Document:

Purchase and Sale Agreement

 Exhibit 10.1 
 PURCHASE AND SALE AGREEMENT 
 THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is
entered into by and between VALASSIS DIRECT MAIL, INC., (“Seller”), a Delaware Corporation and SIRO II, L.L.C., a Michigan Limited Liability Company (“Purchaser”) as follows: 
 NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND CONDITIONS SET FORTH HEREIN THE PARTIES AGREE AS FOLLOWS: 
 1. Property. Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, on the terms and subject to the conditions set forth
in this Agreement, those parcels of real estate commonly known as 1 Targeting Centre, Windsor Connecticut, 06095, 10 Targeting Centre, Windsor Connecticut, 06095 and 235 Great Pond Drive, Windsor Connecticut, 06095, as further described on Exhibit
A, and which shall include, without limitation, all improvements (including the two office buildings located at 1 Targeting Centre and 10 Targeting Centre (apprising approximately 97,256 square feet and 51,778 square feet respectively according to
municipal records), the physical fitness/day care facility and light industrial / distribution building both located at 235 Great Pond Drive (apprising approximately a total of 171,072 square feet of space, these buildings shall be referenced in
this Agreement as “1 Targeting Centre”, “10 Targeting Centre”, and “235 Great Pond” and collectively the “Buildings”), any and all easements, all available division rights, all zoning and land use approvals,
permits and/or licenses, and all appurtenances associated with or related to said lands (each individually a “Parcel” and collectively, the “Property”). The parties agree that if the Survey as defined herein creates a legal
description for any Parcel(s) that differs from the legal description for that respective Parcel on Exhibit A, Seller shall, at the Closing, quit claim any interest that Seller may have in the Survey description for said Parcel to Purchaser. Seller
agrees to cooperate with Purchaser, if Purchaser so desires, in obtaining a parcel split of the 1 Targeting Centre Parcel with cross access rights to the newly proposed parcels. 
 The purchase and sale shall also include, those items of personal property of Seller related to the use and operation of 10 Targeting Centre as are
listed in Exhibit C, and further identified and agreed upon by the parties prior to closing (collectively, “Seller’s Personal Property”). Seller agrees to transfer title to the Seller’s Personal Property to Purchaser by a
warranty bill of sale (“Bill of Sale”) with regard to the Property identified by the parties as being sold to Purchaser. Purchaser may, after the Effective Date of this Agreement, obtain at Purchaser’s expense, a uniform Commercial
Code search (“UCC Search”) of Seller’s name related to the Seller’s Personal Property. The UCC Search shall disclose no liens or encumbrances on Seller’s title to the Seller Personal Property, other than those for which
Seller shall obtain a release on or before the Closing Date. 
 2. Purchase Price. The purchase price for the Property shall be
Twenty-Nine Million Two-Hundred and Thirty Eight Thousand Seven-Hundred and Sixty-Six Dollars $29,238,766.00 (the “Purchase Price”). The Purchase Price, less the Deposit defined below, and adjusted by other charges and credits as
set forth herein, shall be delivered at Closing in immediately available funds subject to the terms and conditions of this Agreement. The Purchase Price shall be reasonably allocated among the Parcels and Seller’s Personal Property as set forth
in a mutually acceptable structure (the “Allocation Schedule”) for the Purchase prior to the Closing. In the event that the parties do not execute amendment(s) and/or new agreement(s) identifying a mutually acceptable Allocation Schedule
for the Purchase Price prior to Closing, the Purchase shall be consummated pursuant to the Baseline Transactions 

 
Structure. For the purposes of this Agreement, the Baseline Transactions Structure shall mean: a) $12,100,000.00 for the 1 Targeting Centre Parcel; b)
$2,000,000.00 for the 10 Targeting Centre Parcel; (b) $15,128,766.00 for the 235 Great Pond Drive Parcel; and (c) approximately 10,000.00 dollars of the Purchase Price shall be allocated to the Personal Property. Purchaser and Seller shall
sign and submit all necessary forms to report this transaction for federal and state income tax purposes in accordance with the Allocation Schedule and shall not take a position for tax purposes inconsistent therewith. 
 3. Building Leaseback to Seller. At closing, Seller and Purchaser shall execute a lease for
each Parcel (the “Lease Agreements”) including the buildings and improvements generally located at 235 Great Pond, 10 Targeting Centre and 1 Targeting Centre (the “Leased Premises”) which shall commence on the date of closing
(the “Lease[s] Commencement Date”) based on the following terms and conditions: (i) 235 Great Pond (both Industrial and Fitness/Daycare) for a one-hundred and eighty three (183) month term based on the Rent Schedule attached hereto as
Exhibit B, which includes a three month period of abatement beginning on the commencement date; (ii) 1 Targeting Centre for a one-hundred and eighty three (183) month term based on the Rent Schedule attached hereto as Exhibit B which
includes a three month period of abatement beginning on the commencement date; (iii) 10 Targeting Centre for a term through December 31, 2008 at $1.00 for rent during this term with Seller, as Tenant, responsible for all triple net
expenses (as defined herein) during this period; (iv) all rent payments due under the Lease Agreements shall be paid in advance and on a bi-annual basis; (v) the Lease Agreements shall be on an absolute triple net basis with Seller paying
for all operating and maintenance expenses (including maintenance of the private road, a.k.a. Univac Road, with the maintenance costs allocated between Seller and Purchaser on a two-third ( 2/
3) versus one-third ( 1/3) basis respectively),
taxes (including rental taxes), insurance, and capital repairs and expenditures, in a lease-form generally similar, to the extent applicable, to the Valassis/Siro lease agreement executed June 27, 1996, for the building located in Livonia,
Michigan; (vi) the Leased Premises shall be delivered in their “as is, where is” condition without representation or warranty as to their condition or fitness for any particular purpose from Purchaser, (vii) the 235 Great Pond
and 1 Targeting Centre Leases shall provide for a total improvement allowance of two-million dollars (2,000,000.00) allocated between the two buildings as detailed in the Leases; (viii) the parties agree that Purchaser may, in its
discretion, form a jointly owned management entity to act as Landlord to Seller as to some or all of the Leased Premises; and (ix) to the extent there is signage allowed by the local municipality along Bloomfield Avenue with respect to 1 &
10 Targeting Centre, Purchaser shall be entitled to a proportionate share of such signage for the 10 Targeting Centre building based upon building square footage. The parties agree the Lease Agreements will be agreed upon during the Investigation
Period. 
 4. Deposit. Purchaser shall deliver to the Title Company (defined below) the sum of One-Hundred Thousand
Dollars ($100,000.00 (the “Deposit”) within three (3) days of the Effective Date of this Agreement. The Deposit will be deposited in an interest bearing account in accordance with a mutually acceptable escrow agreement, and all
interest on the Deposit shall accrue to the party that receives the Deposit pursuant to the terms of this Agreement. If the Purchase is closed, the Deposit and any interest thereon shall be applied to the Purchase Price at Closing. 
 5. Investigation Period. It is the parties’ intent to expedite Purchaser’s
investigation of the Property and to consummate the sale of the Property as soon as commercially practicable. Purchaser may desire to close this transaction as early as within 30 to 60 days from the Effective Date of this Agreement. The foregoing
notwithstanding, Purchaser and Seller agree that Purchaser shall have an “Investigation Period” that will expire at 5:00 p.m. Eastern Standard Time on the one-hundred and twentieth (120th) day after the Effective Date of this Agreement. During the Investigation Period, Purchaser and/or its agents and representatives, shall have the right to arrange financing on
terms acceptable to Purchaser and enter the Property and have the Property and improvements located thereon inspected, surveyed, evaluated, 

 
analyzed, tested, appraised and/or assessed for any matter whatsoever, including but not limited to, condition of improvements including structure, plumbing
and mechanical systems and the presence of wood destroying insects; Seller’s title to the Property; the service agreements related to the Property; market value; soil conditions; location of flood plains; presence of wetlands and necessary
mitigation, if any; storm water drainage systems; presence of environmental contamination; health and safety conditions; access to utilities; access to public roads; signage; zoning; compliance with laws, codes and ordinances and any other matter
desired by Purchaser. 
 Seller has delivered or will immediately deliver to Purchaser upon full execution of this Agreement: (i) all
surveys, title policies, drawings, site plans, topography plans and any other drawings or plans related to the Property or any portion thereof; (ii) copies of all engineering reports, maintenance logs, repair and improvement records, soil
studies, drainage studies, environmental assessments or reports, and wetland and floodplain studies relating to the Property, any portion of the Property or any of the Buildings; (iii) copies of all service agreements currently in place with
regard to the Property, any portion of the Property or any of the Buildings, if any; (iv) copies of all development, site plan and zoning approvals related to the Property or any portion thereof; (v) a list of known, budgeted, or necessary
capital repairs or replacements with respect to the 10 Targeting Centre Parcel; and (vi) copies of all appraisals, operating reports and other financial reports relating to the Property or any portion thereof. The foregoing (i) through
(vi) are collectively referred to as the “Property Reports”. Seller agrees to cooperate with Purchaser to have the Property Reports updated, renewed, or certified to Purchaser, at Purchaser’s cost, if so desired by Purchaser.
Additionally, in the event that any of the Property Reports are available in electronic format, Seller agrees to provide or assist Purchaser in obtaining any of these reports in electronic format. In the event Seller has not yet delivered all of the
Property Reports to Purchaser, it agrees to do so within five business days after the Effective Date of this Agreement. 
 The parties agree
that Pinnacle Title Agency, LLC (George Amar) shall serve as the title insurance agent (the “Title Company”) for the transaction and that Purchaser and the Title Company shall have the right to select the underwriter for the transaction
among First American Title Insurance Company, Chicago Title Insurance Company or LandAmerica Title Insurance Company. Purchaser will order a commitment for an owner’s policy of title insurance with such endorsements desired by Purchaser (the
“Owner’s Title Policy”) covering each Parcel (collectively, the “Commitment”) from the Title Company. The Commitment shall include all of the instruments referenced as exceptions to the Owner’s Title Policy
(“Underlying Documents”). Purchaser will also order a current survey of each Parcel in form suitable to Purchaser and Title Company (collectively, the “Survey”). Purchaser and Seller shall work together in good faith during the
Investigation Period to establish the final form, requirements, exceptions, certifications and disclosures in the Owner’s Title Policy and the Survey. Prior to the expiration of the Investigation Period, the parties shall execute a Memorandum
that references the approved forms of the Owner’s Title Policy (which may contain a reference to a revision to the Commitment) and Survey. At Closing, Seller shall be obligated to deliver a Survey and Owner’s Title Policy for each Parcel
(in the amount of the portion of the Purchase Price allocated to the respective Parcel, including the Tenant Improvement amount allocated thereto) to Purchaser in accordance with the terms and requirements set forth in such Memorandum or as provided
in documents referenced therein (ie a marked-up Commitment or Survey). In the event Seller fails or is unable to deliver such Owner’s Title Policy and/or Survey, Purchaser may declare a default under this Agreement and exercise its rights under
Section 16.B. hereof or waive such matter and proceed to Closing. 
 Purchaser agrees to pay all costs and expenses associated with the
Purchaser’s inspections conducted pursuant to this Section, including title search and title policy charges and Purchaser further agrees to repair and restore any damage to the Property and/or to any portions thereof resulting from or arising
out of the Purchaser’s investigations, and to indemnify and hold Seller harmless from all claims, 

