Document:

exv10w5

Exhibit 10.5

Intercompany Agreement

STOCKHOLDERS AGREEMENT

     This STOCKHOLDERS AGREEMENT (this “Agreement”) is made as of the 23rd day of May, 2010, by and
among Gazit-Globe, Ltd. (“Gazit Globe”), an Israeli corporation, MGN (USA) Inc., a Nevada
corporation (“MGN”), Gazit (1995), Inc., a Nevada corporation (“1995”), MGN America, LLC, a
Delaware limited liability company (“America”), Silver Maple, Inc., a Nevada corporation (“Silver
Maple”), and Ficus, Inc., a Delaware corporation (“Ficus”, and together with Chaim Katzman, Gazit
Globe, MGN, 1995, America, Silver Maple and any of their respective controlled Affiliates, the
“Gazit Group”) and Gazit America, Inc., a Canadian corporation (“Gazit America”). The members of
the Gazit Group are sometimes collectively referred to herein as the “Stockholders” and each
individually as a “Stockholder.”

     Capitalized terms that are not defined in this Agreement have the meanings ascribed to them in the
Equityholders Agreement (defined below), a copy of which is annexed hereto as Exhibit A.

RECITALS:

     WHEREAS, on May 23, 2010, Equity One, Inc., a Maryland corporation (“Equity One”), Capital Shopping
Centres Group PLC, a public limited company organized under the laws of England and Wales (the
“Parent”), Liberty International Holdings Ltd., a private company limited by shares organized under
the laws of England and Wales (“LIH”, and together with Parent and any other controlled Affiliates
of Parent or LIH, the “Liberty Group”), and the Gazit Group entered into a Stockholders Agreement,
which grants to the Gazit Group certain rights and obligations (the “Equityholders Agreement”).

     WHEREAS, Gazit Globe has been designated as the representative of the Gazit Group with respect to
any decisions, notices or communications required in connection with the Equityholders Agreement by
any member of the Gazit Group; and

     WHEREAS, the individual members of the Gazit Group wish to set forth their collective agreement as
to how the Gazit Group’s rights and obligations under the Equityholders Agreement will be shared,
exercised and allocated among the members of the Gazit Group; and

     WHEREAS, Gazit America, who wholly owns Silver Maple and Ficus, two members of the Gazit Group, is
executing this agreement in both its own capacity and in its capacity as the parent of Silver Maple
and Ficus.

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and in reliance on all representations, warranties and covenants made by each of the
parties hereto, the parties hereto agree as follows:

 

 

ARTICLE 1

EQUITY ONE BOARD OF DIRECTORS

     1.1 LIH Voting Obligation. Pursuant to Section 2.6 of the Equityholders Agreement, the Liberty
Group has agreed to vote (the “LIH Voting Obligation”) all shares of its EQY Common Stock and
Series B Common Stock, in favor of the election of each individual who is supported by the Gazit
Group as a nominee for election to the Equity One Board (each, a “Director Nominee”). For purposes
of determining the Director Nominees that the Gazit Group will support, the Stockholders hereby
agree that Gazit Globe shall be responsible for soliciting recommendations from the other
Stockholders and Gazit America prior to the date that the Gazit Group is required to provide notice
of its supported Director Nominees under the Equityholders Agreement. Based on such
recommendations, Gazit Globe, in its sole discretion, shall determine the Director Nominees who
will be supported by the Gazit Group and communicate the same as required under the Equityholders
Agreement.

     1.2 Gazit Voting Obligation. Pursuant to Section 2.7 of the Equityholders Agreement, the Gazit
Group has agreed to vote (the “Gazit Voting Obligation”) all shares of its EQY Common Stock in
favor of the election of the LIH nominee approved by the Equity One Board if such LIH nominee is
qualified, in the Gazit Group’s reasonable judgment, to serve as a director of Equity One (such
qualification being deemed to be present in certain circumstances pursuant to the Equityholders
Agreement). For purposes of determining if the LIH nominee is so qualified, the Stockholders hereby
agree that Gazit Globe shall be responsible for soliciting recommendations from the other
Stockholders and Gazit America prior to the date that the Gazit Group is required to provide
notice, if applicable, of its determination as to the qualification of the LIH nominee under the
Equityholders Agreement. Based on such recommendations, Gazit Globe, in its sole discretion, shall
determine, if applicable, whether the Gazit Group will deem the LIH nominee to be qualified and
communicate same as required under the Equityholders Agreement. Each Stockholder hereby agrees that
it will vote its EQY Common Stock in accordance with such determination.

ARTICLE 2

RIGHT OF FIRST OFFER

     2.1 Gazit ROFOs. Pursuant to (i) Section 3.2 of the Equityholders Agreement, the Gazit Group has
the right to purchase any First Offered DR Shares that the Liberty Group desires to sell (that are
not otherwise acquired by Equity One) pursuant to the Gazit DRS ROFO and (ii) Section 3.4 of the
Equityholders Agreement, the Gazit Group has the right to purchase any First Offered EQY Shares
that the Liberty Group desires to sell pursuant to the Gazit Share ROFO. The Stockholders agree
that they will each be entitled to participate in the Gazit ROFOs on a pro rata basis (based upon
their respective relative ownership of Equity One Common Stock vis-a-vis one another, determined on
the date of the Notice of Availability or Shares Sale Offer Notice, as applicable) (the
“Stockholder Percentage”) in accordance with the provisions of Section 2.2 hereof.

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     2.2 Exercise of Election. Gazit Globe shall promptly provide to each Stockholder and Gazit America
any notices provided to the Gazit Group under the Equityholders Agreement with respect to the Gazit
ROFOs, including, without limitation, (i) the Notice of Availability that will be delivered if
Equity One does not exercise its rights under the Equityholders Agreement to purchase the First
Offered DRS Shares during the Equity One Offer Period and (ii) the Shares Sale Offer Notice, First
Notice and Second Notice, as applicable, that will be delivered in connection with the Gazit Share
ROFO. With respect to (i) the Gazit DRS ROFO, each Stockholder shall have seven (7) Business Days
from the date of delivery of the Notice of Availability to notify Gazit Globe of its desire to
purchase the First Offered DRS Shares in an amount equal to its Stockholder Percentage and (ii) the
Gazit Share ROFO, each Stockholder shall have the following periods of time to notify Gazit Globe
of its desire to purchase the First Offered EQY Shares in an amount equal to its Stockholder
Percentage:

          (a) Three (3) Business Days from the date of delivery of the Shares Sale Offer Notice if the First
Offered EQY Shares have an aggregate value of $30 million or less as computed in accordance with
the Equityholders Agreement;

          (b) Five (5) Business Days from the date of delivery of the Shares Sale Offer Notice if the First
Offered EQY Shares have an aggregate value greater than $30 million as computed in accordance with
the Equityholders Agreement; and

          (c) Twenty-four (24) hours from the time of delivery of the Second Notice if the First Offered EQY
Shares are being sold in a Qualified ROFO Offering.

