Document:

SUBSCRIPTION
ESCROW AGREEMENT

 

This
Subscription Escrow Agreement (this “Agreement”) is entered into and effective as of August __, 2017, by and among
BOXLIGHT CORPORATION, a Nevada corporation (“Boxlight” or the “Company”); AEGIS CAPITAL CORP.
(the “Placement Agent”) and SUNTRUST BANK, a Georgia banking corporation (the “Escrow Agent”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to a registration statement on Form S-1 (File No. 333-204811) that has been declared effective by the Securities and
Exchange Commission (“SEC”) on January 30, 2017 (the “Registration Statement”), as supplemented
by Post-Effective amendments to such Registration Statement declared effective by the SEC (the “Post-Effective Amendment”),
Boxlight is conducting an initial public offering (the “Public Offering”) of shares of Class A common stock,
par value $0.0001 par value per share, of Boxlight (the “Class A Common Stock”) consisting of 1,000,000 shares
of Class A Common Stock at an initial per share offering price of $7.00 per share (the “Shares”);

 

WHEREAS,
as set forth in the Prospectus, the Shares are being offered by Boxlight for a period that will terminate on a date (the “Termination
Date”) which shall be the first to occur of (i) when the offering of 1,000,000 shares is fully subscribed for, (ii)
December __, 2017, being 120 days from the date of the final prospectus included in the Post-Effective Amendment, or (iii) such
earlier date if Boxlight decides to terminate the offering of the Shares prior to December __, 2017; and 

 

WHEREAS,
in order for Boxlight to complete the Offering, it must (a) sell for the account of Boxlight a minimum of 342,857 shares of Class
A Common Stock (the “Minimum Offering Amount”), (b) receive gross cash proceeds of not less than $2,400,000
(the “Minimum Offering Proceeds”), and (c) satisfy the initial listing requirements to trade its Class A Common
Stock on the Nasdaq Capital Market of The Nasdaq Stock Exchange (“Nasdaq”) and receive a listing approval letter
from Nasdaq (the “Closing Conditions”); and

 

WHEREAS,
pending receipt of the Minimum Offering Proceeds and satisfaction of the Nasdaq listing requirements, all funds received from
subscribers to shares of the Class A Common Stock will be held in a special escrow account with the Escrow Agent pursuant to this
Agreement; 

 

WHEREAS,
the Escrow Agent is willing to serve as escrow agent pursuant to the terms and conditions of this Agreement.

 

NOW
THEREFORE, the parties agree as follows:

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the Company and the Escrow Agent agree as follows:

 

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	1.	Deposits
    in Escrow.

 

	 	(a)	The
    Company shall direct Subscribers to deposit or cause to be deposited with the Escrow Agent, to be held in escrow under the
    terms of this Agreement, the purchase price for the Shares subscribed for by the Subscribers (the “Subscription Proceeds”).
    The Escrow Agent shall have no responsibility for Subscription Proceeds until such proceeds are actually received, clear through
    normal banking channels and constitute collected funds. The Escrow Agent shall have no duty to collect or seek to compel payment
    of any Subscription Proceeds, except to place such proceeds or instruments representing such proceeds for deposit and payment
    through customary banking channels. Checks for Subscription Proceeds furnished by Subscribers shall be made payable to: SunTrust
    Bank, as Escrow Agent for Boxlight Corporation.

 

	 	(b)	The
    Company shall deliver to the Escrow Agent, in a form acceptable to the Escrow Agent, schedules disclosing the name and address
    of each of the Subscribers, the number of Shares subscribed for by each Subscriber, the Federal tax identification number
    of each of the Subscribers, the amount of Subscription Proceeds received from each Subscriber, and such other information
    as will enable the Escrow Agent to attribute to a particular Subscriber all Subscription Proceeds received by the Escrow Agent.
	 	 	 
	 	(c)	Any
    Subscription Proceeds received by the Placement Agent shall be transmitted to the Escrow Agent by noon of the next business
    day following such receipt in compliance with Securities Exchange Act Rule 15c2-4.

 

	2.	Rejection
    of Subscription Agreement

 

	 	(a)	Any
    Subscription Agreement may be rejected by the Company in whole or in part. The Company shall promptly notify the Escrow Agent
    in writing in the event of any such rejection. Upon the receipt of a written notice of rejection from the Company pertaining
    to any Subscription Agreement, the Escrow Agent shall return to the Subscriber whose name appears on the rejected Subscription
    Agreement the Subscription Agreement (if then in the Escrow Agent’s possession) and the Subscription Proceeds tendered
    by such Subscriber, without payment of interest; provided such Subscriber’s Subscription Proceeds constitute collected
    funds held by the Escrow Agent.
	 	 	 
	 	(b)	In
    the event the Escrow Agent receives written notice from the Company or the Placement Agent that a Subscription Agreement has
    been withdrawn by a Subscriber, the Escrow Agent shall return to such Subscriber whose name appears on the withdrawn Subscription
    Agreement the Subscription Agreement (if then in the Escrow Agent’s possession) and the Subscription Proceeds tendered
    by such Subscriber, without payment of interest; provided such Subscriber’s Subscription Proceeds constitute collected
    funds held by the Escrow Agent. 

 

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	3.	Disbursements.

 

	 	(a)	On
    or before the Termination Date, the Company and the Placement Agent shall provide joint written notice to the Escrow Agent
    that either (i) all of the Closing Conditions have been met and satisfied, or (ii) that the Closing Conditions have not been
    satisfied and that the Offering has been terminated and abandoned by the Company. The Escrow Agent shall be entitled to assume
    conclusively and without inquiry that none of such events has occurred unless and until it receives such written notice from
    the Company and the Placement Agent. At such time on or before the December __, 2017 Termination Date that the Escrow Agent
    has received written notice from the Company and the Placement Agent stating that all of the Closing Conditions have been
    satisfied, the Escrow Agent shall, subject to the receipt of the Minimum Offering Proceeds, disburse all Subscription Proceeds
    then held by the Escrow Agent to the account of the Company in accordance with written directions provided by the Company,
    and thereupon this Agreement (except as otherwise provided herein) shall terminate.
	 	 	 
	 	(b)	If
    by the December __, 2017, Termination Date, the Escrow Agent shall not receive written notice from both the Company and the
    Placement Agent that all of the Closing Conditions set forth in Section 3(a) have been satisfied, or prior to the December
    __, 2017 Termination Date the Escrow Agent shall have received written notice from the Company and the Placement Agent that
    the Offering has terminated and is being abandoned by the Company, then as soon as practicable following the receipt of such
    written notice, the Escrow Agent shall refund to each of the Subscribers the full amount of Subscription Proceeds held by
    the Escrow Agent for such Subscriber, without payment of interest or deduction in compliance with Rule 10b-9 of the Securities
    and Exchange Act of 1934, as amended. Upon disbursement of all of the Subscription Proceeds held by the Escrow Agent as provided
    in this Section 3(b), this Agreement (except as otherwise provided herein) shall terminate.
	 	 	 
	 	(c)	The
    Company shall provide a copy of this Agreement to each Subscriber.

 

	4.	Investment
    of Subscription Proceeds; Compensation of Escrow Agent.

 

	 	(a)	The
    Escrow Agent shall invest all funds held pursuant to this Agreement in the SunTrust Non-Interest Deposit Option, a segregated
    account. The investments in the SunTrust Non-Interest Deposit Option are insured, subject to the applicable rules and regulations
    of the Federal Deposit Insurance Corporation (the “FDIC”), in the standard FDIC insurance amount of $250,000,
    including principal and accrued interest, and are not secured. The SunTrust Non-Interest Deposit Option is more fully described
    in materials which have been furnished to the Company and the Placement Agent by the Escrow Agent, and the Company and the
    Placement Agent acknowledge receipt of such materials from the Escrow Agent. Instructions to make any other investment must
    be in writing and signed by the Company and the Placement Agent. The Company and the Placement Agent represent and warrant
    that the investment in SunTrust Non-Interest Deposit Option is a legal investment under applicable law for the Subscription
    Proceeds and that the Company and the Placement Agent will not direct that the funds be invested in any investment that would
    not be a legal investment under applicable law for such funds. The Company and the Placement Agent recognize and agree that
    the Escrow Agent will not provide supervision, recommendations or advice relating to the investment of moneys held hereunder
    or the purchase, sale, retention or other disposition of any investment, and the Escrow Agent shall not be liable to the Company,
    the Placement Agent, any Subscriber or any other person or entity for any loss incurred in connection with any such investment.
    The Escrow Agent is hereby authorized to execute purchases and sales of investments through the facilities of its own trading
    or capital markets operations or those of any affiliated entity. The Escrow Agent or any of its affiliates may receive compensation
    with respect to any investment directed hereunder including without limitation charging any applicable agency fee in connection
    with each transaction. The Escrow Agent shall use its best efforts to invest funds on a timely basis upon receipt of such
    funds; provided, however, that the Escrow Agent shall in no event be liable for compensation to the Company, the Placement
    Agent, any Subscriber or any other person or entity related to funds which are held un-invested or funds which are not invested
    timely. The Escrow Agent is authorized and directed to sell or redeem any investments as it deems necessary to make any payments
    or distributions required under this Agreement.. 

 

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	 	(b)	On
    or before the execution and delivery of this Agreement, the Company and the Placement Agent shall provide to the Escrow Agent
    a correct, duly completed, dated and executed current United States Internal Revenue Service Form W-9 or Form W-8, whichever
    is appropriate, or any successor forms thereto, in a form and substance satisfactory to the Escrow Agent including appropriate
    supporting documentation and/or any other form, document, and/or certificate required or reasonably requested by the Escrow
    Agent to validate the form provided. Notwithstanding anything to the contrary herein provided, the Escrow Agent shall have
    no duty to prepare or file any Federal or state tax report or return with respect to any funds held pursuant to this Agreement
    or any income earned thereon. The Company shall indemnify, defend and hold the Escrow Agent harmless from and against any
    tax, late payment, interest, penalty or other cost or expense that may be assessed against the Escrow Agent on or with respect
    to the Subscription Proceeds or any earnings or interest thereon unless such tax, late payment, interest, penalty or other
    cost or expense was finally adjudicated by a court of competent jurisdiction to have been directly caused by the gross negligence
    of willful misconduct of the Escrow Agent. The indemnification provided in this section is in addition to the indemnification
    provided to the Escrow Agent in other sections of this Agreement and shall survive the resignation or removal of the Escrow
    Agent and the termination of this Agreement.
	 	 	 
	 	(c)	The
    Company agrees to pay to the Escrow Agent compensation, and to reimburse the Escrow Agent for costs and expenses, all in accordance
    with the provisions of Exhibit B hereto, which is incorporated herein by reference and made a part hereof. The fee agreed
    upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s services as contemplated
    by this Agreement; provided, however, that in the event that the conditions for the disbursement of funds are not fulfilled,
    or the Escrow Agent renders any service not contemplated in this Agreement, or there is any assignment of interest in the
    subject matter of this Agreement or any material modification hereof, or if any dispute or controversy arises hereunder, or
    the Escrow Agent is made a party to any litigation pertaining to this Agreement or the subject matter hereof, then the Company
    shall compensate the Escrow Agent for such extraordinary services and reimburse the Escrow Agent for all costs and expenses,
    including reasonable attorneys’ fees and expenses, occasioned by any such delay, controversy, litigation or event. In
    the event the Escrow Agent is authorized to make a distribution of funds to the Company pursuant to the terms of this Escrow
    Agreement, and fees or expenses are then due and payable to the Escrow Agent pursuant to the terms of this Escrow Agreement
    (including, without limitation, amounts owed under this Section 4(c) and Sections 5(k) and 5(m)) by the Company, the Escrow
    Agent is authorized to offset and deduct such amounts due and payable to it from such distribution. The provisions of this
    section shall survive the termination of this Agreement and any resignation or removal of the Escrow Agent. 

 

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	5.	Duties
    of Escrow Agent; Indemnification.