 
demands and damage resulting from Purchaser’s investigations. Prior to any entry on the Property, Purchaser shall provide Seller with evidence of at
least $1 million insurance coverage, covering Purchaser’s obligations herein described. Purchaser and Seller agree to work together in good faith to determine the timing of Purchaser’s inspections at the Property. 
 6. Right to Terminate; Refundability of Deposit. At any time prior to Closing, Purchaser shall have the right to terminate this Agreement for any
reason, as determined in Purchaser’s sole discretion, by delivery of written notice of termination to Seller and the Title Company (“Termination Notice”). In the event Purchaser terminates this Agreement pursuant to its rights under
this Section, and the Termination Notice is delivered on or before the expiration of the Investigation Period, or, in the event the Termination Notice is delivered after the expiration of the Investigation Period, but pursuant to a termination right
contained herein, including as a result of an uncured title objection pursuant to Section 5 above, a breach of Seller’s representations and warranties pursuant to Section 11 below, a condemnation or casualty to the Property pursuant to
Section 15 below, a material change in the condition of the Property pursuant to Section 14 below, or as a result of Seller’s material breach of this Agreement, then the full amount of the Deposit shall be immediately refunded to
Purchaser. In the event Purchaser terminates this Agreement pursuant to its rights under this Section, and the Termination Notice is delivered after the expiration of the Investigation Period and such termination is not pursuant to a termination
right contained herein, then the full amount of the Deposit shall be immediately released to Seller. 
 7. Closing. The sale shall be
closed (the “Closing”) upon the earlier of (i) Ten (10) business days after Purchaser notifies Seller of its desire to immediately proceed to Closing or (ii) ten (10) days from the expiration of the Investigation
Period (the “Closing Date”). The parties agree that the Closing Date may be extended for a period of ten (10) days upon written request by either party that such party, despite its commercially reasonable efforts, is unable to make
its closing deliveries by the Closing Date. The parties further agree and acknowledge that, to the extent appropriate, there may be a separate Closing for each Parcel. Such Closings shall take place simultaneously and the parties will work together
in good faith and execute such documents as are necessary to carry out the intent of this Agreement. 
 8. Seller’s Closing
Deliveries. At the Closing, Seller shall execute and deliver to Title Company for delivery to Purchaser, the following items for each Parcel, which shall be in a form and substance satisfactory to Purchaser: 
 A. A Special Warranty Deed in a form acceptable to Purchaser conveying to Purchaser title to the Parcel to which the Warranty Deed relates executed and
acknowledged by Seller in recordable form. 
 B. An affidavit of ownership as required by the Title Company in order to induce the title
company to omit the standard exceptions from its policy of owner’s title insurance; 
 C. A certificate in such form as may be required
by the Internal Revenue Service pursuant to Section 1445 of the Internal Revenue Code of 1986, as amended, or the regulations issued pursuant thereto, certifying as to the non-foreign status of a transferor; 
 D. A Certificate certifying that Seller’s representations and warranties are true and correct; 
 E. Executed Lease Agreements described in Paragraph three. 

 F. A bill of sale for Seller’s Personal Property. 
 G. Evidence of termination of contracts affecting the Property which Seller and Purchaser have mutually agreed to terminate. 
 H. Such other documents, including a signed Closing Statement as are necessary and appropriate for the consummation of this transaction by Seller.

 9. Purchaser’s Closing Deliveries. At Closing, Purchaser shall deliver to the Title Company for disbursement to Seller, the
Purchase Price adjusted by the Deposit and other credits and debits as set forth on the Closing Statement(s) to be prepared by Title Company, resolutions authorizing the purchase and leasing of the Property, a Certificate certifying that all of
Purchaser’s representations and warranties are true and correct, and such other documents, including a signed Closing Statement(s), as are necessary and appropriate for the consummation of this transaction by Purchaser. 
 10. Closing Costs and Prorations. Seller shall be responsible for the following costs
relating to each Closing: (i) all transfer taxes, documentary stamp taxes or other conveyance taxes of any kind assessed in connection with the Closing, (ii) one half ( 1/2) of Title Company’s closing fee in connection with the Closing, and (iii) the Seller will also pay such other costs and expenses that are customarily paid by Seller in the market
in which the Parcel is located. Purchaser shall be responsible for the following costs relating to each Closing: (i) all recording costs for recordation of the deed, (ii) the cost of any endorsements required to be issued by Purchaser with
the Title Policy; (iii) one half ( 1/2) of Title Company’s closing fee in connection with the Closing;
(iv) the title insurance premium; and (v) all costs and expenses associated with the Purchaser’s inspections conducted pursuant to this Agreement. The amount of the Deposit and all interest shall be credited against the Purchase
Price. Purchaser shall allocate the Deposit among the Parcels in its discretion, which allocation shall be included in the Allocation Schedule described in Section 2 above. Seller shall be responsible for and pay all past due taxes at or prior
to Closing and for all future taxes and assessments coming due under the Lease Agreements during the Lease term that are applicable to the Leased Premises. All bills for utility service or other expenses associated with the Property that are
Seller’s responsibility shall be paid prior to Closing and Seller shall, pursuant to the Lease Agreements continue to pay those utilities for the Leased Premises. To the extent appropriate for the adjustment of the foregoing amounts to achieve
the requirements of this Section, the terms of this Section shall survive Closing. 
 11. Representations and Warranties of
Seller. Seller hereby represents and warrants to Purchaser, which representations and warranties shall survive Closing, that as to each Parcel as of the date hereof, and on the date of Closing that: 
 A. Seller has the right, power and authority to enter into this Agreement and to sell the Property in accordance with the terms hereof. Seller has the
right, power, and authority to enter into all of the agreements, assignments, and other documents contemplated by this Agreement. The individuals signing this Agreement and all other documents executed or to be executed pursuant hereto on behalf of
Seller are and shall be duly authorized to sign the same on Seller’s behalf and to bind Seller thereto. 
 B. To the best of
Seller’s knowledge and belief, Seller has received no notice and has no knowledge of any pending, or threatened taking or condemnation of the Property or any portion thereof. 

 C. There are no leases, licenses, subleases, agreements, rights of first refusal, rights of first offer,
options or other instruments or agreements in effect with respect to the Property or any portion thereof to which Seller is a party. 
 D.
With the exception of any disclosed service agreements, there are no agreements, obligations, or other rights of third parties against the Property or any portion thereof. 
 E. To the best of Seller’s knowledge and belief, there are no persons or entities claiming a right to possession of the Property or any portion
thereof other than Seller. 
 F. To the best of Seller’s knowledge and belief, the Seller has good and marketable fee simple title to
the Property, free and clear of any and all liens and other encumbrances other than any exceptions to title approved by Purchaser in its sole discretion. 
 G. The execution and delivery of, and the performance of all obligations under this Agreement by Seller do not and will not require any consent or approval of any person or entity, and do not and will not result in a
breach of any agreement or instrument to which Seller is a party. 
 H. Within the past twenty-four months, to the best of Seller’s
knowledge and belief, with the exception of the environmental issues with respect to the 235 Great Pond Drive Parcel, it has not received any written notice of, existing violations on the Property or any portion thereof of any zoning, building,
fire, health, pollution, environmental protection, hazardous or toxic substance or waste disposal law or ordinance. 
 I. To the best of
Seller’s knowledge and belief, there is no litigation, proceeding or investigation pending or, to Seller’s knowledge, threatened against or involving Seller, Property or any portion of the Property, and Seller does not know or have reason
to know of any grounds for any such litigation, proceeding or investigation, which could have an adverse impact on Purchaser, the Seller or the Seller’s title to or use of the Property or any portion thereof, either before or after Closing.

 J. To the best of Seller’s knowledge and belief, there are no current zoning, use, or code violations with respect to the 1 and 10
Targeting Centre Parcel. 
 K. To the best of Seller’s knowledge and belief, with the exception of the Property Reports that have been
delivered to Purchaser, there are no reports, studies, appraisals, engineering reports, correspondence, agreements with governmental authorities, wetland studies or reports, flood plain studies, service agreements, or reports and/or other written
information related to the Property or any portion thereof of which Seller is aware or that are in Seller’s possession or control. To the best of Seller’s knowledge, the Property Reports are accurate and correct in all material respects.

 All references in this Agreement to Seller’s “knowledge and belief” or words of similar import, are limited to the current,
actual knowledge of Kristine Roland, the Seller’s property manager and Bill Blackmer, the Seller’s Senior Vice President of Strategic Sourcing. Seller represents and warrants that Kristine Roland and Bill Blackmer are the persons
responsible for keeping and maintaining all property records, and both persons have knowledge of the Property and have made due inquiry and review of all of the Property Reports. 
 Notwithstanding the foregoing provisions of this Paragraph 11, if during the course of the Investigation Period, Purchaser’s representatives Rich
MacDonald (Chief Operating Officer) James Pollock (Corporate Counsel), Andy Wenzel (Director of Development) or Ron Ludwa (Director of 

 
Facilities) obtain information from any reports, documents, test results or other written materials or other information provided to Purchaser by
Purchaser’s consultants, by Seller or any other party, that contain information that contradict Seller’s representations or warranties contained in Section 11 B, E, F, H, I, J and K and if Purchaser thereafter consummates the Closing,
Purchaser shall be deemed to have accepted such variant facts and circumstances and Seller’s representations and warranties shall be deemed excised, or modified, to comport with such variant facts and circumstances. 
 In addition to the Indemnification remedies set forth herein, if prior to the Closing, Purchaser shall discover that any of Seller’s representations
and warranties are incorrect such as to have a material effect on value of the Property, Purchaser, at its option, shall have the right to terminate this Agreement by giving written notice to Seller with no liability on its part and recover from
Seller all reasonable costs and expenses necessarily incurred and actually paid by Purchaser as a result of Seller’s breach of such representations and warranties and shall receive from Seller a refund of the Deposit. 
 12. Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to Seller, which representations and warranties shall
survive Closing, that as of the date hereof, and on the date of Closing: 
 A. Purchaser has the full power and authority to execute, deliver
and perform this Agreement and all of Purchaser’s obligations under this Agreement; and 
 B. The individuals signing this Agreement and
all other documents executed or to be executed pursuant hereto on behalf of Purchaser are and shall be duly authorized to sign the same on Purchaser’s behalf and to bind Purchaser thereto. 
 13. Environmental Matters 
 A.
Definitions 
 1. “Environmental Laws” means all federal, state and local statutes, regulations, ordinances,
rules, regulations and policies, all court orders and decrees and arbitration awards, and the common law, which pertain to protection of the environment, environmental matters or contamination of any type whatsoever. Environmental Laws are all laws
relating to: manufacture, processing, use, distribution, treatment, storage, disposal, generation or transportation of Hazardous Materials; air, surface or ground water or noise pollution; Releases; protection of wildlife, endangered species,
wetlands or natural resources; Containers; health and safety of employees and other persons; and notification requirements relating to the foregoing; including, without limiting the generality of the foregoing, any of the following: the Clean Air
Act, 42 U.S.C. 7401 et seq.; Clean Water Act, 33 U.S.C. 1251 et seq.; the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. 9601 et seq. (“CERCLA”); the Solid Waste
Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. 6901 et seq. (“RCRA”); and the Connecticut General Statutes; as any of them may be or have been amended from time to time, together with all
regulations promulgated thereunder. In the event any Environmental Law is amended to broaden the meaning of any term defined thereby, such broader meaning shall apply subsequent to the effective date of such amendment. 
 2. “Hazardous Materials” means: 
 a. pollutants, contaminants, pesticides, radioactive substances, solid wastes or hazardous or extremely hazardous, special, dangerous or toxic wastes, substances, 

 
chemicals or materials within the meaning of any Environmental Law, including without limitation any (A) “hazardous substance” as defined in
the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. 9601, et. seq., as amended and reauthorized (“CERCLA”), and (B) any “hazardous waste” as defined in the Resource Conservation and
Recovery Act (“RCRA”), 42 U.S.C., Sec. 6902 et. seq. and all amendments thereto and reauthorizations thereof; 
 b. even if not prohibited, limited or regulated by Environmental Laws, all pollutants, contaminants, hazardous, dangerous or toxic chemical materials, wastes or any other substances, including without limitation, any industrial process or
pollution control waste (whether or not hazardous within the meaning of RCRA) which could pose a hazard to the environment or the health and safety of any person, or impair the use or value of any portion of the Property; and 
 c. solid waste (as defined in Section 1004 of RCRA or Title 22a); oil or petroleum products, chemical liquids or solid, liquid, or
gaseous products (as those terms are used in Title 22a); asbestos; polychlorinated biphenyls (“PCBs”); explosives; radioactive materials; or any other substance determined by any agency with jurisdiction to pose a present or potential
hazard to human health or environment. 
 B. “Release” means (i) any spill, discharge, leak, emission, escape, injection,
dumping, or other release or threatened release of any Hazardous Materials into the environment, whether or not notification or reporting to any governmental agency was or is, required, including without limitation any Release which is subject to
CERCLA, or (ii) a “spill” as defined in Section 22a-452c of the Connecticut General Statutes. In the event of any conflict in meanings “Release” shall be given its broadest meaning. 
 C. “Environmental Conditions” shall mean those Releases of Hazardous Materials at, upon, under or emanating from the Premises. 
 D. “Remedial Actions” shall mean and refer to those investigations, assessments, evaluations, monitoring, removal, remediation and related
activities currently being conducted and to be conducted in connection with the Environmental Conditions in order to achieve compliance with the applicable provisions of Connecticut General Statutes § 22a-134 et seq. (the
“Transfer Act”) and Connecticut General Statutes § 22a-l33k and the Remediation Standard Regulations, (the “RSRs”), including any post-closing remedial actions necessary to achieve compliance with the provisions of the
Transfer Act. 
 E. Environmental Representations 
 1. Purchaser hereby acknowledges that the Seller has made no representation or warranty, express or implied, with respect to the
environmental conditions at the Property. 
 2. Purchaser agrees and represents to the Seller that they have the opportunity
to fully examine and inspect the Premises and improvements thereon with all due diligence. 