To the extent any Stockholder does not fully participate in their Stockholder Percentage (such
remaining amount, the “Remaining Stockholder Amount”), any Stockholder(s) that have elected to
fully participate in their respective Stockholder Percentage (the “Remaining Stockholders”) shall
have an additional one (1) Business Day from the expiration of the applicable initial response
period (except in the case of a Qualified ROFO Offering which will require that each Stockholder
notify Gazit Globe of the amount of shares it will acquire in such event at the same time as it
gives its initial response) to elect to participate, on a pro rata basis (based upon each Remaining
Stockholder’s respective relative ownership of Equity One Common Stock vis-a-vis the other
Remaining Stockholders, determined on the date of the Notice of Availability), in the Remaining
Stockholder Amount. Each Stockholder that exercises its right to participate in the Gazit ROFOs
shall fund its respective purchase in accordance with the Equityholders Agreement.

ARTICLE 3

OTHER DECISIONS UNDER THE EQUITYHOLDERS AGREEMENT

     3.1 Other Exercises of Discretion. Under the Equityholders Agreement, the Gazit Group has certain
other rights or obligations not otherwise specifically addressed in this Agreement pursuant to
which the Gazit Group is entitled to exercise discretion (such discretionary decisions being
hereinafter referred to as the “Discretionary Decisions”), including, without limitation, the right
to waive the standstill provisions in Section 2.8 of the Equityholders Agreement and the right to
approve amendments. For purposes of determining how the Gazit

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Group will vote or act with respect to any Discretionary Decisions, the Stockholders hereby agree
that Gazit Globe shall be responsible for soliciting recommendations from the other members of the
Gazit Group and Gazit America prior to the date that the Gazit Group is required to provide a
response with respect to such Discretionary Decision. Based on such recommendations, Gazit Globe,
in its sole discretion, shall determine the Gazit Group’s position with respect to any
Discretionary Decisions and communicate the same as required under the Equityholders Agreement.
Each Stockholder hereby agrees that it will take any actions required in order to implement such
determination.

ARTICLE 4

MISCELLANEOUS

     4.1 Term. This Agreement shall terminate upon the termination of the Equityholders Agreement.

     4.2 Assignment of Rights.

          (a) Neither this Agreement nor any of the rights or obligations hereunder may be assigned by any
party hereto without the prior [written] consent of the other parties, provided, however, that any
Stockholder may assign this Agreement to the same extent and under the same terms and conditions as
the Gazit Group is permitted to make assignments under Section 8.4 of the Equityholders Agreement.

          (b) Any successor or permitted assignee of any Stockholder, shall deliver to Gazit Globe as a
condition to any transfer or assignment, a counterpart signature page hereto pursuant to which such
successor or permitted assignee shall confirm their agreement to be subject to and bound by all of
the provisions set forth in this Agreement that were applicable to the predecessor or assignor of
such successor or permitted assignee.

     4.3 Governing Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be performed entirely
within such State, without regard to the conflicts of law principles of such State.

     4.4 Counterparts; Facsimile. This Agreement may be executed in one or more counterparts, each of
which will be deemed an original, but all of which together shall constitute one and the same
instrument. This Agreement may also be executed and delivered by facsimile or portable document
format (pdf) and in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

     4.5 Titles and Subtitles. Whenever herein the singular number is used, the same shall include the
plural, and the plural shall include the singular where appropriate, and words of any gender shall
include the other gender when appropriate. The headings of the Sections contained in this Agreement
are for convenience only and shall not be taken into account in determining the meaning of any
provision of this Agreement. The words “hereof” and “herein” refer to this entire Agreement and not
merely the Section in which such words appear. If the last day for performance of any obligation
hereunder is not a Business Day, then the deadline for such performance or the expiration of the
applicable period or date shall be extended to the next Business Day.

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     4.6 Notices. Any notice or communication required under or otherwise delivered in connection with
this Agreement to any of the parties hereto shall be written and shall be delivered to such party
at the following addresses:

If to Gazit-Globe, Ltd.:

1 Hashalom Road

Tel Aviv 

Israel

Attn: Eran Ballan, Vice President and General Counsel

Fax: (972) 3-696-1910

with a copy to:

Paul, Hastings, Janofsky & Walker LLP

75 E. 55th Street

New York, New York 10022

Attn: Mark Schonberger, Esq.

Fax: (212) 230-7747

If to MGN (USA) Inc.:

1696 NE Miami Gardens Drive

North Miami Beach, FL 33179

Attn: Sean Kanov, Controller

Fax: (305) 947-4200

with a copy to:

Paul, Hastings, Janofsky & Walker LLP

75 E. 55th Street

New York, New York 10022

Attn: Mark Schonberger, Esq.

Fax: (212) 230-7747

If to Gazit (1995), Inc.:

1696 NE Miami Gardens Drive

North Miami Beach, FL 33179

Attn: Sean Kanov, Controller

Fax: (305) 947-4200

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with a copy to:

Paul, Hastings, Janofsky & Walker LLP

75 E. 55th Street

New York, New York 10022

Attn: Mark Schonberger, Esq.

Fax: (212) 230-7747

If to MGN America, LLC:

1696 NE Miami Gardens Drive

North Miami Beach, FL 33179

Attn: Sean Kanov, Controller

Fax: (305) 947-4200

with a copy to:

Paul, Hastings, Janofsky & Walker LLP

75 E. 55th Street

New York, New York 10022

Attn: Mark Schonberger, Esq.

Fax: (212) 230-7747

If to Silver Maple, Inc.:

1696 NE Miami Gardens Drive

North Miami Beach, FL 33179

with a copy to:

Paul, Hastings, Janofsky & Walker LLP

75 E. 55th Street

New York, New York 10022

Attn: Mark Schonberger, Esq.

Fax: (212) 230-7747

If to Ficus, Inc.:

1696 NE Miami Gardens Drive

North Miami Beach, FL 33179

with a copy to:

Paul, Hastings, Janofsky & Walker LLP

75 E. 55th Street

New York, New York 10022

Attn: Mark Schonberger, Esq.

