the light of the circumstances when the Disclosure
Package is delivered to an Investor, be misleading or so that the Disclosure Package, as amended or supplemented, will comply with the
Securities Act and other applicable law. Neither the Placement Agent’s consent to, nor delivery of, any such amendment or supplement
shall constitute a waiver of any of the Company’s obligations under this Section 6(c). The Company agrees to furnish to the
Placement Agent and counsel to the Placement Agent, without charge, as soon as available, as many copies of any amendments and supplements
to the Disclosure Package as the Placement Agent or its counsel may request. The Company shall not at any time before the Closing prepare
or use any amendment or supplement to the Disclosure Package with respect to which the Placement Agent has not been previously advised
and furnished with a copy, or that is not in compliance with the Securities Act and other applicable law. As soon as the Company is advised
thereof, the Company shall advise the Placement Agent and its counsel, and confirm the advice in writing, of any order preventing or suspending
the use of the Disclosure Package, or the suspension of or exemption for such qualification or registration thereof for offering in any
jurisdiction, or of the institution or threatened institution of any proceedings for any of such purposes, and the Company will use its
reasonable best efforts to prevent the issuance of any such order and, if issued, to obtain as soon as reasonably possible the lifting
thereof.

 

(d) Marketing. The
Company shall participate, and cause its officers and representatives to participate, in the Offering as reasonably requested by the Placement
Agent, including in the marketing of the Securities and meeting with prospective Investors, and afford prospective Investors the opportunity
to conduct customary due diligence and make inquiries relevant to their investment decisions regarding the Securities.

 

(e) Use of Proceeds.
The Company shall apply the net proceeds from the sale of the Securities sold by it in the manner to be described under the caption “Use
of Proceeds” in the Offering Documents.

 

(f) Legends. The Company
shall place a legend, upon conversion or exercise, as applicable, on certificates representing the Securities, that the offering, issuance,
sale or resale of the securities evidenced thereby has not been registered under the Securities Act or applicable state securities or
 “Blue Sky” laws, setting forth or referring to the applicable restrictions on transferability and sale of such securities
under the Securities Act and applicable state securities or “Blue Sky” laws.

 

(g) No Requirement to Register
as an Investment Company. The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the
Securities in such a manner as would require the Company to register as an investment company under the Investment Company Act.

 

(h) Press Releases.
Prior to the earlier of the Closing or the Termination Date and except as otherwise requirement by law or regulation (including the rules
of the Commission), the Company shall not issue any press release or other communication directly or indirectly or hold any press conference
with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects, without the prior
written consent of the Placement Agent, which consent may be provided to the Company via e-mail. If practical, the Company shall afford
the Placement Agent and its counsel with the opportunity to review and comment upon the form and substance of, and shall give reasonable
consideration to all such comments from the Placement Agent and its counsel on, the initial press release, Commission filing or any other
public disclosure by or on behalf of the Company relating to the Offering, the Securities, the Investors, the Placement Agent or any aspect
of the Offering Documents or the transactions contemplated thereby, not less than 24 hours prior to the issuance, filing or public disclosure
thereof.

 

    8

     

    

 

(i) Compliance with Rule
502(d). The Company will exercise reasonable care to assure that no Investor is an “underwriter” within the meaning of
Section 2(a)(11) of the Securities Act and, without limiting the foregoing, that such purchases will comply with Rule 502(d) under the
Securities Act.

 

(j) Conduct of Business.
The Company shall not, without the prior written consent of the Placement Agent, at any time prior to the earlier of the Closing or the
Termination Date, except as contemplated by the Disclosure Package, (i) engage in or commit to engage in any transaction outside the ordinary
course of business as described in the Disclosure Package, (ii) issue, agree to issue or set aside for issuance any securities (debt or
equity) or any rights to acquire any such securities, (iii) incur, outside the ordinary course of business, any material indebtedness
or obligation, direct or contingent, (iv) dispose of any material assets, or (v) change its business or operations.

 

(k) No Stabilization or
Manipulation. Neither the Company nor any of its officers, directors or Affiliates has taken or will take, directly or indirectly,
any action designed or intended to stabilize or manipulate the price of any security of the Company, or that caused or resulted in, or
that might in the future reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the
Company.

 

(l) No Other Offerings.
Except as described in the Offering Documents, the Company will not, before or during the Offering Period, directly or indirectly
(except through the Placement Agent), sell or offer, or attempt to offer to dispose of, or solicit any offer to buy, or otherwise approach
or negotiate in respect of, any of the Securities or any other securities of the Company.

 

(m) Additional Documents.
In addition to the Offering Documents, the Company will execute and deliver any other customary agreements, documents, certificates and
instruments as the Placement Agent or the Investors deem necessary or appropriate to consummate the Offering, all of which will be in
form and substance reasonably acceptable to the Placement Agent and the Investor. The Company agrees that the Placement Agent may rely
upon, and is a third party beneficiary of, the representation and warranties (together with any related disclosure schedules thereto)
and applicable covenants set forth in the Transaction Documents to be executed and delivered by the Company at the Closing and any other
agreements, documents, legal opinions, certificates and instruments executed and delivered by the Company or otherwise in connection with
the Offering.

 

Section 7. Conditions to the Obligations of
the Placement Agent.

 

The obligation of the Placement
Agent hereunder shall be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section
2 as of the date hereof and as of the Closing Date as though then made, to the timely performance by the Company of its covenants
and other obligations hereunder on and as of such dates, and to the satisfaction or, where legally permissible, the waiver, of each of
the following additional conditions:

 

(a) Corporate Proceedings.
All corporate proceedings and other legal matters incident to the authorization, form and validity of the Offering Documents, the Securities,
and all other legal matters relating to the offering, issuance and sale, as applicable, of the Securities and the other transactions contemplated
hereby and under the Offering Documents shall be reasonably satisfactory in all material respects to the Placement Agent; and the Company
shall have furnished to the counsel to the Placement Agent, all documents and information that it may reasonably request to enable them
to pass upon such matters, including a Secretary’s Certificate, if requested.

 

(b) Consents and Approvals.
On or prior to the Closing Date, the Company shall have obtained all consents, waivers and approvals required to be obtained by the Company
in connection with the consummation of the transactions contemplated hereby.

 

(c) Disclosure Package.
The Disclosure Package did not, does not and, as of the date of any amendment or supplement thereto, will not, include any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. No order enjoining the Offering or the issuance and sale of the Securities shall have been
issued, and no proceedings for that purpose or a similar purpose shall have been initiated or pending, or, to the Company’s knowledge,
threatened.

 

    9

     

    

 

(d) No Material Adverse
Effect. Subsequent to the execution and delivery of this Agreement and as of the Closing Date, there shall not have occurred any change,
event or development resulting or that could reasonably be expected to result in a Material Adverse Effect, which, in the Placement Agent’s
sole judgment, makes it impracticable or inadvisable to proceed with the Offering.

 

(e) Offering Documents.
Each of the Offering Documents shall be in form and substance reasonably satisfactory to the Placement Agent and shall have been duly
executed and delivered by the Company and the other parties thereto, and the Securities shall have been duly issued, executed (as applicable)
and delivered by the Company.

 

(f) Placement Agent Compensation.
The Cash Fee calculated in the manner provided in Section 1(b) of this Agreement shall have been paid to the Placement Agent by
wire transfer of immediately available funds to an account specified by the Placement Agent to the Company prior to the Closing.

 

(h) Additional Documents.
On or before the Closing Date, the Placement Agent and counsel for the Placement Agent shall have received such information and documents
as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as contemplated
herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions
or agreements, herein contained.

 

If any condition specified
in this Section 7 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Placement Agent
by notice to the Company at any time on or prior to the Closing Date, which termination shall be without liability on the part of any
party to any other party, except that Section 1(b), Section 2, Section 8 and Section 9 shall at all times
be effective and shall survive such termination.

 

Section 8. Indemnification and Contribution.

 

(a) Indemnification
of the Placement Agent. In consideration of the Placement Agent’s execution and delivery of, and the performance of its
obligations under, this Agreement, and in addition to all of the Company’s other obligations under the Offering Documents, the
Company shall defend, indemnify and hold harmless the Placement Agent, each of its Affiliates, each Person, if any, who controls the
Placement Agent or any of its Affiliates within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, and each of
its and its directors, officers, partners, members, shareholders, direct or indirect investors, employees, representatives and
agents (including, without limitation, those attorneys and other agents retained by Placement Agent or any such other Person in
connection with the transactions contemplated by this Agreement and the other Offering Documents) (collectively, the
 “Placement Agent Indemnified Parties,” and each a “Placement Agent Indemnified Party”), from
and against any and all claims, actions, causes of action, suits, proceedings (including, without limitation, as a party in interest
or otherwise in any action or proceeding for injunctive or other equitable relief), including, without limitation, any and all
derivative actions brought on behalf of the Company or any majority or wholly owned subsidiary (each, a
 “Subsidiary”), and any and all civil, criminal or regulatory investigations, whether formal or informal, to which
any Placement Agent Indemnified Party may become subject (irrespective of whether any such Placement Agent Indemnified Party is a
party, threatened to be made a party, or a witness to the claim, action, cause of action, suit, proceeding or investigation for
which indemnification hereunder is sought), and all damages, losses, liabilities and expenses (including the reasonable fees and
expenses of counsel) incurred by any Placement Agent Indemnified Party (including, without limitation, in settlement of any claim,
action, cause of action, suit, proceeding or investigation), in each case as incurred (collectively, a “Claim”),
as a result of, or arising out of, or relating to (i) any misrepresentation, inaccuracy or breach of any representation or warranty
made by the Company or any Subsidiary in this Agreement or in any of the other Offering Documents, (ii) any breach of any covenant,
agreement or obligation of the Company or any Subsidiary contained in this Agreement or in any of the other Offering Documents,
(iii) the execution, delivery, performance or enforcement of this Agreement or any of the other Offering Documents, (iv) any
transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance of the
Securities, (v) any untrue statement or alleged untrue statement of a material fact contained in any SEC Document or in any Offering
Document, or any amendment thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (vi) the
status of such Placement Agent Indemnified Party as a holder of any of the Securities, or as a party (or agent or attorney of such
party) to this Agreement or any of the other Offering Documents, (vii) any act or failure to act by any Placement Agent Indemnified
Party in connection with, or relating in any manner to, the Securities, the Offering or any of the transactions contemplated by this
Agreement or any of the other Offering Documents, provided that the Company shall not be liable under this clause (vii) to
the extent that a court of competent jurisdiction shall have determined by a final, non-appealable judgment that such claim, action,
cause of action, suit, proceeding, investigation, damage, loss, liability or expense resulted from the gross negligence, bad faith
or willful misconduct of such Placement Agent Indemnified Party; and to reimburse such Placement Agent Indemnified Party for any and
all expenses (including the reasonable fees and disbursements of counsel chosen by such Placement Agent Indemnified Party) incurred
by such Placement Agent Indemnified Party in connection with investigating, defending, settling, compromising or paying any such
claim, action, cause of action, suit, proceeding, investigation, damage, loss, liability or expense. To the extent that the
foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the
payment and satisfaction of each of the indemnified liabilities which is permissible under applicable law as provided in Section
8(d).