 

	 	(a)	This
    Agreement expressly and exclusively sets forth the duties of the Escrow Agent with respect to any and all matters pertinent
    hereto, which duties shall be deemed purely ministerial in nature, and no implied duties or obligations shall be read into
    this Agreement against the Escrow Agent. The Escrow Agent shall in no event be deemed to be a fiduciary to the Company, the
    Placement Agent, the Subscribers, or any other person or entity under this Agreement. The permissive rights of the Escrow
    Agent to do things enumerated in this Agreement shall not be construed as duties. In performing its duties under this Agreement,
    or upon the claimed failure to perform its duties, the Escrow Agent shall not be liable for any damages, losses or expenses
    other than damages, losses or expenses which have been finally adjudicated by a court of competent jurisdiction to have directly
    resulted from the Escrow Agent’s willful misconduct or gross negligence. In no event shall the Escrow Agent be liable
    for incidental, indirect, special, consequential or punitive damages of any kind whatsoever (including but not limited to
    lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form
    of action. The Escrow Agent shall not be responsible or liable for the failure of the Company or the Placement Agent to take
    any action in accordance with this Agreement. Any wire transfers of funds made by the Escrow Agent pursuant to this Escrow
    Agreement will be made subject to and in accordance with the Escrow Agent’s usual and ordinary wire transfer procedures
    in effect from time to time. The Escrow Agent shall have no liability with respect to the transfer or distribution of any
    funds affected by the Escrow Agent pursuant to wiring or transfer instructions provided to the Escrow Agent in accordance
    with the provisions of this Agreement. The Escrow Agent shall not be obligated to take any legal action or to commence any
    proceedings in connection with this Agreement or any property held hereunder or to appear in, prosecute or defend in any such
    legal action or proceedings. 
	 	 	 
	 	(b)	The
    Company and the Placement Agent acknowledge and agree that the Escrow Agent acts hereunder as a depository only, and is not
    responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness or validity of the subject matter
    of this Escrow Agreement or any part thereof, or of any person executing or depositing such subject matter. No provision of
    this Agreement shall require the Escrow Agent to risk or advance its own funds or otherwise incur any financial liability
    or potential financial liability in the performance of its duties or the exercise of its rights under this Agreement.
	 	 	 
	 	(c)	This
    Agreement constitutes the entire agreement between the Escrow Agent and the Company and the Placement Agent in connection
    with the subject matter of this Agreement, and no other agreement entered into by the Company or the Placement Agent related
    to the subject matter of this Agreement, including, without limitation, the Subscription Agreements, shall be considered as
    adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may be deposited
    with the Escrow Agent or the Escrow Agent may have knowledge thereof.

 

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	 	(d)	The
    Escrow Agent shall in no way be responsible for nor shall it be its duty to notify the Company, the Placement Agent or any
    other person or entity interested in this Agreement of any payment required or maturity occurring under this Agreement or
    under the terms of any instrument deposited herewith unless such notice is explicitly provided for in this Agreement.
	 	 	 
	 	(e)	The
    Escrow Agent shall be protected in acting upon any written instruction, notice, request, waiver, consent, certificate, receipt,
    authorization, power of attorney or other paper or document which the Escrow Agent in good faith believes to be genuine and
    what it purports to be, including, but not limited to, items directing investment or non-investment of funds, items requesting
    or authorizing release, disbursement or retainage of the subject matter of this Agreement and items amending the terms of
    this Agreement. The Escrow Agent shall be under no duty or obligation to inquire into or investigate the validity, accuracy
    or content of any such notice, request, waiver, consent, certificate, receipt, authorization, power of attorney or other paper
    or document. The Escrow Agent shall have no duty or obligation to make any formulaic calculations of any kind hereunder.
	 	 	 
	 	(f)	The
    Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents.
    The Escrow Agent shall be entitled to seek the advice of legal counsel with respect to any matter arising under this Agreement
    and the Escrow Agent shall have no liability and shall be fully protected with respect to any action taken or omitted pursuant
    to the advice of such legal counsel. The Company shall be liable for and shall promptly pay upon demand by the Escrow Agent
    the reasonable and documented fees and expenses of any such legal counsel.
	 	 	 
	 	(g)	The
    Company represents and warrants to the Escrow Agent that there is no security interest in the Subscription Proceeds or the
    earnings thereon or any part of the Subscription Proceeds or such earnings; no financing statement under the Uniform Commercial
    Code of any jurisdiction is on file in any jurisdiction claiming a security interest in or describing, whether specifically
    or generally, the Subscription Proceeds or the earnings thereon or any part of the Subscription Proceeds or such earnings;
    and the Escrow Agent shall have no responsibility at any time to ascertain whether or not any security interest exists in
    the Subscription Proceeds or the earnings thereon or any part of the Subscription Proceeds or such earnings or to file any
    financing statement under the Uniform Commercial Code of any jurisdiction with respect to the Subscription Proceeds, the earnings
    thereon or any part thereof.
	 	 	 
	 	(h)	In
    the event of any disagreement involving the Company, the Placement Agent any Subscriber or any other person or entity resulting
    in adverse claims or demands being made in connection with the matters covered by this Agreement, or in the event that the
    Escrow Agent, in good faith, is in doubt as to what action it should take hereunder, the Escrow Agent may, at its option,
    refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such disagreement
    continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any way to the Company,
    the Placement Agent, any Subscriber or any other person or entity for its failure or refusal to act, and the Escrow Agent
    shall be entitled to continue to refrain from acting until (i) the rights of the Company, the Placement Agent, the Subscribers
    and all other interested persons and entities shall have been fully and finally adjudicated by a court of competent jurisdiction,
    or (ii) all differences shall have been settled and all doubt resolved by agreement among the Company, the Placement Agent
    and all other interested persons and entities, and the Escrow Agent shall have been notified thereof in writing signed by
    the Company, the Placement Agent and all such persons and entities. Notwithstanding the preceding, the Escrow Agent may in
    its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction, or of an agency
    of the United States or any political subdivision thereof, or of any agency of any State of the United States or of any political
    subdivision of any thereof, and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such
    orders, judgments, decrees or levies. The rights of the Escrow Agent under this sub-paragraph are cumulative of all other
    rights which it may have by law or otherwise.

 

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In
the event of any disagreement or doubt, as described above, the Escrow Agent shall have the right, in addition to the rights described
above and at the election of the Escrow Agent, to tender into the registry or custody of any court having jurisdiction, all funds
and property held under this Agreement, and the Escrow Agent shall have the right to take such other legal action as may be appropriate
or necessary, in the sole discretion of the Escrow Agent. Upon such tender, the Escrow Agent shall be discharged from all further
duties under this Agreement; provided, however, that any such action of the Escrow Agent shall not deprive the Escrow Agent of
its compensation and right to reimbursement of expenses hereunder arising prior to such action and discharge of the Escrow Agent
of its duties hereunder.

 

	 	(i)	The
    Escrow Agent may resign at any time from its obligations under this Agreement by providing written notice to the Company and
    the Placement Agent. Such resignation shall be effective on the date set forth in such written notice, which shall be no earlier
    than thirty (30) days after such written notice has been furnished. In such event, the Company and the Placement Agent shall
    promptly appoint a successor escrow agent. In the event no successor escrow agent has been appointed on or prior to the date
    such resignation is to become effective, the Escrow Agent shall be entitled to tender into the custody of any court of competent
    jurisdiction all funds and other property then held by the Escrow Agent hereunder and the Escrow Agent shall thereupon be
    relieved of all further duties and obligations under this Agreement; provided, however, that any such action of the Escrow
    Agent shall not deprive the Escrow Agent of its compensation and right to reimbursement of expenses hereunder arising prior
    to such action and discharge of the Escrow Agent of its duties hereunder. The Escrow Agent shall have no responsibility for
    the appointment of a successor escrow agent hereunder.
	 	 	 
	 	(j)	Any
    entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any entity to which
    all or substantially all the escrow business of the Escrow Agent may be transferred, shall be the Escrow Agent under this
    Agreement without further act. 

 

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	 	(k)	The
    Company and the Placement Agent jointly and severally agree to indemnify, defend and hold harmless the Escrow Agent and each
    of the Escrow Agent’s officers, directors, agents and employees (the “Indemnified Parties”) from and against
    any and all losses, liabilities, claims made by the Company, the Placement Agent any Subscriber or any other person or entity,
    damages, expenses and costs (including, without limitation, attorneys’ fees and expenses) of every nature whatsoever
    (collectively, “Losses”) which any such Indemnified Party may incur and which arise directly or indirectly from
    this Agreement or which arise directly or indirectly by virtue of the Escrow Agent’s undertaking to serve as Escrow
    Agent hereunder; provided, however, that no Indemnified Party shall be entitled to indemnity with respect to Losses that have
    been finally adjudicated by a court of competent jurisdiction to have been directly caused by such Indemnified Party’s
    gross negligence or willful misconduct. The provisions of this section shall survive the termination of this Agreement and
    any resignation or removal of the Escrow Agent. 
	 	 	 
	 	(l)	The
    Company and the Placement Agent acknowledge that the Escrow Agent is serving as escrow agent for the limited purposes set
    forth herein and represent, covenant and warrant to the Escrow Agent that no statement or representation, whether oral or
    in writing, has been or will be made to any Subscriber to the effect that the Escrow Agent has investigated the desirability
    or advisability of investment in the Shares or approved, endorsed or passed upon the merits of such investment or is otherwise
    involved in any manner with the transactions contemplated hereby, other than as escrow agent under this Agreement. It is further
    agreed that the Company and the Placement Agent shall not use or permit the use of the name “SunTrust,” “SunTrust
    Bank,” “SunTrust Banks, Inc.” or any variation thereof in any sales presentation, placement or offering
    memorandum or literature pertaining directly or indirectly to the Offering except strictly in the context of the duties of
    the Escrow Agent as escrow agent under this Agreement. Any breach or violation of the paragraph shall be grounds for immediate
    termination of this Agreement by the Escrow Agent.
	 	 	 
	 	(m)	The
    Escrow Agent shall have no duty or responsibility for determining whether the Shares or the offer and sale thereof conform
    to the requirements of applicable Federal or state securities laws, including but not limited to the Securities Act of 1933,
    as amended, or the Securities Exchange Act of 1934, as amended. The Company represents and warrants to the Escrow Agent that
    the Shares and the Offering will comply in all respects with applicable Federal and state securities laws and further represents
    and warrants that the Company has obtained and acted upon the advice of legal counsel with respect to such compliance with
    applicable Federal and state securities laws. The Company acknowledges that the Escrow Agent has not participated in the preparation
    or review of any sales or offering material relating to the Offering or the Shares. In addition to any other indemnities provided
    for in this Agreement, the Company agrees to indemnify, defend and hold harmless the Indemnified Parties from and against
    any and all Losses incurred by any of the Indemnified Parties which directly or indirectly arise from any violation or alleged
    violation of any Federal or state securities laws; provided, however, that no Indemnified Party shall have the right to be
    indemnified hereunder with respect to any Losses that have been finally adjudicated by a court of competent jurisdiction to
    have been directly caused by such Indemnified Party’s gross negligence or willful misconduct. The Company hereby agrees
    that the indemnifications and protections afforded the Escrow Agent and the other Indemnified Parties in this section shall
    survive the termination of this Agreement and any resignation or removal of the Escrow Agent.

 

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	 	(n)	The
    Escrow Agent and any director, officer or employee of the Escrow Agent may become financially interested in any transaction
    in which the Company or the Placement Agent may be interested and may contract with and lend money to the Company or the Placement
    Agent and otherwise act as fully and freely as though it were not escrow agent under this Agreement. Nothing herein shall
    preclude the Escrow Agent from acting in any other capacity for the Company or the Placement Agent.

 

	6.	Notices.

 

Any
notice, request for consent, report, or any other communication required or permitted in this Agreement shall be in writing and
shall be deemed to have been given when delivered (i) personally, (ii) by facsimile transmission with written confirmation of
receipt, (iii) by electronic mail to the e-mail address given below, and written confirmation of receipt is obtained promptly
after completion of the transmission, (iv) by overnight delivery with a reputable national overnight delivery service, or (v)
by United States mail, postage prepaid, or by certified mail, return receipt requested and postage prepaid, in each case to the
appropriate address set forth below or at such other address as any party hereto may have furnished to the other parties hereto
in writing:

 

	If
    to Escrow Agent:	SunTrust
    Bank
	 	Attn:
    Escrow Services
	 	919
    East Main Street, 7th Floor
	 	Richmond,
    VA 23219
	 	 
	 	Client
    Manager: Byron Roldan, Trust Officer
	 	Phone:
    804-782-5404
	 	Facsimile:
    804-225-7141
	 	Email:
    Byron.Roldan@SunTrust.com

 

	If
    to Company:	Boxlight
    Corporation
	 	1045
    Progress Circle
	 .	Lawrenceville,
    Georgia 30043
	 	Attn:
    Sheri Lofgren, Chief Financial Officer
	 	E-mail:
    sheri@boxlightcorp.com
	 	Tax
identification #: ______________________

 

	If
    to the Placement Agent:	Aegis
    Capital Corp.
	 	810
    Seventh Avenue, 18th Floor
	 	New
    York, New York 10019
	 	Attn.
    David Bocchi, Vice President Investment Banking
	 	E-Mail:
    dbocchi@aegiscap.com

 

Any
party hereto may unilaterally designate a different address by giving notice of each change in the manner specified above to each
other party hereto. Notwithstanding anything to the contrary herein provided, the Escrow Agent shall not be deemed to have received
any notice, request, report or other communication hereunder prior to the Escrow Agent’s actual receipt thereof.