Fax: (212) 230-7747

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If to Gazit America, Inc.:

Gail C. Mifsud

Chief Executive Officer

Gazit America Inc. (TSX:GAA)

109 Atlantic Avenue, Suite 303

Toronto, Ontario M6K 1X4

Fax: (416) 447-3488

with a copy to:

Paul, Hastings, Janofsky & Walker LLP

75 E. 55th Street

New York, New York 10022

Attn: Mark Schonberger, Esq.

Fax: (212) 230-7747

Each notice shall be in writing and shall be sent to the party to receive it, postage prepaid by
certified mail, return receipt requested, or by a nationally recognized overnight courier service
that provides tracking and proof of receipt. Inclusion of fax numbers is for convenience only, and
notice by fax shall neither be sufficient nor required. Notices shall be deemed delivered upon
receipt.

4.7Entire Agreement; No Amendment. This Agreement represents the entire agreement among each of
the parties hereto with respect to the subject matter hereof. It is expressly understood that no
representations, warranties, guarantees or other statements shall be valid or binding upon a party
unless expressly set forth in this Agreement. It is further understood that any prior agreements or
understandings between the parties with respect to the subject matter hereof have merged in this
Agreement, which alone fully expresses all agreements of the parties hereto as to the subject
matter hereof and supersedes all such prior agreements and understandings. This Agreement may not
be amended, modified or otherwise altered except by a written agreement signed by the party hereto
against whom enforcement is sought.

4.8 Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws, such provision shall be fully severable, this Agreement
shall be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in
full force and effect and shall not be affected by the illegal, invalid or unenforceable provision
or by its severance from this Agreement, unless such severance and construction would materially
alter the parties’ intent with respect to the transactions contemplated by this Agreement.

4.9 Further Assurances. At any time or from time to time after the date hereof, the parties agree
to cooperate with each other, and at the request of any other party, to execute and deliver any
further instruments or documents and to take all such further action as the other party may
reasonably request in order to evidence or effectuate the consummation of the transactions
contemplated hereby and to otherwise carry out the intent of the parties hereunder.

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

	 	 	 	 	 
	 	GAZIT-GLOBE, LTD.

 	 
	 	By:  	/s/ Roni Soffer
 	 
	 	 	Name:  	Roni Soffer 	 
	 	 	Title:  	President 	 
	 	 	 
	 	By:  	/s/ Varda Zuntz
 	 
	 	 	Name:  	Varda Zuntz 	 
	 	 	Title:  	Corporate Secretary 	 
	 
	 	M G N (USA) INC.

 	 
	 	By:  	/s/ Chaim Katzman
 	 
	 	 	Name:  	Chaim Katzman 	 
	 	 	Title:  	President 	 
	 	 	 
	 	By:  	/s/ Sean Kanov
 	 
	 	 	Name:  	Sean Kanov 	 
	 	 	Title:  	Controller 	 
	 
	 	GAZIT (1995), INC.

 	 
	 	By:  	/s/ Chaim Katzman
 	 
	 	 	Name:  	Chaim Katzman 	 
	 	 	Title:  	President 	 
	 	 	 
	 	By:  	/s/ Sean Kanov
 	 
	 	 	Name:  	Sean Kanov 	 
	 	 	Title:  	Controller 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	MGN AMERICA, LLC

 	 
	 	By:  	/s/ Chaim Katzman
 	 
	 	 	Name:  	Chaim Katzman 	 
	 	 	Title:  	President 	 
	 	 	 
	 	By:  	/s/ Sean Kanov
 	 
	 	 	Name:  	Sean Kanov 	 
	 	 	Title:  	Controller 	 
	 
	 	SILVER MAPLE (2001), INC.

 	 
	 	By:  	/s/ Gail Mifsud
 	 
	 	 	Name:  	Gail Mifsud 	 
	 	 	Title:  	Chief Executive Officer 	 
	 	 	 
	 	By:  	/s/ Nir Chanoch
 	 
	 	 	Name:  	Nir Chanoch 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	FICUS, INC.

 	 
	 	By:  	/s/ Gail Mifsud
 	 
	 	 	Name:  	Gail Mifsud 	 
	 	 	Title:  	Chief Executive Officer 	 
	 	 	 
	 	By:  	/s/ Nir Chanoch
 	 
	 	 	Name:  	Nir Chanoch 	 
	 	 	Title:  	Chief Operating Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GAZIT AMERICA, INC.

 	 
	 	By:  	/s/ Gail Mifsud
 	 
	 	 	Name:  	Gail Mifsud 	 
	 	 	Title:  	Chief Executive Officer 	 
	 	 	 
	 	By:  	/s/ Nir Chanoch
 	 
	 	 	Name:  	Nir Chanoch 	 
	 	 	Title:  	Chief Operating Officer 	 

 

 

	 	 	 	 	 

Exhibit A

Equityholders Agreement

(See Exhibit 10.2 of Form 8-K of Equity One, Inc. as filed with the Securities and Exchange

Commission on May 27, 2010 (Commission File Number: 001-13499)).exv10w6

Exhibit 10.6

EXECUTION COPY

2011 SHAREHOLDERS’ AGREEMENT

THIS AGREEMENT is made as of January 9, 2011 by and among:

	 	 	 

	ALONY-HETZ PROPERTIES
	 	 
	& INVESTMENTS LTD.
	 	 
	a corporation incorporated
	 	 
	under the laws of the State of Israel,
	 	 
	(hereinafter called “Alony-Hetz”)
	 	 
	 

	 	OF THE FIRST PART;
	- and -
	 	 
	 
	 	 
	A.H. CANADA HOLDINGS LTD.;
	 	 
	a corporation incorporated
	 	 
	under the laws of Alberta,
	 	 
	(hereinafter called “Holdings”)
	 	 
	 

	 	OF THE SECOND PART;
	- and -
	 	 
	 
	 	 
	GAZIT-GLOBE LTD.,
	 	 
	a corporation incorporated under the
laws of the State of Israel,
	 	 
	(hereinafter called “Gazit-Globe”)
	 	 
	 

	 	OF THE THIRD PART;
	- and -
	 	 
	 
	 	 
	GAZIT CANADA INC.,
	 	 
	a corporation
incorporated under the laws of Ontario,
	 	 
	(hereinafter called “Gazit Canada”)
	 	 
	 

	 	OF THE FOURTH PART;
	- and -
	 	 
	 
	 	 
	GAZIT 2003 INC.,
	 	 
	a corporation incorporated under the
	 	 
	laws of Ontario,
	 	 
	(hereinafter called “Gazit 2003”)
	 	 
	 

	 	OF THE FIFTH PART.