 

    10

     

    

 

(b) Notifications and Other
Indemnification Procedures. Promptly after receipt by a Placement Agent Indemnified Party under this Section 8 of notice of
the commencement of any action, such Placement Agent Indemnified Party will, if a claim in respect thereof is to be made against the Company
under this Section 8, notify the Company in writing of the commencement thereof, but the omission so to notify the Company will
not relieve it from any liability that it may have to any Placement Agent Indemnified Party for contribution to the extent it is not prejudiced
as a proximate result of such failure. In case any such action is brought against any Placement Agent Indemnified Party and the such Placement
Agent Indemnified Party seeks or intends to seek indemnity from the Company, the Company shall assume the defense thereof with counsel
reasonably satisfactory to such Placement Agent Indemnified Party; provided, however, if the defendants in any such action
include both the Placement Agent Indemnified Party and the Company, and the Placement Agent Indemnified Party shall have reasonably concluded
on the advice of its counsel that a conflict may arise between the positions of the Company and the Placement Agent Indemnified Party
in conducting the defense of any such action or that there may be legal defenses available to it and/or other Placement Agent Indemnified
Parties that are different from or additional to those available to the Company, such Placement Agent Indemnified Party or Placement Agent
Indemnified Parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the
defense of such action on behalf of such Placement Agent Indemnified Party or Placement Agent Indemnified Parties. Upon receipt of notice
from the Company to the Placement Agent Indemnified Party of the Company’s assumption the defense of such action and approval by
such Placement Agent Indemnified Party of counsel, the Company will not be liable to such Placement Agent Indemnified Party under this
Section 8 for any legal or other expenses subsequently incurred by such Placement Agent Indemnified Party in connection with the
defense thereof unless: (i) the Placement Agent Indemnified Party shall have employed separate counsel in accordance with the proviso
to the immediately preceding sentence (it being understood, however, that the Company shall not be liable for the expenses of more than
one separate counsel (together with local counsel), approved by the Company), representing the Placement Agent Indemnified Parties who
are parties to such action; (ii) the Company shall not have employed counsel satisfactory to the Placement Agent Indemnified Party to
represent the Placement Agent Indemnified Party within a reasonable time after notice of commencement of the action; or (iii) the Company
has authorized the employment of counsel for the Placement Agent Indemnified Party at the expense of the Company, in each of which cases
the fees and expenses of counsel shall be at the expense of the Company.

 

(c) Settlements. The
Company shall not be liable under this Section 8 for any settlement of any proceeding effected without its written consent, which
consent shall not be unreasonably conditioned, withheld or delayed, but if settled with such consent or if there be a final judgment for
the plaintiff, the Company agrees to indemnify the applicable Placement Agent Indemnified Party or Placement Agent Indemnified Parties
against any claim, action, cause of action, suit, proceeding, investigation, damage, loss, liability or expense by reason of such settlement
or judgment. The Company shall not, without the prior written consent of the Placement Agent Indemnified Party, effect any settlement,
compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any Placement
Agent Indemnified Party is or could have been a party and indemnity was or could have been sought hereunder by such Placement Agent Indemnified
Party, unless such settlement, compromise or consent includes: (i) an unconditional release of such Placement Agent Indemnified Party
from all liability on claims that are the subject matter of such action, suit or proceeding; and (ii) does not include a statement as
to or an admission of fault, culpability or a failure to act by or on behalf of any Placement Agent Indemnified Party.

 

    11

     

    

 

(d) Contribution.
If the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless a Placement Agent
Indemnified Party under Section 8(a) above in respect of any claim, action, cause of action, suit, proceeding, investigation,
damage, loss, liability or expense, then the Company shall contribute to the aggregate amount paid or payable by such Placement
Agent Indemnified Party in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one
hand, and such Placement Agent Indemnified Party, on the other, from the Offering. If, however, the allocation provided by the
immediately preceding sentence is not permitted by applicable law then the Company shall contribute to such amount paid or payable
by such Placement Agent Indemnified Party in such proportion as is appropriate to reflect not only such relative benefits but also
the relative fault of the Company, on the one hand, and such Placement Agent Indemnified Party, on the other, in connection with the
actions or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof),
as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things,
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action or
omission.

 

The Company and Placement
Agent agree that it would not be just and equitable if contributions pursuant to this Section 8(d) were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this
Section 8(d). The amount paid or payable by a Placement Agent Indemnified Party as a result of the losses, claims, damages or liabilities
(or actions or proceedings in respect thereof) referred to above in this Section 8(d) shall be deemed to include any legal or other
expenses reasonably incurred by such Placement Agent Indemnified Party in connection with investigating or defending any such claim, action,
cause of action, suit, proceeding or investigation. Notwithstanding the provisions of this subsection (d): (i) the Placement Agent
shall not be required to contribute any amount in excess of the amount of the Cash Fee actually received by Placement Agent pursuant to
this Agreement; and (ii) 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.

 

(e) Timing of Any Payments
of Indemnification. Any losses, claims, damages, liabilities or expenses for which a Placement Agent Indemnified Party is entitled
to indemnification or contribution under this Section 8 shall be paid by the Company to the Placement Agent Indemnified Party as
such losses, claims, damages, liabilities or expenses are incurred, but in all cases, no later than fifteen (15) days of invoice to the
Company.

 

(f) Acknowledgements of
Parties. The parties to this Agreement hereby acknowledge that they are sophisticated business persons who were represented by counsel
during the negotiations regarding the provisions hereof including, without limitation, the provisions of this Section 8, and are
fully informed regarding said provisions. They further acknowledge that the provisions of this Section 8 fairly allocate the risks
in light of the ability of the parties to investigate the Company and its business in order to assure that adequate disclosure is made
in the Disclosure Package.

 

Section 9. Representations and Indemnities
to Survive Delivery.

 

The respective indemnities,
agreements, representations, warranties and other statements of the Company or any of its Subsidiaries set forth in or made pursuant to
this Agreement will remain in full force and effect, regardless of: (i) any investigation made by or on behalf of any Placement Agent
Indemnified Party or any of their respective representatives or agents; (ii) acceptance of any Securities and payment therefor; and (iii)
any termination of this Agreement or expiration of the Offering Period. A successor to any Placement Agent Indemnified Party shall be
entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in Section 8.

 

Section 10. Notices. 

 

All communications hereunder
shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties hereto as follows:

 

	 	If to Placement Agent: 
	 	 
	 	ThinkEquity LLC
	 	17 State Street, 22nd Floor
	 	New York, NY 10004
	 	Facsimile: (212) 349-2550
	 	Attention: Eric Lord

 

    12

     

    

 

	 	With a copy to (which copy shall not constitute notice):
	 	 	 
	 	Blank Rome LLP
	 	1271 Avenue of the Americas
	 	New York, NY 10020
	 	Attn:  	Brad L. Shiffman, Esq.

 

	 	If to the Company: 
	 	 
	 	iSpecimen Inc. 450 Bedford Street Lexington, MA 02420 Attention:  Christopher Ianelli Email:  cianelli@ispecimen.com  
	 	 

 

	 	With a copy to (which copy shall not constitute notice):
	 	 
	 	
    Elenoff Grossman & Schole LLP

    1345 Avenue of the Americas

    New York, NY 10105

    Attention: Barry I. Grossman, Esq.

    Email: bigrossman@egsllp.com 

 

Any party hereto may change
the address for receipt of communications by giving written notice to the others.

 

Section 11. Successors.

 

This Agreement will inure
to the benefit of and be binding upon the parties hereto, and to the benefit of the Placement Agent Indemnified Parties (or any of their
respective successors) referred to in Section 8, and to their respective successors, and personal representatives, and no other
person will have any right or obligation hereunder.

 

Section 12. Partial Unenforceability. 

 

The invalidity or unenforceability
of any section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph
or provision hereof. If any section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable,
there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

 

Section 13. Governing Law Provisions.

 

(a) Governing Law.
This agreement shall be governed by and construed in accordance with the internal laws of the state of New York applicable to agreements
made and to be performed in such state.

 

    13

     

    

 

(b) Consent to
Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated
hereby may be instituted in the federal courts of the United States of America located in New York, New York, or the courts of the
State of New York in each case located in the Borough of Manhattan (collectively, the “Specified Courts”), and
each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a
judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding.
Service of any process, summons, notice or document by mail to such party’s address set forth above shall be effective service
of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any
objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally
waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has
been brought in an inconvenient forum. EACH OF THE PLACEMENT AGENT AND THE COMPANY HEREBY WAIVES (ON ITS OWN BEHALF AND, TO THE
EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT
OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY (INCLUDING,
WITHOUT LIMITATION, THE OFFERING).

 

Section 14. General Provisions.

 

This Agreement constitutes
the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements,
understandings and negotiations with respect to this Offering. This Agreement may be executed in two or more counterparts, each one of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement
may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived
unless waived in writing by each party whom the condition is meant to benefit. Section headings herein are for the convenience of the
parties only and shall not affect the construction or interpretation of this Agreement.

 

[Signature Page Follows]

 

    14

     

    

 

If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company the enclosed copies hereof, whereupon this instrument,
along with all counterparts hereof, shall become a binding agreement in accordance with its terms.

 

	 	Very truly yours,
	 	 	 
	 	iSPECIMEN INC.
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

The foregoing Placement Agency
Agreement is hereby confirmed and accepted by the Placement Agent as of the date first above written.