 

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	7.	Successors
    and Assigns; Amendment.

 

The
rights created by this Agreement shall inure to the benefit of and the obligations created hereby shall be binding upon the successors
and assigns of the Escrow Agent and the Company; provided, however, that except as provided in Section 5(j) neither this Agreement
nor any rights or obligations hereunder may be assigned by any party hereto without the express written consent of the other party
hereto. This Agreement may not be amended without the written consent of all parties in writing.

 

	8.	Construction.

 

This
Agreement shall be construed and enforced according to the laws of the State of Georgia.

 

	9.	Severability.

 

If
any provision of this Agreement, or the application thereof, is for any reason held to any extent to be invalid, illegal or unenforceable,
then the remainder of this Agreement and the application thereof will nevertheless remain in full force and effect so long as
the economic and legal substance of the transactions contemplated by this Agreement are not affected in any manner materially
adverse to any party hereto. Upon such determination that any provision is invalid, illegal or unenforceable, the parties hereto
agree to replace such provision with a valid, legal and enforceable provision that will achieve, to the maximum extent legally
permissible, the economic, business and other purposes of such provision.

 

	10.	Term.

 

This
Agreement shall terminate and the Escrow Agent shall be discharged of all responsibilities hereunder at such time as the Escrow
Agent shall have disbursed all Subscription Proceeds and any earnings thereon in accordance with the provisions of this Agreement;
provided, however, that the provisions of Sections 4(b), 4(c), 5(k) and 5(m) hereof shall survive any termination of this Agreement
and any resignation or removal of the Escrow Agent.

 

	11.	Counterparts.
    

 

This
Agreement may be executed in separate facsimile or other electronic counterparts, each of which when executed and delivered shall
be an original, but all such counterparts shall together constitute but one and the same instrument.

 

	12.	Authorized
    Signatures.

 

Contemporaneously
with the execution and delivery of this Agreement and, if necessary, from time to time thereafter, the Company and Aegis shall
execute and deliver to the Escrow Agent a Certificate of Incumbency substantially in the form of Exhibit A-1 and Exhibit A-2 hereto
(each a “Certificate of Incumbency”) for the purpose of establishing the identity and authority of persons entitled
to issue notices, instructions or directions to the Escrow Agent on behalf of the Company. Until such time as the Escrow Agent
shall receive an amended Certificate of Incumbency replacing any Certificate of Incumbency theretofore delivered to the Escrow
Agent, the Escrow Agent shall be fully protected in relying, without further inquiry, on the most recent Certificate of Incumbency
furnished to the Escrow Agent.

 

    	 	10	SunTrust Bank Escrow Services Subscription Escrow 8.2015

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the date first above written.

 

	 	SunTrust Bank, as Escrow Agent
	 	 	 
	 	By:	                                          
	 	Title: 	
	 	 	 
	 	Boxlight Corporation
	 	 	 
	 	By:	 
	 	Title:	 
	 	 	 
	 	Aegis Capital Corp.
	 	 	 
	 	By:	 
	 	Title:	 

 

    	 	11	SunTrust Bank Escrow Services Subscription Escrow 8.2015

    	 

    

 

EXHIBIT
A-1

 

Certificate
of Incumbency

(List
of Authorized Representatives)

 

Client
Name: Boxlight Corporation

 

As
an Authorized Officer of the above referenced entity, I hereby certify that each person listed below is an authorized signor for
such entity, and that the title and signature appearing beside each name is true and correct.

 

	Name	 	Title	 	Signature	 	Contact
    Number
	 

        Sheri
Lofgren
	 	 

        Chief
        Financial Officer
	 	 	 	 
	 

        Michael
        Pope
	 	 

        President
	 	 	 	 
	 

        Mark
        Elliott
	 	 

        Chief
        Executive Officer
	 	 	 	 
	 

         
	 	 	 	 	 	 
	 

         
	 	 	 	 	 	 
	 

         
	 	 	 	 	 	 

 

 

IN
WITNESS WHEREOF, this certificate has been executed by a duly authorized officer on:

 

DATE:
______________________

 

	BOXLIGHT CORPORATION	 
	 	 	 
	By:		 
	Name:	 Sheri Lofgren	 
	Title:	Chief Financial Officer	 

 

    	 	12	SunTrust Bank Escrow Services Subscription Escrow 8.2015

    	 

    

 

EXHIBIT
A-2

 

Certificate
of Incumbency

(List
of Authorized Representatives)

 

Client
Name: Aegis Capital Corp.

 

As
an Authorized Officer of the above referenced entity, I hereby certify that each person listed below is an authorized signor for
such entity, and that the title and signature appearing beside each name is true and correct.

 

	Name	 	Title	 	Signature	 	Contact
    Number
	 	 	 	 	 	 	 
	David
        Bocchi

         
	 	Vice
        President and

        Director
        of Investment Banking
	 	 	 	 
	 

         
	 	 	 	 	 	 
	 

         
	 	 	 	 	 	 
	 

         
	 	 	 	 	 	 
	 

         
	 	 	 	 	 	 
	 

         
	 	 	 	 	 	 

 

 

IN
WITNESS WHEREOF, this certificate has been executed by a duly authorized officer on:

 

DATE:
______________________

 

	AEGIS CAPITAL CORP.	 
	 	 	 
	By:		 
	Name:	 David Bocchi	 
	Title:	 Vice President and Director of Investment Banking	 

 

    	 	13	SunTrust Bank Escrow Services Subscription Escrow 8.2015

    	 

    

 

EXHIBIT
B

 

Schedule
of Fees & Expenses

 

TO
BE PROVIDED BY SUNTRUST

 

    	 	14	SunTrust Bank Escrow Services Subscription Escrow 8.2015EX-10.1

 Exhibit 10.1 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is executed by and between Nuvo Riverside, LLC, a Florida limited
liability company (“Seller”), and SST IV Acquisitions, LLC, a Delaware limited liability company (“Purchaser”). 

In consideration of the mutual covenants and representations herein contained, and other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 
 1. 

PURCHASE AND SALE 
 1.1
Purchase and Sale. Subject to the terms and conditions of this Agreement, Seller hereby agrees to sell and convey to Purchaser, and Purchaser hereby agrees to purchase from Seller, all of the following described property (herein collectively
called the “Property”): 
 (a) Land. That certain tract of land located at 10384
Riverside Drive, Palm Beach Gardens, Florida 33410, containing approximately 1.61 acres of land, and being more particularly described on Exhibit “A” attached hereto and made a part hereof (herein, the
“Land”). 
 (b) Easements. All easements, if any,
benefiting the Land or the Improvements (as defined in Section 1.1(d) of this Agreement). 
 (c) Rights and
Appurtenances. All rights and appurtenances pertaining to the Land, including any right, title and interest of Seller in and to adjacent streets, alleys or rights-of-way. 

(d) Improvements. All improvements and related amenities to be hereafter constructed on the Land by Seller in accordance
with the plans and specifications set forth on Schedule “B” attached hereto and incorporated herein (the “Plans and Specifications”), to contain 77,275 net rentable square feet of storage space and 767 rental units
(herein, the “Improvements”), +/- 1.5%, without change in the Purchase Price. Notwithstanding the foregoing in the event the net rentable square footage of the Improvements increases or decreases by more than 1.5% and up to
5%, the Purchase Price shall be increased or decreased, as applicable, by $245.00 per square foot for the corresponding increase or decrease of net rentable square feet from 77,275. Any increase or decrease to the square footage of the Improvements
from that set forth in the Plans and Specifications shall be subject to Purchaser’s prior written consent, which may be granted or withheld in Purchaser’s sole discretion. 

(e) Leases. Seller’s interest under (i) all written leases, occupancy agreements and rental agreements
for rental units in the Property hereafter entered into by or on behalf of Seller in accordance with the terms of this Agreement (collectively, the “Leases”), including all tenant leasing files, together with all tenant
security deposits held by Seller on the Closing Date (as defined in Section 6.1 of this Agreement), (ii) all cellular tower leases relating to the Property, if any, hereafter entered into by Seller in accordance with the terms of
this Agreement (the “Tower Leases”), and (iii) all billboard leases relating to the Property, if any, hereafter entered into by Seller in accordance with the terms of this Agreement (the “Billboard
Leases”). 

 (f) Tangible Personal Property. All appliances, fixtures, equipment,
machinery, furniture, carpet, drapes and other items of personal property, if any, now or hereafter owned by Seller and located on or about the Land and the Improvements (the “Tangible Personal Property”), including any and
all items of Personal Property set forth in the Plans and Specifications. 
 (g) Contracts. Seller’s interest
under the “Contracts” (as defined below), if any. 
 (h) Intangible Property. All intangible property (the
“Intangible Property”) owned by Seller and pertaining to the Land, the Improvements, or the Tangible Personal Property, including, without limitation, (i) all “yellow page” advertisements, (ii) all
transferable utility contracts, (iii) all transferable telephone and telecopy numbers, (iv) the Plans and Specifications, (v) all licenses, permits, engineering plans and landscape plans, (vi) all assignable warranties and
guarantees relating to the Property or any part thereof, and (vii) all internet websites and other internet related property rights owned by Seller and/or any affiliate thereof and relating to the Property, including the website information,
paid search campaigns and local listing information listed on Exhibit “J” attached hereto. 
 2. 

PURCHASE PRICE 
 2.1
Purchase Price. The purchase price (the “Purchase Price”) for the Property shall be the sum of Eighteen Million Nine Hundred Thousand and no/100 Dollars ($18,900,000.00), subject to prorations and adjustments as set
forth in this Agreement, and shall be paid by Purchaser to Seller at the Closing by wire transfer of immediately available funds to the Title Company on the Closing Date in accordance with wire transfer instructions to be provided by the Title
Company. 
 3. 
 EARNEST MONEY

 3.1 Earnest Money. 

(A) Purchaser shall deliver to Old Republic National Title Insurance Company, 2300 Maitland Center Parkway, Suite 140, Maitland, Florida
32751, Attn: Cher Tauscher (the “Title Company”), within three (3) business days after the “Effective Date” (as defined below), an earnest money deposit (the “Initial Deposit”) in the
amount of Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00). In the event that Purchaser delivers the “Closing Notice” (as defined in Section 4.1.1 of this Agreement) to Seller, then within three (3) business days
following the expiration of the “Approval Period” (as defined in Section 4.1.1 of this Agreement), Purchaser shall make an additional deposit (the “Additional Deposit”) with the Title Company in the
amount of Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00). 
 (B) The Initial Deposit, together with the Additional Deposit, if
delivered hereunder, and together with all interest accrued thereon, are herein collectively called the “Earnest Money”. The Initial Deposit and the Additional Deposit, if made, shall be invested by the Title Company in an
FDIC-insured, interest-bearing account as Purchaser shall direct upon receipt of an executed IRS Form W-9 from Purchaser. If the sale of the Property is consummated under this Agreement, the Earnest Money
shall be paid to Seller and applied as a credit against the Purchase Price at Closing. If Purchaser terminates this Agreement in accordance with any right to terminate granted to Purchaser by the terms of this Agreement, the Earnest Money shall be
returned to Purchaser by the Title Company. 

  
 2 

 4. 