 3. Seller represents that it provided Purchaser with the environmental reports in its
possession describing the Existing Environmental Conditions at the Property, including, specifically the following: 
 a.
Transfer Act filing for 235 Great Pond Drive, Windsor, Connecticut dated March 12, 2007 with attached Transfer of Establishment – Form III, environmental condition Assessment Form, and “Report on ASTM Phase I Environmental Site
Assessment and Limited Environmental Testing, Proposed Advo Industrial Facility, Bloomfield, Windsor, Connecticut” dated June 2003. 
 b. “Phase I Environmental Site Assessment for Property Located at 1 and 10 Univac Lane, Windsor, Connecticut,” dated January 1995. 
 4. Purchaser acknowledges that it has received the environmental reports describing the Environmental Condition of the Property.

 5. Seller makes no representation or warranty with respect to the accuracy or completeness of any information or materials
furnished to or obtained by Purchaser in connection with this Agreement or the Property, except that Seller represents that, to the best of its knowledge, the environmental reports describe and summarize the Existing Environmental Condition of the
Property and Seller does not have actual knowledge of environmental conditions, other than the Existing Environmental Conditions, which may adversely affect the Property. Purchaser acknowledges and agrees that any information provided or made
available by Seller to Purchaser is provided “as is” as a convenience only, and that any reliance on or use of such information shall be at the sole risk of Purchaser. 
 6. Seller acknowledges, and Purchaser is aware that 235 Great Pond meets the definition of an “establishment” under the
Connecticut Property Transfer Act (“Transfer Act”). Connecticut General Statutes § 22a-134 et seq. and that the sale of the Premises will constitute a “transfer of an establishment” under the Transfer Act,
triggering an obligation to file certain Transfer Act forms with the Connecticut Department of Environmental Protection (“DEP”). 
 7. Purchaser agrees to purchase the Property “AS-IS” with regard to Environmental Conditions, except as otherwise provided herein and subject to Seller’s undertaking of environmental remediation
required under this Agreement (and applicable laws) and the Lease Agreements. 
 F. Parties’ Obligations and Indemnification

 1. Remediation Obligation. With regard to 235 Great Pond, Seller agrees to (i) prepare all appropriate Transfer
Act forms, including an Environmental Condition Assessment Form; (ii) pay the Transfer Act filing fee of $3,000 (iii) implement and complete the Remedial Actions necessary to address Environmental Conditions; (iv) sign a Transfer Act
Form III or Form IV as the “certifying party” as defined by the Transfer Act and shall assume all responsibilities for complying with the Transfer Act, including paying any fees required (and to the extent applicable) at the conclusion of
any required remediation of the Existing Environmental Conditions; and (v) prepare the documents and pay the fees and related costs associated with the preparation and implementation of any Environmental Land Use Restrictions, as defined in the
RSRs, necessary to address the Existing Environmental Condition. Seller’s obligations to 

 
complete the Remedial Actions of the Existing Environmental Conditions hereunder shall be satisfied upon either (i) the filing of a Licensed
Environmental Professional’s “verification”, as defined in the Transfer Act, and as authorized by the DEP or (ii) a written approval of the Remedial Actions from the DEP, if DEP retains oversight of the Remedial Actions.
Exclusive of any and all remediation costs and obligations of Seller as the “certifying party”, as detailed above. 
 With regard to 1 Targeting Centre and 10 Targeting Centre, Purchaser shall be responsible for the costs of preparing Phase I or Phase II environmental site assessments. Seller, along with Purchaser shall, during the Investigation Period
defined in Section 5 of this Agreement, consult with its environmental professional to determine whether said Parcels are “establishments” as defined in the Transfer Act. In making such determination, the parties shall be entitled to
rely on the Phase I and Phase II environmental site assessments performed by the Purchaser. Seller shall inform Purchaser of its determination as soon as commercially practicable. In the event that the Parcels are “establishments,” Seller
and Purchaser shall have the same Remediation Obligations for 1 Targeting Centre and 10 Targeting Centre as for 235 Great Pond, as described herein. 
 Seller and Purchaser further acknowledge and agree that Seller’s obligations under the Transfer Act as the “certifying party” for the 235 Great Pond Parcel, as well as the 1 Target Centre and 10
Targeting Centre Parcels, to the extent they are deemed “establishments” shall remain for the Term of the Lease Agreement (and for any further period required to complete remediation on the Property) as they are defined in Section Three
(3) above and thereafter, upon the Expiration Date of the Term of the Lease, Purchaser shall become responsible for fulfilling any obligations that the Seller may have as the “certifying party”, except to the extent such ongoing
remediation obligations existing at the end of the Lease term are caused by Tenant’s use of the Property. 
 2.
Access. Seller agrees to agree to provide Purchaser, Purchaser’s environmental consultants, agents, representatives or contractors with unfettered access to the Property to allow Purchaser to fulfill its obligations to complete the
Remedial Actions. Such access will allow Seller to collect soil and groundwater samples, undertake investigations, install or repair monitoring wells, perform surveys and complete any and all activities related to the Remedial Actions. Purchaser
agrees that Purchaser shall exercise reasonable efforts to coordinate the Remedial Actions with Seller to avoid unreasonable interference with Seller’s use of the Property as a Tenant. 
 G. Environmental Land Use Restriction 
 1. Purchaser agrees that the Seller may utilize Environmental Land Use Restrictions (“ELURs”) on the Property either pre- or post-closing. The following ELURs may be implemented in accordance with the RSRs:

 a. That the use of the areas of the Property which are or may in the future be impacted by the Environmental Conditions
shall be restricted to industrial or commercial activity. 
 b. That the groundwater at and under the Property may not be
utilized for drinking water purposes, and excluding irrigation purposes, for any other purposes which could expose persons to the risk of exposure to contaminants. 

 c. That the specified soils and subsurface strata shall not be disturbed unless
(i) the DEP is notified in advance and gives its approval for such disturbance and (ii) appropriate health and safety measures are implemented for the protection of workers and any other persons who may be subject to exposure in the event
of such authorized disturbance. 
 d. If Seller elects to utilize one or more of the ELURs specified above after the closing,
Purchaser covenants and agrees to duly execute one or more Declarations of Environmental Land Use Restriction and Grant of Easement in such form, and together with such other documentation, as shall then be required under Connecticut General
Statutes Section 22a-133o (b) and Regulations of Connecticut State Agencies Section 22a-l33q-l(h), or may hereafter or other applicable law and regulation and/or policy, practice, procedure or guidance adopted by DEP and/or any other
governmental authority having jurisdiction so as to impose, evidence and effect the ELUR(s), provided that Seller shall bear the sole costs of preparing, processing and recording any such document(s). Purchaser agrees not to unreasonably refuse or
fail to execute and deliver the said documents imposing, evidencing and affecting the proposed ELUR. 
 e. Any future ELURs
that Seller seek to have implemented in accordance with the RSRs shall require Purchaser’s written consent, which shall not be unreasonably withheld. 
 H. All ELURs proposed for the Property shall be no greater in scope than required to comply with the RSRs and any other applicable requirements of the Transfer Act. 
 I. In addition to the foregoing, Purchaser covenants and agrees, on behalf of itself and its successors and assigns, including its successors in title,
that it will: 
 1. Require that any party which places a lien or other encumbrance on the Property with Purchaser’s
consent or acquiescence, including, without limitation, any mortgage lender, to include a provision in the document creating or evidencing the lien or other encumbrance which explicitly subjects and subordinates the lien or other encumbrance to any
ELUR contained in Section l3(G)(a-c, e), which may be imposed on the Property. 
 2. Include in every lease, license or other
agreement for the use and occupancy of the Property (a “lease”) a specific agreement by the lessee that the lease shall be subject and subordinate to, and that the lessee shall duly comply with, the terms of any ELUR contained in Section
l3(G)(a-c, e), which may be imposed on the Property pursuant to the provisions of this Section. 
 3. Require the lienor, the
holder of the encumbrance or the lessee, as the case may be, also to agree in writing to execute documents confirming the subjection and subordination of the lien, other encumbrance or lease, as appropriate, to the terms of such ELURS, in such form
as may be required by applicable law and regulation and/or policy, practice, procedure or guidance adopted by DEP and/or any other governmental authority having jurisdiction. 
 4. Purchaser and Seller agree that proper due notice of Sections l3.G., l3.H. and 13.I. shall be recorded as part of or along with the
Deed with the Town of Windsor and/or Bloomfield Land Records so as to put all parties who may be subject to or otherwise affected by Section 13.G., 13.H. and 13.I., including, without limitation, all successors in title to the Property, on
notice of the provisions hereof. 

 14. Indemnification. 
 A. Seller agrees to indemnify and hold Purchaser harmless from and against any and all liabilities, claims, demands, and expenses, of any kind or nature, including but not limited to, all expenses related thereto,
including, without limitation, court costs and attorney’s fees for matters arising from or related to the inaccuracy or breach of any of Seller’s representations and warranties, and any matter arising from Seller’s period of ownership
including without limitation any and all damages that has or may arise from any matter relating to the environmental condition of the Property or any portion thereof. 
 B. Purchaser agrees to indemnify and hold Seller harmless from and against any and all liabilities, claims, demands, and expenses, of any kind or nature, including but not limited to, all expenses related thereto,
including, without limitation, court costs and attorney’s fees for matters arising from or related to the inaccuracy or breach of any of Purchaser’s representations and warranties. 
 C. In the event either party hereto receives notice of a claim or demand for which the other party may be entitled to indemnification pursuant to this
Section, such party shall promptly give notice thereof to the other party. The indemnifying party shall immediately take such measures as may be reasonably required to properly and effectively defend such claim, and may defend same with counsel of
its own choosing and approved by the other party (which approval shall not be unreasonably withheld or delayed). In the event the indemnifying party refuses to defend such claim or fails to properly and effectively defend such claim, then the other
party may defend such claim with counsel of its own choosing at the expense of the indemnifying party. In such event, the indemnified party may settle such claim without the consent of the indemnifying party. It is expressly stipulated, covenanted,
and agreed that the provisions of this Section shall survive the Closing. 
 15. Use of the Property. Seller warrants and covenants
that it shall not, without Purchaser’s written consent, (i) grant, convey or enter, any easement, lease, license or other legal or beneficial interest in or to the Property or any portion thereof, (ii) enter into any contract, service
contract (with respect to the 10 Targeting Centre only), option agreement to transfer, convey or encumber the Property or any portion thereof, or (iii) materially change the physical condition of the Property or any portion thereof or, except
as otherwise provided herein, allow a material change in the physical condition of the Property or any portion thereof to occur. Seller further warrants that, upon receipt of any knowledge or notice of any threatened or pending
(i) condemnation, (ii) action in lieu of condemnation, (iii) zoning change, (iv) assessment, (v) lien, (vi) claim, (vii) encumbrance, or (viii) similar matter that may affect the Property or any portion
thereof, its operation or development, Seller shall promptly notify Purchaser in writing thereof. If prior to the Closing, Purchaser shall discover that any of Seller’s representations and warranties contained herein are incorrect, or that
Seller has breached its covenants hereunder such as to materially affect the value of the Property, Purchaser, at its option, shall have the right to terminate this Agreement by giving written notice to Seller with no liability on its part and
recover from Seller all reasonable costs and expenses necessarily incurred and actually paid by Purchaser as a result of Seller’s breach of such representations, warranties or covenants and shall receive from Seller a refund of the Deposit.