 

THINKEQUITY LLC

 

	By:	 	 
	 	Name: Eric Lord	 
	 	Title: Head of Investment Banking

 

[Signature Page to Placement Agency Agreement]Document

Exhibit 10.1

PURCHASE AND SALE AGREEMENT
BETWEEN

ALLSTATE INSURANCE COMPANY,

an Illinois insurance company,
AS SELLER,

AND

DPIF3 ACQUISITION CO LLC,

a Delaware limited liability company,

AS PURCHASER

As of November 26, 2021
			
	

TABLE OF CONTENTS

ARTICLE    PAGE

						
	ARTICLE I    PURCHASE AND SALE
	1

	1.1    Agreement of Purchase and Sale
	1

	1.2    Purchase Price
	2

	1.3    Payment of Purchase Price
	2

	1.4    Earn-Out Payment
	2

	1.5    Independent Contract Consideration
	2

	1.6    Deposit
	2

	ARTICLE II    TITLE AND SURVEY
	3

	2.1    Title/Survey Review Period
	3

	2.2    Title Examination
	3

	2.3     Pre-Closing “Gap” Title Defects
	4

	2.4    Seller Encumbrances
	4

	ARTICLE III    REVIEW OF PROPERTY AND APPROVALS
	4

	3.1    Right of Inspection
	4

	3.2    Reports
	5

	3.3    Right of Termination During Due Diligence Period
	5

	3.4    Approvals Period
	6

	ARTICLE IV    CLOSING
	6

	4.1    Time and Place
	6

	4.2    Seller’s Obligations at Closing
	6

	4.3    Purchaser’s Obligations at Closing
	7

	4.4    Credits and Prorations
	8

	4.5    Closing Costs
	9

	4.6    Conditions Precedent to Obligation of Purchaser
	9

	4.7    Conditions Precedent to Obligation of Seller
	9

	4.8    Failure of Conditions
	9

	ARTICLE V    REPRESENTATIONS, WARRANTIES AND COVENANTS
	10

	5.1    Representations and Warranties of Seller
	10

	5.2    Knowledge Defined
	11

	5.3    Survival of Seller’s Representations, Warranties and Other Obligations
	12

	5.4    Representations and Warranties of Purchaser
	12

	5.5    Survival of Purchaser’s Representations and Warranties
	12

	5.6    Seller’s Interim Covenants
	13

	5.7    WARN Act
	13

	5.8    Bulk Sales
	13

	ARTICLE VI    DEFAULT
	14

	6.1    Default by Purchaser
	14

	6.2    Default by Seller
	14

	6.3    Recoverable Damages
	14

    i

TABLE OF CONTENTS
(continued)
ARTICLE    PAGE

						
	ARTICLE VII       RISK OF LOSS
	15

	7.1    Casualty
	15

	7.2    Minor Condemnation
	15

	7.3    Major Condemnation
	15

	7.4    Definition of Major Condemnation
	15

	ARTICLE VIII   JOINT VENTURE
	15

	8.1    Joint Venture
	15

	ARTICLE IX    COMMISSIONS
	15

	9.1    Brokerage Commissions
	15

	ARTICLE X    DISCLAIMERS AND RELEASE
	16

	10.1    No Reliance on Documents
	16

	10.2    AS-IS SALE; DISCLAIMERS AND RELEASE
	16

	10.3    Survival
	17

	10.4    Scope of Release
	17

	ARTICLE XI    MISCELLANEOUS
	18

	11.1    Nondisclosure Agreement
	18

	11.2    Assignment
	18

	11.3    Notices
	18

	11.4    Modifications
	20

	11.5    Entire Agreement
	20

	11.6    Further Assurances
	20

	11.7    Counterparts
	20

	11.8    Facsimile Signatures
	20

	11.9    Severability
	21

	11.10    Applicable Law
	21

	11.11    No Third-Party Beneficiary
	21

	11.12    Captions
	21

	11.13    Construction
	21

	11.14    Recordation
	21

	11.15    Attorneys’ Fees and Costs
	21

	11.16    Patriot Act, OFAC
	21

	11.17    No Financing Contingency
	22

	11.18    Business Days
	22

	11.19    No Joint Venture
	22

	11.20    Exclusivity
	22

	11.21    Escrow Agent Duties and Disputes
	22

	11.22    1031 Exchange
	24

        
			
	

ii

EXHIBITS

A    DESCRIPTION OF LAND
B    LIST OF REPORTS
C    PRELIMINARY SITE PLAN
D    FORM OF DEED
E    FORM OF MEMORANDUM OF EARN-OUT PAYMENT OBLIGATION
F    FORM OF BILL OF SALE
G    FORM OF ASSIGNMENT OF INTANGIBLE PROPERTY
H    FORM OF FIRPTA CERTIFICATE
I    LIST OF SPECIFIED LITIGATION
J    LIST OF SPECIFIED VIOLATIONS

SCHEDULES

1.1(b)    LIST OF REMOVABLE PERSONAL PROPERTY/FIXTURES
1.1(e)    LITIGATION
1.4    EARN-OUT PAYMENT
3.4    APPROVALS PERIOD
4.6    PURCHASER’S CONDITIONS PRECEDENT
4.7    SELLER’S CONDITIONS PRECEDENT
8.1    JOINT VENTURE
11.22    1031 EXCHANGE
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PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of November 26, 2021 (the “Effective Date”), by and between ALLSTATE INSURANCE COMPANY, an Illinois insurance company (“Seller”), and DPIF3 ACQUISITION CO LLC, a Delaware limited liability company (“Purchaser”).
RECITALS

A.    Seller is the fee simple owner of the Property (as hereinafter defined), including that certain real property, consisting of approximately 232 acres located at 2675, 2700, 2755, 2775, and 3075 Sanders Road, Northbrook, Illinois, which is more particularly described on Exhibit A attached hereto and made a part hereof (together with all rights and appurtenances pertaining to such property, including any right, title and interest of Seller in and to adjacent streets, alleys or rights-of-way, the “Land”).
B.    Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, the Property (as hereinafter defined), subject to the terms and conditions contained herein.
NOW, THEREFORE, in consideration of the recitals set forth above which are incorporated herein, the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows:
ARTICLE I

PURCHASE AND SALE
1.1    Agreement of Purchase and Sale.  Subject to the terms and conditions hereinafter set forth, Seller agrees to sell and convey to Purchaser, and Purchaser agrees to purchase from Seller, the following (collectively, the “Property”):
(a)    The Land;
(b)    the buildings, structures, fixtures and other improvements affixed to or located on the Land as of the Closing (defined below) (the property described in clause (b) of this Section 1.1 being herein referred to collectively as the “Improvements”; the Land and the Improvements together are referred to as the “Real Property”), it being understood that Seller may elect to remove any of the fixtures described on Schedule 1.1(b) attached hereto and made a part hereof from the Land prior to Closing and Seller shall be permitted to remove any other fixtures prior to Closing with Purchaser’s prior written consent, which shall not be unreasonably withheld, conditioned, or delayed; and
(c)    any and all of Seller’s right, title and interest in and to all tangible personal property located upon the Land or within the Improvements as of the Closing and used exclusively in connection with the operation of the Land and the Improvements (as distinguished from the tangible personal property used in connection with the operation
			
	

of Seller’s business at the Property) (it being understood that Seller may elect to remove any of the personal property described on Schedule 1.1(b) attached hereto and made a part hereof from the Land prior to Closing) (the property described in clause (c) of this Section 1.1 being herein referred to collectively as “Personal Property”), it being understood that Seller shall remove any and all other tangible personal property from the Land and the Improvements prior to Closing, including, without limitation, all tangible personal property used in connection with the operation of Seller’s business at the Property (including, without limitation, office furniture and cubicles); and
(d)    any and all of Seller’s right, title and interest in and to (i) all assignable existing warranties and guaranties (express or implied) issued to Seller in connection with the Improvements or the Personal Property, and (ii) all assignable existing permits, licenses, approvals and authorizations issued by any governmental authority in connection with the Property (the property described in clause (d) of this Section 1.1 being sometimes herein referred to collectively as the “Intangibles”).
Notwithstanding anything to the contrary contained herein, the Property does not include Seller’s rights or obligations under any litigation, including, without limitation, the litigation described on Schedule 1.1(e) attached hereto.  Seller retains all rights, and shall remain obligated to satisfy any liabilities, under such litigation.  This grammatical paragraph shall survive the Closing.
1.2    Purchase Price.  Seller is to sell and Purchaser is to purchase the Property for the amount of Two Hundred Thirty-Two Million and No/100 Dollars ($232,000,000.00) (the “Purchase Price”). 
1.3    Payment of Purchase Price.  The Purchase Price, as increased or decreased by prorations and adjustments as herein provided, shall be payable in full at Closing in cash by wire transfer of immediately available funds to Seller.
1.4    Earn-Out Payment.  As additional consideration for the purchase of the Property, Purchaser may be required to make an earn-out payment to Seller at or after Closing, if and as required pursuant to Schedule 1.4 attached hereto.  This Section 1.4 shall survive the Closing.  
1.5    Independent Contract Consideration.  Immediately prior to the execution of this Agreement, Purchaser paid $100 (the “Independent Contract Consideration”) to Seller, which amount Seller and Purchaser hereby 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.
1.6    Deposit.  Within five (5) business days after the Effective Date, Purchaser shall deposit with First American Title Insurance Company (the “Escrow Agent”), having its office at 3281 E. Guasti Road, Suite 440, Ontario, California 91761, Attention:  Christine Siegel, the sum of One Million and No/100 Dollars ($1,000,000.00) (together with all interest earned thereon and paid to Seller, the “Initial Deposit”) in good funds, either by certified bank or cashier’s check or by federal wire transfer.  If this Agreement is not terminated pursuant to Schedule 3.4 attached hereto, Purchaser shall deposit with Escrow Agent an additional sum of Four Million and No/100 Dollars ($4,000,000.00) (together with all interest earned thereon and 
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paid to Seller, the “Additional Deposit”, together with the Initial Deposit, the “Deposit”) in good funds, either by certified bank or cashier’s check or by federal wire transfer no later than three (3) business days after the expiration of the Approvals Period (defined below).  All interest on such sums shall be deemed income of Purchaser, and Purchaser shall be responsible for the payment of all costs and fees imposed on the Deposit account.  The Deposit shall be released to Seller and applied to the Purchase Price at Closing.  The failure of Purchaser to timely deliver the Additional Deposit shall be a material default, and shall entitle Seller, at Seller’s sole option, at any time prior to the delivery of the Additional Deposit, to terminate this Agreement immediately upon written notice to Purchaser.  The Deposit shall be held or delivered by Escrow Agent only as provided in this Agreement.
ARTICLE II