CONDITIONS TO CLOSING 
 4.1
Seller’s Obligations. Seller shall deliver to Purchaser (at Seller’s expense), within three (3) business days after the Effective Date and to the extent in Seller’s possession, true, correct, complete and legible copies of
all of the due diligence items listed on Schedule “A” attached hereto and incorporated herein with respect to the Property (collectively, the “Due Diligence Items”). Seller shall provide Purchaser with written
notice at such time as Seller determines that all Due Diligence Items have been delivered to Purchaser (the “Due Diligence Delivery Notice”). Within two (2) business days following Purchaser’s receipt of the Due
Diligence Delivery Notice, Purchaser shall confirm in writing to Seller, if such be the case, that all required Due Diligence Deliveries have been received by Purchaser, in which event the date that Purchaser receives the Due Diligence Delivery
Notice shall be deemed to be the “Due Diligence Receipt Date” (herein so called) for all purposes of this Agreement. In the event, however, that Purchaser determines that it has not been provided with all of the Due Diligence
Items, then Purchaser shall provide Seller with written notice thereof (the “Missing Due Diligence Notice”), within two (2) business days following Purchaser’s receipt of the Due Diligence Delivery Notice,
enumerating with specificity in such notice which Due Diligence Items have not been provided by Seller (the “Missing Due Diligence Items”). Within two (2) business days following Seller’s receipt of the Missing Due
Diligence Notice, Seller shall provide Purchaser with the Missing Due Diligence Items, together with written notice confirming such delivery (the “Missing Due Diligence Delivery Notice”). Within two (2) business days
following Purchaser’s receipt of the Missing Due Diligence Delivery Notice, accompanied by all missing Due Diligence Items, Purchaser shall confirm in writing to Seller that Purchaser has received all required Due Diligence Items, in which
event the date that Purchaser receives the Missing Due Diligence Delivery Notice, accompanied by all missing Due Diligence Items, shall be deemed to be the Due Diligence Receipt Date for all purposes of this Agreement. Notwithstanding the foregoing
or anything to the contrary contained in this Agreement, Purchaser may request additional information, documentation or materials concerning the Property from Seller at any time after the Effective Date, and Seller agrees to use commercially
reasonable efforts to provide such additional information, documentation or materials to Purchaser, provided it is within Seller’s possession or under its control, and further provided that the delivery or non-delivery of any such item shall in
no manner extend the Approval Period. Notwithstanding the foregoing provisions of this Section 4.1, should Seller (i) fail to timely deliver the Due Diligence Delivery Notice to Purchaser, as required above, or (ii) fail to timely
deliver the Missing Due Diligence Delivery Notice and/or the Missing Due Diligence Items to Purchaser, as required above, then the Due Diligence Receipt Date shall not occur until Purchaser so acknowledges in writing, and until such time as
Purchaser so acknowledges the occurrence of the Due Diligence Receipt Date, Purchaser shall be entitled to terminate this Agreement upon written notice to Seller, whereupon this Agreement automatically shall terminate, the Earnest Money shall be
returned by the Title Company to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller, and neither party shall have any further obligations hereunder
except for such obligations which by their terms expressly survive the termination of this Agreement (the “Surviving Obligations”) . 

4.1.1 Approval Period. During the period commencing on the Effective Date and expiring at 5:00 p.m. Central Time on the Forty-Fifth (45th) day following the Due Diligence Receipt Date (the “Approval Period”), the following matters shall be conditions precedent to Purchaser’s obligations under this
Agreement: 
 (a) Purchaser’s being satisfied in Purchaser’s sole discretion that the Property is suitable for
Purchaser’s intended use; and 
 (b) Purchaser’s being satisfied, in Purchaser’s sole discretion, with all of
the Due Diligence Items. 

  
 3 

 Purchaser may (but shall not be obligated to) terminate this Agreement by delivering written
notice of such termination to Seller at any time prior to the expiration of the Approval Period, if, in Purchaser’s sole and absolute discretion, Purchaser decides not to consummate the purchase of the Property contemplated hereby. In such
event, this Agreement will terminate as of the date of such notice, and neither party shall have any further obligation hereunder except for the Surviving Obligations. If, in Purchaser’s sole and absolute discretion, Purchaser determines that
it desires to consummate the purchase of the Property contemplated hereby, then Purchaser will give written notice thereof (the “Closing Notice”) to Seller, prior to the expiration of the Approval Period. In the event that
Purchaser provides Seller with the Closing Notice, then Purchaser will be deemed to have waived its termination rights under this Section 4.1.1, and the parties will proceed to Closing, subject to all other terms and conditions of this
Agreement. If Purchaser does not give Seller the Closing Notice prior to the expiration of the Approval Period and has not previously terminated this Agreement by written notice to Seller, then this Agreement automatically shall terminate upon the
expiration of the Approval Period, and, in such event, neither party shall have any further obligation hereunder except for the Surviving Obligations. In either of such events terminating this Agreement, immediately following written request from
Purchaser to the Title Company, the Title Company shall return all of the Earnest Money to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller. 

4.1.2 Title Commitment. Seller shall convey good and marketable fee simple title to the Property to Purchaser at Closing, subject only
to the “Permitted Encumbrances” (defined below). Within five (5) days following the Effective Date, Seller shall obtain, at its sole cost and expense, and deliver to Purchaser, a title commitment (the “Title
Commitment”) for an ALTA Owner’s Policy of Title Insurance (the “Title Policy”), issued by Gray Robinson, P.A. (the “Title Agent”) on behalf of the Title Company, insuring good and marketable fee
simple title to the Property, together with legible copies of all exceptions listed therein. Purchaser shall have ten (10) days following its receipt of the Title Commitment, legible copies of all exceptions listed therein and the
“Survey” (defined below), to deliver to Seller written notice of Purchaser’s objections to title (the “Title Objection Letter”). Seller shall have the right, but not the obligation, to cure Purchaser’s
objections to title; subject, however, to Seller’s obligation to remove all “Monetary Liens” (as defined below) by Closing. Seller shall notify Purchaser in writing within five (5) days following Seller’s receipt of the
Title Objection Letter concerning which title objections, if any, Seller has agreed to cure. In the event that Seller does not undertake to cure all of the objections in the Title Objection Letter to Purchaser’s sole satisfaction (or does not
timely respond to the Title Objection Letter), then Purchaser shall have the right for five (5) days after receipt of Seller’s response to the Title Objection Letter (or five (5) days following the expiration of the period within
which Seller was to so respond) to either (i) waive any such title objection in writing and proceed to Closing (in which event such waived title objection shall be deemed to be a “Permitted Encumbrance”, as defined below), or
(ii) terminate this Agreement upon written notice to Seller and receive an immediate refund of the Earnest Money, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by
Seller, in which event neither party hereto shall have any further obligations under this Agreement except for the Surviving Obligations. All exceptions set forth in Schedule B of the Title Commitment which are not objected to by Purchaser
(including matters initially objected to by Purchaser which objections are subsequently waived in writing), exclusive of preprinted exceptions, are herein collectively called the “Permitted Encumbrances”. In the event that
any update to the Title Commitment or Survey, including any update to the Title Commitment or Survey following “Substantial Completion of the Work” and/or “Completion of the Work” (as defined in Section 5.7 below), indicates
the existence of any liens, encumbrances or other defects or exceptions (the “Unacceptable Encumbrances”) which are not shown in the initial Title Commitment or Survey and that are unacceptable to Purchaser, in its reasonable
discretion such that the Unacceptable Encumbrances 

  
 4 

 
would adversely impact the development and use of the property for Purchaser’s intended use, Purchaser shall, within five (5) days after receipt of any such update to the Title
Commitment or Survey, notify Seller in writing of its objection to any such Unacceptable Encumbrance (the “Unacceptable Encumbrance Notice”). Notwithstanding anything to the contrary contained herein, Seller shall have no
obligation to take any steps or bring any action or proceeding or otherwise to incur any expense whatsoever to eliminate or modify any of the Unacceptable Encumbrances; provided, however, that Seller shall, prior to Closing, eliminate by paying,
bonding around or otherwise discharging in a manner satisfactory to Purchaser (i) any Unacceptable Encumbrances that arise by, through or under Seller, (ii) any exceptions that arise in connection with construction of the Improvements, and
(iii) any mortgages, deeds of trust, deeds to secure debt, mechanics’ liens or monetary judgments that appear on the Title Commitment (“Monetary Liens”). In the event Seller is unable, unwilling or for any reason
fails to eliminate or modify all of the Unacceptable Encumbrances to the reasonable satisfaction of Purchaser (other than the Unacceptable Encumbrances and Monetary Liens required to be removed by Seller in accordance with the preceding sentence),
Purchaser may terminate this Agreement by delivering notice thereof in writing to Seller by the earliest to occur of (i) the Closing Date, (ii) five (5) days after Seller’s written notice to Purchaser of Seller’s intent to
not cure one or more of such Unacceptable Encumbrances, or (iii) ten (10) days after the Unacceptable Encumbrance Notice, in the event Seller does not timely respond thereto. Upon a termination of this Agreement pursuant to the immediately
preceding sentence, (a) the Earnest Money shall be returned to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller and (b) neither party shall
have any further obligations hereunder other than the Surviving Obligations. 
 4.1.3 City of Palm Beach Gardens Development Order.
Seller has informed Purchaser that the Property is subject to that certain City of Palm Beach Gardens Ordinance No. 12-2017 and Resolution No. 22-2017, which shall be reviewed by Purchaser during the Approval Period. The foregoing
Development Order shall be considered a Permitted Encumbrance if Purchaser does not terminate this Agreement during the Approval Period. In addition, Purchaser agrees to cooperate with Seller after Closing, at no additional cost or liability to
Purchaser and so long as Purchaser’s development is not interfered with, so that Seller can comply with the requirements contained in the Development Order for the development of Seller’s adjacent property. The foregoing covenant shall
survive the Closing. 
 4.1.4 Property Owner’s Association. Seller has informed Purchaser that the Property will be subject to
that certain Declaration of Covenants, Conditions, Restrictions and Easements for the Business Center At The Gardens, which shall be reviewed by Purchaser in connection with Purchaser’s title review under Section 4.1.2 above. The foregoing
Declaration shall be considered a Permitted Encumbrance if Purchaser does not terminate this Agreement during the Approval Period. 
 4.1.5
Survey. Within five (5) days following the Effective Date, Purchaser shall order a current survey of the Property (the “Survey”), which shall be in form reasonably acceptable to Purchaser and shall include the
following ALTA/ACSM Land Title Survey Table A Items: 1, 2, 3, 4, 6(b), 7(a), 7(b)(1), 7(c), 8, 9, 10(a), 11(b), 13, 14, 16, 17, 18, 19 and 20(a). Additionally, within five (5) days following “Substantial Completion of the Work”
(as defined in Section 5.7 below), Purchaser shall order a current as-built survey of the Property (the “Updated Survey”), dated subsequent to the date of completion of the Improvements, reflecting the location of the
completed Improvements, all ALTA/ACSM Land Title Survey Table A Items referenced in the preceding sentence, and otherwise in form reasonably satisfactory to Purchaser. All costs and expenses relating to the Survey and the Updated Survey, including
all revisions thereto, shall be borne by Purchaser. 
 4.2 Inspection. During the Approval Period, at any time and from time to time
during normal business hours (and thereafter through the Closing Date), Purchaser may inspect, test, and survey: (a) the Property and any and all portions thereof, including physical and mechanical inspections, (b) all financial

  
 5 

 
and other records pertaining to the operation of the Property, including, but not limited to, all books, records, documents, accounting and management reports of Seller, and (c) originals of
all Leases and Contracts. Notwithstanding the foregoing, Purchaser must obtain Seller’s prior written approval of the scope and method of any environmental testing or investigation (other than a Phase I environmental site assessment, which
shall require no consent or approval of any kind), prior to Purchaser’s commencement of such inspections or testing. Seller shall cooperate in good faith with Purchaser, Purchaser’s agents and independent contractors in connection with all
such inspections, tests and surveys. Purchaser, at Purchaser’s sole expense, shall repair any and all damage resulting from any of the tests, studies, inspections and investigations performed by or on behalf of Purchaser pursuant to this
Section 4.2, and Purchaser shall indemnify, defend and hold Seller harmless for, from and against all claims for bodily injury or property damage which may be asserted against Seller arising out of the tests, studies, inspections and
investigations performed by Purchaser hereunder, excluding the discovery of pre-existing conditions on the Property, which obligation of indemnification shall survive the Closing or termination of this Agreement. Prior to any entry onto the Property
by Purchaser or any of its agents, Purchaser shall furnish Seller with evidence that Purchaser maintains a policy of general liability insurance providing premises/operations coverage included under the per occurrence/general aggregate coverage,
having a combined single limit liability of not less than $1,000,000, naming Seller as an additional insured. All entries onto the Property by Purchaser shall be preceded by not less than 24 hours prior notice to Seller, which may be verbal. 