 16. Condemnation; Casualty. Purchaser and Seller shall each have the right to terminate this Agreement if any material part of the
Property is destroyed without fault of Purchaser or any part of the Property is taken or is threatened to be taken by eminent domain. Purchaser shall give written notice of 

 
Purchaser’s election to terminate this Agreement within ten (10) business days after Purchaser receives written notice from Seller of any such
damage or threatened condemnation. In the event of such a termination by Purchaser, Title Company or Seller shall immediately refund to Purchaser the Deposit and the rights and obligations of the parties hereunder shall terminate. 
 17. Default and Remedies. 
 A.
Purchaser’s Default; Seller’s Remedy. If the Purchaser fails to deliver the Termination Notice prior to the expiration of the Investigation Period or pursuant to another right to terminate this Agreement and fails to close on the
purchase of the Property, due to Purchaser’s material default under the Agreement, and provided that the Seller is not otherwise in material default of this Agreement, then Seller shall be entitled, to the full amount of the Deposit, as
liquidated damages, as Seller’s sole and exclusive remedy, and upon payment to Seller of such amount, this Agreement and all rights and obligations of the parties shall terminate. The parties agree that it would be impracticable and extremely
difficult to ascertain the actual damages suffered by Seller as a result of Purchaser’s failure to complete the purchase of the Property and that under the circumstances existing as of the date of this Agreement, the liquidated damages provided
for in this Section represents a reasonable estimate of the damages which Seller will incur as a result of such failure. The parties acknowledge that the payment of such liquidated damages is not intended as a forfeiture or penalty but is intended
to constitute liquidated damages to Seller. 
 B. Seller’s Default; Purchaser’s Remedies. In the event Seller fails to
timely perform any material act, or provide any material document or information required to be provided by Seller, or in the event any Representation and Warranty made by Seller pursuant to this Agreement is untrue when made, then Purchaser shall
be entitled to either (i) terminate this Agreement and receive a refund of the Deposit and recover its out-of-pocket costs during the Investigation Period up to $50,000.00; or (ii) seek specific performance of this Agreement. 

18. Attorneys’ Fees. The prevailing party in any legal proceeding brought under or with relation to this Agreement or transaction shall be
entitled to recover court costs, reasonable attorneys’ fees, and all other litigation expenses from the non-prevailing party. 
 19.
Sale and Assignment of Agreement. Purchaser may assign all or a portion of its rights and obligations under this Agreement to any person, persons, entity or entities upon terms and conditions determined by Purchaser in its sole discretion,
provided the members of SIRO Management LLC or affiliates thereof is a principal of such assignee. Such assignment(s) may be as to the entire Property, individual Parcels, subdivided portions of Parcels and/or undivided tenancy in common interests
in any of the foregoing. The parties agree that, to the extent reasonable and appropriate, separate purchase and sale agreements which shall in the aggregate provide the same financial benefit to Seller as this Agreement may be entered to supersede
and replace, in whole or in part, this Agreement in the event Purchaser exercises its rights hereunder; provided however, that any such new agreements will contain substantially the same material terms and conditions, be cross defaulted, and will
provide for a simultaneous closing on all agreements relating to the Property. Upon delivery of written notice to Seller and Title Company together with a copy of such assignment(s), Purchaser shall be forever released and discharged from any and
all obligations under this Agreement, to the extent assigned, and Purchaser’s assignee shall be entitled and subject to all rights and obligations set forth in this Agreement, to the extent assigned. 
 20. Exchange. Either party shall have the right, at its option, to consummate the transactions contemplated in this Agreement pursuant to a
transaction that is structured to qualify as a like-kind exchange of property within the meaning of §1031 of the Internal Revenue Code of 1986, as 

 
amended, including what is known as a “reverse” like kind exchange. The parties agree to cooperate with one another in effecting a qualifying
like-kind exchange through a trust or other means as determined by the party that requests that the transaction be effected through a qualifying like-kind exchange; provided, however, that the party desiring such treatment, shall bear all additional
transaction costs and all reasonable costs and expenses incurred by the other party that are attributable to the closing of a qualifying exchange. 
 21. Marketing for Sale. Upon execution of this Agreement, Seller shall discontinue all marketing of the Property for sale. Seller further agrees that Seller shall not engage in any negotiations related to any other offers or back-up
offers to purchase the Property or any portion thereof. Under no circumstances shall Seller accept any back-up offers related to the Property or any portion thereof. Seller acknowledges that Purchaser intends to market and promote the lease or sale
or use of the 10 Targeting Centre building the period that precedes Closing of this Agreement. Seller agrees to accommodate such marketing and promotion of the Property by Purchaser and shall reasonably cooperate with Purchaser’s showings and
reasonable requests related to the Property. 
 22. Further Assurances. The parties each agree to execute, acknowledge, deliver and do
all such further acts, instruments and assurances, and to take all such further action before or after the closing as shall be necessary or desirable to fully early out this Agreement and to fully consummate and effect the transactions, rights and
obligations set forth herein and contemplated hereby, including entering separate purchase and sale agreements as contemplated in Section 18 above. Such assurances shall also include working together in good faith and cooperating, both prior to
and after closing, with regard to achieving the prorations contemplated hereby. This provision shall survive closing. 
 23.
Miscellaneous. 
 A. TIME IS OF THE ESSENCE OF THIS AGREEMENT. 
 B. This Agreement shall be governed by and construed under the laws of the state in which the Property is located. Venue for all legal actions shall be
in the Federal Courts within Kalamazoo County, Michigan. 
 C. This Agreement may be executed in several counterparts (with facsimile
signatures having the same force and effect as originals), each of which shall be deemed an original and all of which counterparts together shall constitute one and the same instrument. 
 D. The parties agree that neither shall be responsible for payment of any brokers’ commissions or any other fees to any agent of the other party as
a result of entering this Agreement and each party shall indemnify and defend the other party against such liability. 
 E. Should any
provision of this Agreement require judicial interpretation, it is agreed that the court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule
of construction that a document is to be construed more strictly against the party who itself or through its agent prepared the same, it being agreed that the agents of all parties have participated in the preparation hereof. 
 F. This Agreement supersedes all prior discussions and agreements between Seller and Purchaser with respect to the conveyance of the Property and all
other matters contained herein and constitutes the sole and entire agreement between Seller and Purchaser with respect thereto. This Agreement may not be modified or amended unless such amendment is set forth in writing and signed by both Seller and
Purchaser. 

 G. All notices, payments, demands or requests
required or permitted to be given pursuant to this Agreement shall be in writing and shall be deemed to have been properly given or served and shall be effective upon personal delivery, or upon the second (2nd) business day after being deposited in the United States mail, postpaid and registered or certified with return receipt requested; or when sent by private courier service for
same-day delivery or one day after being sent by private courier service for next-day/overnight delivery. The time period in which a response to any notice, demand, or request must be given shall commence on the date of receipt by the addressee
thereof. Rejection or other refusal to accept delivery or inability to deliver because of changed address, of which no notice has been given, shall constitute receipt of the notice, demand, or request sent. Any such notice, demand, or request shall
be sent to the respective addresses set forth below: 
  

			
	To Seller:	  	VALASSIS DIRECT MAIL, INC.
		  	Ann: David J. Hennessey, Esq.
		  	1 Targeting Center
		  	Windsor, CT 06095
		  	Tel: 860-285-6127
		  	Fax: (860) 285-6230
		  	djhennes@valassis.com
		
	To Purchaser:	  	Rich MacDonald
		  	As Agent for Purchaser
		  	750 Trade Centre Way, Suite 100
		  	Kalamazoo, Ml 49002
		  	(269) 342-8600
		  	Fax: (269) 342-1949
		  	richm@hinmancompany.com
		
		  	and
		
		  	W. Sidney Smith
		  	108 South University, Suite Six
		  	Mt. Pleasant, Ml 48858
		  	(989) 773-6988
		  	Fax: (989)773-3856
		  	wsidneysmith@msn.com
		
		  	and
		
		  	Stacia Feinberg
		  	108 S. University, Suite Six
		  	Mt. Pleasant, MI 48858
		  	(312)498-4322
		  	fax: (989)773-3856
		  	Stacia@originre.com

 H. This Agreement shall inure to the benefit of and bind the parties hereto and their respective heirs,
legal representatives, successors and permitted assigns. 
 I. Valassis Communications, Inc. here agrees to execute the following Guaranty
made on the Effective Date of this Agreement by Valassis Communications, Inc. (“Guarantor”) as to this Agreement and the Lease Agreements as follows: 
 Guarantor, with full knowledge of Purchaser’s reliance on this Guaranty, and in consideration of the execution of this Agreement, does unconditionally guarantees the full, faithful, and timely performance by
Seller of all of the covenants and obligations of Seller to this Agreement and the Lease Agreements in favor of Purchaser, including Purchaser’s successors, administrators, personal representatives, and assigns. 
 This Guaranty shall survive Closing and be a continuing guaranty through the term of the Lease Agreements. The liability of Guarantor shall be direct and
not conditional or contingent on the pursuit of any remedies made against Seller. 
 The undersigned has caused this Guaranty to be executed on the date set
forth below. 
 J. If any date of performance hereunder falls on a Saturday, Sunday or legal holiday, such date of performance shall be
deferred to the next day which is not a Saturday, Sunday or legal holiday. 
 K. In case one or more of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provisions hereof and this Agreement shall
be construed as if such invalid, illegal or unenforceable provision is severed and deleted from this Agreement. 
 IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date last written below (the “Effective Date”). 

			
	Purchaser:
	
	 SIRO II, L.L.C.,
 a Michigan limited
liability company

		
	By:	 	 /s/ W. Sidney Smith

		 	W. Sidney Smith
	Its:	 	Member
		
	By:	 	 /s/ Roger E. Hinman

		 	Roger E. Hinman
	Its:	 	Member
		
	By:	 	 /s/ Stacia S. Feinberg

		 	Stacia S. Feinberg
	Its:	 	Member
	
	Seller: VALASSIS DIRECT MAIL, INC.
		
	By:	 	 /s/ Steven Mitzel

			
	Print Name:	 	Steven Mitzel

			
	Its:	 	Chief Financial Officer
		
	Date:	 	March 19, 2008

			
	Guarantor: VALASSIS COMMUNICATIONS, INC.
		