TITLE AND SURVEY
2.1    Title/Survey Review Period.  During the period beginning upon the Effective Date and ending at 5:00 p.m. (local time at the Property) on the date that is five (5) business days prior to the expiration of the Due Diligence Period (defined below) (hereinafter referred to as the “Title/Survey Review Period”), Purchaser shall have the right to review (a) a current preliminary title report or commitment for title insurance on the Real Property prepared by First American Title Insurance Company (the “Title Company”) which title report or commitment (the “Title Commitment”) shall be ordered by Purchaser within three (3) business days after the Effective Date; and (b) a survey of the Real Property prepared by a licensed surveyor or engineer hired by Purchaser (the “Survey”).
2.2    Title Examination.  Purchaser shall notify Seller in writing (the “Title Notice”) prior to the expiration of the Title/Survey Review Period which exceptions to title (including survey matters), if any, will not be accepted by Purchaser.  If Purchaser fails to notify Seller in writing of its disapproval of any matter disclosed in the Title Commitment or the Survey by the expiration of the Title/Survey Review Period, Purchaser shall be deemed to have approved such matter.  If Purchaser notifies Seller in writing that Purchaser objects to any exceptions to title, Seller shall have three (3) business days after receipt of the Title Notice to notify Purchaser (a) that Seller will remove such objectionable exceptions from title on or before the Closing; provided that Seller may extend the Closing for such period as shall be required to effect such cure, but not beyond thirty (30) days; or (b) that Seller elects not to cause such exceptions to be removed.  The procurement by Seller of a commitment for the issuance of the Title Policy (as defined in Schedule 4.6 hereof) without a title exception which was disapproved pursuant to this Section 2.2, or with an endorsement reasonably acceptable to Purchaser insuring over such matter, shall be deemed a cure by Seller of such disapproval.  If Seller gives Purchaser notice under clause (b) above, or if Seller fails give Purchaser notice under clause (a) or (b) above with respect to any objectionable exception within the foregoing three (3) business day period, Purchaser shall have two (2) business days in which to notify Seller that Purchaser will nevertheless proceed with the purchase and take title to the Property subject to such exceptions,
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or that Purchaser will terminate this Agreement.  If this Agreement is terminated pursuant to the foregoing provisions of this paragraph, then neither party shall have any further rights or obligations hereunder (except for those obligations of either party that expressly survive the termination of this Agreement pursuant to the other provisions of this Agreement), the Deposit shall be returned to Purchaser and each party shall bear its own costs incurred hereunder.  If Purchaser shall fail to notify Seller of its election within said two (2) business day period, Purchaser shall be deemed to have elected to proceed with the purchase and take title to the Property subject to such exceptions.
2.3    Pre-Closing “Gap” Title Defects.  Purchaser may, at or prior to Closing, notify Seller in writing (the “Gap Notice”) of any objections to title (a) raised by the Title Company between the expiration of the Title/Survey Review Period and the Closing and (b) not disclosed in the Title Commitment or the Survey or otherwise known to Purchaser prior to the expiration of the Title/Survey Review Period; provided that Purchaser must notify Seller in writing of such objection to title within five (5) business days of being made aware of the existence of such exception.  If Purchaser sends a Gap Notice to Seller, Purchaser and Seller shall have the same rights and obligations with respect to such notice as apply to a Title Notice under Section 2.2 hereof.
2.4    Seller Encumbrances.  Notwithstanding the foregoing provisions of this Article II, Seller shall be obligated to cause the release of, or to cause the Title Company to insure over in the Title Policy, any “Seller Encumbrances” (which, as used herein, means the lien securing any mortgage or deed of trust obtained or assumed by Seller or its Affiliates (as hereinafter defined) that encumbers all or any portion of the Property, and any monetary liens created or suffered by Seller (including, without limitation, liens for delinquent taxes and mechanics’ liens), or any lis pendens or judgment liens as a result of Seller’s actions, that encumber all or any portion of the Property) on or prior to the Closing Date.
ARTICLE III

REVIEW OF PROPERTY AND APPROVALS
3.1    Right of Inspection.  
(a)    During the period beginning upon the Effective Date and ending at 5:00 p.m. (local time at the Property) on the date that is forty-five (45) days after the Effective Date (the “Due Diligence Period”), and thereafter through the Closing Date, Purchaser shall have the right to make physical and other inspections of the Real Property.  Such inspections shall be subject to the terms and conditions of that certain Early Access and Confidentiality Agreement dated as of October 12, 2021 (the “Early Access and Confidentiality Agreement”), including, without limitation, all insurance requirements and indemnity obligations set forth therein; provided, however, that notwithstanding anything to the contrary contained in Section 11 of the Early Access and Confidentiality Agreement, the Early Access and Confidentiality Agreement shall remain in effect throughout the Due Diligence Period and thereafter through the Closing Date or earlier termination of this Agreement.
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(b)    Nothing contained in this Agreement shall empower Purchaser to do any act which can, shall or may encumber the Property or the title of Seller therein. Purchaser has no authority or power to cause or permit any lien, charge or encumbrance of any kind whatsoever, whether created by act of Purchaser or any other Inspector Parties (as defined in the Early Access and Confidentiality Agreement), by operation of law or otherwise, to attach to or be placed upon any of the Property or Seller’s title or interest therein, or any part thereof.  Purchaser covenants and agrees that neither Purchaser nor any Inspector Party will suffer or permit any lien, charge or encumbrance (including any mechanic’s or materialman’s lien) to be placed against the Property or any part thereof.  In the event such lien, charge or encumbrance shall be placed against the Property (or any portion thereof) and is not fully released and removed within ten (10) days after notice thereof from Seller to Purchaser, Seller, at its sole option and in addition to any of its other rights and remedies hereunder, at law or in equity, may take any and all actions necessary to release and remove such lien, charge or encumbrance (it being agreed by Purchaser that Seller shall have no duty to investigate the validity thereof), and Purchaser shall promptly upon notice thereof reimburse Seller for all sums, costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Seller in connection therewith.  Notwithstanding anything to the contrary in this Agreement, the terms of this Section 3.1(b) shall survive any termination of this Agreement, but this Section 3.1(b) shall not survive Closing (except as to any sums, costs and expenses reimbursable to Seller pursuant to the immediately preceding sentence for liens, charges or encumbrances released or removed prior to Closing).
3.2    Reports.  PURCHASER ACKNOWLEDGES THAT (1) PURCHASER HAS RECEIVED COPIES OF THE ENVIRONMENTAL, ENGINEERING AND OTHER REPORTS (COLLECTIVELY, THE “REPORTS”) LISTED ON EXHIBIT B ATTACHED HERETO, (2) IF SELLER DELIVERS ANY ADDITIONAL REPORTS TO PURCHASER, PURCHASER WILL ACKNOWLEDGE IN WRITING THAT IT HAS RECEIVED SUCH REPORTS PROMPTLY UPON RECEIPT THEREOF, AND (3) ANY REPORTS DELIVERED OR TO BE DELIVERED BY SELLER OR ITS AGENTS OR CONSULTANTS TO PURCHASER ARE BEING MADE AVAILABLE SOLELY AS AN ACCOMMODATION TO PURCHASER AND MAY NOT BE RELIED UPON BY PURCHASER IN CONNECTION WITH THE PURCHASE OF THE PROPERTY; PROVIDED, HOWEVER, THAT THE FOREGOING SHALL NOT LIMIT THE EXPRESS REPRESENTATIONS AND WARRANTIES OF SELLER IN THIS AGREEMENT OR THE DOCUMENTS EXECUTED BY SELLER IN CONNECTION HEREWITH.  EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES OF SELLER IN THIS AGREEMENT OR THE DOCUMENTS EXECUTED BY SELLER IN CONNECTION HEREWITH, PURCHASER AGREES THAT SELLER SHALL HAVE NO LIABILITY OR OBLIGATION WHATSOEVER FOR ANY INACCURACY IN OR OMISSION FROM ANY REPORT.  PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO THE EXPIRATION OF THE DUE DILIGENCE PERIOD, ITS OWN INVESTIGATION OF THE CONDITION OF THE PROPERTY TO THE EXTENT PURCHASER DEEMS SUCH AN INVESTIGATION TO BE NECESSARY OR APPROPRIATE.
3.3    Right of Termination During Due Diligence Period.  If for any reason whatsoever or no reason Purchaser determines that the Property or any aspect thereof is
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unsuitable for Purchaser’s acquisition, Purchaser shall have the right to terminate this Agreement by giving written notice thereof to Seller prior to the expiration of the Due Diligence Period, and if Purchaser gives such notice of termination within the Due Diligence Period, this Agreement shall terminate.  If this Agreement is terminated pursuant to the foregoing provisions of this paragraph, then neither party shall have any further rights or obligations hereunder (except for those obligations that expressly survive the termination of this Agreement), the Deposit shall be returned to Purchaser and each party shall bear its own costs incurred hereunder.  If Purchaser fails to give Seller a notice of termination prior to the expiration of the Due Diligence Period, then Purchaser shall have no further right to terminate this Agreement pursuant to this Section 3.3.
3.4    Approvals Period.  Purchaser’s obligation to close is subject to the satisfaction or waiver of the conditions set forth on Schedule 3.4 attached hereto within the timeframe set forth on such Schedule 3.4.
ARTICLE IV