4.3 Seller’s Representations and Warranties. 

(a) Seller represents and warrants to Purchaser that: 

(i) Seller owns good and marketable fee simple title to the Property, and no party has the right or option to acquire all or
any portion of the Property, other than Purchaser pursuant to the terms of this Agreement, 
 (ii) Seller has the full right,
power, and authority, without the joinder of any other person or entity, to enter into, execute and deliver this Agreement, and to perform all duties and obligations imposed on Seller under this Agreement, 

(iii) neither the execution nor the delivery of this Agreement, nor the consummation of the purchase and sale contemplated
hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the breach of any of the terms, conditions, or provisions of any agreement or instrument to which Seller is a party or by
which Seller or any of Seller’s assets is bound, 
 (iv) there is no existing or pending (or to Seller’s knowledge
threatened) litigation affecting Seller or the Property, 
 (v) Seller has no knowledge of, and has not received any written
notice of, any violation of any governmental requirements (including “Environmental Requirements”, as defined below) concerning the Property, which have not been remedied, 

(vi) Seller has no knowledge of, and has not received, with respect to the Property, written notice from any governmental
authority regarding, any change to the zoning classification, any condemnation proceedings or proceedings to widen or realign any street or highway adjacent to the Property or that otherwise affects the Land or the Improvements, 

  
 6 

 (vii) there are no service contracts, equipment leases and/or maintenance
agreements affecting the Property, other than Contracts, if any, hereafter approved in writing by Purchaser pursuant to Section 5.3 below, 

(viii) Seller is not a “foreign person” within the meaning of Sections 1445 and 7701 of the Internal Revenue Code of
1986, as amended, 
 (ix) there are and will be no parties in possession of, or claiming any possession to, any
portion of the Property, other than tenants under Leases, if any, hereafter approved in writing by Purchaser pursuant to Section 5.3 below, as reflected on the rent roll to be provided by Seller to Purchaser at Closing (the “Rent
Roll”), 
 (x) at Closing there will be no unpaid bills or claims in connection with any construction or
repair of the Property by or on behalf of Seller that could result in the filing of a lien against the Property, 
 (xi) the
Rent Roll shall be true, correct and complete in all material respects and no concessions, discounts or other periods of free or discounted rent shall have been given other than those reflected on such Rent Roll, 

(xii) to Seller’s knowledge, all information delivered by Seller to Purchaser pursuant to Section 4.1 hereof,
is true, correct and complete in all material respects, 
 (xiii) Subject to any matters disclosed in Seller’s
environmental report dated March 13, 2017, prepared by Terracon Consultants, Inc. (the “Existing Environmental Report), a copy of which shall be provided by Seller to Buyer as part of the Due Diligence Items, Seller has no knowledge, and
has received no notice, regarding any environmental contamination on, at or adjacent to the Property, 
 (xiv) Seller has not
received any written or verbal notice or request from any insurance company or board of fire underwriters (or any organization exercising functions similar thereto) requesting the performance of any work or alterations with respect to the Property,
except those as to which Seller has completed remedial action which has been formally accepted as sufficient by such authority or insurer, 

(xv) there are no employment agreements of any kind to which Seller is a party, including union or collective bargaining
agreements, which will be binding on Purchaser after the Closing, 
 (xvi) the Improvements will be, and as of the Closing
Date shall have been, constructed strictly in accordance with the Plans and Specifications, with no defects in the drainage systems, foundations, roofs, walls, superstructures, plumbing, air conditioning and heating equipment, electrical wiring,
boilers, hot water heaters or other portions of the Property, 
 (xvii) the Improvements, following completion, shall be free
from the presence or suspected presence of any form of mold, including those producing mycotoxins, specifically including, but not limited to, Aspergillus, Penicillium, and Stachybotrys, 

(xviii) to the best of Seller’s knowledge and subject to any matters disclosed in the Existing Environmental Report, there
are no underground storage tanks located on or under the Property, there are no conditions on, at or relating to the Property which are in non-compliance 

  
 7 

 
with “Environmental Requirements” (as defined below) or otherwise adversely affect the Property, and there are no “Hazardous Materials” (as defined
below) on, in or under the Property in quantities that require reporting, investigation or remediation under Environmental Requirements, 

(xix) On or before Closing, Seller shall obtain all necessary certificates, licenses and other approvals, governmental and
otherwise, necessary for the operation of the Property and the conduct of its business and all required zoning, building code, land use, environmental and other similar permits or approvals, all of which, as of the Closing, shall be in full force
and effect and not subject to revocation, suspension, forfeiture or modification, 
 (xx) The Property is legally compliant
and conforms with all applicable zoning laws, rules and regulations, 
 (xxi) Seller is in compliance with the
requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 23, 2001) (the “Executive Order”) and other similar requirements contained in the rules and regulations of the office of Foreign Assets Control,
Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or regulations in respect thereof (the Executive Order and such other rules, regulations, legislation, or orders are collectively
called the “Foreign Asset Orders”). Neither Seller nor any beneficial owner of Seller (a) is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Executive Order and/or
on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Foreign Asset Orders (such lists are collectively referred to as the “OFAC
Lists”) or (b) is a person who has been determined by competent authority to be subject to the prohibitions contained in the Foreign Asset Orders; or (c) is owned or controlled by, or acts for or on behalf of, any person on
the OFAC Lists or any other person who has been determined by competent authority to be subject to the prohibitions contained in the Foreign Asset Orders, or any other anti-terrorism or anti-money laundering laws or regulations, including, without
limitation, the Bank Secrecy Act, as amended, or the Money Laundering Control Act of 1986, as amended, 
 (xxii) There
are no Leases, Tower Leases or Billboard Leases affecting the Property other than those approved in writing by Purchaser, and 

(xxiii) Not less than five (5) days prior to the expiration of the Approval Period Seller shall have (a) obtained,
and provided Purchaser with copies of, all building permits and other governmental approvals as may be necessary to commence and complete construction of the Improvements (collectively, the “Building Permit Information”), and
(b) obtained all necessary financing to enable Seller to complete construction of the Improvements; provided, however, that in the event that Seller is unable to provide the Building Permit Information to Purchaser at least five (5) days
prior to the expiration of the Approval Period, then the Approval Period automatically shall be extended through and including the fifth (5th) day following the date that Seller provides
Purchaser with the Building Permit Information. 
 Seller shall deliver a certificate to Purchaser at Closing updating and recertifying all
of the foregoing representations and warranties to Purchaser so as to be effective and deemed given as of the Closing Date. All of the foregoing representations and warranties expressly shall survive the Closing. 

(b) For purposes of this Agreement, “Hazardous Materials” shall mean any substance which is or contains (i) any
“hazardous substance” as now or hereafter defined in §101(14) of the 

  
 8 

 
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C. §9601 et seq.) (“CERCLA”) or any regulations promulgated under
CERCLA; (ii) any “hazardous waste” as now or hereafter defined in the Resource Conservation and Recovery Act (42 U.S.C. §6901 et seq.) (“RCRA”) or regulations promulgated under RCRA; (iii) any
substance regulated by the Toxic Substances Control Act (15 U.S.C. §2601 et seq.); (iv) gasoline, diesel fuel, or other petroleum hydrocarbons; (v) asbestos and asbestos containing materials, in any form, whether friable or non-friable; (vi) polychlorinated biphenyls; (vii) radon gas; (viii) any radioactive material, including any “source material”, “special nuclear material” or “byproduct
material”, as now or hereafter defined in 42 U.S.C. §2011 et seq.; and (ix) any additional substances or materials which are now or hereafter classified or considered to be hazardous or toxic under “Environmental
Requirements” (as defined below) or the common law, or any other applicable laws relating to the Property. Hazardous Materials shall include, without limitation, any substance, the presence of which on the Property, (A) requires reporting,
investigation or remediation under Environmental Requirements; (B) causes or threatens to cause a nuisance on the Property or adjacent property or poses or threatens to pose a hazard to the health or safety of persons on the Property or
adjacent property; or (C) which, if it emanated or migrated from the Property, could constitute a trespass. Further, for purposes of this Agreement, “Environmental Requirements” shall mean all laws, ordinances, statutes,
codes, rules, regulations, agreements, judgments, orders, and decrees, now or hereafter enacted, promulgated, or amended, of the United States, the states, the counties, the cities, or any other political subdivisions in which the Property is
located, and any other political subdivision, agency or instrumentality exercising jurisdiction over the owner of the Property, the Property, or the use of the Property, relating to pollution, the protection or regulation of human health, natural
resources, or the environment, or the emission, discharge, release or threatened release of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or waste or Hazardous Materials into the environment (including, without
limitation, ambient air, surface water, ground water or land or soil). 
 4.4 Conditions Precedent to Closing. It shall be a
condition precedent to Purchaser’s obligations to consummate this transaction that (a) all representations and warranties made herein by Seller are true and correct in all respects as of the Closing Date, and all covenants made by Seller
herein are fully complied with, (b) as of the Closing Date, there shall exist no pending or threatened actions, suits, arbitrations, claims, attachments, proceedings, assignments for the benefit of creditors, insolvency, bankruptcy,
reorganization or other proceedings that could adversely affect the operation or value of the Property or Seller’s ability to perform its obligations under this Agreement, (c) as of the Closing Date, there shall have been no material
adverse change in the Property or in any of the items reviewed by Purchaser during the Approval Period, including without limitation the Due Diligence Items, and (d) as of the Closing Date, the Improvements shall have been constructed strictly
in accordance with the Plans and Specifications, free from any liens or other claims, and all required certificates of occupancy shall have been issued with respect thereto; failing which, Purchaser, at its option, and in addition to any other
remedy available, shall be entitled to terminate this Agreement and receive a return of the Earnest Money. 
 5. 

COVENANTS OF SELLER 
 5.1
Insurance. From the Effective Date through and including the Closing Date, Seller agrees to keep the Property insured for its full replacement cost against fire and other hazards covered by extended coverage endorsement, including at all time
maintaining builder’s risk insurance at completed value, with wind and flood coverage, and carry commercial general liability insurance against claims for bodily injury, death and property damage occurring in, on or about the Property, in an
amount not less than Three Million and no/100 Dollars ($3,000,000.00), and to pay all premiums for such insurance prior to the applicable due dates. 

  
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 5.2 Operation of Property. Following completion of the Improvements, and through and
including the Closing Date, Seller agrees to operate and maintain the Property in the normal course of business and in a commercially reasonable manner. 

5.3 Third-Party Contracts. From the Effective Date through and including the Closing Date, Seller agrees to enter into only those
third-party service contracts which are approved by Purchaser, in writing, in Purchaser’s sole discretion (herein, the “Contracts”). 

5.4 Leasing of Property. From the Effective Date through and including the Closing Date, Seller agrees not to (i) enter into any
leases, including Tower Leases and Billboard Leases, without Purchaser’s prior written consent, to be granted or withheld in Purchaser’s sole discretion, or (ii) amend, terminate or accept the surrender of any leases, including Tower
Leases and Billboard Leases, if any, or directly or indirectly grant any discounts or rental concessions to any tenant of the Property, without the prior written consent of Purchaser which may be granted or withheld in Purchaser’s sole
discretion. Seller represents and warrants to Purchaser that (i) no leases have been or shall be entered into with any party that, directly or indirectly, has an ownership interest in Seller, or is otherwise in any manner affiliated with Seller
(an “Affiliate”), and (ii) all future leases shall be entered into only with third parties that are unknown to Seller, any Affiliate of Seller, and their respective officers, directors, principals, managers, members,
partners, shareholders, agents and/or representatives. Additionally, following completion of the Improvements, Seller agrees to enter into leases provided to Seller by Purchaser, which shall be on terms and conditions, and on such form lease, as may
be satisfactory to Purchaser, in its sole discretion. 
 5.5 Listing of Property for Sale. From the Effective Date through and
including the Closing Date, Seller agrees to not list, verbally or in writing, the Property with any broker or otherwise solicit or make or accept any offers to sell the Property or enter into any contracts or agreements, including back-up
contracts, regarding any disposition of the Property. 
 5.6 Obligation to Provide Notices. Seller agrees to promptly provide
Purchaser with copies of any and all notices which Seller receives from and after the Effective Date concerning (i) any proposed or threatened condemnation of the Property, (ii) any alleged violations of the Property with respect to
applicable governmental laws or requirements, (iii) any litigation filed or threatened against Seller or the Property, or (iv) any other matter that adversely affects, or potentially could adversely affect, the Property. 