          WHEREAS First Capital Realty Inc. (“FCR” or the “Corporation”) is a
corporation incorporated under the laws of the Province of Ontario, whose
common shares are listed and posted for trading on the Toronto Stock Exchange;

 

 

          AND WHEREAS Alony-Hetz, Holdings, Gazit-Globe, Gazit Canada and Gazit Acquisition,
Inc. entered into a Shareholders’ Agreement, dated as of October 5, 2000, as amended to
date (the “Original Shareholders’ Agreement”);

          AND WHEREAS the Original Stockholders Agreement, following extensions of the
original term thereof as agreed upon by the parties, will terminate as of the date
hereof and the parties hereto desire to enter into this Shareholders’ Agreement such
that Alony-Hetz, Holdings, Gazit-Globe, Gazit Canada and Gazit 2003 will have certain
rights and obligations relating to their interests in common shares of the Corporation
as set forth herein.

          THIS AGREEMENT WITNESSES THAT the parties herein agree as follows:

ARTICLE 1

DIRECTORS OF THE CORPORATION

	1.01.	 	Directors.

	 	(1)	 	So long as Alony-Hetz or any affiliate thereof and Gazit-Globe or any affiliate
thereof hold Shares carrying votes exercisable in the election of directors of FCR:

	 	(a)	 	each of Alony-Hetz and Gazit-Globe agrees to vote, or cause to be voted,
all Shares from time to time held by it and its affiliates as follows:

	 	(i)	 	subject to Article 1.01(4) below, in favour of the election as
directors of FCR of two nominees of Alony-Hetz, so long as the
aggregate number of Shares held by Alony-Hetz and its affiliates
represents at least 7% of the total number of Shares issued and
outstanding; or
	 
	 	(ii)	 	in favour of the election as a director of FCR of one nominee
of Alony-Hetz, so long as the aggregate number of Shares held by
Alony-Hetz and its affiliates represents less than 7% of the total
number of Shares issued and outstanding but represents at least 3%
of the total number of Shares issued and outstanding; and
	 
	 	(iii)	 	to ensure that the number of directors of FCR shall at no
time exceed fifteen (15) without the express approval of Holdings;
and

	 	(b)	 	Alony-Hetz agrees to vote, or cause to be voted, all Shares from time to
time held by Alony-Hetz and its affiliates, in favour of the election of
Gazit-Globe’s nominees as the remaining directors of FCR.

	 	(2)	 	One of such nominees, if Alony-Hetz has two nominees, shall be a resident
Canadian (within the meaning of the Business Corporations Act (Ontario)) and

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	 	 	 	shall be independent of FCR as determined in accordance with National
Instrument 52-110 Audit Committees of the Canadian Securities
Administrators.

	 	(3)	 	If at any time Alony-Hetz and its affiliates cease to have any rights pursuant to
(1) above, Alony-Hetz shall cause its and its affiliates’ nominees to forthwith
resign as directors of FCR.

	 	(4)	 	In the event that a change in Control (as defined below) of Alony-Hetz occurs as
provided for in Section 3.04(2) and Nathan Hetz beneficially owns less than 15% of
the outstanding equity interests in Alony-Hetz and this agreement is not terminated
during the time period provided therefor, Article 1.01(1)(a)(i) shall be deemed to be
amended by replacing the words “two nominees” with the words “one nominee.”

	 	(5)	 	Any nominee of Alony-Hetz shall be reasonably acceptable to Gazit-Globe. In the
event that Gazit-Globe determines that any such nominee is not acceptable to it,
Gazit-Globe shall notify Alony-Hetz in writing of such determination, including the
basis for the determination that such nominee is not reasonably acceptable, and
Alony-Hetz shall be entitled to designate a replacement nominee who shall be subject
to approval by Gazit-Globe as provided in this Article 1.01(5). Notwithstanding the
foregoing, Nathan Hetz and the General Manager, the Chief Financial Officer and the
Vice President of Business Development of Alony-Hetz shall be deemed acceptable for
purposes of this Article 1.01(5).

1.02. Termination of Director Rights. The provisions of Article 1.01(1)(a)(i) shall terminate and
be of no further force or effect if at any time Alony-Hetz and its affiliates cease to own for a
period of 60 consecutive days at least a number of Shares in the aggregate representing at least
7% of the total number of Shares issued and outstanding.

1.03. Other Voting. Except as provided in Article 1.01(1) and subject to applicable law, the
parties and their respective affiliates shall be entitled to vote their respective Shares in
their sole and absolute discretion.

ARTICLE 2

PURCHASES AND SALES OF SECURITIES

2.01. Tag-Along Rights. If at any time Gazit-Globe or any affiliate thereof agrees to sell any of
its Shares of any class to any third party, Gazit-Globe shall not complete, or permit such
affiliate thereof to complete, such sale unless such third party offers, which offer shall remain
irrevocable for a period of at least five business days (subject to the last paragraph of this
Article 2.01), to purchase from Alony-Hetz and its affiliates, upon the same terms and conditions
applicable to the sale by Gazit-Globe or such affiliate thereof, the same proportion, (rounded to
the nearest whole number of Shares) of Alony-Hetz’s and its affiliates’ Shares of that class
which the number of Shares of that class agreed to be sold by Gazit-Globe or such affiliate
thereof to such third party is of the aggregate number of Shares of that class held by
Gazit-Globe and its affiliates at the date of such agreement. The foregoing provision shall not
apply to (i) any sale of Shares of any class (“Sale”) through the facilities of The Toronto Stock
Exchange which, when added to the aggregate number of Shares of that class sold by Gazit-Globe
and its affiliates through the facilities of the Exchange during the preceding 12-month period,
does not exceed 5% of the total number of Shares of that class issued and outstanding at the date
of such Sale, (ii) any Sale pursuant to any formal take-over bid as such term is defined in the
the

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Securities Act (Ontario), or (iii) any Shares pledged by Gazit-Globe or any affiliate thereof as
security for a bona fide loan that are foreclosed upon or sold by the lender with respect to such
loan.