CLOSING
4.1    Time and Place.  The consummation of the transaction contemplated hereby (the “Closing”) shall be held at the offices of the Escrow Agent on the date that is fifteen (15) days after the expiration of the Approvals Period (the “Closing Date”), provided, however, that Seller shall have the one-time right, by delivery of written notice to Purchaser no later than the date that is three (3) business days prior to the initial Closing Date, to extend the Closing Date by up to ninety (90) days.  At the Closing, Seller and Purchaser shall perform the obligations set forth in, respectively, Section 4.2 and Section 4.3 hereof, the performance of which obligations shall be concurrent conditions.  The Closing shall be consummated through an escrow administered by Escrow Agent, and the Purchase Price and all documents shall be deposited with the Escrow Agent as escrowee.
4.2    Seller’s Obligations at Closing.  At Closing, Seller shall:
(a)    deliver to Purchaser a duly executed and acknowledged special warranty deed (the “Deed”) in the form attached hereto as Exhibit D, conveying the Land and Improvements, subject only to the Permitted Exceptions (as hereinafter defined);
(b)    deliver to Purchaser a duly executed Memorandum of Earn-Out Payment Obligation (the “Memorandum of Earn-Out Payment Obligation”) in the form attached hereto as Exhibit E, to be recorded immediately after the Deed;
(c)    deliver to Purchaser a duly executed bill of sale (collectively, the “Bill of Sale”) conveying the Personal Property without warranty of title or use and without warranty, express or implied, as to merchantability and fitness for any purpose and in the form attached hereto as Exhibit F;
(d)    to the extent assignable, assign to Purchaser, and Purchaser shall assume, Seller’s interest in the Intangibles by duly executed assignment and assumption agreement (the “Assignment of Intangibles”) in the form attached hereto as Exhibit G;
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(e)    in the event that any representation or warranty of Seller needs to be modified due to changes since the Effective Date, deliver to Purchaser a certificate, dated as of the Closing Date and executed on behalf of Seller by a duly authorized officer thereof, identifying any representation or warranty which is not, or no longer is, true and correct and explaining the state of facts giving rise to the change.  In no event shall Seller be liable to Purchaser for, or be deemed to be in default hereunder by reason of, any breach of representation or warranty which results from any change that occurs between the Effective Date and the Closing Date that is expressly permitted under the terms of this Agreement.  If a representation or warranty of Seller no longer is true and correct in all material respects due to a matter outside of Seller’s reasonable control and does not arise from any default by Seller of its obligations under this Agreement, Purchaser’s sole remedy shall be to terminate this Agreement, by delivery of written notice to Seller, and receive a return of the Deposit, whereupon neither party shall have any further rights or obligations hereunder (except for those obligations that expressly survive the termination of this Agreement);
(f)    deliver to Title Company such evidence as the Title Company may reasonably require as to the authority of the person or persons executing documents on behalf of Seller;
(g)    deliver to Purchaser a certificate in the form attached hereto as Exhibit H duly executed by Seller stating that Seller is not a “foreign person” as defined in the Federal Foreign Investment in Real Property Tax Act of 1980;
(h)    deliver such affidavits as may be customarily and reasonably required by the Title Company (including, without limitation, an owner’s affidavit and “gap” indemnity), in form and substance reasonably acceptable to Seller;
(i)    deliver to Purchaser possession and occupancy of the Property, subject only to the Permitted Exceptions;
(j)    execute a closing and proration statement; and
(k)    deliver such additional documents as shall be reasonably required to consummate the transaction contemplated by this Agreement, including, without limitation, transfer tax declarations as are required by state, county and village authorities.
4.3    Purchaser’s Obligations at Closing.  At Closing, Purchaser shall:
(a)    pay to Seller the full amount of the Purchase Price (less the Deposit disbursed to Seller), as increased or decreased by prorations and adjustments as herein provided, in immediately available wire transferred funds pursuant to Section 1.3 hereof;
(b)    join Seller in execution of the Memorandum of Earn-Out Payment Obligation and the Assignment of Intangibles;
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(c)    deliver to Title Company such evidence as the Title Company may reasonably require as to the authority of the person or persons executing documents on behalf of Purchaser;
(d)    deliver such affidavits as may be customarily and reasonably required by the Title Company, in form and substance reasonably acceptable to Purchaser;
(e)    execute a closing and proration statement; and
(f)    deliver such additional documents as shall be reasonably required to consummate the transaction contemplated by this Agreement.
4.4    Credits and Prorations.  
(a)    All income and expenses of the Property shall be apportioned as of 12:01 a.m., on the Closing Date, as if Purchaser were vested with title to the Property during the entire day upon which Closing occurs.  Such prorated items shall include, without limitation, the following:
(i)    real estate taxes and assessments (and personal property taxes on the Personal Property) levied against the Property;
(ii)    utility charges for which Seller is liable, if any, such charges to be apportioned at Closing on the basis of the most recent meter reading occurring prior to Closing (dated not more than fifteen (15) days prior to Closing) or, if unmetered, on the basis of a current bill for each such utility; and
(iii)    any other operating expenses or other items pertaining to the Property which are customarily prorated between a purchaser and a seller in the county in which the Property is located.
(b)    In addition to and notwithstanding anything contained in Section 4.4(a) hereof:
(i)    General real estate taxes, special assessments and personal property taxes shall be prorated as of the Closing Date on an accrual basis, and Purchaser shall receive a credit at Closing, as appropriate.  In the event that the final, full year tax bills attributable to the year preceding Closing or the year of the Closing are not available, as the case may be, taxes shall be prorated based on the most recent full year tax bills that are available.  In such event, the party receiving the full year tax bills that are attributable to the year preceding Closing or the year of the Closing, as the case may be, shall notify the other promptly upon receipt thereof, and the parties shall reprorate real estate taxes based on such bills within thirty (30) days after such notice; and
(ii)    As to utility charges referred to in Section 4.4(a)(ii) hereof, Seller may on notice to Purchaser elect to pay one or more of all of said items accrued to the date hereinabove fixed for apportionment directly to the person or entity
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entitled thereto, and to the extent Seller so elects, such item shall not be apportioned hereunder, and Seller’s obligation to pay such item directly in such case shall survive the Closing or any termination of this Agreement.
(c)    For a period of three (3) years after the Closing, Purchaser shall allow Seller and its agents and representatives access without charge to all files, records and documents delivered to Purchaser at the Closing, upon reasonable advance notice and at all reasonable times, to examine and make copies of any and all such files, records and documents, which right shall survive the Closing. 
(d)    Except as otherwise provided herein, any revenue or expense amount which cannot be ascertained with certainty as of Closing shall be prorated on the basis of the parties’ reasonable estimates of such amount, and shall be the subject of a final proration thirty (30) days after Closing, or as soon thereafter as the precise amounts can be ascertained; but except as otherwise provided in Section 4.4(b)(i) above, in no event shall any reproration under this Agreement occur more than one hundred eighty (180) days after the Closing.  Each party shall promptly notify the other party when it becomes aware that any such estimated amount has been ascertained.
(e)    Subject to Sections 4.4(c) and 4.4(d) hereof, the provisions of this Section 4.4 shall survive Closing.
4.5    Closing Costs.  Seller shall pay:  (a) all transfer taxes imposed by the State of Illinois and Cook County, (b) the costs of recording the Deed, the Memorandum of Earn-Out Payment Obligation, and any releases required to clear title to the Property, (c) Seller’s attorneys’ fees, (d) one-half of all escrow closing fees and costs, (e) the costs of the Title Policy (including extended coverage or the extended coverage endorsement but excluding all other endorsements) and (f) all fees payable to Seller’s Broker (as defined in Section 9.1).  Purchaser shall pay:  (i) Purchaser’s attorneys’ fees, (ii) the cost of the Survey, (iii) one-half of all escrow closing fees and costs, (iv) the costs of all endorsements to the Title Policy (other than extended coverage) and (vii) the cost of any lender’s title policy.  Any other closing costs shall be allocated in accordance with local custom in the county in which the Property is located.  This Section 4.5 shall survive Closing.  
4.6    Conditions Precedent to Obligation of Purchaser.  The obligation of Purchaser to consummate the transaction hereunder shall be subject to the fulfillment on or before the Closing Date of all of the conditions set forth on Schedule 4.6 attached hereto, any or all of which may be waived by Purchaser in its sole and absolute discretion.
4.7    Conditions Precedent to Obligation of Seller.  The obligation of Seller to consummate the transaction hereunder shall be subject to the fulfillment on or before the Closing Date of all of the conditions set forth on Schedule 4.7 attached hereto, any or all of which may be waived by Seller in its sole and absolute discretion.
4.8    Failure of Conditions.  If any of the conditions to Seller’s obligations under Section 4.7 or any of the conditions to Purchaser’s obligations under Section 4.6 shall fail to occur, then Purchaser or Seller, as the case may be, may terminate this Agreement by written
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notice to the other, in which event the Deposit shall be promptly returned to Purchaser (provided that, if the failure of the condition is the default of either party, then the Deposit shall be disposed of in accordance with Article VI) and neither party shall have any further rights or obligations hereunder (except for those obligations of either party that expressly survive the termination of this Agreement pursuant to the other provisions of this Agreement).
ARTICLE V