5.7 Construction of Improvements. 

(a) Seller’s Construction Obligations. Seller shall at all times diligently prosecute “Completion of the Work”
(as hereinafter defined), including construction of the Improvements (the “Work”) with all due diligence strictly in accordance with the Plans and Specifications and otherwise in accordance with this Agreement. Seller agrees
to deliver Completion of the Work no later than four hundred twenty (420) days after the Effective Date (the “Outside Completion Date”). No changes may be made to the Plans and Specifications without the express prior
written consent of Purchaser, which may be granted or withheld in Purchaser’s sole discretion. Notwithstanding the foregoing, Seller shall have the right to extend the Outside Completion Date for two (2) periods of 30 days each upon
written notice to Buyer delivered not less than ten (10) days prior to the original Outside Completion Date, as may be extended. 

(b) Substantial Completion of Work. At such time as Seller determines that “Substantial Completion of the Work”
(as defined below) has occurred, Seller shall provide Purchaser with written notice thereof. Within ten (10) days following Purchaser’s receipt of such notice, Seller and 

  
 10 

 
Purchaser shall perform a walk-through of the Improvements and, based upon such walk-through, Purchaser shall prepare a detailed punchlist (the “Punchlist”), setting forth
items to be corrected or otherwise completed by Seller. For purposes of this Section 5.7(b), “Substantial Completion of the Work” shall mean the stage in the progress of the Work when the Work is sufficiently complete in
accordance with the Plans and Specifications so that the Improvements can be occupied for their intended use. 
 (c) Completion of the
Work. The term “Completion of the Work” shall mean the date upon which all of the following shall have occurred, as acknowledged by Purchaser in writing: 

 

	 	(i)	Seller shall have provided Purchaser with evidence satisfactory to Purchaser that all utilities required by the Plans and Specifications have been installed and are fully operational; 

 

	 	(ii)	the Work shall have been completed in accordance with the Plans and Specifications, all applicable laws, ordinances, codes, rules and regulations, including without limitation, building codes and standards, and the
architect and structural engineer of record (as to foundations and slabs) shall have provided substantial completion certificates to Purchaser in form reasonably satisfactory to Purchaser; 

 

	 	(iii)	a temporary or final certificate of occupancy (the “Certificates of Occupancy”) shall have been issued for the Property by the City of Palm Beach, a copy of which shall have been provided to
Purchaser, provided that in the case of a temporary certificate of occupancy, such certificate shall permit the operation and leasing of the Property by Purchaser without conditions; 

 

	 	(iv)	any and all assessments, public or private, special or general, arising out of or in connection with, or in any manner pertaining to, the prosecution of the Work or any portion thereof, including, but not limited to,
paving assessments and/or liens and assessments for or relating to the construction of sewer, water, electric or other utility facilities, shall have been paid in full, or will be paid in full on the Closing Date and Seller shall have delivered to
Purchaser evidence of the same; 

  

	 	(v)	all amounts due to contractors, subcontractors and material suppliers with respect to the Work shall have been paid in full, and no liens shall have been filed or threatened with respect to the Work nor any claims made
which could result in a lien being filed against the Property; 

  

	 	(vi)	Seller shall have provided Purchaser with conditional lien waivers or final lien waivers from the general contractor and each subcontractor and supplier of material with respect to the Work. If conditional lien waivers
are provided, Seller shall provide Purchaser with final lien waivers from the general contractor and each subcontractor and supplier of material with respect to the Work at Closing. 

 

	 	(vii)	Seller shall have provided Purchaser with the Updated Survey, in form satisfactory to Purchaser, reflecting completion of the Work; 

  

	 	(viii)	Seller shall have completed all work set forth on the Punchlist to Purchaser’s reasonable satisfaction; and 

  

	 	(ix)	The Land and Improvements shall be in a neat, clean and orderly condition, with no debris, trash or construction equipment located thereon. 

  
 11 

 5.8 Management of Property. It is understood and agreed that the Property shall be managed
by a party designated by Purchaser (the “Property Manager”), pursuant to the terms of a management agreement (the “Management Agreement”) to be entered into and executed by Seller and Property Manager,
upon Purchaser’s request. The Management Agreement shall be in form reasonably acceptable to Seller and Purchaser, and shall provide for a management fee equal to 6% of monthly gross revenues. In this regard, Seller agrees that, prior to
Closing and following execution of the Management Agreement, the Property Manager shall be permitted to enter into lease agreements with space tenants, on Seller’s behalf, which leases shall be in form and upon terms satisfactory to Purchaser.

 5.9 Signage. Seller agrees that Purchaser shall be entitled to install temporary signage on the Land at any time following the
Effective Date announcing the self storage facility to be constructed on the Land. Seller further agrees that at any time following the Effective Date, Purchaser shall have the right to add permanent signage to the Land and the Improvements, at
Purchaser’s discretion, subject to any applicable governmental requirements. 
 5.10 Assignment of Contractor Warranties. At the
Closing, Seller shall assign to Purchaser all warranties and guaranties under that certain Construction Contract (the “Construction Agreement”), by and between Seller, as owner, and Seller’s general contractor to be
determined during the Approval Period (“Contractor”), as general contractor, a copy of which shall be incorporated herein as Exhibit “E” by Amendment to this Purchase and Sale Agreement prior to
the expiration of the Approval Period, covering the construction of the Improvements, pursuant to an Assignment of Contractor Warranties in form attached hereto as Exhibit “F” and incorporated herein (the
“Assignment of Contractor Warranties”). The Construction Agreement shall not be modified, amended or terminated in any respect without Purchaser’s prior written consent, which may be granted or withheld in
Purchaser’s sole discretion. 
 5.11 Assignment of Subcontractor Warranties. At the Closing, Seller shall cause Contractor to
assign to Purchaser, pursuant to an Assignment of Subcontractor Warranties in form attached hereto as Exhibit “G” and incorporated herein (the “Assignment of Subcontractor Warranties”), all of
Contractor’s rights with respect to the “Subcontractor Warranties” (as defined in the Assignment of Subcontractor Warranties). 

5.12 Assignment of Architect’s Warranties. At the Closing, Seller shall cause Farmer Architecture, Inc.
(“Architect”), to assign to Purchaser, pursuant to an Assignment of Architect’s Warranties in form attached hereto as Exhibit “H” and incorporated herein (the “Assignment of
Architect’s Warranties”), all of Seller’s rights with respect to the “Architect’s Warranties” (as defined in the Assignment of Architect’s Warranties). 

5.13 Seller Warranty. At the Closing, Seller shall deliver to Purchaser a construction warranty (the “Seller’s Construction
Warranty”), in the form attached hereto as Exhibit “I” and incorporated herein, warranting the Improvements to be free from defects in materials or workmanship for a period of twelve (12) months following the
Closing Date (the “Warranty Period”). At Closing, Seller shall place the sum of $300,000.00 (the “Warranty Escrowed Funds”), in escrow with the Title Company, pursuant to an escrow agreement in form
reasonably acceptable to Seller and Purchaser, to be held until the later to occur of (i) the expiration of the Warranty Period, or (ii) final resolution of any warranty claim made by Purchaser within the Warranty Period. Warranty Escrowed
Funds shall be disbursed to Purchaser in compensation for any Seller default under Seller’s Construction Warranty. To the extent no warranty 

  
 12 

 
claim is made by Purchaser prior to the expiration of the Warranty Period, the Warranty Escrowed Funds shall thereafter be disbursed to Seller, provided that if such a claim has been made by
Purchaser and a balance remains after payment of all warranty claims from the Warranty Escrowed Funds to Purchaser, said balance shall be disbursed to Seller. 

6. 
 CLOSING 

6.1 Closing. Assuming that all conditions to closing have been satisfied and this Agreement has not otherwise been terminated, the
consummation of the transaction contemplated hereby (the “Closing”) shall be held at the offices of the Title Company, located at the address set forth in Section 9.1 hereof, on the date (the “Closing
Date”) that is ten (10) days following Completion of the Work; provided, however, that in the event Completion of the Work has not occurred by the Outside Completion Date, then Seller shall be in default under this Agreement, and
Purchaser shall be entitled to pursue any remedies available to Purchaser under Section 8.1 below. Seller and Purchaser agree that the Closing shall be consummated through an escrow closing with the Title Company acting as Title Company, and
neither party need be present at Closing. 
 6.2 Possession. Possession of the Property shall be delivered to Purchaser at the
Closing, subject only to tenants in possession under the Leases. 
 6.3 Proration. All rents, other amounts payable by the tenants
under the Leases, including the Tower Leases and Billboard Leases, if any, and all other income with respect to the Property for the month in which the Closing occurs, to the extent collected by Seller on or before the Closing Date, and real estate
and personal property taxes and other assessments with respect to the Property for the year in which the Closing occurs, shall be prorated to the Closing Date, with Purchaser receiving the benefits and burdens of ownership on the Closing Date. To
the extent any such rents, real estate taxes, personal property taxes and other assessments with respect to the Property are unknown or otherwise not accounted for at Closing Seller’s obligation to pay Purchaser Seller’s prorata share of
said amounts (as calculated in accordance with the previous sentence) shall survive Closing. Should any rollback or similar taxes be due and payable on or after Closing with respect to the transaction contemplated hereby, such taxes shall be the
sole responsibility of Seller, and Seller hereby agrees to indemnify and hold Purchaser harmless therefrom, which obligations of Seller expressly shall survive Closing. Utilities shall be canceled by Seller and reestablished in Purchaser’s name
on the Closing Date, if possible; otherwise utilities shall be prorated at Closing. Any amounts unpaid under the Contracts which Purchaser elects to assume at Closing shall be prorated between Seller and Purchaser at Closing. 

(a) If the Closing shall occur before rents and all other amounts payable by the tenants under the Leases, including the Tower Leases and
Billboard Leases, if any, and all other income from the Property have actually been paid for the month in which the Closing occurs, the apportionment of such rents and other amounts and other income shall be upon the basis of such rents, other
amounts and other income actually received by Seller, with Purchaser receiving the portion of all such rentals attributable to the period from and after Closing, which proration obligation expressly shall survive Closing. For a period of thirty
(30) days following Closing, if any rents which are delinquent as of Closing are actually received by Purchaser, in good funds, all such amounts shall first be applied to post-closing rents and other
amounts due to Purchaser for the period from and after Closing, and the balance shall be paid by Purchaser to Seller within thirty (30) days following Purchaser’s receipt thereof, to the extent, and only to the extent, of any rental
delinquencies owed by any such tenant to Seller for the period prior to Closing. Notwithstanding the foregoing provisions of this Section 6.3(a), all rentals that are received by Purchaser more than thirty (30) days following Closing shall
be retained by Purchaser, and Seller shall have no rights with respect thereto. If, subsequent to the Closing, any rents or other income are actually received 

  
 13 

 
by Seller, Seller shall immediately remit the same, or Purchaser’s prorata share thereof calculated as aforesaid, to Purchaser. Seller agrees that, after the Closing, it shall not file any
action in an effort to collect any outstanding rents that remain owing to Seller after the Closing. 
 (b) If the Closing shall occur before
the tax rate or the assessed valuation of the Property is fixed for the then current year, the apportionment of taxes shall be upon the basis of the tax rate for the preceding year, including all matters appearing on the tax bill for such year,
whether ad valorem or non-ad valorem, applied to the latest assessed valuation. The proration shall allow for any available discount. Subsequent to the Closing, when the tax rate and the assessed valuation of the Property are fixed for the year in
which the Closing occurs, the parties agree to adjust the proration of taxes and, if necessary, to refund or repay such sums as shall be necessary to effect such adjustment, which obligation expressly shall survive Closing. 

(c) Seller shall pay all assessments, contributions, fees and related charges required to be paid upon transfer of the Property pursuant to
any declaration or restriction affecting the Property. 
 The terms and provisions of this Section 6.3 shall expressly survive Closing.

 6.4 Closing Costs and Credits. Purchaser shall pay, on the Closing Date, (a) any escrow fees of the Title Company,
(b) all recording costs relating to the Deed, (c) all title insurance costs relating to extended coverage and/or any endorsements desired by Purchaser with respect to the Title Policy, (d) all costs relating to the Survey and the
Updated Survey, and (e) the fees of Purchaser’s counsel. Seller shall pay, on the Closing Date, (v) all costs and expenses of whatsoever nature relating to construction of the Improvements, (w) all title insurance costs relating
to the base Title Policy, (x) all applicable transfer taxes, grantor’s taxes, documentary stamp taxes and similar charges relating to the transfer of the Property, (y) all costs and expenses relating to retirement of any and all
indebtedness secured by the Property, including without limitation prepayment penalties, yield maintenance fees, defeasance costs and the costs of recording all mortgage cancellations, and (z) the fees of Seller’s counsel. Purchaser shall
receive a credit at Closing for all security deposits made by tenants under the Leases and for any prepaid rents and other amounts related to months following the month in which Closing occurs. Additionally, on the Closing Date, Seller shall leave
petty cash in the amount of Three Hundred and no/100 Dollars ($300.00) on site at the Property, which amount shall be reimbursed by Purchaser to Seller at Closing as a credit in favor of Seller on the closing statement. 