A change in control of an affiliate of Gazit-Globe that holds Shares will be considered a sale of
such Shares (a “Deemed Gazit-Globe Sale”) that is subject to this Article 2.01, such that
Alony-Hetz shall be entitled to sell Shares as if Gazit-Globe had sold the Shares held by the
affiliate the control over which is to be changed. If such affiliate has assets and/or
liabilities in addition to Shares (such that the sale price of the interests in such affiliate
may not be determinative of the sale price of the Shares held by such affiliate), then the price
per Share applicable to the Deemed Sale for purposes of this Article 2.01 shall be as mutually
agreed by the parties hereto in good faith; provided, that if the parties hereto are unable to
agree on such price per Share within the five business day period during which the third party
offers to purchase such Shares, the price per Share shall be determined by an independent
investment bank mutually agreed upon by the parties hereto in good faith.

2.02. Drag-Along Rights. If at any time Gazit-Globe or any affiliate thereof agrees to
sell any of its Shares of any class to any third party at a price per Share of $20.00 (Can.)(the
“Minimum Price”) or more, Gazit-Globe may, by written notice given to Alony-Hetz, require
Alony-Hetz and its affiliates to sell to such third party, upon the same terms and conditions
applicable to the sale by Gazit-Globe or such affiliate thereof, the same proportion (rounded to
the nearest whole number of Shares) of Alony-Hetz’s and its affiliates’ Shares of that class
which the number of Shares of that class agreed to be sold by Gazit-Globe or such affiliate
thereof to such third party is of the aggregate number of Shares of that class held, by
Gazit-Globe and its affiliates at the date of such agreement.

2.03. Participation Rights. If at any time Alony-Hetz, Gazit-Globe or any of their
respective affiliates (the “Offeror”) acquires any additional securities (whether debt or equity)
of FCR, or securities of any issuer (within the current meaning of the Securities Act (Ontario))
which, or any affiliate of which, holds any securities of FCR (“Additional Securities”), the
following provisions shall apply:

	 	(1)	 	Alony-Hetz or Gazit-Globe, as the case may be, shall offer, or cause such
affiliate thereof to offer, to the other (the “Offeree’’), by written notice given to
the Offeree within three business days following the effective date of such
acquisition, to sell to the Offeree that proportion (rounded in the case of equity
securities to the nearest whole number, or in the case of debt securities to the
nearest whole multiple of the smallest denomination in which such securities are
transferable) of the Additional Securities which the aggregate number of Shares held
by the Offeree and its affiliates was of the aggregate number of Shares held by
Alony-Hetz, Gazit-Globe and their respective affiliates immediately prior to such
effective date, at the same price per Additional Security, payable on the same basis,
as the price paid for such Additional Securities by the Offeror;

	 	(2)	 	the Offeree shall be entitled to accept such offer, in whole but not in part, by
written notice given to the Offeror within three business days following the
Offeree’s receipt of such offer, failing which the Offeree shall be deemed to have
refused such offer; and

	 	(3)	 	if the Offeree accepts the offer, completion of the transaction shall take place
on the third business day following the giving of the notice pursuant to (2) above,
on the same terms as the sale of the Additional Securities to the Offeror, mutatis
mutandis.

The provisions of this Article 2.03 shall not apply to any acquisition of securities resulting
from any conversion or exchange of any other securities of FCR or any such issuer or any dividend
or other distribution paid or made by FCR or any such issuer in securities of FCR or such issuer.

-4-

 

	2.04.	 	Right of First Offer.

	 	(1)	 	If at any time Alony-Hetz or one of its affiliates desires to sell any Shares
(each a “Selling Shareholder”) other than to another affiliate of Alony-Hetz that is
or shall become a party to this agreement, the Selling Shareholder shall first
deliver a written offer to Gazit-Globe (a “Shares Sale Offer Notice”). The Shares
Sale Offer Notice shall disclose in reasonable detail the number of Shares proposed
to be sold (the “First Offered Shares”), the price per Share (the “Share Price”) and
any other material terms and conditions relating to the proposed sale. For the
avoidance of doubt, the Selling Shareholder may not submit a Shares Sale Offer Notice
unless it has a good faith intention of selling such First Offered Shares to a third
party in an arm’s length transaction. Notwithstanding the foregoing, the Selling
Shareholder shall not be obligated to sell all or any part of the First Offered
Shares to any party other than to Gazit-Globe if Gazit-Globe delivers a Shares First
Offer Election (as defined below) in accordance with Article 2.04(2).

	 	(2)	 	During the 5 Business Days following the date the Shares Sale Offer Notice is
received by Gazit-Globe (the “Shares Offer Period”), Gazit-Globe or one of its
affiliates may make an election to purchase all or a portion of the First Offered
Shares by delivering to the Selling Shareholder a written notice of election to
purchase the First Offered Shares (such election, the “Shares First Offer Election”
and the right to make such election, the “ROFO”). Such communication shall, when
taken in conjunction with the Shares Sale Offer Notice, be deemed to constitute a
valid, legally binding and enforceable agreement for the sale and purchase of such
First Offered Shares on the terms and conditions contained in the Shares Sale Offer
Notice.

	 	(3)	 	In the event that Gazit-Globe or any affiliate elects to purchase all or a
portion of the First Offered Shares, sale of such First Offered Shares to be sold to
Gazit-Globe or its affiliate pursuant to this Article 2.04 shall be made at the
offices of Gazit-Globe as soon as reasonably practicable after delivery of the Shares
First Offer Election to the Selling Shareholder but in any event within 10 Business
Days thereafter or such other place or date mutually agreed upon by the Selling
Shareholder and Gazit-Globe. Such sales shall be effected by the Selling
Shareholder’s delivery to Gazit-Globe of a certificate or certificates or other
instrument evidencing the First Offered Shares to be purchased, free of encumbrances,
duly endorsed for transfer to Gazit-Globe or its affiliate against payment in cash to
the Selling Shareholder of the Share Price times the number of First Offered Shares
purchased by Gazit-Globe or its affiliate.

	 	(4)	 	If Gazit-Globe fails to deliver a Shares First Offer Election during the
applicable Shares Offer Period, then the First Offered Shares may be sold by the
Selling Shareholder at any time within 120 days after the termination of the
applicable Shares Offer Period to any other person; provided, that the purchase price
for the First Offered Shares shall equal at least 95% of the Share Price. Any First
Offered Shares not sold within such 120-day period shall continue to be subject to
the ROFO.