	By:	 	 /s/ Todd L. Wiseley

			
	Print Name:	 	Todd L. Wiseley

			
	Its:	 	Secretary

 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT 
 THIS FIRST AMENDMENT PURCHASE AND SALE AGREEMENT (the “First Amendment”) is entered into by and between VALASSIS DIRECT MAIL, INC.,
(“Seller”), a Delaware Corporation and SIRO II, L.L.C., a Michigan Limited Liability Company (“Purchaser”) as follows: 
 Background 
 Purchaser and Seller are parties to that certain Purchase and Sale Agreement dated March 19, 2008
(the “Purchase Agreement”), pursuant to which Seller has agreed to sell to Purchaser, and Purchaser has agreed to purchase from Seller, those Parcels of real estate commonly known as 1 Targeting Centre, Windsor Connecticut, 06095, 10
Targeting Centre, Windsor Connecticut, 06095 and 235 Great Pond Drive, Windsor Connecticut, 06095, and which shall include, without limitation, all improvements and buildings, as more particularly described in the Purchase Agreement, (collectively,
the “Property”). The parties now wish to amend the Purchase Agreement as follows: 
 Amendment 
 IN CONSIDERATION OF THE MUTUAL COVENANTS AND CONSIDERATION SET FORTH IN THE PURCHASE AGREEMENT, THE PARTIES AGREE TO AMEND THE PURCHASE AGREEMENT AS
FOLLOWS: 
 1. Property. Seller and Purchaser agree that the first Section of the Purchase Agreement shall be amended to include the following Parcels
as part of the Purchase Agreement: (i) That parcel of land, situated in the Town of Windsor, County of Hartford and State of Connecticut, situated on the southerly side of S.R. 305, Bloomfield Avenue, containing 19,102 square feet, more or
less, further described in the attached First Amendment Exhibit A; (ii) That parcel of land, situated in the Town of Windsor, County of Hartford and State of Connecticut, situated on the southerly side of S.R. 305, Bloomfield Avenue, containing
14,410 square feet, more or less, and further described in the attached First Amendment Exhibit A; and (iii) That certain parcel of land, triangular in shape, situated in the Town of Windsor, County of Hartford and State of Connecticut situated
on the southwesterly side of CT. RTE 305 – Bloomfield Avenue (East Bound) containing 6,084 square feet, more or less, and further described in the attached First Amendment Exhibit A. 
 2. Liens and Security Interests. As revealed in Purchaser’s Commitment for title insurance for the Property, there presently exists the following
“Liens” on the Property: 
 A. Open-End Mortgage Deed, Security Agreement, Assignment of Leases and Rents and Fixture Filing in favor of Bear
Stearns Corporate Lending Inc., as Administrative Agent in the amount of $12,302,000.00 dated as of March 2, 2007 and recorded in Volume 1589, Page 540 of the Windsor Land Records (“WLR”), and Volume 1403, Page 20 of the Bloomfield
Land Records (“BLR”). 
 B. UCC-1 Financing Statement in favor of Bear Stearns Corporate Lending Inc. recorded March 14, 2007 in Volume 1589,
Page 847 of the WLR, and Volume 1403, Page 327 of the BLR. 

 C. Open-End Mortgage Deed, Security Agreement, Assignment of Leases and Rents and Fixture Filing in favor of Bear Stearns
Corporate Lending Inc., as Administrative Agent in the amount of $10,174,000.00 dated as of March 2, 2007 and recorded in Volume 1590, Page 1 of the Windsor Land Records (“WLR”). 
 D. UCC-l Financing Statement in favor of Bear Stearns Corporate Lending Inc. recorded March 14, 2007 in Volume 1590, Page 306 of the WLR. 
 E. Effect of Mechanic’s Lien in favor of K-Man Glass Corp. in the amount of $64,041.64 dated November 14, 2003 and recorded in Volume 1422, Page 763 of the
WLR. 
 Buyer and Seller agree that the foregoing Liens shall not breach Seller’s warranty under section 11, paragraph f, of the Purchase Agreement,
provided the Liens are released as of the Closing Date. Evidence of the release of said Liens shall be a Seller Closing Delivery pursuant to Paragraph Eight of the Purchase Agreement. 
 3. Miscellaneous. In the event of a conflict or inconsistency between this First Amendment and any other terms of the Purchase Agreement, the terms of this First Amendment shall govern. Except as amended
herein, all other terms of the Purchase Agreement shall continue in full force and effect. The terms of this First Amendment may only be modified by a writing executed by both parties. This First Amendment may be executed in multiple counterparts.
Facsimile or pdf signature copies of this First Amendment shall be enforceable and of the same effect as original signatures. The Background set forth above is, by this reference, incorporated into the text of this First Amendment as if fully set
forth herein. All times set forth herein shall be based on the time zone in which Kalamazoo, Michigan is located. Initially capitalized terms used but not defined in this First Amendment, but defined in the Purchase Agreement, shall have the
meanings given to them in the Purchase Agreement. 
 IN WITNESS WHEREOF this Amendment is executed effective as of May 14, 2008. (the
“Effective Date”). 
 Purchaser: 
  

			
	SIRO II, L.L.C.,
	a Michigan limited liability company
		
	By:	 	 /s/ W. Sidney Smith

		 	W. Sidney Smith
	Its:	 	Member
		
	By:	 	 /s/ Roger E. Hinman

		 	Roger E. Hinman
	Its:	 	Member

			
	By:	 	 /s/ Stacia S. Feinberg

		 	Stacia S. Feinberg
	Its:	 	Member
	
	Seller: VALASSIS DIRECT MAIL, INC.
		
	By:	 	 /s/ Steven Mitzel

			
	Print Name:	 	Steven Mitzel

			
	Its:	 	Chief Financial Officer

 SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT 
 THIS SECOND AMENDMENT PURCHASE AND SALE AGREEMENT (the “Second Amendment”) is entered into by and between VALASSIS DIRECT MAIL, INC.,
(“Seller”), a Delaware Corporation and SIRO II, L.L.C., a Michigan Limited Liability Company (“Purchaser”) as follows: 
 Background 
 Purchaser and Seller are parties to that certain Purchase and Sale Agreement dated March 19, 2008
(the “Purchase Agreement”), pursuant to which Seller has agreed to sell to Purchaser, and Purchaser has agreed to purchase from Seller, those Parcels of real estate commonly known as 1 Targeting Centre, Windsor Connecticut, 06095, 10
Targeting Centre, Windsor Connecticut, 06095 and 235 Great Pond Drive, Windsor Connecticut, 06095, and which shall include, without limitation, all improvements and buildings, as more particularly described in the Purchase Agreement, (collectively,
the “Property”). On May 14, 2008, the parties executed the First Amendment to the Purchase and Sale Agreement whereby additional parcels generally located along Bloomfield Avenue in the Town of Windsor Connecticut (and as further
described on First Amendment Exhibit A) were added as part of the Property and Seller agreed to satisfy or release certain liens held against the Property through the use of sale proceeds at Closing. 
 The parties now wish to amend the Purchase Agreement as follows: 
 Amendment 
 IN CONSIDERATION OF THE MUTUAL COVENANTS AND CONSIDERATION SET FORTH IN THE
PURCHASE AGREEMENT, THE PARTIES AGREE TO AMEND THE PURCHASE AGREEMENT AS FOLLOWS: 
 1. Purchase Price. The parties agree to amend the Purchase Price
allocation as follows: a) $11,558,523.65 for the 1 Targeting Centre Parcel; b) $3,338,197.85 for the 10 Targeting Centre Parcel; (b) $14,332,044.50 for the 235 Great Pond Drive Parcel. 
 2. Miscellaneous. In the event of a conflict or inconsistency between this Second Amendment and any other terms of the Purchase Agreement, the terms of this Second Amendment shall govern. Except as amended
herein, all other terms of the Purchase Agreement shall continue in full force and effect. The terms of this Second Amendment may only be modified by a writing executed by both parties. This Second Amendment may be executed in multiple counterparts.
Facsimile or pdf signature copies of this First Amendment shall be enforceable and of the same effect as original signatures. The Background set forth above is, by this reference, incorporated into the text of this Second Amendment as if fully set
forth herein. All times set forth herein shall be based on the time zone in which Kalamazoo, Michigan is located. Initially capitalized terms used but not defined in this Second Amendment, but defined in the Purchase Agreement, shall have the
meanings given to them in the Purchase Agreement. 
 [Signature Page Below.] 

 IN WITNESS WHEREOF this Amendment is executed effective as of June 10, 2008. (the “Effective
Date”). 
 Purchaser: 
  

			
	SIRO II, L.L.C.,
	a Michigan limited liability company
		
	By:	 	 /s/ W. Sidney Smith

			
	Print Name:	 	W. Sidney Smith

			
	Its:	 	Member
		
	By:	 	 /s/ Roger E. Hinman

		 	Roger E. Hinman
	Its:	 	Member
		
	By:	 	 /s/ Stacia S. Feinberg

		 	Stacia S. Feinberg
	Its:	 	Member
	
	Seller: VALASSIS DIRECT MAIL, INC.
		
	By:	 	/s/ Steven Mitzel

			
	Print Name:	 	Steven Mitzel

			
	Its:	 	Chief Financial OfficerOne Targeting Centre Lease

 Exhibit 10.2 
 ONE TARGETING CENTRE LEASE AGREEMENT 
 THIS ONE TARGETING CENTRE LEASE (the “One
Targeting Lease”) made as of this 19 day of June, 2008, by and between 1 Targeting Centre LLC, whose address is 750 Trade Centre Way, Suite 100, Portage, MI 49002, SMITH CT 3, LLC, whose address is 108 South University, Mt.
Pleasant, Michigan 48858, and SMITH CT 4, LLC, whose address is 108 South University, Mt. Pleasant, Michigan 48858, hereinafter collectively referred to as “Landlord,” and VALASSIS DIRECT MAIL, INC., a Delaware Corporation,
whose address is 19925 Victor Parkway, Livonia, MI 48152, referred to as “Tenant.” 
 WITNESSETH: 
  

	 	1.	DESCRIPTION AND USE OF PREMISES 

 Landlord hereby leases to
Tenant and Tenant hereby leases from Landlord that certain real property located in the City of Windsor, State of Connecticut, commonly known as One Targeting Centre, Windsor, CT 06050, and more particularly described and shown on the survey and
legal description as “Parcel B” on Exhibit “A” attached hereto and made a part hereof, together with the portion of the Targeting Centre Drive f/k/a Univac Road shown on Exhibit A as well as all appurtenances,
improvements, easements, and rights-of-way thereunto pertaining (“Premises”). Tenant shall use and occupy the Premises as a professional office building only and for no other uses. The building located on the Premises is agreed to consist
of Ninety-Seven Thousand Two Hundred and Fifty-Six (97,256) square feet (“Building”). As of the date written above, Tenant hereby accepts the Premises in it’s “as is, where is” condition without representation or
warranty as to their condition or fitness for any particular purpose from Landlord. Tenant further acknowledges that Tenant owned and occupied the Premises prior to the date of this One Targeting Lease and sold the Premises to Landlord as of the
date of this One Targeting Lease. 
  

	 	2.	TENANT IMPROVEMENT ALLOWANCE 

 In order for the Premises to
be useful to Tenant and marketable in the future for Landlord, Landlord and Tenant agree that Landlord shall pay an improvement allowance to Tenant in order for Tenant to construct a buildout at the Premises pursuant to Exhibit B attached hereto.
Thus, Landlord and Tenant acknowledge and agree that Tenant shall be provided an Improvement Allowance in the amount of approximately Three Hundred and Twenty Thousand Dollars ($320,000.00) for the work described in accordance with Exhibit B (the
“Tenant Improvements”). No material deviations from Exhibit B shall be made by Tenant without Landlord’s prior written consent, which shall not be unreasonably withheld. “Material deviations” shall be defined as an increase
or decrease of $100,000 or more at the Premises, it being agreed that the total Tenant Improvement Allowance for the Premises and 235 Great Pond Drive leased to Tenant under a separate lease shall not exceed $2,000,000. Approval of the plans and
specifications by Landlord shall not constitute the assumption of and responsibility by 

 
Landlord for their accuracy or sufficiency, and Tenant shall be solely responsible for such items. Tenant shall be responsible for any and all costs and
expenses which exceed the Improvement Allowance. Any portion of the total Improvement Allowance shall be paid to Tenant or to Tenant’s general contractor, Barton Malow Company, within 30 days following receipt by Landlord of (1) invoices;
(2) an AIA sworn statement from the general contractor, (3) an affidavit from the Tenant that the payments from the prior disbursement request have been made in full; (4) Landlord lender approval and submittal by Tenant of
lender-requested mechanics or materialmen lien waivers or their functional equivalents under applicable Connecticut’s materialmen lien laws; and (5) and the certification of Tenant and its architect that the Tenant Improvements have been
made in accordance with applicable laws, codes and ordinances. The Improvement Allowance shall be disbursed in the amount reflected on the invoices meeting the requirements above. Notwithstanding anything herein to the contrary, Landlord shall not
be obligated to disburse any portion of Improvement Allowance during the continuance of an uncured default under the Lease, and Landlord’s obligation to disburse shall only resume when and if such default is cured. The final 7 1/2% of the Improvement Allowance shall be withheld by Landlord and disbursed upon receipt of the final sworn statement. Immediately
after the final payment is made, Tenant shall provide Landlord with confirmation of full payment from all contractors, subcontractors, and vendors who performed work to the Premises desired by Tenant. 
  