6.5 Seller’s Obligations at the Closing. At the Closing, or at such other time as indicated below, Seller shall take such action
as the Title Company reasonably requires to consummate the transactions made the subject of this Agreement and shall deliver to Purchaser (or cause to be delivered to Purchaser) the following: 

(a) Deed. Special Warranty Deed (the “Deed”) conveying the Land and the Improvements to
Purchaser, in the form attached to this Agreement as Exhibit “B” and incorporated herein, subject only to the Permitted Encumbrances. The description of the Land provided with the Updated Survey shall be the
description used in the Deed. 
 (b) Assignment of Personal Property, Service Contracts, Warranties and Leases. An
Assignment of Personal Property, Service Contracts, Warranties and Leases (the “Assignment of Personal Property”), in the form attached to this Agreement as Exhibit “D” and incorporated herein.

  
 14 

 (c) Evidence of Authority. Such organizational and authorizing documents
of Seller as shall be reasonably required by the Title Company to evidence Seller’s authority to consummate the transactions contemplated by this Agreement. 

(d) Foreign Person. An affidavit of Seller certifying that Seller is not a “foreign person,” as defined in the
federal Foreign Investment in Real Property Tax Act of 1980, and the 1984 Tax Reform Act, as amended, in form attached to this Agreement as Exhibit “C” and incorporated herein. 

(e) Leases. The originals of all of the Leases, and the Tower Leases and Billboard Leases, if any. 

(f) Contracts. The originals of all of the Contracts. 

(g) Termination of Management Agreement. Evidence of the termination of any and all management agreements affecting the
Property, effective as of the Closing Date, and duly executed by Seller and the property manager. 
 (h) Affidavit. An
affidavit in the form required by the Title Company to remove any standard exceptions, including mechanics’ liens, parties in possession and similar matters, together with a GAP Indemnity. 

(i) Reaffirmation Certificate. A reaffirmation certificate in accordance with the provisions of
Section 4.3(a). 
 (j) Title Policy. The Title Policy, issued by Title Agent, as agent for and on behalf
of the Title Company, in the form approved by Purchaser and subject only to the Permitted Encumbrances; provided that in the event the Title Policy is not available at Closing, then the Title Company shall provide Purchaser at Closing, at
Purchaser’s option, with either (i) a “marked title commitment”, committing to issue the Title Policy in the form approved by Purchaser and subject only to the Permitted Encumbrances, or (ii) a proforma owner’s title
policy, in the form approved by Purchaser and subject only to the Permitted Encumbrances, with the Title Policy to be delivered to Purchaser as promptly after Closing as reasonably possible. 

(k) Contractor Warranties. The Assignment of Contractor Warranties, executed by Seller and Contractor; 

(l) Subcontractor Warranties. The Assignment of Subcontractor Warranties, executed by Contractor; 

(m) Architect’s Warranties. The Assignment of Architect’s Warranties, executed by Seller and Architect; 

(n) Seller’s Warranties. The Seller’s Construction Warranty; and 

(o) Seller’s Closing Statement. Seller shall execute and deliver to the Title Company a Seller’s Closing
Statement, in conformity with the terms of this Agreement, and otherwise in form satisfactory to Seller. 
 6.6 Purchaser’s
Obligations at the Closing. At the Closing, Purchaser shall deliver to Title Company the following: 

  
 15 

 (a) Purchase Price. The Purchase Price (net of the Earnest Money, to be
applied as a credit against the Purchase Price, and subject to adjustment in connection with prorations, credits and charges hereunder), payment of which shall be made by wire transfer of immediately available funds to the account of the Title
Company; 
 (b) Contractor Warranties. The Assignment of Contractor Warranties, executed by Purchaser; 

(c) Subcontractor Warranties. The Assignment of Subcontractor Warranties, executed by Purchaser; 

(d) Architect’s Warranties. The Assignment of Architect’s Warranties, executed by Purchaser; 

(e) Evidence of Authority. Such organizational and authorizing documents of Purchaser as shall be reasonably required by
the Title Company to evidence Purchaser’s authority to consummate the transactions contemplated by this Agreement; and 

(f) Purchaser’s Closing Statement. Purchaser shall execute and deliver to the Title Company a Purchaser’s
Closing Statement, in conformity with the terms of this Agreement, and otherwise in form satisfactory to Purchaser. 
 7. 

RISK OF LOSS 
 7.1
Condemnation. If, prior to the Closing, action is initiated to take all or any portion of the Property, by eminent domain proceedings or by deed in lieu thereof, Purchaser may either at or prior to Closing (a) terminate this Agreement,
in which event the Earnest Money shall be refunded to Purchaser, without the consent or joinder of Seller being required and notwithstanding any contrary instructions which might be provided by Seller, and neither party shall have any further right
or obligation hereunder, other than the Surviving Obligations, or (b) consummate the Closing, in which latter event all of Seller’s assignable right, title and interest in and to the award of the condemning authority shall be assigned to
Purchaser at the Closing and there shall be no reduction in the Purchase Price. 
 7.2 Casualty. Seller assumes all risks and
liability for damage to or injury occurring to the Property by fire, storm, accident, or any other casualty or cause until the Closing has been consummated. If the Property suffers any damage equal to or in excess of Seventy Five Thousand and no/100
Dollars ($75,000.00) prior to the Closing from fire or other casualty, Purchaser may either at or prior to Closing (a) terminate this Agreement, in which event the Earnest Money shall be refunded to Purchaser, without the consent or joinder of
Seller being required and notwithstanding any contrary instructions which might be provided by Seller, and neither party shall have any further right or obligation hereunder, other than the Surviving Obligations, or (b) consummate the Closing,
in which latter event all of Seller’s right, title and interest in and to the proceeds of any insurance covering such damage, and including any and all rent loss insurance proceeds relating to the period from and after the Closing Date, shall
be assigned to Purchaser at the Closing and Purchaser shall receive a credit against the Purchase Price at Closing in an amount equal to the sum of (i) Seller’s deductible under its insurance policy and (ii) the amount of any
uninsured or underinsured loss. If the Property suffers any damage less than Seventy Five Thousand and no/100 Dollars ($75,000.00) prior to the Closing, Purchaser will consummate the Closing and accept the assignment of the proceeds of any insurance
covering such damage, including any and all rent loss insurance proceeds relating to the period from and after the Closing Date, plus receive a credit against the Purchase Price in an amount equal to the sum of (i) Seller’s deductible
under its insurance policy and (ii) the amount of any uninsured or underinsured loss) and there shall be no other reduction in the Purchase Price. 

  
 16 

 8. 

DEFAULT 
 8.1 Breach by
Seller. Subject to Section 8.3 below, in the event that Seller fails to consummate this Agreement for any reason, except Purchaser’s default or a termination of this Agreement by Purchaser or Seller pursuant to a right to do so under
the provisions hereof, Purchaser shall be entitled as its sole and exclusive remedy to either: (i) pursue the remedy of specific performance of Seller’s obligations under this Agreement by filing suit for specific performance within six
(6) months of the alleged breach, or (ii) terminate this Agreement, receive a refund of the Earnest Money, and receive reimbursement from Seller for all out of pocket expenses incurred by Purchaser and/or any affiliate of Purchaser in
connection with this Agreement, not to exceed the sum of Seventy Five Thousand and no/100 Dollars ($75,000.00). Notwithstanding anything contained in this Agreement to the contrary, in the event Seller, directly or indirectly, sells the Property for
a purchase price in excess of the Purchase Price, within a period of two (2) years following the date of default by Seller hereunder, including by virtue of the direct or indirect transfer of ownership interests of Seller, then Seller shall be
obligated to pay any such excess amount to Purchaser, in cash, as additional damages for Seller’s default hereunder, which obligation shall expressly survive Closing. 

8.2 Breach by Purchaser. Subject to Section 8.3 below, in the event that Purchaser breaches any of its covenants, representations
or warranties set forth in this Agreement, including failure by Purchaser to consummate this Agreement for any reason, except Seller’s default or a termination of this Agreement by Purchaser or Seller pursuant to a right to do so under the
provisions hereof, Seller, as its sole and exclusive remedy, may terminate this Agreement and thereupon shall be entitled to receive the Earnest Money and any interest earned thereon as liquidated damages (and not as a penalty). Seller and Purchaser
have made this provision for liquidated damages because it would be difficult to calculate, on the date hereof, the amount of actual damages for such breach, and Seller and Purchaser agree that the Earnest Money represents a reasonable forecast of
such damages. 
 8.3 Notice and Cure. In the event of a default by Seller or Purchaser under this Agreement, the non-defaulting party
shall provide the defaulting party with notice and ten (10) days to cure such default, prior to pursuing any remedies available with respect to such default; provided, however, that (i) no such notice and cure shall be provided with
respect to a party’s default in failing to timely close, or with respect to any party’s anticipatory breach of this Agreement, (ii) Seller shall only be entitled to receive no more than three (3) such notices with respect to
Seller’s construction obligations under this Agreement, and (iii) in no event shall any such notice and cure period result in an extension of the Closing Date or the Outside Completion Date. 

9. 
 MISCELLANEOUS 

9.1 Notices. All notices, demands and requests which may be given or which are required to be given by either party to the other, and
any exercise of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective either: (a) on the date personally delivered to the address below, as evidenced by written receipt therefor, whether or not
actually received by the person to whom addressed; (b) on the third (3rd) business day after being sent, by certified or registered mail, return receipt requested, postage prepaid, addressed to the intended recipient at the address
specified below; (c) on the first business day after being deposited into the custody of a nationally recognized overnight delivery service such as Federal Express Corporation, addressed to such party at the address

  
 17 

 
specified below, or (d) on the date delivered by facsimile to the respective numbers specified below, provided confirmation of facsimile is received and further provided any such facsimile
notice shall be sent by one of the other permitted methods of providing notice on the next succeeding business day. For purposes of this Section 9.1, the addresses of the parties for all notices are as follows (unless changed by similar
notice in writing given by the particular party whose address is to be changed): 
  

			
	If to Seller:	  	Nuvo Riverside, LLC
		  	288 North Park Avenue
		  	Winter Park, FL 32789
		  	Attn: Gary Cardamone
		  	Tel: (321) 972-9838
		  	Fax: (407) 641-9045
		
	with a copy to:	  	Gray Robinson, P.A.
		  	301 East Pine Street, Suite 1400
		  	Orlando, Florida 32801
		  	Attn: Gregg R. Lehrer, Esq.
		  	Tel: (407) 843-8880
		  	Fax: (407) 244-5690
		
	If to Purchaser:	  	SST IV Acquisitions, LLC
		  	10 Terrace Road
		  	Ladera Ranch, CA 92694
		  	Attn: H. Michael Schwartz
		  	Tel: (949) 429-6600
		  	Fax: (949) 429-6606
		
	with copies to:	  	SST IV Acquisitions, LLC
		  	8235 Douglas Ave #815
		  	Dallas, Texas 75225
		  	Attn: Wayne Johnson
		  	Tel: (214) 217-9797
		  	Fax: (949) 429-6606; and
		
		  	Mastrogiovanni Mersky & Flynn, P.C.
		  	2001 Bryan Street, Suite 1250
		  	Dallas, Texas 75201
		  	Attn: Charles Mersky, Esq.
		  	Tel: (214) 922-8800
		  	Fax: (214) 922-8801
		
	If to Title Company:        	  	Old Republic National Title Insurance Company
		  	2300 Maitland Center Parkway, Suite 140
		  	Maitland, FL 32751
		  	Attn: Cheryl Tauscher
		  	Tel: (407) 647-1915
		  	Fax: (407) 629-9335

 9.2 Real Estate Commissions. Neither Seller nor Purchaser has authorized any broker or finder to act on
any party’s behalf in connection with the sale and purchase hereunder and neither Seller nor Purchaser has dealt with any broker or finder purporting to act on behalf of any other party. 