	 	(5)	 	The ROFO provided for in this Article 2.04 shall not apply to sales or offers to
sell by Alony-Hetz or an affiliate thereof (i) pursuant to a tender offer, exchange

-5-

 

	 	 	 	offer, merger or other similar transaction approved or not opposed by the
Corporation’s board of directors (the “Board of Directors”) or (ii) a number
of Shares that, together with sales of Shares by Alony-Hetz and its
affiliates during the preceding 12 months do not exceed 1% of the
outstanding Shares, on a fully diluted basis, and no Shares Sale Offer
Notice, as applicable, need be delivered or provided to Gazit-Globe in
connection therewith. The ROFO provided for in this Article 2.04 shall not
apply to any Shares pledged by Alony-Hetz or its affiliates as security for
a bona fide loan that are foreclosed upon or sold by the lender with respect
to such loan; provided, that such Shares are not transferred by, or on
behalf of, such lender to a competitor of Gazit-Globe or any of its
affiliates and, provided further, that the lender shall have notified
Gazit-Globe of its intention to transfer, or to cause the transfer of, such
Shares to a third party and prior to such transfer used reasonable efforts
to engage in good faith discussions with Gazit-Globe for the transfer of
such Shares to Gazit-Globe during the 5 Business Days after the date on
which Gazit-Globe received such notification from the lender.

	 	(6)	 	A change in control of an affiliate of Alony-Hetz that holds Shares will be
considered a sale of such Shares (a “Deemed Alony-Hetz Sale”) that is subject to this
Article 2.04, such that Gazit-Globe shall have a ROFO with respect to the Shares held
by the affiliate the control over which is to be changed.
Notwithstanding the foregoing clauses (1) to (3), if such affiliate has
assets and/or liabilities in addition to Shares (such that the sale price of
the interests in such affiliate may not be determinative of the sale price
of the Shares held by such affiliate), then the Share Price applicable to
the Deemed Alony-Hetz Sale for purposes of subsection (4) of this Article
2.04, in the event that Gazit-Globe does not exercise the ROFO, shall be as
mutually agreed upon in good faith by the parties hereto; provided, that if
the parties hereto are unable to agree on the Share Price within 5 business
days, the Share Price shall be determined by an independent investment bank
mutually agreed upon by the parties hereto in good faith.

2.05. Limitations on Rights. Nothing contained in Articles 2.01, 2.02 and 2.04 shall apply to any
sale of Shares, or shares of any affiliate, to Gazit-Globe or any direct or indirect wholly-owned
subsidiary of Gazit-Globe or, for greater certainty, to an amalgamation of Gazit-Globe with any
of its affiliates or between any two of Gazit-Globe’s affiliates; and nothing contained in
Article 2.03 shall apply to any acquisition of Shares, or shares of any issuer, from Gazit-Globe,
Alony-Hetz or any affiliate, other than such issuer, of Alony-Hetz or Gazit-Globe, as the case
may be, or to any acquisition of shares of any direct or indirect wholly-owned subsidiary of
Alony-Hetz or Gazit-Globe, as the case may be, or to any acquisition of shares of any affiliate
of Gazit-Globe or Alony-Hetz, as applicable, so long as it remains an affiliate of Gazit-Globe or
Alony-Hetz, as the case may be.

ARTICLE 3

GENERAL PROVISIONS

	3.01.	 	Definitions; Adjustments.

	 	(1)	 	In this agreement:

-6-

 

	 	(a)	 	“affiliate” means any subsidiary within the current meaning
of the Securities Act, (Ontario), but excludes FCR;

	 	(b)	 	“business day” means any day on which banks are generally open for
business in Toronto, Ontario and Tel Aviv, Israel; and

	 	(c)	 	“held” means beneficially owned, and “hold” has a
corresponding meaning.

	 	(2)	 	For the purposes of Articles 1.01 through 1.03, 2.01, 2.02, 2.04, 2.05, 3.01(4),
3.02 and 3.04, “Shares” means:

	 	(a)	 	the common shares in the capital of FCR, as now constituted, howsoever
designated, and

	 	(b)	 	the shares of any other class of FCR, into which or for which the Shares
of any class are converted or exchanged.

	 	(3)	 	For purposes of Articles 2.01, 2.04 and 3.10, a party (the “Controlled Party”) is
controlled by another party (the “Controlling Party”) if the Controlling Party has
the ability to appoint a majority of the board of directors or other governing body
of the Controlled Party.

	 	(4)	 	In case (i) the outstanding Shares shall be subdivided into a greater number of
Shares, (ii) a dividend in Shares or other distribution in Shares shall be paid in
respect of the Shares, (iii) the outstanding Shares shall be combined into a smaller
number of Shares, or (iv) any shares of FCR’s capital stock are issued by
reclassification of the Shares (including any reclassification upon a consolidation
or merger in which FCR is the continuing corporation), the Minimum Price in effect
immediately prior to such subdivision, combination or reclassification or at the
record date of such dividend or distribution shall simultaneously with the
effectiveness of such subdivision, combination or reclassification or immediately
after the record date of such dividend or distribution be proportionately adjusted to
reflect such subdivision, combination, reclassification, dividend in Shares or other
distribution in Shares.

	3.02.	 	Affiliates Bound by Agreement.

	 	(1)	 	Holdings agrees, and Alony-Hetz shall cause each other affiliate of Alony-Hetz
which from time to time holds any Shares to agree, with Gazit-Globe, to be bound by
the provisions of Articles 1.01, 2.02, 2.03, 2.04 and 3.03 so long as Holdings or
such other affiliate, as the case may be, holds any Shares.

	 	(2)	 	Each of Gazit Canada and Gazit 2003 agrees, and Gazit-Globe shall cause each
other affiliate of Gazit-Globe which from time to time holds any Shares to agree,
with Alony-Hetz, to be bound by the provisions of Articles 1.01, 2.01, 2.03 and 2.04,
so long as Gazit Canada, Gazit 2003 or such, other affiliate, as the case may be,
holds any Shares.

	 	(3)	 	Alony-Hetz agrees to give written notice to Gazit-Globe, and Gazit-Globe agrees
to give written notice to Alony-Hetz, in each case if permitted by applicable law, at
least three business days prior to any sale of Shares, or shares of any affiliate
which, or any affiliate of which, holds any Shares, by Alony-Hetz, Gazit-Globe or any
of their respective affiliates, as the case may be, in the case of Gazit-Globe or any
affiliate
thereof limited to any sale to which the provisions of Articles 2.01 and 2.04 do not
apply.