REPRESENTATIONS, WARRANTIES AND COVENANTS
5.1    Representations and Warranties of Seller.  Seller hereby makes the following representations and warranties to Purchaser as of the Effective Date, which representations and warranties shall be deemed to have been made again as of the Closing, subject to Section 4.2(e) hereof:
(a)    Organization.  Seller has been duly organized and is validly existing under the laws of the State of Illinois and is in good standing under the laws of the State of Illinois;
(b)    Authority.  Seller has authority to execute this Agreement and will, as of Closing, have authority to transfer to Purchaser all of its right, title and interest in and to the Property in accordance with this Agreement.  The person signing this Agreement on behalf of Seller is a duly qualified representative of Seller and has all requisite power and authority to execute this Agreement on behalf of Seller.
(c)    Leases.  There are no leases, licenses or other occupancy agreements covering all or any portion of the Real Property;
(d)    Condemnation.  To Seller’s knowledge, Seller has received no written notice of any condemnation proceedings relating to the Property; 
(e)    Litigation.  To Seller’s knowledge, except as set forth on Exhibit I attached hereto, Seller has not received written notice of any threatened action, suit, arbitration, unsatisfied order or judgment, government investigation or proceeding against Seller that arises out of the ownership of the Property and would affect the Property or use thereof, or Seller’s ability to perform hereunder, that is not covered and defended by insurance carried by or for the benefit of Seller.  Except as set forth on Exhibit I attached hereto, there is no pending action, suit, arbitration, unsatisfied order or judgment, government investigation or proceeding against Seller that arises out of the ownership of the Property and would affect the Property or use thereof, or Seller’s ability to perform hereunder, that is not covered and defended by insurance carried by or for the benefit of Seller; 
(f)    Violation of Laws.  To Seller’s knowledge, except as set forth in the Reports, in any other due diligence materials provided to Purchaser prior to the Effective Date, or on Exhibit J attached hereto, Seller has not received written notice from any Governmental Authority of any outstanding violations of laws (including laws relating to
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the environmental condition of the Real Property) with respect to the Real Property which have not heretofore been cured.
(g)    Hazardous Materials.  To Seller’s knowledge, except as disclosed in the Reports, Seller has not released any Hazardous Materials (defined below) in violation of any applicable Environmental Laws (defined below) on, into or under the Real Property during the period of Seller’s ownership thereof.  “Hazardous Materials” shall mean (i) oil or petroleum products and byproducts, (ii) polychlorinated biphenyls (PCB’s), (iii) underground storage tanks, (iv) radioactive or nuclear materials or radioactive wastes, however produced, (v) biologic materials and medical waste, (vi) industrial process and pollution control waste, and (vii) any and all other hazardous substances, pollutants, contaminants, waste, by products, constituent or other materials or condition which are regulated under Environmental Laws.  “Environmental Laws” shall mean all federal, state and local statutes, ordinances, regulations and rules in effect and as amended from time to time relating to environmental quality, contamination and clean up, including: the Clean Air Act, 42 U.S.C. Section 7401 et seq.; the Clean Water Act, 33 U.S.C. Section 1251 et seq., and the Water Quality Act of 1987; the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. Section 136 et seq.; the Marine Protection, Research, and Sanctuaries Act, 33 U.S.C. Section 1401 et seq.; the National Environmental Policy Act, 42 U.S.C. Section 4321 et seq.; the Noise Control Act, 42 U.S.C. Section 4901 et seq.; the Resource Conservation and Recovery Act 42 U.S.C. Section 6901 et seq., as amended by the Hazardous and Solid Waste Amendments of 1984; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; the Comprehensive Environmental Response, Compensation and Liability Act 42 U.S.C. Section 9601 et seq., as amended by the Superfund Amendments and Reauthorization Act, the Emergency Planning and Community Right to Know Act and the Radon Gas and Indoor Air Quality Research Act; the Toxic Substances Control Act 15 U.S.C. Section 2601 et seq.; the Atomic Energy Act, 42 U.S.C. Section 2011 et seq., and the Nuclear Waste Policy Act of 1982, 42 U.S.C. Section 10101 et seq.; and state and local environmental statutes and ordinances, with implementing regulations and rules, as any of the foregoing may be amended from time to time.
(h)    Service Contracts.  Seller had not entered into (and is not a party to) any service agreements or equipment leasing contracts relating to the Property that will be binding on Purchaser or the Property after Closing.
(i)    No Conflict.  To Seller’s knowledge, except as otherwise set forth in this Agreement, neither this Agreement nor any agreement, document or instrument executed or to be executed in connection with the same, nor anything provided in or contemplated by this Agreement or any such other agreement, document or instrument, does now or shall hereafter materially breach, violate, invalidate, cancel, make inoperative or interfere with, or result in the acceleration or maturity of, any agreement, document, instrument, right or interest, or applicable laws affecting or relating to Seller or the Property.
5.2    Knowledge Defined.  References to the “knowledge” of Seller shall refer only to the current actual knowledge of Michael A. Thomas (“Knowledge Party”), and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller or any affiliate of
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Seller, to any property manager, or to any other officer, agent, manager, representative or employee of Seller or any affiliate thereof or to impose upon Knowledge Party any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains.  
5.3    Survival of Seller’s Representations, Warranties and Other Obligations.  The representations and warranties of Seller set forth in Section 5.1 hereof as updated as of the Closing in accordance with the terms of this Agreement, shall survive Closing for a period of one hundred eighty (180) days (“Survival Period”).  No claim after Closing for a breach of any representation, warranty, covenant or agreement of Seller under this Agreement or any other instrument recorded and delivered to Purchaser under or pursuant to this Agreement shall be actionable or payable if the breach in question results from or is based on a condition, state of facts or other matter which was known to Purchaser prior to Closing; provided, however, that the foregoing shall not apply to Sections 5.7 or 5.8 of this Agreement.  Seller shall have no liability after Closing to Purchaser for a breach of any representation or warranty under this Agreement or the documents executed by Seller in connection herewith (a) unless the valid claims for all such breaches collectively aggregate more than Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00), in which event the full amount of such valid claims shall be actionable up to, but not in excess of, Three Million and No/100 Dollars ($3,000,000.00) (the “Cap”) and (b) unless written notice containing a description of the specific nature of such breach shall have been given by Purchaser to Seller prior to the expiration of the Survival Period and an action shall have been commenced by Purchaser against Seller within two hundred forty (240) days after Closing.  In no event shall Seller be liable for any consequential (except as otherwise provided in Section 6.2) or punitive damages or for any damages for the breach of Seller’s representations or warranties in excess of the Cap.
5.4    Representations and Warranties of Purchaser.  Purchaser hereby makes the following representations and warranties to Seller as of the Effective Date, which representations and warranties shall be deemed to have been made again as of the Closing, except for any changes that are expressly permitted under the terms of this Agreement:
(a)    Organization.  Purchaser has been duly organized and is validly existing under the laws of Delaware.  At Closing, Purchaser shall be qualified to transact business in the State of Illinois (or not required to be so qualified); 
(b)    Authority.  Purchaser has authority to execute this Agreement.  The person signing this Agreement on behalf of Purchaser is a duly qualified representative of Purchaser and has all requisite power and authority to execute this Agreement on behalf of Purchaser; and
(c)    Pending Actions.  To Purchaser’s knowledge, there is no action, suit, arbitration, unsatisfied order or judgment, government investigation or proceeding pending against Purchaser which, if adversely determined, would reasonably be expected to individually or in the aggregate materially interfere with Purchaser’s ability to consummate the transaction contemplated by this Agreement.
5.5    Survival of Purchaser’s Representations and Warranties.  The representations and warranties of Purchaser set forth in Section 5.4 hereof as updated as of the Closing Date in
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 accordance with the terms of this Agreement, shall survive Closing for a period of one hundred eighty (180) days.  Purchaser shall have no liability to Seller for a breach of any representation or warranty unless written notice containing a description of the specific nature of such breach shall have been given by Seller to Purchaser prior to the expiration of said one hundred eighty (180) day period and an action shall have been commenced by Seller against Purchaser within two hundred forty (240) days after Closing.  In no event shall Purchaser be liable for any consequential or punitive damages.
5.6    Seller’s Interim Covenants.  Until the Closing or sooner termination of this Agreement, Seller shall: (a) except as permitted pursuant to Section 1.1(b) or Section 1.1(c) above, not sell or otherwise dispose of all or any portion of the Property or encumber the Property in any manner without the prior written consent of Purchaser; (b) promptly deliver to Purchaser copies of any written notice received by Seller between the Effective Date and the Closing regarding any (i) any environmental law violation, (ii) zoning or building code violations, or (iii) actions, suits or other proceedings affecting the Property, or the use, possession or occupancy thereof; (c) not take any action that would cause any of Seller’s representations and warranties contained in this Agreement to become untrue or inaccurate in any material respect; (d) maintain its existing insurance policies for the Property through the Closing Date; and (e) not enter into any agreement affecting the Property (or any amendment thereto) that will survive the Closing without the prior consent of Purchaser, including, without limitation, any lease or service agreement.  Purchaser’s consent to any matter under this Section 5.6 may be granted or withheld in Purchaser’s sole and absolute discretion.
5.7    WARN Act.  Seller shall indemnify Purchaser and hold Purchaser harmless from and against any and all claims, costs, damages or liabilities (including attorneys’ fees) relating to a failure, as it relates to the Property, to take any action or provide any notice required under (a) the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §2101 et seq., (b) the Illinois Worker Adjustment and Retraining Notification Act, 820 ILCS 65/1 et seq., or (c) any applicable Illinois law relating to the termination of employees.  This Section 5.7 shall survive Closing.
5.8    Bulk Sales.  Seller shall indemnify Purchaser and hold Purchaser harmless from and against any and all (i) claims brought by any or all of the Revenue Departments (as hereinafter defined) seeking to recover any unpaid taxes, penalties, or interest owed by Seller under the Bulk Sales Laws (as hereinafter defined) as a result of Purchaser’s purchase of the Property and (ii) claims, costs, damages or liabilities (including attorneys’ fees) arising from Seller’s failure to pay any unpaid taxes, penalties, or interest owed by Seller under the Bulk Sales Laws.  “Revenue Departments” means, collectively, the Illinois Department of Revenue and the Cook County Department of Revenue.  “Bulk Sales Laws” means, collectively, the bulk sales laws of the State of Illinois and the County of Cook, including, without limitation, the Illinois Income Tax Act, the Retailer’s Occupation Tax Act, the Illinois Unemployment Insurance Act, and Section 34-92 of the Cook County Uniform Penalties, Interest and Procedures Ordinance.  This Section 5.8 shall survive Closing.
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ARTICLE VI

DEFAULT
6.1    Default by Purchaser.  If Purchaser defaults hereunder in any material respect, or if any of Purchaser’s representations and warranties hereunder are not true and correct in all material respects on the Effective Date, and Purchaser fails to cure such default or breach within five (5) business days after Seller provides Purchaser with written notice thereof, Seller shall be entitled, as its sole and exclusive remedy, to terminate this Agreement and receive the Deposit (or an amount equal thereto) as liquidated damages for such breach of this Agreement, it being agreed between the parties hereto that the actual damages to Seller in the event of such breach are impractical to ascertain and the amount of the Deposit is a reasonable estimate thereof.  
6.2    Default by Seller.  If Seller defaults hereunder in any material respect, or if any of Seller’s representations and warranties hereunder are not are not true and correct in all material respects on the Effective Date, and Seller fails to cure such default or breach within five (5) business days after Purchaser provides Seller with written notice thereof, Purchaser shall be entitled, as its sole and exclusive remedy, either (a) to receive the return of the Deposit and reimbursement from Seller of Purchaser’s out-of-pocket costs paid in connection with the transactions hereunder (such reimbursement not to exceed Three Hundred Thousand and No/100 Dollars ($300,000.00) in the aggregate) (which reimbursement obligation shall survive the termination of this Agreement), which return and reimbursement shall operate to terminate this Agreement and release Seller from any and all liability hereunder, or (b) to enforce specific performance of Seller’s obligation to convey the Property to Purchaser in accordance with the terms of this Agreement, it being understood and agreed that the remedy of specific performance shall not be available to enforce any other obligation of Seller hereunder.  Purchaser expressly waives its rights to seek damages in the event of Seller’s default hereunder (other than the reimbursement of Purchaser’s costs as provided in the clause (a) of the immediately preceding sentence); provided, however, if specific performance is not available due to Seller having sold or conveyed the Property to another party, then there will be no limit Purchaser’s right to damages hereunder, including, without limitation, consequential damages.  Purchaser shall be deemed to have elected to terminate this Agreement and receive back the Deposit and reimbursement of its costs if Purchaser fails to file suit for specific performance against Seller in a court having jurisdiction in the county and state in which the Property is located, on or before thirty (30) days following the date upon which Closing was to have occurred.
6.3    Recoverable Damages.  Notwithstanding Sections 6.1 and 6.2 hereof, in no event shall the provisions of Sections 6.1 and 6.2 limit the damages recoverable by either party against the other party due to the other party’s obligation to indemnify such party in accordance with this Agreement.
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ARTICLE VII