	 	3.	RENT 

 Tenant shall pay Landlord rent in accordance with
the rent schedule attached and incorporated hereto as Exhibit C. The rent shall be payable in advance in semi-annual installments, with said installment payments being made to Landlord’s management company, SIRO II Management, LLC, whose
address is 750 Trade Centre Way, Suite 100, Kalamazoo, MI 49002. The first payment of rent in accordance with Exhibit C shall be due on the commencement date of Tenant’s right to possession as set forth in Article 4 hereof. Future payments
shall be due in advance of the first day of every six (6) months thereafter. If the commencement date of this One Targeting Lease shall fall on a day other than the first day of a calendar month, then additional rental of an amount calculated
by prorating the semi-annual payment set forth above shall be paid by Tenant to Landlord for the month in which said commencement date shall occur. 
  

	 	4.	TERM 

 A. TERM OF RIGHT OF POSSESSION. The
commencement of Tenant’s right to possess and use the Premises shall be the date first written above. The term of Tenant’s right to possession shall be one-hundred and eighty three (183) months. If the commencement date is the first
day of a calendar month, the 183-month term shall begin to run from that date. If the commencement date is other than the first day of a month, the 183-month term shall commence on the first day of the following month. 
 B. TERM OF OBLIGATIONS. Notwithstanding the term of Tenant’s right to possession, all of the provisions of this One Targeting Lease Agreement
are binding on the parties from the date this One Targeting Lease is executed. 
  

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	 	5.	MAINTENANCE, REPAIRS AND ALTERATIONS 

 A. Tenant covenants
and agrees to be responsible for all maintenance repair and upkeep of the Premises during the term of Tenant’s right to possession. Tenant’s maintenance repair and upkeep of the Premises shall be done consistent with and in accordance to
industry standards for a class A facility. The Premises includes, but is not limited to, all portions of the Premises depicted on Exhibit A, all parking areas, a portion of the Targeting Centre Drive shown on Exhibit A, the landscaping, the
buildings, improvements, foundations, exterior and interior walls, windows, doors, floors, ceilings, downspouts, gutters, roof, skylights, plumbing and sewerage facilities, air-condition system, heating system, electrical facilities and equipment,
glazing, lighting fixtures and all other figures, equipment and appliances of every kind and nature. Tenant agrees that Landlord shall not be called upon or obligated to make any repairs, replacements, rebuildings, restorations, improvements,
alterations, remodeling or additions whatsoever in or about the Premises. 
 B. Tenant shall be responsible for all janitorial service on the
Premises during the term hereof. 
 C. Tenant shall not, without the prior written consent of Landlord, which shall not be unreasonably
withheld, make alterations, improvements or additions to the Premises and to the building and improvements thereon. 
 D. Tenant shall be
responsible for all costs of maintaining and repairing (including but not limited to resurfacing, striping, snow removal, etc) that portion of the Targeting Centre Drive located on the Premises and shown on Exhibit A. 
 E. In a situation involving a need to repair, replace, or restore any portion of the Premises, and which is not covered by the provisions of
“Eminent Domain” or “Damage and Destruction,” Tenant may, claim the benefit of any property damage insurance which may be payable to Landlord by reason of the loss or casualty giving rise to such need. However, the benefits of
such property damage insurance may be claimed only for the purpose of and to the extent necessary to replace, repair or restore the damaged or condemned portion of the Premises. 
 F. Prior to December 31, 2008, Tenant shall, at its sole cost and expense, cause the exterior lighting and irrigation system servicing the Premises
and the adjacent 10 Targeting Centre Property shown on Exhibit A to be separated into two different exterior lighting and irrigation systems servicing each premises individually. All work performed by Tenant in splitting the aforementioned systems
shall be done in a first-class, workman-like manner and in accordance with all applicable laws, rules and ordinances. 
  

	 	6.	EFFECT OF BANKRUPTCY OR OTHER PROCEEDINGS 

 If at any time
any bankruptcy or reorganization proceeding is instituted by or against Tenant either in the State or Federal Courts, or if a receiver is appointed under Chapters X or ZI of the Bankruptcy Act, for its business or property on the Premises, Landlord
shall have the 

  

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option, to be exercised by written notice given to Tenant, to declare this One Targeting Lease terminated at any time after the expiration of twenty
(20) days following the commencement of such proceeding unless the proceeding is dismissed and unless all payments of rent and other payments required by this One Targeting Lease to be made by Tenant to Landlord are paid promptly during said
period of twenty (20) days. Landlord shall under no circumstances be required to permit a receiver to retain possession of said Premises, and Landlord need not lease said Premises to such receivers, but Landlord shall be entitled to immediate
possession of said Premises. Any repossession or termination hereunder shall not operate in any way to prejudice or affect the right of Landlord for recovery of rent or other charges theretofore accrued, thereafter accruing or to any other damages,
nor shall any such termination or repossession ever be construed as a waiver of or an election not to claim future damages on account of such breach, but all such damages, including all future rentals, shall be fully recoverable by Landlord.

  

	 	7.	QUIET POSSESSION 

 The Tenant, upon paying the rent herein
provided and performing all and singular the covenants and conditions of this One Targeting Lease on its part to be performed, shall and may peaceably and quietly have, hold and enjoy the Premises during the term hereof, and Landlord warrants that
Landlord has full right and sufficient title to lease the Premises for the term herein provided, and agrees to indemnify Tenant for and against any and all loss and damage that may result to Tenant on account of any failure of, or defect in,
Landlord’s title or right to make and execute this One Targeting Lease. 
  

	 	8.	ATTORNEY’S FEES 

 Should either party hereto institute
any action or proceeding in court to enforce any provision hereof or for damages by reason of any alleged breach of any provision of this One Targeting Lease or for a declaration of such party’s rights or obligations hereunder, or for any other
judicial remedy, the prevailing party shall be entitled to receive from the losing party such amount as the court may adjudge to be reasonable attorney’s fees for the services rendered to the party finally prevailing in such action or
proceeding. 
  

	 	9.	CONSTRUCTION LIENS 

 Tenant shall keep the Premises free of
construction liens and other liens of like nature other than liens created or claimed by reason of any work done by or at the instance of Landlord. Tenant agrees to protect and indemnify Landlord against all such liens, or claims which may ripen
into such liens, and against all attorney’s fees and other costs and expenses arising from any such claim or lien. If Tenant fails to fully discharge any such lien or claim, or provide a bond for the same, the Landlord, at its option, may pay
the same or any part thereof, and shall be the sole judge of the legality of such lien or claim. Tenant shall repay Landlord all amounts so paid by Landlord, together with interest thereon at the maximum rate allowable by law from the time of
payment by Landlord until repayment by Tenant. 
  

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	 	10.	TENANT TO COMPLY WITH LAW 

 Tenant shall, from the date of
this One Targeting Lease, and at its own expense, insure that the Premises conforms to and complies with all laws, ordinances, and regulations (including the Americans with Disabilities Act) now in force or that are enacted hereafter affecting the
use or occupancy of all or any part of the Premises. Tenant indemnifies Landlord against and agrees to save Landlord harmless from all expenses imposed or incurred for or because of any violation by Tenant or anyone claiming under Tenant of any law,
ordinance, or regulation occasioned by the neglect or omission, or willful act of Tenant or any person on the Premises by permission or holding under Tenant unless such violation results solely from an act or omission on the part of Landlord and/or
agents, servants or employees of Landlord. 
  

	 	11.	TITLE 

 Tenant acknowledges that Tenant has had the
opportunity to review the commitment for the owner’s policy of title insurance provided to Landlord from Pinnacle Title Agency. Tenant reviewed all of the matters of record reflected in such commitment and agrees to insure that the Premises
shall at all times comply with those matters of record affecting the Premises from the date of this Agreement until the expiration of this Agreement. Tenant shall indemnify and hold Landlord harmless from all expenses and costs incurred by Landlord
as a result of any of the matters of record affecting the Premises. 
  

	 	12.	SURVEY 

 Tenant acknowledges that Tenant has reviewed a
survey of the Premises prepared by Landlord’s surveyor. Tenant has expressly approved such survey and hereby accepts the Premises in accordance with and subject to all matters set forth on the survey. Tenant understands that Tenant shall not be
released from any of its obligations under this Agreement due to error(s) on the survey, or any matters shown on the survey. 
  

	 	13.	UTILITIES 

 Tenant agrees to pay all charges when due for
water, gas, electricity, or other utilities incurred by it in connection with the Premises. 
  

	 	14.	TAXES 

 From the date of this Agreement until the
expiration of the Term and any renewals thereof, Tenant shall pay all real property taxes and assessments which may be levied upon or assessed against those lands comprising the Premises. Tenant shall also pay all taxes or assessments levied upon or
assessed against the improvements situated within the Premises and all taxes levied upon or assessed against any personal property situated within the Premises. Tenant understands that Landlord shall not be required to pay any taxes or assessments
whatsoever which may be or become a lien upon the lands, improvements and personal property. Any taxes or assessments which may be levied or assessed for a period beginning before the commencement of this One Targeting Lease or ending after the
termination hereof shall be paid by Tenant. Upon expiration of this Lease, the Landlord shall rebate to the Tenant any prepaid taxes or assessments covering any period of time after expiration. Tenant shall not be obligated 

  

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to pay any income tax or other tax, assessment or charge which may be levied or become due by reason of the rents and profits received by Landlord as a
result of this One Targeting Lease. 
  

	 	15.	ACKNOWLEDGEMENT OF RECIPROCAL EASEMENT RIGHTS. 

 Tenant
acknowledges and agrees that it shall abide by all easement rights granted to Landlord as part of it’s acquisition of the Premises and agreed to be responsible for those easement costs applicable to the owner of Parcel B pursuant to a
Reciprocal Easement Agreement dated                     , 2008 and attached hereto as Exhibit E, for the benefit of the Premises and the Ten
Targeting Parcel (as shown on Exhibit A), including but not limited to, easement rights for access to the Ten Targeting Parcel via Targeting Centre Drive, utility easements, signage easement and cross access easement. 
  

	 	16.	OFF-SET STATEMENT, ATTORNMENT AND SUBORDINATION; LANDLORD’S MORTGAGEE’S APPROVAL OF THIS LEASE 

 A. Tenant agrees within ten (10) days after request therefor by Landlord to execute in recordable form and deliver to Landlord a statement, in
writing, certifying (a) that this One Targeting Lease is in full force and effect, (b) the date of commencement of the term of this One Targeting Lease, (c) that rent is paid currently without any off-set or defense thereto,
(d) all Improvement Allowance amounts have been received or waived; (e) the amount of rent, if any, paid in advance, (f) that there are no uncured defaults by Landlord or stating those claimed by Tenant, and (g) such other
information as Landlord may reasonably request; provided that, in fact, such facts are accurate and ascertainable. 
 B. Tenant shall, in the
event any proceedings are brought for the foreclosure of or in the event of exercise of the power of sale under any mortgage made by Landlord covering the Premises, attorn to the purchaser upon any such foreclosure or sale and recognize such
purchaser as the Landlord under this One Targeting Lease. 
 C. Tenant agrees that this One Targeting Lease shall be subordinate to any first
mortgages or deeds of trust that may hereafter be placed upon the Premises and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided the mortgagee or trustee named
in said mortgages or trust deeds shall agree to recognize the lease of Tenant in the event of foreclosure if Tenant is not in default. Tenant also agrees that any mortgagee or trustee may elect to have this One Targeting Lease designated as a prior
lien to its mortgage or deed of trust, and in the event of such election and upon notification by such mortgagee or trustee to Tenant to that effect, this One Targeting Lease shall be deemed prior in lien to said mortgage or deed of trust, whether
this One Targeting Lease is dated prior to or subsequent to the date of said mortgage or deed of trust. Tenant agrees, that upon the request of Landlord, any mortgagee or any trustee, it shall execute whatever instruments may be required to carry
out the intent of this Section. 
 D. Failure of Tenant to execute any of the above instruments within fifteen (15) days upon written
request so to do by Landlord, shall constitute a breach of this One Targeting Lease and Landlord may, at its option, cancel this One Targeting Lease and terminate Tenant’s interest 

  

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herein. Further, Tenant hereby irrevocably appoints Landlord as attorney-in-fact for Tenant with full power and authority to execute and deliver in the name
of Tenant any such instruments. 
 E. If Landlord’s mortgagee will approve this One Targeting Lease, only upon the basis of reasonable
modification of the terms and provisions of this One Targeting Lease, other than those provisions relating to the size and location of the Premises, the amount of rent and charges payable hereunder and the use for which Tenant is permitted to
operate the Premises, Landlord shall have the right to cancel this One Targeting Lease if Tenant refuses to approve in writing any such reasonable modifications within thirty (30) days after Landlord’s request therefor, which request may
not be made later than forty-five (45) days after the delivery of possession of the Premises to Tenant. If such right to cancel is exercised, this One Targeting Lease shall thereafter be null and void, and neither party shall have any liability
to the other by reason of such cancellation. 
  