-7-

 

3.03. Restrictions on Certain Actions. During the term of this agreement, Alony-Hetz
shall not, without the prior written consent of the board of directors of the Corporation:

	 	(1)	 	directly or indirectly seek, or permit any affiliate thereof or other person over
whom or of which Alony-Hetz has control (a “Controlled Person”) to seek or encourage
or assist any associate or partner of Alony-Hetz to seek, representation on the board
of directors of the Corporation, except as provided in Article 1.01, or otherwise to
participate in or influence the Corporation’s management, management decisions,
operating policies, or governing corporate instruments;
	 
	 	(2)	 	instigate or join in any attempt to change the Corporation’s management,
management decisions, operating policies, governing corporate instruments or conduct
of its business and affairs;
	 
	 	(3)	 	solicit or permit any Controlled Person to solicit, or encourage or assist any
associate or partner of Alony-Hetz to solicit, proxies with respect to any shares of
common stock or other securities of the Corporation entitled to vote generally for
the election of directors or otherwise (“Voting Securities”) under any circumstance,
or become a “participant”, or permit any Controlled Person or encourage or assist any
associate or partner of Alony-Hetz to become a “participant”, in any “election
contest” relating to the election of directors of the Corporation, changes in
governing corporate instruments or otherwise (as such terms are used in Rule 14a-11
of Regulation 14A under the United States Securities Exchange Act of 1934, as
amended);
	 
	 	(4)	 	deposit, or permit any Controlled Person or encourage or assist any associate or
partner of Alony-Hetz to deposit, any Voting Securities in a voting trust or similar
arrangement, or subject or permit any Controlled Person or encourage or assist any
associate or partner of Alony-Hetz to subject any Voting Securities to a voting or
similar agreement, except as provided by this agreement;
	 
	 	(5)	 	take any action, alone or in concert with any other person to acquire or affect
the control of the Corporation or, directly or indirectly, participate in, or
encourage the formation of, any group seeking to obtain or take control of the
Corporation; or directly or indirectly seek to influence any of the Corporation’s
contractual relationships, whether orally, in writing or otherwise (including,
without limitation, the Corporation’s contractual relationships with its auditors,
its investment bankers and its lenders).

For the avoidance of doubt, this Article 3.03 shall not restrict actions by a director of FCR
designated by Alony-Hetz taken solely in his or her capacity as a director.

	3.04.	 	Termination.

	 	(1)	 	This agreement shall terminate automatically (i) upon the tenth anniversary of
the date of this agreement or (ii) if at any time Alony-Hetz and its affiliates cease
to hold Shares in the aggregate representing at least 3% of the total number of
Shares issued and outstanding for more than 90 consecutive days or (iii) if at any
time, Gazit-Globe and its affiliates (or, for the avoidance of doubt, any of their
permitted assignees pursuant to Article 3.10 below) cease to hold Shares in the
aggregate representing at least 20% of the total number of Shares issued and
outstanding for more than 90 consecutive days.

-8-

 

	 	(2)	 	Gazit-Globe, Gazit Canada and Gazit 2003 may terminate this agreement by written
notice to Alony-Hetz within 60 days after both of the following (a) and (b) have
occurred:

	 	(a)	 	a change in “Control” (which, when used in this agreement, shall mean
Control as defined in Section 1 of The Securities Law, 1968, of the State of
Israel) of Alony-Hetz ; and

	 	(b)	 	either (A) Nathan Hetz ceases to be a member of the board of directors
of FCR or (B) Nathan Hetz beneficially owns less than 5% of the outstanding
equity interests in Alony-Hetz, on a fully diluted basis.

	 	(3)	 	Gazit-Globe agrees that, if it is notified in advance of a proposed change in
Control of Alony-Hetz, which notice will include the name of the new person to
possess Control over Alony-Hetz (the “Alony-Hetz Control Notice”), it will provide
Alony-Hetz, within 10 business days of receipt of the Alony-Hetz Control Notice, with
an irrevocable notice as to whether or not it, Gazit Canada and Gazit America would
terminate this agreement pursuant to Article 3.04(2).

	 	(4)	 	Alony-Hetz and Holdings may terminate this agreement by written notice to
Gazit-Globe within 60 days after a change in Control of Gazit-Globe.

	 	(5)	 	Alony-Hetz and Holdings agree that, if it is notified in advance of a proposed
change in Control of Gazit-Globe, which notice will include the name of the new
person to possess Control over Gazit-Globe (the “Gazit-Globe Control Notice”), they
will provide Gazit-Globe, within 10 business days of its receipt of the Gazit-Globe
Control Notice, with an irrevocable notice as to whether or not they would terminate
this agreement pursuant to Article 3.04(4).

	 	(6)	 	Termination of this agreement shall not affect the provisions of Article 1.01(3),
any right or obligation pursuant to Article 2.01, 2.02 or 2.04 arising out of or in
respect of any agreement to sell Shares, or shares of any affiliate, made by
Gazit-Globe or any affiliate thereof prior to such termination, any right or
obligation pursuant to Article 2.03 arising out of or in respect of any acquisition
of Additional Securities made prior to such termination, or any liability for any
breach of this agreement.

3.05. Notices. Any notice or other communication contemplated by this agreement shall be
in writing delivered or sent by telecopier:

	 	(1)	 	in the case Alony-Hetz, Holdings or any other affiliate of Alony-Hetz, to:

	 	 	 	Alony-Hetz Properties & Investments Ltd.

Moshe Aviv Tower

7 Jabotinsky Street

Ramat Gan 52520 Israel

Telecopier No.: (972)(3) 751-4730

	 	 	 	or to such other address or telecopier of which Alony-Hetz, Holdings or
such other affiliate shall have last given notice to the party giving
such notice; and

	 	(2)	 	in the case of Gazit-Globe or any affiliate of Gazit-Globe, to:

-9-

 

	 	 	 	Gazit Canada Inc. 
c/o

University Avenue 
Suite

910 
Toronto, Ontario M5J 2H7
	 
	 	 	 	Telecopier No.: (416) 941-1655 Attention: Dori Segal

	 	 	 	or to such other address or telecopier of which Gazit-Globe or an
affiliate thereof shall have last given notice to the party giving
such notice.

Any notice so delivered shall be deemed to have been given and received on the date of delivery
thereof, and if so sent by telecopier shall be deemed to have been given and received on the date
following transmission thereof or if either such date is not a business day, on the next business
day following such date.