RISK OF LOSS
7.1    Casualty.  Purchaser and Seller acknowledge and agree that because Purchaser intends to demolish the Improvements to redevelop the Property, Purchaser shall have no right to terminate this Agreement as a result of any casualty or other damage to the Property.
7.2    Minor Condemnation.  In the event of any condemnation of a portion of the Real Property which is not Major Condemnation (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller shall, at Closing, assign to Purchaser all of Seller’s right, title and interest in and to any condemnation awards (and deliver to Purchaser any condemnation awards received by Seller) relating to the portion of the Real Property in question.  
7.3    Major Condemnation.  In the event of a Major Condemnation, Purchaser may terminate this Agreement by written notice to the other party, in which event the Deposit shall be returned to Purchaser.  If Purchaser does not elect to terminate this Agreement within ten (10) business days after Seller notifies Purchaser of Seller’s receipt of written notice from a Governmental Authority of its intent to effect such Major Condemnation, then Purchaser shall be deemed to have elected to proceed with Closing, in which event Seller shall assign to Purchaser all of Seller’s right, title and interest in and to any casualty insurance policies or condemnation awards (and deliver to Purchaser any condemnation awards received by Seller) relating to the portion of the Real Property affected by the Major Condemnation.  Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser.
7.4    Definition of Major Condemnation.  For purposes of Sections 7.2 and 7.3, a “Major Condemnation” shall mean a condemnation or other permanent taking (a) of more than ten percent (10%) of gross land area of the Land or (b) that materially impairs access for Real Property to or from Willow Road via Protection Parkway.
ARTICLE VIII

JOINT VENTURE
8.1    Joint Venture.  Purchaser and Seller are considering entering into a transaction whereby Seller or its affiliate will invest in the entity that acquires the Property, as more particularly set forth on Schedule 8.1 attached hereto.  
ARTICLE IX

COMMISSIONS
9.1    Brokerage Commissions.  With respect to the transaction contemplated by this Agreement, Seller represents that its sole broker is Colliers International (“Seller’s Broker”).  Purchaser represents and warrants to Seller that it has not dealt with any broker in connection with the sale of the Property other than Seller’s Broker (in Seller’s Broker’s capacity as broker for Seller) and that no broker, finder or similar person or entity procured or negotiated this Agreement on behalf of Purchaser.  Each party hereto agrees that if any person or entity, other
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than the Seller’s Broker, makes a claim for brokerage commissions or finder’s fees related to the sale of the Property by Seller to Purchaser, and such claim is made by, through or on account of any acts or alleged acts of said party or its representatives, said party will protect, indemnify, defend and hold the other party and its affiliates free and harmless from and against any and all loss, liability, cost, damage and expense (including reasonable attorneys’ fees) in connection therewith.  The provisions of this paragraph shall survive Closing or any termination of this Agreement.
ARTICLE X

DISCLAIMERS AND RELEASE
10.1    No Reliance on Documents.  Except as expressly stated herein or in the documents executed by Seller in connection herewith, Seller makes no representation or warranty as to the truth, accuracy or completeness of any materials, data or information delivered by Seller or its brokers or agents to Purchaser in connection with the transaction contemplated hereby.  Purchaser acknowledges and agrees that all materials, data and information delivered by Seller to Purchaser in connection with the transaction contemplated hereby are provided to Purchaser as a convenience only and that any reliance on or use of such materials, data or information by Purchaser shall be at the sole risk of Purchaser, except as otherwise expressly stated herein or in the documents executed by Seller in connection herewith.  Neither Seller, nor any affiliate of Seller, nor the person or entity which prepared any report or reports delivered by Seller to Purchaser shall have any liability to Purchaser for any inaccuracy in or omission from any such reports.
10.2    AS-IS SALE; DISCLAIMERS AND RELEASE.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE DOCUMENTS EXECUTED BY SELLER IN CONNECTION HEREWITH, IT IS UNDERSTOOD AND AGREED THAT SELLER IS NOT MAKING AND HAS NOT AT ANY TIME MADE ANY WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE PROPERTY “AS IS, WHERE IS, WITH ALL FAULTS”, EXCEPT TO THE EXTENT EXPRESSLY PROVIDED OTHERWISE IN THIS AGREEMENT OR THE DOCUMENTS EXECUTED BY SELLER IN CONNECTION HEREWITH.  PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESS OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION, OFFERING PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED BY SELLER, THE MANAGERS OF THE PROPERTY, OR ANY REAL ESTATE BROKER OR AGENT REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, ORALLY
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OR IN WRITING, UNLESS SPECIFICALLY SET FORTH IN THIS AGREEMENT OR THE DOCUMENTS EXECUTED BY SELLER IN CONNECTION HEREWITH.  PURCHASER ALSO ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS AND TAKES INTO ACCOUNT THAT THE PROPERTY IS BEING SOLD “AS-IS”.
PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO, OTHER THAN SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE DOCUMENTS EXECUTED BY SELLER IN CONNECTION HEREWITH.  UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS, AND PURCHASER, EFFECTIVE AS OF THE CLOSING, FULLY AND FOREVER RELEASES SELLER (AND SELLER’S OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER HAS OR MAY HAVE AS OF CLOSING AND MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER (AND SELLER’S OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES AND AGENTS) AT ANY TIME AFTER CLOSING BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY.
10.3    Survival.  The provisions of this Article X shall survive Closing or any termination of this Agreement.
10.4    Scope of Release.  Notwithstanding anything herein (including, without limitation, the other provisions of this Article X) or otherwise to the contrary:  (a) subject to any applicable limitations of Section 5.3 above, Purchaser has not released Seller from (i) any breach of Seller’s representations and warranties contained in this Agreement or in any documents executed by Seller in connection herewith; (ii) any breach by Seller of (or Seller’s failure to comply with) its covenants in this Agreement that survive Closing or in any documents executed by Seller in connection herewith; (iii) Seller’s fraud; and/or (iv) Seller’s acts or omissions from and after the Closing; (b) the releases and waivers set forth in this Article X shall not be construed as an indemnification by Purchaser for the benefit of Seller (or any other person or
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entity); and (c) if Seller or its affiliate enters into a joint venture agreement with Purchaser or its affiliate pursuant to Article VIII above, then nothing in this Agreement shall release Seller or such affiliate, or limit Seller’s or such affiliate’s obligations or liabilities, under such joint venture agreement.
ARTICLE XI

MISCELLANEOUS
11.1    Nondisclosure Agreement.  The existence and terms of this Agreement shall be “Confidential Information” under that certain Nondisclosure Agreement effective as of April 14, 2021 by and between Purchaser and Seller (the “Nondisclosure Agreement”).  Notwithstanding anything to the contrary contained in the Nondisclosure Agreement, Purchaser shall be permitted to disclose to Governmental Authorities the existence of this Agreement as well as such other information as is reasonably required in connection with Purchaser’s efforts to obtain the Approvals.   
11.2    Assignment.  Subject to the provisions of this Section 11.2, the terms and provisions of this Agreement are to apply to and bind the permitted successors and assigns of the parties hereto.  Purchaser may not assign its rights under this Agreement other than to an Affiliate (defined below) without first obtaining Seller’s written approval, which approval may be withheld in Seller’s sole discretion.  In the event Purchaser intends to assign its rights hereunder, (a) Purchaser and the proposed assignee, including, as the case may be, an Affiliate, shall execute an assignment and assumption of this Agreement in form and substance reasonably satisfactory to Seller, and (b) in no event shall any assignment of this Agreement release or discharge Purchaser from any liability or obligation hereunder.  “Affiliate” shall mean, with respect to any specified entity, an entity that controls, is controlled by, or is under common control with such specified entity, with control meaning the power through the ownership of voting securities, by contract or otherwise to direct the management and policies of such entity.  The provisions of this Section 11.2 shall survive the Closing or any termination of this Agreement.
11.3    Notices.  Any notice pursuant to this Agreement shall be given in writing by (a) personal delivery, (b) reputable overnight delivery service with proof of delivery, (c) United States Mail, postage prepaid, registered or certified mail, return receipt requested, or (d) electronic mail, sent to the intended addressee at the address set forth below, or to such other address or to the attention of such other person as the addressee shall have designated by written notice sent in accordance herewith, and shall be deemed to have been given upon receipt or refusal to accept delivery, or, in the case of electronic mail transmission, as of the date of the electronic mail transmission provided that such electronic mail is delivered to the electronic mail address for the notified party set forth below prior to 5:00 p.m. (Central) on a business day, and if the electronic email transmission is delivered to the applicable electronic mail address after 5:00 p.m. (Central) on a business day or on a non-business day, such notice will be deemed to have been given on the following business day.  Unless changed in accordance with the preceding sentence, the addresses for notices given pursuant to this Agreement shall be as follows:
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	If to Seller:		Allstate Insurance Company
3075 Sanders Road, G1SE
Northbrook, Illinois 60062
Attention: Administration & Real Estate
Email: Rentinquiry@allstate.com

	with a copies to:		Allstate Insurance Company (via e-mail)
Attention: Lindi Venick, Esq., 
                 Mark Angerame, 
                 Michael Thomas, and 
                 Elliot Stultz, Esq.
Email:      lindi.vernick@allstate.com,      
                 mark.angerame@allstate.com,   
                 mike.thomas@allstate.com, and
                 elliot.stultz@allstate.com

Allstate Insurance Company
Investment Law Division
444 West Lake Street
Suite 2500
Chicago, Illinois 60606

DLA Piper LLP (US)
444 West Lake Street
Suite 900
Chicago, Illinois 60606
Attention: Richard Klawiter, Esq.
Email: richard.klawiter@us.dlapiper.com

			Attention: Brian A. Cohen, Esq.
Email: brian.cohen@us.dlapiper.com

	If to Purchaser:		c/o Dermody Properties 
5500 Equity Avenue
Reno, NV  89502
Attention: C. Douglas Lanning
Email: dlanning@dermody.com

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	With copies to:		Dermody Properties
O’Hare Atrium Office Plaza
9550 W. Higgins Road, Suite 500
Rosemont, Illinois 60018
Attention:  Neal Driscoll
Email: ndriscoll@dermody.com

And to:

Taft Stettinius & Hollister LLP
111 East Wacker, Suite 2800
Chicago, Illinois 60601
Attention: Paul Kelley
Email: pkelley@taftlaw.com

	If to Title Company or Escrow Agent:		First American Title Insurance Company 
3281 E. Guasti Road, Suite 440
Ontario, California 91761
Attention:  Christine Siegel
Email:  csiegel@firstam.com