	 	17.	LIABLITY INSURANCE 

 Tenant shall, from the date this One
Targeting Lease is executed, keep in force and effect a policy of public liability and property damage insurance with respect to the Premises, and the business operated by Tenant in which the limits of public liability shall not be less than Three
Million Dollars ($3,000,000.00) per occurrence, and in which the limit of property damage liability shall be not less than Five Hundred thousand Dollars ($500,000.00). The policy shall name Landlord, any other parties in interest designated by
Landlord, and Tenant as insured, and shall contain a clause that the insurer will not cancel or change the insurance without first giving Landlord thirty (30) days prior written notice. Such insurance may be furnished by Tenant under any
blanket policy carried by it or under a separate policy therefor. The insurance shall be with an insurance company approved by Landlord and a copy of the paid-up policy evidencing such insurance or a certificate of insurance certifying to the
issuance of such policy shall be delivered to Landlord prior to the commencement of Tenant’s work and upon renewals not less than thirty (30) days prior to the expiration of such coverage. 
  

	 	18.	PROPERTY INSURANCE 

 (a) Tenant shall, from the date of
this Agreement, carry insurance for fire and special extended coverage (as determined by Landlord) insuring the improvements located on the Premises and all appurtenances thereto for the full replacement value thereof (with deductibles not exceeding
$100,000.00) such insurance coverage to include the improvements provided by Landlord and Tenant, and such insurance coverage shall include rental and business interruption insurance. Landlord shall not be liable to Tenant for any loss or damage
suffered by Tenant which is not covered by such insurance (including without limitation, the amount of any such deductibles). If the cost to repair or replace the damaged improvements exceeds the full insurable value, Tenant shall pay the
difference. The policy shall name Landlord, any other parties in interest designated by Landlord, and Tenant as insured, and shall contain a clause that the insurer will not cancel or change the insurance without first giving Landlord thirty
(30) days prior written notice. Such insurance may be furnished by Tenant under any blanket policy carried by it or under a separate policy therefor. The insurance shall be with an insurance company approved by Landlord and a copy of the
paid-up policy evidencing such insurance or a 

  

 Page 7 

 
certificate of insurance certifying to the issuance of such policy shall be delivered to Landlord prior to the commencement of Tenant’s work and upon
renewals not less than thirty (30) days prior to the expiration of such coverage. 
 (b) Tenant shall pay the cost of the premiums for
all such insurance, and the expenses incurred by Landlord relative to insurance appraisals, adjusters and reasonable attorneys’ fees in connection therewith. Such statements may include charges for premiums covering more than a single year.

 (c) Tenant will not do or suffer to be done, or keep or suffer to be kept, anything in, upon or about the Premises which will contravene
policies insuring against loss or damage by fire or other hazards (including, without limitation, public liability) or which will prevent Tenant form procuring such policies in companies acceptable to Landlord. 
 (d) Tenant agrees to carry, at its expense, insurance against vandalism, malicious mischief, and such other perils as are form time to time included in a
standard extended coverage endorsement, insuring Tenant’s trade fixtures, furnishings, operating equipment and personal property, such as signs, wall coverings, carpeting and drapes located on or within the Premises, in an amount equal to not
less than one hundred percent (100%) of the actual replacement cost thereof and to furnish Tenant with a certificate evidencing such coverings. 
  

	 	19.	COVENANT TO HOLD HARMLESS 

 Tenant agrees, from the date of
this Agreement, to indemnify Landlord and save it harmless from and against any and all claims, actions, damages, liability and expense in connection with (i) loss of life, personal injury and/or damage to property arising from or out of any
occurrence in, upon or at the Premises, including the person and property of Tenant, and its employees and all persons in the building at its or their invitation or with their consent, (ii) the occupancy or use by Tenant of the Premises or any
part thereof, or (iii) occasioned wholly or in part by any act or omission of Tenant, its agents, contractors, employees, servants, customers or licensees. For the purpose hereof, the Premises shall include the service areas adjoining the same.
All property kept, stored or maintained in the Premises shall be so kept, stored or maintained at the risk of Tenant only. In case Landlord shall, without fault on its part, be made a party to any litigation commenced by or against Tenant, then
Tenant shall protect and hold Landlord harmless and shall pay all costs, expenses and reasonable attorney fees incurred or paid by Landlord in connection with such litigation. Tenant shall also pay all costs, expenses and reasonable attorney fees
that may be incurred or paid by Landlord in enforcing the covenants and agreements of this One Targeting Lease. 
  

	 	20.	WASTE OR NUISANCE 

 Tenant shall not commit or suffer to be
committed any waste or nuisance upon the Premises. 
  

 Page 8 

	 	21.	SUBLETTING AND ASSIGNMENT 

 A. Tenant shall not sublet the
Premises, or any portion thereof, without the written consent of Landlord, which shall not be unreasonably withheld, conditioned or delayed. Any such subletting shall not relieve Tenant of its obligations to Landlord under this One Targeting Lease.

 B. Tenant shall not have the right to assign this One Targeting Lease or to hypothecate or encumber its leasehold interest hereunder,
without the written consent of Landlord, which shall not be unreasonably withheld, conditioned or delayed. If Landlord consents; (i) Tenant shall not by reason of any such assignment be relieved of any responsibility, liability or obligation to
Landlord under the terms of this One Targeting Lease; (ii) that any assignee shall agree in writing to be bound by all the terms, covenants and conditions of this One Targeting Lease; and (iii) that an executed original of such assignment
and agreement shall be delivered to Landlord. 
 C. Tenant may assign or sublet to a wholly owned subsidiary of Tenant. Tenant shall not by
reason of any such assignment or sublease be relieved of any responsibility, liability or obligation under this One Targeting Lease. 
  

	 	22.	SURRENDER OF PREMISES 

 A. Tenant shall, upon termination
of the term of Tenant’s right to possession or any earlier termination of this One Targeting Lease, surrender to Landlord the Premises, including without limitations, all building apparatus not covered by Section B of this Article, and all
alterations, improvements and other additions which may be made or installed by either party in the condition they were in as of the date of this Lease. 
 B. Notwithstanding Section A of this Article, Tenant shall have the right to remove all trade fixtures, furniture, equipment and signs, which may be installed in the Premises prior to or during Tenant’s right to
possession at Tenant’s cost, if Tenant is not in default at the time of removal. The Tenant shall at its own cost and expense repair any and all damage to the Premises resulting from or caused by such removal, and shall restore the Premises to
its original condition, reasonable wear and tear excepted. Tenant shall have sixty (60) days after termination of this One Targeting Lease for any reason whatsoever to effect such removal, repair and restoration; provided, however, no such
fixtures or equipment placed on or in the Premises by Tenant, and which remain the property of Tenant, may be removed at a time when Tenant is in default in payment of rent or any other money payable hereunder, or in the performance of any other
covenant under this One Targeting Lease. 
 C. Anything to the contrary herein notwithstanding, Tenant shall have the right at any time to
remove its signs and other equipment bearing any of its trade names or trademarks, whether registered or unregistered. Landlord shall have no right to use and shall not have or acquire any interest in such trade name and service mark by reason of
any of the terms or provisions of this One Targeting Lease, or by reason of use of the same on the Premises. 
  

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	 	23.	EMINENT DOMAIN 

 A. In the event that the whole of the
Premises shall be taken under the power of eminent domain, the Tenant shall continue to pay the balance of the rentals minus the amount of the condemnation proceeds received by Landlord, provided, however, that Tenant shall have the right, but not
the obligation, to participate in the Landlord’s condemnation proceedings. 
 B. In the event that a portion of the Premises shall be
taken under the power of eminent domain, the obligation of Tenant under this One Targeting Lease to pay rent and all of the other provisions of this One Targeting Lease shall remain in full force and effect. All damages awarded for any such taking
under the power of eminent domain, whether for the whole or part of the Premises, shall belong to and be the property of Landlord, whether such damages shall be awarded as compensation for diminution in valued of the leasehold or for the fee of the
Premises; provided, however, that Tenant shall receive credit against rental equal to the damages paid to Landlord. 
  

	 	24.	HAZARDOUS WASTE 

 Tenant shall not cause or permit any
hazardous material (as hereinafter defined) to be released, brought upon, stored, produced, emitted, disposed of or used upon, about or beneath the Premises by Tenant, its agents, employees, contractors or invitees. 
 Tenant shall indemnify, defend and hold Landlord harmless from and against any and all environmental damages which arise from: (1) presence upon,
about or beneath the Premises of any hazardous material or of any chemical substance requiring remediation under any Federal, State or local statute, regulation, ordinance or policy; or (2) the breach of any of the provisions of this One
Targeting Lease. For the purpose of this One Targeting Lease, “environmental damages” shall mean: (1) all claims, judgments, damages, penalties, fines, costs, liabilities and losses (including, without limitation, diminution in the
value of the Premises, damages for the loss of or restriction on rentable or usable space or of any amenity of the Premises and from any adverse impact on Landlord’s marketing of space); (2) all sums paid for settlement of claims, attorney
fees, consultant’s fees and expert’s fees; and (3) all costs incurred by Landlord in connection with the investigation of hazardous material upon, about or beneath the Premises, the preparation of any remedial investigation and
feasibility studies or reports in the performance of any clean up, remediation, removal or restoration work required by any Federal, State or local governmental agency or political subdivision necessary for Landlord to make full economic use of the
Premises or otherwise required under this One Targeting Lease. Tenant’s obligations under this Section shall survive the expiration of this One Targeting Lease. 
 Notwithstanding any other obligation of tenant to indemnify Landlord pursuant to this One Targeting Lease, Tenant shall, at its sole cost and expense, promptly take all actions required by any Federal, State or local
governmental agency or political subdivision necessary for Landlord to make full economic use of the Premises, which requirements or necessity arise from presence upon, about or beneath the Premises of any hazardous material. Such action shall
include, but not be limited to, the investigation of the environmental condition of the Premises, the preparation of any remedial investigation and feasibility studies or reports and the performance of any clean up, remedial, removal or restoration
work. Tenant shall take all 

  

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actions necessary to restore the Premises to the condition existing prior to the introduction of the hazardous material upon, about or beneath the Premises,
notwithstanding any lesser standard of remediation allowable under applicable law or government policies. Tenant shall nevertheless obtain Landlord’s approval prior to undertaking any activities required by this Section, which approval shall
not be unreasonably withheld so long as such actions would not potentially have a material adverse long-term or short-term affect on the Premises or any other property or business owned or operated by Landlord. Tenant shall promptly supply Landlord
with any notices and correspondence concerning environmental damages received by Tenant from the United States Environmental Protection Agency or the Connecticut Department of Environmental Protection. The obligations of Tenant pursuant to this
Sections shall not apply to situations where hazardous materials are released, brought upon, stored, produced, emitted, disposed of or used upon, about or beneath the Premises at the time or times other than during the term of this One Targeting
Lease except where such event occurs as a result of the acts or omissions of Tenant, its agents, employees, contractors or invitees or as a result of the acts or omission of any agent, employee, contractor or invitee of any permitted Sublessee or
assignee of Tenant. Tenant’s obligation under this Section shall survive the expiration of this One Targeting Lease. 
 “Hazardous
Material” means any material or substance: (1) defined as a “hazardous substance” pursuant to any applicable state laws, rules and regulations as well as the Comprehensive Environmental Response, Compensation and Liability Act
(42 USC Section 9601 et. seq.) and amendments thereto and regulations promulgated thereunder; (2) containing gasoline, oil, diesel fuel or other petroleum products; (3) defined as a “hazardous waste” pursuant to the Federal
Resource Conservation and Recovery Act (42 USC Section 6901 et. seq.) and amendments thereto and regulations promulgated thereunder; (4) containing polychlorinated biphenyls (PCB’s); (5) containing asbestos; (6) radioactive;
(7) biological; or (8) the presence of which requires investigation or remediation under any Federal, hazardous substance, material or waste which is or becomes regulated by any Federal, State or local governmental authority, or which
causes a nuisance upon or waste to the Premises.” 
  