	3.06.	 	Representatives.

	 	(1)	 	Any decisions, consents, agreements, notices or communications required in
connection with this agreement by Gazit-Globe, Gazit Canada or Gazit 2003 shall be
made, written or delivered by its representative, Gazit-Globe, and Alony Hetz and
Holdings shall be entitled to rely on the decisions, consents, agreements, notices or
communications from Gazit-Globe without further action from Gazit Canada or Gazit
2003.

	 	(2)	 	Any decisions, consents, agreements, notices or communications required in
connection with this agreement by Alony-Hetz or Holdings shall be made, written or
delivered by its representative, Alony-Hetz and Globe, Gazit Canada and Gazit 2003
shall be entitled to rely on the decisions, consents, agreements, notices or
communications from Alony-Hetz without further action from Holdings.

3.07. Entire Agreement. Except as set forth in the Original Shareholders’ Agreement with
respect to periods prior to the date hereof, this agreement sets forth the entire agreement and
understanding of the parties hereto with respect to the subject matter hereof and all prior
agreements, discussions and understandings are merged herein. None of the parties hereto shall be
bound by any terms or conditions with respect to the subject matter hereof other than as
expressly provided for herein or as duly set forth in writing by subsequent written agreement of
the parties hereto.

3.08. Time of the Essence. Time shall be of the essence of this agreement and of every
provision hereof.

3.09. Arbitration. Any dispute between Alony-Hetz or any affiliate thereof on the one
hand, and Gazit-Globe or any affiliate thereof on the other hand, arising out of or in respect of
this agreement which cannot be resolved by agreement between such parties shall be submitted to
arbitration as herein provided by one party giving notice to the other party. The notice so given
by the party submitting the dispute to arbitration shall appoint an arbitrator on behalf of such
party, and the other party shall appoint an arbitrator within fifteen (15) days of receipt of the
said notice. The two arbitrators shall then appoint a third arbitrator within a further period of
thirty (30) days, failing which either party may apply to a court to appoint such arbitrator. In
the event that the party to whom notice is given, as aforesaid fails to appoint an arbitrator
then the arbitrator appointed by the party so giving notice shall act as a sole arbitrator.

-10-

 

The arbitration shall be governed by fee provisions of the Arbitration Act (Ontario) or the
International Commercial Arbitration Act (Ontario), whichever is applicable. The arbitrator or
arbitrators, as the case may be, shall reach a determination and render an opinion in writing
explaining such determination, which shall be final and binding upon the parties hereto.

	3.10.	 	Assignment; Amendments.

	 	(1)	 	Any party hereto (an “Assignor”) may assign its rights and obligations hereunder
to another party (an “Assignee”) that is controlled by or under common control with
the Assignor; provided, that the Assignee that agree in writing to be subject to the
terms and conditions of this agreement to which the Assignor was subject.

	 	(2)	 	Gazit-Globe or any affiliate of Gazit-Globe referred to in the preceding sentence
or being a party to this agreement may assign any of its rights pursuant to this
agreement (including the rights of assignment pursuant to this Article) (i) by way of
security to any bank or financial institution extending loans or providing credit to
it or any affiliate of it in connection with the pledge to such bank or financial
institution or the acquisition by such bank or financial institution of Shares
(“Pledged Shares”) that represent (as of the date of such assignment) 20% or more of
the outstanding Shares (a “Control Block”) or (ii) upon any subsequent sale of the
Pledged Shares following a foreclosure to any entity or group that acquires a
“Control Block”; provided, further, that in the event that this agreement is assigned
in accordance with this sentence, Article 2.02 hereof shall be deemed to be amended
by adding the words “the higher of: (i) the average closing price of the five (5)
trading days preceding the date on which Gazit-Globe provides the notice to
Alony-Hetz as stated below and (ii)” immediately prior to the words “$20.00 or more.”

	 	(3)	 	Except as provided in the preceding clauses (1) and (2), neither this agreement
nor any rights or benefits hereunder shall be assignable by any of the parties hereto
without the prior written consent of the other parties, but subject thereto this
agreement shall enure to the benefit of and be binding upon the parties’ respective
legal, personal representatives successors and permitted assigns.

	 	(4)	 	Except in the case of an assignment pursuant to clause (2) of this Article 3.10,
in the event that any party hereto shall cease to be controlled by either Gazit-Globe
or Alony-Hetz, as applicable, the rights and obligations of such party under this
agreement shall terminate and the Shares owned by such party shall no longer be
considered owned by Gazit-Globe or Alony-Hetz, as applicable, for purposes of this
agreement.

3.11. Dividends. Alony-Hetz and Gazit-Globe believe that it is in the best interests of
FCR’s shareholders to have regular dividend payments and for such dividends to increase subject
to and in tandem with growth in FCR’s earnings and funds from operations. The foregoing statement
is an expression of belief only and shall not have any legal force or effect whatsoever.

3.12. Counterparts. This agreement may be executed and delivered in two or more
counterparts, and shall constitute a valid and binding agreement between the parties upon
executed and delivery to each party of a counterpart or counterparts executed by each other
party. Delivery of an executed counterpart of this agreement by telecopier shall have the same
effect as delivery of an original of such counterpart.

-11-

 

3.13. Governing Law. This agreement shall be governed by and construed in accordance with
the laws of the Province of Ontario and the laws of Canada applicable therein, and shall be
treated in all respects as an Ontario contract.

	 	 	IN WITNESS WHEREOF the parties have duly executed this Agreement.

	 	 	 	 	 	 	 	 	 

	SIGNED, SEALED AND DELIVERED 

in the presence of	 	

	)

)
)

)	

	 	ALONY HETZ PROPERTIES AND

INVESTMENTS LIMITED
	 	 	

	)	

	 	Per:	 	 
	 
	 	
	)	
	 	 	 	 
	 	 	

	)

)
)	

	 	A.H. CANADA HOLDINGS LTD.
	 	 	

	)	

	 	Per:	 	 
	 
	 	
	)	
	 	 	 	 
	 	 	

	)

)
)	

	 	GAZIT-GLOBE LTD.
	 	 	

	)	

	 	Per:	 	 
	 
	 	
	)	
	 	 	 	 
	 	 	

	)

)

)	

	 	GAZIT CANADA INC.
	 	 	 	)	 	 	Per:	 	 
	 
	 	
	)
)	
	 	 	 	 
	 	 	

	)

)

)	

	 	GAZIT 2003 INC.
	 	 	 	)	 	 	Per:	 	 

-12-

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