  
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Purchaser agrees to indemnify, defend and hold harmless Seller for, from and against any and all claims, losses, damages, costs or expenses of any kind or character arising out of or resulting
from any agreement, arrangement or understanding alleged to have been made by Purchaser or on Purchaser’s behalf with any broker or finder in connection with this Agreement or the transaction contemplated hereby. Seller agrees to indemnify,
defend and hold harmless Purchaser for, from and against any and all claims, losses, damages, costs or expenses of any kind or character arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by Seller
or on Seller’s behalf with any broker or finder in connection with this Agreement or the transaction contemplated hereby. Notwithstanding anything to the contrary contained herein, this Section 9.2 shall survive the Closing or any
earlier termination of this Agreement. 
 9.3 Entire Agreement. This Agreement embodies the entire agreement between the parties
relative to the subject matter hereof, and there are no oral or written agreements between the parties, nor any representations made by either party relative to the subject matter hereof, which are not expressly set forth herein. 

9.4 Amendment. This Agreement may be amended only by a written instrument executed by the party or parties to be bound thereby. 

9.5 Headings. The captions and headings used in this Agreement are for convenience only and do not in any way limit, amplify, or
otherwise modify the provisions of this Agreement. 
 9.6 Time of Essence. Time is of the essence of this Agreement; however, if the
final date of any period which is set out in any provision of this Agreement, or the date for performance specified in this Agreement, falls on a Saturday, Sunday or legal holiday under the laws of the United States or the State of Florida, then, in
such event, the time of such period, or the date for such performance, shall be extended to the next day which is not a Saturday, Sunday or legal holiday. 

9.7 Governing Law. This Agreement shall be governed by the laws of the State of Florida and the laws of the United States pertaining to
transactions in such State. 
 9.8 Successors and Assigns; Assignment. This Agreement shall bind and inure to the benefit of Seller
and Purchaser and their respective heirs, executors, administrators, personal and legal representatives, successors and permitted assigns. Notwithstanding anything contained in this Agreement to the contrary, Purchaser shall be entitled to assign
this Agreement, without Seller’s consent, one or more times, to (i) an affiliate of Purchaser, (ii) an entity in which SS Growth Operating Partnership, L.P., a Delaware limited partnership, Strategic Storage Growth Trust, Inc., a
Maryland corporation, Strategic Storage Operating Partnership II, L.P., a Delaware limited partnership, Strategic Storage Trust II, Inc., a Maryland corporation, Strategic Storage Trust IV, Inc., a Maryland corporation and/or Strategic Storage
Operating Partnership IV, L.P., a Delaware limited partnership, has a direct or indirect ownership interest, (iii) a real estate investment trust of which Purchaser or an affiliate of Purchaser is the external advisor, or (iv) a Delaware
statutory trust of which Purchaser or an affiliate of Purchaser is the signatory trustee; provided, however, that, until the consummation of the Closing, no such assignment shall release or relieve Purchaser of any liability hereunder. 

9.9 Invalid Provision. 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 such illegal, invalid, or unenforceable provision or by its severance from this Agreement. 

  
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 9.10 Attorneys’ Fees. In the event it becomes necessary for either party hereto to
file suit to enforce this Agreement or any provision contained herein, the party prevailing in such suit shall be entitled to recover, in addition to all other remedies or damages, as provided herein, reasonable attorneys’ fees incurred in such
suit up to and including appellate levels and fees to determine and collect fees. 
 9.11 Multiple Counterparts. This Agreement may
be executed in a number of identical counterparts which, taken together, shall constitute collectively one agreement; in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart with each
party’s signature. Facsimile and/or electronic signature pages shall be effective for purposes of this Section 9.11. 

9.12 Effective Date. For purposes of this Agreement, the “Effective Date” shall mean the later of the dates
that this Agreement has been executed by Seller and Purchaser, as indicated on the signature page hereof, unless this Agreement is executed by Seller and Purchaser on the same date, in which event such same date shall constitute the Effective Date.

 9.13 Exhibits. The following schedules, exhibits and other documents are attached to this Agreement and incorporated herein by
this reference and made a part hereof for all purposes: 
  

	 	(a)	Schedule A, List of Due Diligence Documents 

  

	 	(b)	Schedule B, List of Plans and Specifications 

  

	 	(c)	Exhibit A, Legal description of the Land 

  

	 	(d)	Exhibit B, Form of the Deed 

  

	 	(e)	Exhibit C, Form of the Non-Foreign Affidavit; 

  

	 	(f)	Exhibit D, Form of the Assignment of Personal Property 

  

	 	(g)	Exhibit E, Construction Agreement 

  

	 	(h)	Exhibit F, Form of the Assignment of Contractor Warranties 

  

	 	(i)	Exhibit G, Form of the Assignment of Subcontractor Warranties 

  

	 	(j)	Exhibit H, Form of the Assignment of Architect’s Warranties 

  

	 	(k)	Exhibit I, Form of the Seller’s Construction Warranty 

  

	 	(l)	Exhibit J, Digital Assets 

 9.14 Memorandum of Contract. Purchaser shall be
entitled to record, at Purchaser’s expense a memorandum of this Agreement in the Official Records of Palm Beach County, Florida, providing notice to the public of this Agreement as well as Purchaser’s rights hereunder. If Purchaser
proceeds to record the aforesaid memorandum but does not give the Closing Notice, Purchaser shall, within (3) days of the termination of this Agreement, record a release of the memorandum in the Official Records of Palm Beach County, Florida.

 9.15. Tax-Deferred Exchange. Each party will, upon request by the other party, cooperate as reasonably required to assist the
other party in facilitating a tax-deferred exchange. Notwithstanding the foregoing, neither party will be required to undertake or incur any liabilities or obligations or expend any sums of money in connection with a proposed tax-free exchange for
the benefit of the other party. 

  
 20 

 9.16 Confidentiality. Seller and Purchaser hereby covenant and agree that, at all times
after the Effective Date and continuing after the Closing, unless consented to in writing by the other party (which consent may be granted or withheld in the sole discretion of the party whose consent is being requested), no press release or other
public disclosure concerning this transaction shall disclose the Purchase Price or any other economic terms of this transaction, and each party agrees to use best efforts to prevent disclosure of any such restricted information by any third party.
Notwithstanding the foregoing, (i) each party shall be entitled to make disclosures concerning this Agreement and materials provided hereunder to its lenders, attorneys, accountants, employees, agents and other service professionals as may be
reasonably necessary in furtherance of the transactions contemplated hereby, (ii) Purchaser shall be entitled to make disclosures concerning this transaction and materials provided hereunder to its potential debt and equity sources, and
(iii) each party shall be entitled to make such disclosures concerning this Agreement and materials provided hereunder as may be necessary to comply with (a) any court order, (b) the directive of any applicable governmental authority,
or (c) any applicable securities law, rule and/or regulation. The provisions of this Section 9.16 shall survive Closing or any termination of this Agreement. 

9.17 Independent Consideration. Contemporaneously with the execution hereof, Purchaser shall deliver to Seller the sum of One Hundred
and no/100 Dollars ($100.00), representing independent consideration for the Approval Period and Purchaser’s right to terminate this Contract during the Approval Period. 

9.18 Non-Competition. Seller shall deliver a non-compete agreement (the “Non-Compete
Agreement”) to Purchaser at Closing in form and content satisfactory to Purchaser, executed by Seller, Gary Cardamone and Jason Canin (collectively, the “Restricted Parties”). The Non-Compete Agreement shall
provide that neither the Restricted Parties nor any of their respective principals, partners, members, managers, directors, officers, shareholders and/or affiliates may directly or indirectly develop, own, lease, manage or operate a self storage
facility for a period of three (3) years subsequent to the Closing within a three (3) mile radius of the Property. 
 9.19
Cooperation with Purchaser’s Auditors. From the Effective Date through and including seventy five (75) days after the Closing Date, Seller shall provide to Purchaser (at Purchaser’s expense) copies of, or shall provide
Purchaser access to, the books and records with respect to the ownership, management, maintenance and operation of the Property and shall furnish Purchaser with such additional information concerning the same as Purchaser shall reasonably request
and which is in the possession or control of Seller, or any of its affiliates, agents, or accountants, to enable Purchaser or its assignee, to file its or their Form 8-K, if, as and when such filing may be required by the Securities and Exchange
Commission. At Purchaser’s sole cost and expense, Seller shall allow Purchaser’s auditor, CohnReznick LLP, or any successor auditor selected by Purchaser) to conduct an audit of the income statements of the Property for the calendar year
prior to Closing (or to the date of Closing) and the two (2) prior years, and shall cooperate (at no cost to Seller) with Purchaser’s auditor in the conduct of such audit. The provisions of this Section 9.19 shall survive Closing.

 9.20 Force Majeure. Notwithstanding anything herein to the contrary, Purchaser shall not be in default under this Agreement and
Seller shall not have a right to terminate this Agreement for delay in performing hereunder by Purchaser if such delay is caused by conditions beyond Purchaser’s control, including, but not limited to, acts of God, government restriction, wars,
insurrections and/or any other cause beyond the reasonable control of Purchaser (including mechanical, electronic, or communication failure), and any period for Purchaser’s performance hereunder shall be extended by one day for each day of
delay caused by events described above in this Section 9.20. 

  
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 9.21 Environmental. In the event that Purchaser determines, prior to Closing, that there
are conditions on, at or relating to the Property which are in non-compliance with Environmental Requirements or the possibility that Hazardous Materials may exist on or under the Property that will require remediation under any applicable federal
or state laws, then, notwithstanding anything to the contrary contained herein, Purchaser may terminate this Agreement on or before the Closing Date upon written notice to Seller, in which event, the Earnest Money shall be immediately returned to
Purchaser, without the consent or joinder of Seller being required and notwithstanding any instructions to the contrary which might be provided by Seller, and thereafter neither party hereto shall have any further rights or obligations under this
Agreement except for the Surviving Obligations. 
 9.22 Earn Out Consideration. As additional consideration for the Property, within
ten (10) business days after the forty eighth (48th) month following the Closing Date, Purchaser shall pay Seller an amount equal to the following (the “Earn Out Consideration”): (y) the amount by which the Net Operating
Income (as hereinafter defined) for the Property for the trailing 12-month period prior to the forty eighth (48th) month following the Closing Date exceeds One Million Three Hundred Fifty Thousand and No/100 Dollars ($1,350,000.00); divided by
(z) eight and one quarter percent (8.25%), not to exceed the sum of One Million Eight Hundred Thousand and no/100 Dollars ($1,800,000.00). This provision is intended to survive the Closing. 

As used herein, the term “Net Operating Income” shall mean and refer to gross revenue generated from the Property (including revenue
from the sale of tenant insurance and merchandise), minus commercially reasonable operating expenses directly associated with the Property, based on Purchaser’s management company’s yearly operating statements, that are consistent with
normal industry standards. 
 Notwithstanding the foregoing, in the event that Purchaser elects to sell, transfer or otherwise convey its
entire interest in the Property to an unrelated third party, including a sale of membership interest or stock interest in Purchaser, prior to the forty eighth (48th) month following the
Closing Date, then in connection with the closing of such transaction, Purchaser shall cause the buyer to assume Purchaser’s obligations under this Section 9.22 with respect to payment of the Earn Out Consideration, pursuant to a written
instrument in form reasonably acceptable to Seller. 
 [Signature page to follow and remainder of page intentionally left blank] 

  
 22 

 Executed to be effective as of the Effective Date. 

 

			
	SELLER:
	
	Nuvo Riverside, LLC, a Florida limited liability company
		
	By:	 	/s/ Gary Cardamone

 
			
	Name: Gary Cardamone
	Title: Manager
	
	Date: August 18, 2017
	
	PURCHASER:
	
	SST IV Acquisitions, LLC, a Delaware limited liability company

 
			
		
	By:	 	/s/ H. Michael Schwartz

 
			
	Name: H. Michael Schwartz
	Title: Chief Executive Officer
	
	Date: August 18, 2017

 The undersigned Title Company hereby acknowledges receipt of (i) a fully executed copy of this
Agreement on the 18th day of August, 2017, and (ii) the Two Hundred Fifty Thousand and no/100 Dollar ($250,000.00) earnest money deposit on the 18th day of August, 2017, and agrees to hold and dispose of the Earnest Money strictly in accordance
with the provisions of this Agreement. Seller and Purchaser hereby designate the Title Company as the “Real Estate Reporting Person” with respect to the transaction contemplated by this Agreement, for purposes of compliance with
Section 6045(e) of the Tax Reform Act of 1986, as amended, and the Title Company, by its execution below, hereby accepts such designation. 
  

			
	TITLE COMPANY:
	
	Old Republic National Title Insurance Company

 
			
		
	By:	 	/s/ Cheryl Tauscher

 
			
	Name: Cheryl Tauscher
	Title: Escrow Officer

  
 23

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