	 	25.	DAMAGE AND DESTRUCTION 

 A. From the date of this Agreement
until the expiration of the term, including any renewals or holdover periods, Tenant shall be solely responsible for the cost of repairing, restoring or replacing any portion of the Premises (including the Building and any improvements) that are
partially or totally damaged or destroyed. In such event, Tenant shall, as soon as reasonably possible, commence and proceed diligently to restore the Premises substantially to their condition at the time of such damage or destruction. Tenant shall
have the use of any insurance proceeds resulting from the damage or destruction to the extent necessary to repair and/or replace the damaged or destroyed property. 
 B. Tenant understands that its rent and other obligations hereunder shall not be abated during the period of any damage, repair or restoration provided or in this Article and such damage or destruction shall not
create a right to terminate this Lease. 
  

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	 	26.	DEFAULTS OF TENANT 

 The following occurrences shall be
deemed defaults by Tenant: 
 (a) Tenant shall fail to pay when due any rent or other sum payable under this One Targeting Lease and such
failure continues for fifteen (15) days after written notice from Landlord. 
 (b) Tenant shall abandon or vacate the Premises before
the end of the term of this One Targeting Lease, provided, however, that Tenant shall not be deemed to have abandoned or vacated or surrendered the Premises if Tenant meets all its financial and maintenance obligations under the One Targeting Lease.

 (c) Tenant shall be in breach of any other obligation under this One Targeting Lease, and such breach shall continue for thirty
(30) days after written notice from Landlord. 
 (d) Tenant shall default on the 235 Great Pond lease agreement during a period in which
the property is owned by Landlord or an affiliate thereof. 
  

	 	27.	REMEDIES OF LANDLORD 

 In the event of a default by Tenant,
Landlord shall have the following rights and remedies in addition to all other rights and remedies otherwise available to Landlord: 
 (a)
Landlord shall be entitled to immediately accelerate upon written notice to Tenant the full balance of the present value of rent payable for the remainder of the term of this One Targeting Lease. Present value of the rent shall be determined at the
30-day LIBOR interest rate existing at the time of Tenant’s default. 
 (b) Landlord shall have the right to terminate this One
Targeting Lease upon written notice, in accordance with the Connecticut state law, to Tenant without prejudice to any claim for rents or other sums due or to become due under this One Targeting Lease; and subject to applicable law. 
 (c) Landlord shall have the immediate right of re-entry and may remove all persons and property from the Premises. Such property may be removed and
stored at the cost of Tenant. Should Landlord elect to re-enter as herein provided, or should Landlord take possession pursuant to legal proceedings, Landlord may either terminate this One Targeting Lease or from time to time, without terminating
this One Targeting Lease, relet the Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this One Targeting Lease) and at such rental or rentals and upon such other terms and conditions as
landlord, in the exercise of its sole discretion, deems advisable, with the right to make alterations and repairs to the Premises. Upon each reletting, (i) Tenant shall be immediately liable to pay to Landlord, in addition to any indebtedness
other than rent due hereunder, the cost and expense of such reletting and of any such alternations and repairs incurred by Landlord, and the amount, if any, by which the rent reserved in this One Targeting Lease for the period of the reletting as
accelerated under Subparagraph (a) of this Paragraph, exceeds the amount agreed to be paid for rent for the Premises by the reletting Tenant; or (ii) at the option of Landlord, rents received by 

  

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Landlord from such reletting shall be applied first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second to the
payment of any costs and expenses of such reletting and of such alterations and repairs; third, to the payment of rent unpaid hereunder; and the residue, if any, held by Landlord and applied in payment of future unaccelerated rent as the same may
become and payable hereunder. 
 (d) Landlord may immediately sue to recover from Tenant all damages Landlord may incur by reason of
Tenant’s default, including the cost of recovering the Premises, and including the present value of rent reserved and charged in this One Targeting Lease for the remainder of the stated term as accelerated under Subparagraph (a) of this
Paragraph, all of which shall be immediately due and payable along with attorneys’ fees and Landlord shall attempt to mitigate damages in a commercially reasonable manner. 
  

	 	28.	LATE CHARGES AND INTEREST FOR PAST DUE PAYMENTS 

 All
installments of rent payable to Landlord under this One Targeting Lease if not paid within five (5) days after they become due shall be subject to a later charge equal to five percent (5%) of the installment amount. In addition, any
payment of rent or other amount due from Tenant to Landlord which is not made when due under this One Targeting Lease shall bear interest at the rate of seven percent (7%) per annum from the date of nonpayment to the date of payment.

  

	 	29.	LEGAL EXPENSES 

 In case suit shall be brought by Landlord
for recovery of possession of the One Targeting Leased Premises, for the recovery of rent or any other amount due under the provisions of this One Targeting Lease, or because of the breach of any other covenant herein contained on the part of Tenant
to be kept or performed, all expenses incurred therefor and for the defense thereof (including attorneys’ fees) shall be awarded to the party prevailing in such suit. 
  

	 	30.	MEMORANDUM OF LEASE 

 A Memorandum of One Targeting Lease,
suitable for recording in the Office of the County Register of Deeds of the County within which the Premises are situated, and satisfactory in form to both Landlord and Tenant, shall be executed and recorded. Said document shall be entitled
“Memorandum of One Targeting Lease” and shall incorporate the legal description of the Premises. 
  

	 	31.	SERVICE OF NOTICE 

 A. All notices or demands of any kind
which Landlord is required to or desires to serve on Tenant with respect to this One Targeting Lease may be served by mailing a copy of such notice or demand to Tenant by certified mail, with return receipt requested and postage prepaid, addressed
to Tenant at the place last designated by it as the place at which notices may be served, or if not such written designation is then in effect then addressed to Tenant at the Premises. Tenant hereby designates the Premises as the place at which
notices shall be served. 

  

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Service by mail shall be deemed complete at the expiration of the third day after the date of delivery thereto to the address specified. Any such notice
shall be directed to the attention of counsel and copied to the Facility Manager. 
 B. All notices or demands of any kind which Tenant is
required to or desires to serve on Landlord with respect to this One Targeting Lease may be served my mailing a copy of such notice or demand to Landlord by certified mail, with return receipt requested and posted prepaid, addressed to Landlord at
the place last designated by it as the place at which notices may be served. Landlord hereby designates 750 Trade Centre Way, Suite 100, Portage, MI 49002 and 108 South University, Suite Six, Mt. Pleasant, MI 48858 as the place at which notices
shall be served. Service by mail shall be deemed completed at the expiration of the third day after the date of delivery thereof to the address specified. 
  

	 	32.	APPLICABLE LAW AND PARTIES BOUND 

 This One Targeting Lease
shall be construed under the laws of the State within which the Premises are situated and shall be binding upon and inure to the benefit, as the case may require, of the parties hereto and their respective heirs, executors, administrators,
successors and assigns. 
  

	 	33.	INTERPRETATION 

 The words “Landlord” and
“Tenant” as used herein, shall include, apply to, bind and benefit, as the context may permit or require, the parties executing this lease and their respective heirs, executors, administrators, successors and assigns. 
 Wherever the context so permits or requires, words of any gender used in this-One Targeting Lease shall be construed to include any other gender, and
words in the singular number shall be construed to include the plural. 
  

	 	34.	INVALIDITY 

 In the event that any term, provision,
condition or covenant contained in this One Targeting Lease, or the application thereof to any person or circumstance, shall, to any extent, be invalid or unenforceable, or be held to be invalid or unenforceable, or be held to be invalid or
unenforceable by any court of competent jurisdiction, the remainder of this One Targeting Lease, or the application of such term, provision, condition or covenant to persons or circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby and all such remaining terms, provisions, conditions and covenants in this One Targeting Lease shall be deemed to be valid and enforceable. 
  

	 	35.	APPROVALS 

 Whenever in this One Targeting Lease the
Landlord’s approval or consent is required, such approval or consent shall be in writing and Landlord covenants and agrees that such approval or consent shall not be unreasonably withheld. 
  

 Page 14 

	 	36.	CAPTIONS 

 The headings and captions contained in this One
Targeting Lease are inserted only as a matter of convenience and for reference and in now way define, limit or describe the scope or intent of this One Targeting Lease nor of any provision herein contained. 
  

	 	37.	CONFIDENTIALITY 

 Landlord and Tenant each agree that they
shall hold in strict confidence all documents and information concerning this transaction and the business and property of the other. No press release or public disclosure, either written or oral, of the terms of this One Targeting Lease shall be
made by either party without the consent of the other. Notwithstanding the foregoing, Landlord may make such disclosures to its lenders, brokers or investors as is necessary to obtain the financing in this transaction or sell the Premises, within
its sole discretion. 
  

	 	38.	HOLDING OVER 

 Any holding over after the expiration of the
term, or any renewal hereof, with or without the consent of Landlord, shall be construed to be a tenancy from month to month, at One Hundred-Fifty percent (150%) of the rents specified for the period immediately preceding the expiration of the
last term or renewal term. The rent will be prorated on a monthly basis, and payable monthly, and shall otherwise be on the terms and conditions herein specified, so far as applicable. 
  

	 	39.	CORPORATE GUARANTY 

 VALASSIS COMMUNICATIONS, INC. shall
execute the Corporate Guaranty agreement attached hereto and incorporated into this One Targeting Lease as Exhibit D. 
  

	 	40.	NET LEASE; NON-TERMINABILITY 

 A. One Targeting Lease. This
One Targeting Lease is a net lease and, except as otherwise expressly provided herein, any present or future law to the contrary notwithstanding, shall not terminate, nor shall Tenant be entitled to any abatement, reduction, set-off, counterclaim,
defense or deduction with respect to any rent or other sum payable hereunder, unless expressly provided to the contrary herein. 
 B.
Non-Terminability. Tenant shall remain obligated under this One Targeting Lease in accordance with its terms and shall not take any action to terminate, rescind or avoid this One Targeting Lease, unless expressly provided to the contrary herein.

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed as of the day and year shown opposite their respective
signatures herein below. 
  

 Page 15 

			
	 LANDLORD:
  
 1 TARGETING CENTRE LLC,
 a Michigan Limited Liability
Company

		
	By:	 	/s/ Roger E. Hinman
		 	Roger E. Hinman
	Its:	 	Manager

  

			
	 SMITH CT 3, LLC
 a Michigan limited liability
company

		
	By:	 	/s/ W. Sidney Smith
		 	W. Sidney Smith, Manager

  

			
	 SMITH CT 4, LLC
 a Michigan limited liability
company

		
	By:	 	/s/ W. Sidney Smith
	W. Sidney Smith, Manager

  

			
	TENANT:
	
	VALASSIS DIRECT MAIL, INC.,
	a Delaware Corporation
		
	By:	 	/s/ Steven Mitzel
		 	Steven Mitzel
	Its:	 	Chief Financial Officer

  

 Page 16

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