11.4    Modifications.  This Agreement cannot be changed orally, and no executory agreement shall be effective to waive, change, modify or discharge it in whole or in part unless such executory agreement is in writing and is signed by the parties against whom enforcement of any waiver, change, modification or discharge is sought.
11.5    Entire Agreement.  This Agreement, including the exhibits and schedules hereto, together with the Early Access and Confidentiality Agreement and the Nondisclosure Agreement, contains the entire agreement between the parties hereto pertaining to the subject matter hereof and fully supersedes all prior written or oral agreements and understandings between the parties pertaining to such subject matter.
11.6    Further Assurances.  Each party agrees that it will execute and deliver such other documents and take such other action, whether prior or subsequent to Closing, as may be reasonably requested by the other party to consummate the transaction contemplated by this Agreement so long as the same imposes no additional liability on such party.  The provisions of this Section 11.6 shall survive Closing.
11.7    Counterparts.  This Agreement may be executed in counterparts, all such executed counterparts shall constitute the same agreement, and the signature of any party to any counterpart shall be deemed a signature to, and may be appended to, any other counterpart.
11.8    Facsimile Signatures.  In order to expedite the transaction contemplated herein, telecopied or facsimile signatures or an executed counterpart delivered as a PDF or similar attachment to an email may be used in place of original signatures on this Agreement.  Seller and Purchaser intend to be bound by the signatures on the telecopied document or emailed counterpart, are aware that the other party will rely on the telecopied signatures or emailed
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counterpart, and hereby waive any defenses to the enforcement of the terms of this Agreement based on the form of signature.
11.9    Severability.  If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement shall nonetheless remain in full force and effect; provided that the invalidity or unenforceability of such provision does not materially adversely affect the benefits accruing to any party hereunder.
11.10    Applicable Law.  This Agreement shall be governed by and construed in accordance with the laws of the State in which the Property is located.  Purchaser and Seller agree that the provisions of this Section 11.10 shall survive the Closing or any termination of this Agreement.
11.11    No Third-Party Beneficiary.  The provisions of this Agreement and of the documents to be executed and delivered at Closing are and will be for the benefit of Seller and Purchaser only and are not for the benefit of any third party, and accordingly, no third party shall have the right to enforce the provisions of this Agreement or of the documents to be executed and delivered at Closing.
11.12    Captions.  The section headings appearing in this Agreement are for convenience of reference only and are not intended, to any extent and for any purpose, to limit or define the text of any section or any subsection hereof.
11.13    Construction.  The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and that the normal 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 or any exhibits or amendments hereto.
11.14    Recordation.  This Agreement may not be recorded by any party hereto without the prior written consent of the other party hereto.  However, Purchaser may record a notice of a specific performance action permitted under this Agreement.  The provisions of this Section 11.14 shall survive the Closing or any termination of this Agreement.
11.15    Attorneys’ Fees and Costs.  In the event suit or action is instituted to interpret or enforce the terms of this Agreement, or in connection with any arbitration or mediation of any dispute, the prevailing party shall be entitled to recover from the other party such sum as the court, arbitrator or mediator may adjudge reasonable as such party’s costs and attorney’s fees, including such costs and fees as are incurred in any trial, on any appeal, in any bankruptcy proceeding (including the adjudication of issues peculiar to bankruptcy law) and in any petition for review.  Each party shall also have the right to recover its reasonable costs and attorney’s fees incurred in collecting any sum or debt owed to it by the other party, with or without litigation, if such sum or debt is not paid within fifteen (15) days following written demand therefor.
11.16    Patriot Act, OFAC.  Purchaser and Seller each represent, warrant and covenant to the other that it is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist,
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“Specially Designated National and Blocked Person,” or other banned or blocked person, entity, or nation pursuant to any applicable law that is enforced or administered by the Office of Foreign Assets Control, and is not engaging in the transactions contemplated in this Agreement, directly or indirectly, on behalf of, or instigating or facilitating such transactions, directly or indirectly, on behalf of, any such person, group, entity or nation.
11.17    No Financing Contingency.  The obligations of Purchaser under this Agreement are not contingent upon Purchaser obtaining financing for this purchase even though Purchaser may apply to a lending institution of Purchaser’s choice for a loan.  Purchaser understands and agrees that neither its receipt of a commitment from such a lending institution, its acceptance of such a commitment, nor its satisfaction of any condition set forth in such a commitment shall in any way be a condition of Purchaser’s obligations under this Agreement.  If there shall be any reference in this Agreement to Purchaser’s lender then any such reference shall not in any manner imply that financing is a condition to Purchaser’s obligations under this Agreement.
11.18    Business Days.  Whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time (or by a particular date) that ends (or occurs) on a non-business day, then such period (or date) shall be extended until the immediately following business day.  As used herein, “business day” means any day other than a Saturday, Sunday or federal or Illinois state holiday.
11.19    No Joint Venture.  This Agreement does not and shall not be construed to create a partnership, joint venture or any other relationship between the parties hereto except the relationship of the seller and purchaser specifically established hereby.
11.20    Exclusivity.  From and after the Effective Date through the Closing or earlier termination of this Agreement, Seller and its agents (including any broker engaged by Seller) and affiliates shall not accept or entertain offers, or negotiate, solicit interest in or otherwise enter into discussions involving the sale, recapitalization, financing or disposition of all or any part of the Property or any direct or indirect interest therein (other than with Purchaser and its Affiliates).
11.21    Escrow Agent Duties and Disputes.  
(a)    Except as otherwise expressly provided in Section 11.21(d), Escrow Agent shall not be bound in any way by any other agreement or contract between Seller and Purchaser, whether or not Escrow Agent has knowledge thereof. Escrow Agent’s only duties and responsibilities shall be to hold the Deposit (the “Escrowed Funds”) and to dispose of the Escrowed Funds in accordance with the terms of this Agreement.  Without limiting the generality of the foregoing, Escrow Agent shall have no responsibility to protect the Escrowed Funds and shall not be responsible for any failure to demand, collect or enforce any obligation with respect to the Escrowed Funds or for any diminution in value of the Escrowed Funds from any cause, other than Escrow Agent’s gross negligence or willful misconduct.  Escrow Agent may, at the expense of Seller and Purchaser, consult with counsel and accountants in connection with its duties under this Agreement.  Escrow Agent shall be fully protected in any act taken, suffered or permitted by it in good faith in accordance with the advice of counsel and accountants.  Escrow
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Agent shall not be obligated to take any action hereunder that may, in its reasonable judgment, involve it in any liability unless Escrow Agent shall have been furnished with reasonable indemnity satisfactory in amount, form and substance to Escrow Agent.  At all times that the Escrowed Funds are being held by Escrow Agent, the Escrowed Funds shall be invested by Escrow Agent as directed by Purchaser.
(b)    Escrow Agent is acting as a stakeholder only with respect to the Escrowed Funds.  If there is any dispute as to whether Escrow Agent is obligated to deliver the Escrowed Funds or as to whom the Escrowed Funds are to be delivered, Escrow Agent shall not make any delivery, but shall hold the Escrowed Funds until receipt by Escrow Agent of an authorization in writing, signed by all the parties having an interest in the dispute, directing the disposition of the Escrowed Funds, in the absence of authorization, Escrow Agent shall hold the Escrowed Funds until the final determination of the rights of the parties in an appropriate proceeding.  Escrow Agent shall have no responsibility to determine the authenticity or validity of any notice, instruction, instrument, document or other item delivered to it, and it shall be fully protected in acting in accordance with any written notice, direction or instruction given to it under this Agreement and believed by it to be authentic.  If written authorization is not given, or proceedings for a determination are not begun, within thirty (30) days after the date scheduled for the Closing of title and diligently continued, Escrow Agent may, but is not required to, bring an appropriate action or proceeding for leave to deposit the Escrowed Funds with a court of the proper jurisdiction pending a determination.  Escrow Agent shall be reimbursed for all costs and expenses of any action or proceeding, including, without limitation, attorneys’ fees and disbursements incurred in its capacity as Escrow Agent, by the party determined not to be entitled to the Escrowed Funds.  Upon making delivery of the Escrowed Funds in the manner provided in this Agreement, Escrow Agent shall have no further liability hereunder (except for its obligations under Section 11.21(c)).  In no event shall Escrow Agent be under any duty to institute, defend or participate in any proceeding that may arise between Seller and Purchaser in connection with the Escrowed Funds.  Notwithstanding anything to the contrary herein, regardless of any contrary or conflicting instructions, if this Agreement is terminated under Section 3.3, Schedule 3.4 or Schedule 8.1, then Escrow Agent shall immediately refund to Purchaser the Escrowed Funds.
(c)    For the purpose of complying with any information reporting requirements or other rules and regulations of the Internal Revenue Service that are or may become applicable as a result of or in connection with the transaction contemplated by this Agreement, including, but not limited to, any requirements set forth in proposed Income Tax Regulation Section 1.6045-4 and any final or successor version thereof (collectively, the “IRS Reporting Requirements”), Seller and Purchaser hereby designate and appoint Escrow Agent to act as the “Reporting Person” (as that term is defined in the IRS Reporting Requirements) to be responsible for complying with any IRS Reporting Requirements.  Escrow Agent hereby acknowledges and accepts such designation and appointment and agrees to fully comply with any IRS Reporting Requirements that are or may become applicable as a result of or in connection with the transaction contemplated by this Agreement.  Without limiting the responsibility and obligations of Escrow Agent as the Reporting Person, Seller and Purchaser hereby agree to comply with any provisions of the IRS Reporting Requirements that are not identified therein as the
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responsibility of the Reporting Person, including, but not limited to, the requirement that Seller and Purchaser each retain an original counterpart of this Agreement for at least four years following the calendar year of the Closing.
(d)    If at any time after the Effective Date this Agreement shall be amended by Purchaser and Seller in writing, it shall not be necessary for Escrow Agent to join in or execute such amendment, provided that no such amendment may specifically modify Escrow Agent’s express obligations set forth in this Agreement.  It is understood and agreed that an amendment to any time period or deadline set forth in this Agreement shall not be deemed an amendment to Escrow Agent’s express obligations of this Agreement requiring Escrow Agent’s acknowledgment.  Copies of any amendment to this Agreement may be delivered by either party to Escrow Agent.  Upon receipt of any such amendment, Escrow Agent shall observe and comply with the terms of any such amendment made in accordance herewith.
11.22    1031 Exchange.  The provisions of Schedule 11.22 attached hereto shall apply to any tax-deferred exchange pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended, relating to this Agreement.
[Signature page follows]
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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the Effective Date.
									
	PURCHASER:

DPIF3 ACQUISITION CO LLC,
a Delaware limited liability company

By: /s/ Michael Dermody    
Name: Michael Dermody
Title: Chairman and CEO

		SELLER:

ALLSTATE INSURANCE COMPANY, an Illinois insurance company

By: /s/ Mario Rizzo    
Name: Mario Rizzo
Title: Executive Vice President and Chief Financial Officer

			
			

			
	

JOINDER BY ESCROW AGENT
    First American Title Insurance Company, referred to in this Agreement as the “Escrow Agent,” hereby acknowledges that it received this Agreement executed by Seller and Purchaser as of ___________, 2021, and accepts the obligations of Escrow Agent as set forth herein.

FIRST AMERICAN TITLE INSURANCE COMPANY
By:         
Name:         
Title:

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